Panic has gripped MSNBC’s headquarters after Comcast announced a massive corporate restructuring that will spin off its cable properties into a new entity called SpinCo. The shake-up, unveiled Wednesday, has left employees at the left-leaning network fearing layoffs, rebranding, and an uncertain future.
MSNBC anchors Rachel Maddow, Chris Jansing, and Katy Tur joined other staffers at a tense meeting led by NBCUniversal chairman Mark Lazarus at 30 Rockefeller Plaza. Lazarus, who will head the new SpinCo, faced tough questions from worried employees about the network’s future, including whether MSNBC will be forced to change its name, logo, or headquarters.
“Everyone is in a panic because everything is up in the air,” said an MSNBC insider. Another source described the mood as exhausted and fraught: “People are tired and just trying to get through the holidays.”
MSNBC and its sister network CNBC will join other cable brands like Oxygen, E!, Syfy, and the Golf Channel under SpinCo. Meanwhile, NBC News, NBC Sports, Telemundo, and streaming service Peacock will remain with NBCUniversal.
The split threatens to sever MSNBC from the reporting infrastructure of NBC News, a move that has stoked fears about the network’s ability to maintain its news coverage. Much of MSNBC’s daytime programming relies heavily on NBC-affiliated correspondents, creating a deep reliance on shared resources.
During the meeting, employees asked Lazarus whether SpinCo would need to build a new verification unit from scratch to handle breaking news. Lazarus admitted he didn’t have answers, comparing the situation to launching a “well-funded start-up.”
Despite the lack of clarity, Lazarus’ presence at the meeting was appreciated, with Maddow acknowledging his effort: “It’s great to have you here on day one.” MSNBC President Rashida Jones tried to rally employees, saying, “Change is always complicated.”
But behind the reassurances, the uncertainty is palpable. “I don’t think anyone knows anything,” said a source close to the situation.
MSNBC’s struggles come amid plummeting ratings following the stunning defeat of Vice President Kamala Harris by Donald Trump in the 2024 presidential election. The network, known for its relentless anti-Trump rhetoric, has seen viewership nosedive by 39% since Election Day. In primetime, the drop-off has been even steeper, with a 53% decline compared to October, according to Nielsen.
Rival CNN is also in dire straits, but Fox News has thrived in the post-election landscape. Fox has seen its total-day audience soar by 38% and its primetime viewership climb 21%.
“The business is not doing well,” admitted one MSNBC insider. The network is struggling to retain relevance as viewers increasingly ditch cable for streaming platforms, exacerbating an already challenging environment.
Market research firm Kagan estimates that MSNBC will lose 10.5% of its subscribers by 2025, with projections suggesting a drop from 68.5 million viewers in 2023 to 61.3 million.
For Comcast, the spin-off is a calculated move. By offloading struggling cable networks into SpinCo, the company can focus on more profitable ventures like its Xfinity broadband service, NBC broadcast networks, and its streaming platform Peacock.
Proponents of SpinCo argue that its reported $7 billion in yearly revenue could allow the entity to reinvest in its cable brands and attract new investors or partners. Comcast chairman and CEO Brian Roberts expressed confidence in the decision, calling SpinCo a “well-funded, tax-free separation” that will set up its cable properties for long-term success.
“When you look at our assets, talented management team, and balance sheet strength, we are able to set these businesses up for future growth,” Roberts said.
For MSNBC, the coming months will determine whether it can weather the storm or sink under the weight of declining relevance and dwindling viewership. With its future tied to the success of SpinCo, questions remain about whether the network can adapt or whether it will fade into irrelevance in a rapidly changing media landscape.
While MSNBC struggles, conservative outlets like Fox News are surging, proving once again that Americans are seeking authenticity and balance in their news coverage—not partisan propaganda. Only time will tell if MSNBC can right the ship or if this corporate restructuring marks the beginning of the end for the struggling liberal network.
