Golf Channel will be a part of a new venture after Comcast announced plans to spin off its cable TV networks.
Wall Street Journal was first to report the news on Tuesday. Comcast made it official Wednesday, declaring that Golf Channel as well as MSNBC, CNBC, E!, Oxygen, USA and Syfy will be spun off. It’s being tabbed as a $7 billion move. Bravo, the streaming service Peacock, which often carried Golf Channel’s PGA Tour tournament coverage (as well as LPGA), and the NBC broadcast network, are staying put.
Sports Business Journal reports that the cable channels will be part of a new venture led by Mark Lazarus and Anand Kini. Lazarus is the chairman of NBCUniversal’s media group.
As this relates to the future of Golf Channel, Sports Business Journal reports:
Golf Channel is locked in with rights to the PGA Tour and LPGA through 2030. But the spin-off poses an interesting question for the future of the network. There have been persistent rumors for more than a year that the PGA Tour could make a bid to buy Golf Channel or its assets. The network has cut back on some production costs, while the tour has assumed more below-the-line production at tour events from both NBC and CBS. This year, it rolled out its new PGA Tour Fleet production trucks and is officially opening the expansive PGA Tour Studios in January. That’s not to mention the $1.5B the tour received from the Strategic Sports Group and potential further investment from Saudi Arabia’s PIF.
The U.S. Golf Association, which conducts the U.S. Open and the U.S. Women’s Open, has a deal with NBC that expires in 2026. The R&A’s deal goes through 2029.
Golf Now is among the digital assets held by Comcast that are also expected to be spun off.