The company that owns and operates Comcast Cable, which is a cable provider in nearly every state in the United States, is going public.
Comcast Cable said Monday that it would be opening a new standalone video programming and media provider that will provide high-speed broadband services to customers in underserved areas.
“We’re excited to launch this new business and look forward to welcoming our community of customers and fans to Comcast Cable,” Comcast Cable CEO David Cohen said in a statement.
The company, which also owns NBCUniversal, Time Warner Cable, Bright House Networks, DirecTV, Charter Communications and others, will pay out $2 billion to $5 billion to acquire DirecTS and Bright House, and it will merge Comcast’s parent company Comcast, which will be renamed Charter.
The combined company will have a portfolio of video-on-demand and streaming services, including Hulu and Amazon Prime Video, Cohen said.
The new company will operate in markets where Comcast has no local video provider, but it will also offer access to a range of services that Comcast’s customers will find more accessible through its online video service, Cohen added.
Cohen also said the company will begin offering live television streaming to customers on Comcast Cable’s network and will add more video-ON-demand offerings to its online streaming service.
“Comcast Cable is committed to delivering high-quality content for its customers, and we will continue to expand our network of over 200 local TV channels, including Comcast’s flagship network, The CW,” Cohen said, referring to the cable network that includes HBO, AMC, Showtime and other networks.
Comcast’s deal with Direc TV is the largest publicly traded cable company in the country.