Comcast Corp. is working with investment bank Morgan Stanley to evaluate options for its cable networks, according to people familiar with the matter, after announcing this week it’s considering divesting the business.

The company’s president, Mike Cavanagh, said the company was also considering finding a partner for its Peacock streaming service.

Comcast Corp. said it’s considering spinning off its cable networks into a new company as it grapples with the continuing industry-wide decline in subscribers.

Comcast said it was considering spinning off its cable networks that include CNBC and MSNBC into a separate company, as the media industry grapples with a decline in traditional TV viewership due to cord-cutting by consumers shifting to streaming.

Comcast (CMCSA) is exploring a major restructuring that could spin off its cable networks, marking another seismic shift in the streaming wars. The entertainment conglomerate is also seeking potential partnerships for its streaming platform Peacock as traditional media companies scramble to adapt to changing viewer habits.

Comcast on Thursday said in its third-quarter earnings call that it is considering spinning off its cable network portfolio into a separate company.

Comcast will explore spinning off its cable networks. It’s the opening step in restructuring of one of the world’s largest media companies.

Comcast is contemplating the prospect of spinning off its cable networks into its own, standalone company, writes Ryan Mulligan for the Philadelphia Business Journal. The Philadelphia media and technology conglomerate is also open to partnerships with its streaming platform,