Comcast's potential cable networks separation will test the appetite for media reconfiguration

Comcast is thinking about separating or spinning off NBCUniversal's cable networks. If it moves forward with the idea, it could lay the groundwork for a reconfiguration of the entire American media landscape.

The logic for Comcast is fairly straightforward. NBCUniversal's cable networks aren't growing anymore. The company's energy and focus is on promoting Peacock, NBCUniversal's growing (but still money-losing) streaming service. Carving out the cable portfolio could placate Comcast investors by removing declining assets from the balance sheet.

Comcast shares gained more than 3% Thursday after the company's third-quarter earnings release and conference call.

"We are now exploring whether creating a new well-capitalized company, owned by our shareholders and comprised of our strong portfolio of cable networks, would position them to take advantage of opportunities in the changing media landscape and create value for our shareholders," Comcast President Mike Cavanagh said during the call. "We are not ready to talk about any specifics yet, but we'll be back to you as and when we reach firm conclusions."

Though executives stressed that the exploration is in the very early stages, it could be prelude to broader industry consolidation. NBCUniversal's cable networks, which include Bravo, E!, Syfy, Oxygen True Crime and USA Network, as well as news networks MSNBC and CNBC, could be merged with another media company or could be a catalyst for a rollup of cable channels at a number of different companies.

The idea of a rollup isn't new. It's something media mogul John Malone discussed way back in 2016 when Lionsgate acquired premium network Starz.

"Lionsgate could buy Starz and potentially other free radicals in the industry," Malone