Comcast has started the process of exploring a possible sale of its cable television networks, executives confirmed on Thursday.

The comments were made during a conference call with investors and reporters after the company disclosed its third quarter (Q3) earnings for the year.

Comcast President Mike Cavanagh said the cable TV and Internet provider is in the process of creating a “new, well-capitalized company owned by our shareholders and comprised of our strong portfolio of cable networks.”

The comment suggests Comcast could spin off its cable networks into a separate, standalone business, one that would be partially or wholly owned by Comcast’s shareholders.

The separate company would include general entertainment networks like Bravo, E!, USA Network, SyFy and Oxygen True Crime, as well as news channels CNN and MSNBC. It would not include the NBC broadcast network or streaming platform Peacock.

It is not clear how the separation of the cable networks would impact NBC’s ability to license content for Peacock, or whether it would give that business the opportunity to license shows and movies to other platforms. Comcast’s cable network content was pulled from Disney-owned streaming service Hulu last year in favor of distribution through Peacock on an exclusive basis.

The exploration might ultimately result in Comcast retaining the cable networks business as part of the overall company,