SpinCo is setting up shop in Manhattan as parent company Comcast is currently scouting locations for a new corporate headquarters for its soon to be spun off cable network portfolio, TheWrap has learned.
In addition to its corporate teams, the new headquarters will house some entertainment teams and MSNBC, including its New York studio space and a production facility.
CNBC will remain in Englewood Cliffs, New Jersey, which will also serve as SpinCo’s technical operations hubs. MSNBC and CNBC will also continue to operate its DC Bureau out of 400 North Capitol, where SpinCo is securing dedicated space.
“We will also continue to have office space in many of the cities where we operate today, and as we have more information about those locations, we will share with all of you,” SpinCo CEO Mark Lazarus wrote in a memo to staff. “Some technical staff who support MSNBC may be located in NY, Englewood Cliffs, the DC Bureau or other locations. Details on the specific jobs and functions that will be moving locations will be provided over the next several weeks.”
In addition to MSNBC and CNBC, the standalone, publicly traded entity will include USA Network, Oxygen, E!, SYFY and Golf Channel and digital assets Fandango, Rotten Tomatoes, GolfNow and SportsEngine.
Meanwhile, Bravo, Peacock, the NBC broadcast network, NBC Sports, Telemundo, NBCU’s local stations and the company’s film and television studios will stay with Comcast. Universal Kids is set to shutter in March.
SpinCo is expected to reach 70 million U.S. households and generate $7 billion in annual revenue. The spinoff will be tax free to Comcast shareholders and is expected to take around a year to complete.
In addition to Lazarus, the SpinCo leadership team includes Anand Kini as chief financial and operating officer, Val Boreland as president of entertainment, Keith Cocozza as chief communications officer, Brian Dorfler as chief human resources officer, Jeff Mayzurk as president of operations and technology, Kristin Newkirk as TV networks chief financial officer, David Pietrycha as chief revenue and business officer and Greg Wright as chief accounting officer and controller.
“I could not be more excited for what’s to come — including the name of our company which we’re closing in on — but most importantly I am grateful for your continued patience throughout this process,” Lazarus’ memo concluded. “We don’t have all the answers yet, but we will continue to share updates as we have them.”
Brian Steinberg first reported the news.
