Comcast has picked David Novak to serve as the Chairman of the Board for the future company that will consist of the cable giant’s national pay television networks, currently dubbed “SpinCo.”
Novak is the co-founder of Yum Brands — the quick-service restaurant chain spun out from PepsiCo in the late 1990s and which consists of recognizable brands like KFC, Taco Bell, Habit Burger and Pizza Hut — where he also worked as the CEO and Chairman of the Board.
Comcast said Novak will bring “nearly 40 years of experience leading and growing well-known consumer brands to the company’s new brand,” which will consist of its cable networks like MSNBC, CNBC, USA Network, E! and SyFy (but not Bravo, which Comcast will retain), as well as digital assets like Fandango and Rotten Tomatoes.
“As Comcast separates this business, we’re excited that SpinCo will have the talent and success of David Novak as its new Chairman,” Brian Roberts, the CEO of Comcast, said in a statement. “With David’s track record of driving growth and value creation at public companies, he is the ideal person to assemble and lead a world-class board. David has been an invaluable member of Comcast’s board and widely recognized as a top CEO – I’m confident that he will work with Mark Lazarus to give the new company a distinct advantage from day one.”
“David is highly regarded as a strategic leader with a unique skillset and decades of experience overseeing portfolios of brands and executing the successful spin-off of Yum! Brands from PepsiCo,” said Mark Lazarus, identified by Comcast as the prospective CEO of SpinCo. “We look forward to working closely with David as we develop SpinCo’s long-term strategy to maximize the value and potential of our iconic media assets.”
“It’s an honor to be appointed Chair of SpinCo’s board during this dynamic time in the media industry,” Novak said. “This is a unique opportunity to build around SpinCo’s incredible portfolio of assets alongside some of the top talent in this ever-evolving industry. I look forward to working closely with Mark and the rest of the leadership team to create the leading independent, modern media company.”
Comcast is currently scouting for new office space for SpinCo, and most of its cable channels, including MSNBC and CNBC, are expected to vacate the company’s headquarters before the spin-off is finalized.
