Comcast is preparing to spin off a majority of its NBCUniversal cable networks into a new company, Versant, according to CNBC. According to Thursday’s SEC filing, Versant’s revenue has steadily declined, falling to $7 billion in 2024 from $7.4 billion in 2023. Cable and traditional media companies are struggling financially as viewers shift to streaming, reducing pay TV subscriptions and ad spending. The move places networks into a separate entity, isolating the shrinking cable TV business from Comcast’s stronger internet and streaming operations.