Comcast wasn't bluffing about unloading its steadily declining cable TV networks. The cable giant is officially planning to spin off most of its pay-TV channels, in a move that's the latest indictment of the sad state of the traditional TV business.

When Comcast swallowed NBC and Universal Studios 14 years ago, the sibling cable channels USA Network, Bravo and CNBC were considered diamonds in the rough. USA Network had gained traction with its ”Blue Skies” programming strategy: sunny and upbeat TV ...

On Wednesday morning, the media giant confirmed that it is spinning off most of its cable channels, including MSNBC and CNBC, into a separate publicly traded company. The new company doesn’t have a formal name yet — Comcast is simplycalling it “SpinCo” — a suitable label since employees’ heads are spinning with questions.

Comcast is spinning off into a new company many of its cable television networks that were once at the heart of the entertainment giant, as consumers increasingly swap out their cable TV subscriptions

Comcast said on Wednesday that it plans to spin-off the bulk of its fading NBCUniversal cable TV networks, including MSNBC and CNBC, as the company said it is repositioning itself for growth in the streaming era.

Bravo stays with NBC, but other longtime cable networks such as E!, USA and MSNBC will be part of a new company.

Shares of the company were off less than 1 percent after the announcement that Comcast would separate its entertainment and news channels, including USA Network, Oxygen, E!, Syfy

The cable-TV networks business being spun off by Comcast Corp. will explore acquiring other cable channels and creating its own streaming services to grow after separating from its parent.