Comcast wasn't bluffing about unloading its steadily declining cable TV networks. The cable giant is officially planning to spin off most of its pay-TV channels, in a move that's the latest indictment of the sad state of the traditional TV business.

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 may be proceeding with a transaction as a signal to the rest of the media industry that consolidation is necessary.