Comcast has selected David Novak, a seasoned board member and former CEO of Yum! Brands, to serve as chairman for the company's upcoming spin-off entity. This new venture, temporarily named SpinCo, is expected to separate from Comcast by year-end. The spin-off will encompass a collection of prominent cable TV networks such as MSNBC, USA Network, E!, SYFY, Golf Channel, and more, while retaining Bravo within NBCUniversal. With Novak’s extensive background in corporate leadership and successful brand management, Comcast aims to establish SpinCo as a leading independent media powerhouse. His proven track record in fostering growth and value creation makes him an ideal candidate to guide this transformative endeavor.
David Novak, whose career spans over two decades of strategic leadership, brings invaluable expertise to SpinCo. During his tenure at Yum! Brands, he successfully oversaw the separation of the company from PepsiCo, creating one of the world's largest restaurant companies. Now, as chairman of SpinCo, Novak is tasked with developing a long-term strategy to unlock the potential of a diverse portfolio of media assets. These include not only television networks but also digital platforms like Fandango, Rotten Tomatoes, and GolfNow, which collectively reach over 65 million U.S. households and generate approximately $7 billion in annual revenue.
Brian Roberts, CEO of Comcast, expressed confidence in Novak's ability to assemble and lead a top-tier board. Roberts highlighted Novak's reputation as a distinguished CEO and praised his contributions to Comcast since joining its board in 2016. Upon completion of the spin-off transaction, Novak will step down from Comcast's board to focus exclusively on SpinCo. In addition to his corporate achievements, Novak founded David Novak Leadership, a digital platform dedicated to leadership development, further demonstrating his commitment to nurturing talent and innovation.
Mark Lazarus, the designated CEO of SpinCo, emphasized Novak's unique skill set and experience in managing brand portfolios. Lazarus noted that Novak’s strategic vision would be instrumental in navigating the complexities of today's evolving media landscape. Together, they aim to position SpinCo as a trailblazer in modern media, leveraging its iconic assets to deliver unparalleled value to stakeholders.
As SpinCo prepares to embark on its journey as an independent entity, the appointment of David Novak signals a bold step forward. With a robust lineup of networks and digital properties, SpinCo is poised to redefine the media industry. By harnessing Novak’s leadership and collaborating closely with Lazarus and the leadership team, the company anticipates achieving significant milestones in its mission to become a premier independent media organization.