Comcast's decision to spin off NBCUniversal cable networks has drawn some applause but also some skepticism among Wall Streeters and industry observers.

We see a real opportunity to invest and build additional scale and I'm excited about the growth opportunities this transition will unlock," Mark Lazarus, who will lead the new firm, promised.

Comcast said Wednesday that it is planning to spin off its NBCUniversal cable TV networks, including channels like MSNBC, CNBC, and E!, carving out a business that has been hurt by cord cutting and the rise of streaming.

Comcast’s corporate reorganization means that there will soon be two television networks with “NBC” in their name — CNBC and MSNBC — that will no longer have any corporate connection to NBC News.

The split would cleave off some of NBCUniversal’s best-known brands, which face the same cord-cutting challenges as many other major cable channels.

Comcast's corporate reorganization means that there will soon be two television networks with “NBC” in their name — CNBC and MSNBC — that will no longer have any corporate connection to NBC News. How that affects viewers of those networks, along ...