(Reuters) - Comcast (NASDAQ:CMCSA) announced on Thursday the launch of Sports & News TV, a new video package for its Xfinity internet customers, as part of its strategy to remain competitive in the streaming era.
The move comes as customers increasingly shift from cable networks to streaming services, disrupting a once-profitable legacy business.
Comcast, owner of Universal Studios and NBC, lagged behind other media stocks in 2023, with shares dropping 14.7%. Only Paramount Global fared worse, losing 30% of its value.
In November, Comcast revealed plans to spin off most of its NBCUniversal cable TV networks, including MSNBC and CNBC, into an independent publicly traded media company called SpinCo.
The Sports & News TV package includes all major local broadcast channels—ABC, CBS, FOX, NBC, Telemundo, and Univision—as well as major news channels like CNBC, CNN, FOX News, and MSNBC.
The $70-a-month package will also give subscribers access to live sports events such as NFL football, Premier League soccer, WWE and NBA basketball.