• by Wayne Friedman , September 29, 2025

In the midst of its forthcoming cable TV network spinoff, Comcast has named senior company executive Mike Cavanagh as co-CEO of the company alongside longtime CEO Brian Roberts.

Cavanagh, who will ascend to the position in January, had been president of Comcast Corp. since 2022. Before that he was chief financial officer since 2015, when he joined the company.

Most recently he has been overseeing the restructuring of the company, with its plan to spin off nearly all NBCUniversal cable TV networks -- including USA Network, Skyfy, E!, Oxygen, CNBC, MSNBC and the Golf Channel.

That spinoff, named Versant Media, recently released financial data on that network business, which showed declines in total annual revenue and net income.

Revenue sank 5% in 2024 to $7.4 billion versus 2023. Net income attributable to Versant fell 7% in 2024 to $1.4 billion versus the previous year.

Industry-wide linear cable TV networks have been struggling financially due to nonstop "cord-cutting" by consumers when it comes to traditional pay TV bundles/services.

Advertising revenue in 2024 for Versant shows USA Network is the leading cable TV network for the new company -- $1.1 billion for the most recent 12-month period (September 2024-September 2025).

E! is next at $540.5 million, followed by MSNBC at $382.9 million, Syfy with $279.6 million, CNBC at $267.7 million, Golf Channel with $192.6 million and Oxygen at $110.3 million.

Comcast is retaining Bravo, which earned $890.6 million -- the second-biggest producing ad revenue cable network next to USA Network. In addition, Comcast is keeping all other NBCUniversal platforms and channels -- including NBC Television Network, streamer Peacock, and its owned local TV stations.