Comcast (CMCSA) said Thursday that it has started exploring spinning off its cable networks into a separate company. The development comes as the media industry undergoes massive disruption, with more consumers cutting the cord, or dropping their pay-TV packages.

"There are a lot of questions to which we don't have answers, so we want to do the work," Comcast president Mike Cavanagh told investors on the company's third quarter earnings call.

He added, "I think the idea of playing some offense when you combine the balance sheet strength that we have, the assets we have, and the management team we have, there may be some smart things to do, and we want to study that."

Comcast stock ticked more than 2% higher in early trading on the heels of the report, which saw the company beat on both the top and bottom lines.

According to Comcast, the possible spin-off would create "a new, well-capitalized company owned by our shareholders." To note, it would only include its cable properties: Bravo, CNBC, MSNBC, Syfy, and USA Network. It would not include its NBC broadcast network or streaming platform Peacock.

Ross Benes, principal analyst at Emarketer, said a spin-off would make sense for the company, which has been hyper-focused on strengthening its broadband capabilities, along with its streaming business.

"Spinning cable networks into their own company will make it easier for Comcast to cleave off its TV properties and sell them," Benes wrote in reaction to the news. "Comcast profits are driven by its internet service provider (ISP) side. Other [multichannel video programming distributors] have pulled back their TV ambitions and it would make sense for Comcast to do the same."

"Dividing the TV networks from the rest of the company will allow Comcast to more clearly show growth in its ISP business," the analyst added. "A write down on the TV networks would not be surprising."

Earlier this summer, Warner Bros. Discovery (WBD) and Paramount Global (PARA) both took significant write-downs on just how much their respective cable businesses are worth in moves that highlighted the struggles within the industry as more consumers cut the cord and focus their efforts on streaming.

On that front, Comcast said it's open to more partnerships with competitors.

"We chose not to participate in the M&A process around Paramount in the earlier part of this year, but we would consider partnerships in streaming despite their complexities," Cavanagh said.