Comcast Corp is planning to spin off a large part of its NBCUniversal’s cable TV channels into a separate publicly traded company (SpinCo).

Cable television has long been viewed as a stagnant business, showing little promise for growth over the years. However, Comcast believes it has found a Comcast is spinning off NBCUniversal’s cable television networks into a separate publicly traded company.

Comcast will spin off many of NBCUniversal’s cable television networks, including USA Network, CNBC and MSNBC, into a separate public company. The shift, which comes as more and more people opt for streaming services over traditional cable,

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.

The new publicly traded company is set to debut next year, with a bundle of channels that also includes Oxygen, E! and Syfy.

Comcast is carving off most of its cable channels. Will its new spinoff be a hunter or prey? The media giant last week put an upbeat spin on its move to shed what Wall Street sees as an albatross - the bulk of NBCUniversal's cable networks,

Comcast is moving forward with plans to spin off its NBCUniversal cable television networks including MSNBC and CNBC, sources say, shedding a once core part of the business that has been a casualty of the streaming video revolution.

Comcast's decision to spin off cable networks like MSNBC and CNBC aims to free up cash, but may invite more competition. Read why CMCSA stock is a Sell.