Comcast says its cable spinoff sets up declining networks for a rebound — and potential acquisitions. But SpinCo could also be an M&A target.

Comcast Corp is planning to spin off a large part of its NBCUniversal’s cable TV channels into a separate publicly traded company (SpinCo).

On Wednesday morning, the media giant confirmed that it is spinning off most of its cable channels, including MSNBC and CNBC, into a separate publicly traded company. The new company doesn’t have a formal name yet — Comcast is simplycalling it “SpinCo” — a suitable label since employees’ heads are spinning with questions.

In a move that could portend more changes in the declining business of traditional television, Comcast, the parent company of NBC, announced plans on Wednesday morning to break off several of its cable channels and put them into a separate company.

Comcast said on Wednesday that it plans to spin-off the bulk of its fading NBCUniversal cable TV networks, including MSNBC and CNBC, as the company said it is repositioning itself for growth in the streaming era.

Comcast is spinning off into a new company many of its cable television networks that were once at the heart of the entertainment giant, as consumers increasingly swap out their cable TV subscriptions

The split would cleave off some of NBCUniversal’s best-known brands, which face the same cord-cutting challenges as many other major cable channels.

The new publicly traded company is set to debut next year, with a bundle of channels that also includes Oxygen, E! and Syfy.