Comcast has formally unveiled plans to spin out most of its linear cable networks (except Bravo) to shareholders in a separate company, a move that President Mike Cavanagh said puts all of NBCUniversal “on a new growth trajectory.

Comcast said on Wednesday it plans to spin off some NBCUniversal cable TV networks, as the rise of streaming prompts the media company to relinquish some of its most prized assets.

Comcast officially announced its plans for a spinoff company comprised of NBCUniversal's cable TV networks and more on Wednesday.