Comcast is considering spinning off NBCUniversal's portfolio of cable networks into a new publicly traded company, president Mike Cavanagh said.

Since 2016, when then-CEO Steve Burke noted “there are just too many channels,” NBCU closed multiple networks, including Style, G4, Esquire, Cloo, Chiller and NBCSN. The company redirected NBCSN’s sports programming to NBC, USA Network and Peacock.

On its third-quarter earnings call with Wall Street analysts, Comcast said it is exploring creating a new stand-alone entity to house its cable networks.

Comcast will explore spinning off its cable networks. It’s the opening step in restructuring of one of the world’s largest media companies.

Comcast is contemplating the prospect of spinning off its cable networks into its own, standalone company, writes Ryan Mulligan for the Philadelphia Business Journal. The Philadelphia media and technology conglomerate is also open to partnerships with its streaming platform,