Comcast executives expect the plan to be implemented in about a year. They expect Comcast to have better opportunities for growth after the spin-off.
NBCUniversal Media Group Chairman Mark Lazarus will be the CEO of the new company.
Comcast took control of NBCUniversal in 2011 before the rise of streaming. At the time, its cable networks were considered among the most attractive businesses.
But a growing number of cable viewers are canceling their subscriptions and switching to streaming platforms.
Comcast is the first major media company to do so.
Earlier this year, Warner Bros and Paramount Global cut billions of dollars from the valuations of their cable networks earlier this year.
Walt Disney also considered spinning off the cable networks, but ultimately abandoned the plan.
