On Wednesday morning, the media giant confirmed that it is spinning off most of its cable channels, including MSNBC and CNBC, into a separate publicly traded company. The new company doesn’t have a formal name yet — Comcast is simplycalling it “SpinCo” — a suitable label since employees’ heads are spinning with questions.

Comcast is moving forward with the spinoff of its cable networks, including CNBC, MSNBC and E!. The spinoff is expected to take about a year, according to a company memo. Bravo is not part of the spinoff.

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.