(Reuters) -Cable news channel MSNBC will rebrand as My Source News Opinion World, or MS NOW, ahead of the planned spinoff of the bulk of parent Comcast's NBCUniversal cable networks later this year, the Wall Street Journal reported on Monday.

Comcast is moving forward with plans to spin off most of its cable networks, including CNBC and USA, into a new company called Versant, signaling a significant shift in its media strategy as streaming takes precedence.

Launched in 1996, MSNBC stands for Microsoft and National Broadcasting Company, a name formed through its previous partnership with Microsoft and NBC. The name has outlived its time since Microsoft pulled out of the joint venture that owned MSNBC in 2012.

CNBC will keep its name, which originally stood for Consumer News and Business Channel, and is working on a new logo, the WSJ report said.

Comcast did not immediately respond to a Reuters request for comment.

(Reporting by Harshita Mary Varghese in Bengaluru; Editing by Devika Syamnath)