Comcast (CMCSA) shares gained in extended trading Tuesday following a report the entertainment and media conglomerate is expected to announce plans Wednesday to spin off its NBCUniver🧜sal cable TV networks. 

The move could mean the separation of assets including channels like MSNBC and USA that together generated about $7 billion in revenue in the 12 months ended Sept. 30, the Wall Street Journal reported, citing people familiar with the matter.  

The 🙈spinoff, which is expected to take about a year to complete, could help streamline the entertainment giant’s operations, and better position NBCUniversal’s remaini💛ng assets for growth.

Comcast had acquired a 51% stake in NBCUniversal in 2011, before buying the rest of NBCUniversal for $16.7 billion in 2013. 

Mark Lazarus, current chair oꦑf NBCUniversal Media Group, is expected to be named CEO of the new company. 

Shares of Comcast climbed close to 3% in extended trading Tuesday following the news. They were down about 3.5% from the start of the year through Tuesday's close.

CORRECTION—Nov. 19, 2024: This article has been corrected to reflect the spinoff could reportedly mean the separation of assets that together generated about $7 billion in revenue in the 12 months ended Sept. 30.