Comcast will explore spinning off its cable networks. It’s the opening step in restructuring of one of the world’s largest media companies.

Analysts think Comcast’s sprawling empire could get more investor respect without its troubled cable networks, and the networks could benefit from being on their own as well.

On its third-quarter earnings call with Wall Street analysts, Comcast said it is exploring creating a new stand-alone entity to house its cable networks.

Comcast Corp. is working with investment bank Morgan Stanley to evaluate options for its cable networks, according to people familiar with the matter, after announcing this week it’s considering divesting the business.

Comcast said it was considering spinning off its cable networks that include CNBC and MSNBC into a separate company, as the media industry grapples with a decline in traditional TV viewership due to cord-cutting by consumers shifting to streaming.

Comcast is considering spinning off NBCUniversal's portfolio of cable networks into a new publicly traded company, president Mike Cavanagh said.

Comcast (CMCSA) is exploring a major restructuring that could spin off its cable networks, marking another seismic shift in the streaming wars. The entertainment conglomerate is also seeking potential partnerships for its streaming platform Peacock as traditional media companies scramble to adapt to changing viewer habits.