NBC parent Comcast is considering spinning off its struggling cable network business, including left-leaning MSNBC, Chairman Mike Cavanagh said Thursday.

Cavanagh revealed during the third-quarter earnings conference call that the media giant was considering the creation of a “new, well-capitalized company, owned by our shareholders and comprised of our strong portfolio of cable networks.”

Cable networks include MSNBC, CNBC, Bravo, E!, Syfy, USA Network and Oxygen True Crime.

The eventual split would not include the NBC broadcast network or the Peackock streaming service, Cavanaugh said.

“We chose not to participate in the M&A process surrounding Paramount earlier this year. But we would consider partnerships in streaming,” he added.

Comcast shares were up more than 3% midday Thursday as the company also reported better-than-expected third-quarter earnings thanks to box office hits and a Increase in advertising sales caused by the Olympic Games.

The executive’s comments come as cable customers continue to cut their traditional TV packages in favor of streaming.

In recent years, Comcast has focused on growing its Peacock streaming service, which got a boost in the third quarter when it exclusively broadcast the Paris Summer Olympics.

Earlier this year, Paramount Global – which owns cable TV networks Comedy Central, Nickelodeon and MTV – agreed to merge with the Hollywood production company. Skydance Media in a deal that marked a changing of the guard in the industry.

“We are currently exploring whether creating a new, well-capitalized company, owned by our shareholders and comprised of our strong portfolio of cable networks, would position them to take advantage of opportunities in an evolving media landscape,” Cavanagh said.

During the quarter, Comcast’s media business saw revenue increase by $1.9 billion from the Paris Games – the highest ever for the Olympics – driven primarily by an increase in brand advertising.

Meanwhile, Peacock added 3 million paying subscribers during the quarter, bringing the total to 36 million.

Comcast’s total revenue came in at $32.07 billion, above estimates of $31.66 billion.

Nonetheless, Comcast also lost 365,000 cable TV subscribers, compared to an expected 420,300, according to FactSet, as consumers abandoned traditional TV in favor of streaming services.

In August, Warner Bros. Discovery has booked a huge $9.1 billion writedown of its television networkstriggered by the revaluation of the sector’s book value.

Analyst firm MoffettNathanson estimated there were 4 million subscriber losses to traditional pay TV in the first six months of the year, calling it a “staggering total.”

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