Comcast says its cable spinoff sets up declining networks for a rebound — and potential acquisitions. But SpinCo could also be an M&A target.

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

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

With streaming ads poised for rapid expansion, the move will hasten advertisers’ exodus away from cable almost altogether.

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.