Golf Channel to be Spun Off Into New Company, Comcast Announces
It looks like Golf Channel will be getting a new home in the near future.
This comes after Comcast Corporation, the owners of NBC Universal, announced a $7 billion spin off of NBC Networks into a separate company.
Along with Golf Channel, the other networks include USA, CNBC, MSNBC, Oxygen, E! and SYFY.
“The transaction will be structured as a tax-free spin to existing shareholders. While we don’t have a precise timetable for completing the transition, we are estimating that it will take approximately a year,” said Comcast President Mike Cavanagh in a memo, per NBC News.
According to Golf Digest, GolfNow will also be part of this new company, currently called SpinCo.
Future of Golf Channel Unclear
The future of Golf Channel seems unclear as NBC is not moving to the new company.
According to Golf Digest, Golf Channel and NBC have PGA and LPGA Tour media rights until 2030 and U.S. rights to the Open Championship until 2039.
NBC also has rights to the U.S. Open and other USGA Championships, like the U.S. Amateur etc.., until 2026.
With all that going on, the PGA Tour recently opened its own world broadcast center this past season and has taken over the broadcast of some events.
Golf Channel has made numerous talent and production cuts over the last few years.
They also moved their headquarters from Florida to Connecticut to share space with NBC Sports.