(RTTNews) – Comcast ( CMCSA ) plans to spin off its NBCUniversal cable television networks, a move that could result in the separation of assets such as MSNBC and USA channels. Those networks collectively generated about $7 billion in revenue during the 12 months ended Sept. 30, according to media reports, citing sources familiar with the matter.

Completing the spin-off, which is expected to take about a year, could help streamline the entertainment giant’s operations and better position NBCUniversal’s remaining assets for future growth, the report said.

Mark Lazarus, the current president of NBCUniversal Media Group, is expected to be named CEO of the new company.