Comcast is considering separating its cable network business

Comcast is exploring a separation of its cable network business, President Mike Cavanagh said Thursday.

During the company's third-quarter earnings conference call with investors, Cavanagh said the company is considering creating “a new, well-capitalized company owned by our shareholders and comprised of our strong portfolio of cable networks.”

The potential separation would not include broadcaster NBC or streaming service Peacock, he added. NBCUniversal's cable network portfolio includes Bravo, E!, Syfy, Oxygen True Crime, USA Network and news networks MSNBC and CNBC.

The company lost 365,000 cable TV customers in the third quarter.

“Like many of our media peers, we are experiencing the impact of change in our video business and have been examining the best path forward for these assets,” Cavanagh said.

“We are not ready to talk about details yet, but we will get back to you as soon as we reach firm conclusions,” he said.

Comcast shares rose more than 6% in premarket trading.

The comments come as millions of customers continue to flee traditional pay-TV packages in favor of streaming. Comcast has strengthened Peacock, which got a boost in the third quarter with its exclusive broadcast of the Summer Olympics in Paris.

Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.

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