Comcast is spinning off its cable TV business, a move expected to take up to a year, as the media giant adapts to the decline of traditional cable TV subscribers in the era of cord-cutting and streaming services.

The new, currently untitled company, dubbed "SpinCo," will be led by NBCUniversal chairman Mark Lazarus and will include channels such as CNBC, MSNBC, Universal Kids, USA Network, E!, Oxygen, Golf Channel, and Syfy. Comcast will retain its reality TV darling Bravo and the Peacock streaming service within its NBC TV business.

The separation is seen as a strategic move by Comcast to position both SpinCo and NBCUniversal for growth in a rapidly changing media landscape. The spinoff announcement comes after Comcast president Michael Cavanagh said in October that the company was exploring the idea of creating a separate company for its cable networks.