WASHINGTON — Comcast will spin off many of its cable television networks that were once at the heart of the entertainment giant, with people increasingly swapping out their cable TV subscriptions for streaming platforms.

Those onetime stars for Comcast's NBCUniversal cable television networks include USA, Oxygen, E!, SYFY and Golf Channel, as well as CNBC and MSNBC. Movie ticketing platform Fandango and the Rotten Tomatoes movie rating site would also become part of the new company.

Peacock will remain with Comcast, as will Bravo, which provides significant content for the Peacock streaming service.

Comcast telegraphed the potential shift last month as it released quarterly earnings before confirming Wednesday that it will spin off assets that generated about $7 billion in revenue over he past 12 months ending September 30. That's about 5.5% of Comcast's total revenue during that period, according to the company.

But there is a shrinking pool of cable subscribers as millions cut the cord and rely increasingly on streaming platforms for entertainment.

"Like millions of U.S. consumers, Comcast finally cut the cord by divesting itself of most of its cable TV channels," said Paul Verna, principal analyst at market research company eMarketer. "The benefits are clear to Comcast. It's dropping money-losing assets from a technology and media empire that will retain its lucrative (internet service provider) business, theme parks, broadcast networks, and Peacock streaming service."

Mark Lazarus, current chairman of NBCUniversal Media Group, will serve as the new entity's chief executive officer. Anand Kini, the current chief financial officer of NBCUniversal, will take on the same title with the new company as well as the chief operating officer role.

Comcast expects the new company to have the financial flexibility to be "a potential partner and acquirer of other complementary media businesses."

The spin-off is targeted for completion in about a year, the entertainment giant said, pending financing and approval from its board and government regulators.