When Comcast swallowed NBC and Universal Studios 14 years ago, the sibling cable channels USA Network, Bravo and CNBC were considered diamonds in the rough. USA Network had gained traction with its ”Blue Skies” programming strategy: sunny and upbeat TV ...

On Wednesday morning, the media giant confirmed that it is spinning off most of its cable channels, including MSNBC and CNBC, into a separate publicly traded company. The new company doesn’t have a formal name yet — Comcast is simplycalling it “SpinCo” — a suitable label since employees’ heads are spinning with questions.

Comcast may be proceeding with a transaction as a signal to the rest of the media industry that consolidation is necessary.