Comcast Corp. is cleaving off a huge chunk of its television portfolio to create a new company composed of its cable channels, including MSNBC and CNBC.The Philadelphia-based cable giant plans to unveil the spinoff as well as a new corporate structure for NBCUniversal on Wednesday morning,

Comcast is planning to spin off most of its cable television networks, including MSNBC and CNBC, into a separate publicly traded company, according to executives with knowledge of the plan. The spinoff is expected to be formally announced on Wednesday.

Comcast shares gained in extended trading Tuesday following a report the company is expected to announce plans Wednesday to spin off its NBCUniversal cable TV networks.

The new venture will house channels like E!, USA and MSNBC, and Comcast is set to announce several leadership changes.

MSNBC, CNBC, Syfy, E!, Oxygen, Golf Channel and USA Network will move to a spinoff company while Bravo will stay with NBCUniversal.

The move, which was first reported by The Wall Street Journal, is expected to be structured as a tax-free spinoff to Comcast shareholders that will take around a year to complete. The venture’s ownership structure will see Comcast chairman and CEO Brian Roberts hold a one-third voting stake, though he will not be on the spun-off entity’s board.

TV channels including MSNBC and USA as it looks to reduce its exposure to a business that’s losing viewers and advertisers.

Comcast is planning to announce the spinoff of its cable networks, including CNBC, MSNBC and E!, on Wednesday, according to a source familiar with the matter.

Comcast, one of the largest media conglomerates in the country, is planning to spin off its cable assets as part of a major shakeup of the company’s business, according to multiple reports.

Comcast is moving forward with a plan to separate its cable networks into a standalone business. This article, Comcast expected to announce spin-off of cable networks, was first published at The Desk.