Now it is official. Comcast said on Monday that the separation of most of its cable networks into a separate entity called Versant Media Group, led by Mark Lazarus as CEO, has been completed.
Lazarus and his team will “lead the development of an independent strategy,” while also establishing the firm as a potential partner and acquirer of complementary media businesses, Comcast had previously highlighted.
Cable channel Bravo, the NBC broadcast network and streaming service Peacock will remain part of Comcast’s entertainment arm NBCUniversal.
Lazarus has been overseeing most of Comcast entertainment arm NBCUniversal’s TV operations as chairman of the NBCUniversal Media Group. NBCU CFO Anand Kini will serve as CFO and COO of the new Versant.
“As a standalone company, we enter the market with the scale, strategy and leadership to grow and evolve our business model,” Lazarus said.
And Kini lauded “the financial strength and readiness” of Versant, adding: “With a strong balance sheet, substantial cash flow, and clear capital allocation framework, we are well positioned to execute with discipline to drive long-term value.”
Media, entertainment and tech giant Comcast said on Monday that “Versant will commence regular-way trading today on Nasdaq under the ticker symbol VSNT.” Comcast shareholders received one share of Versant Class A common stock or Versant Class B common stock for every 25 shares of Comcast Class A common stock or Comcast Class B common stock, respectively.
The deal was structured as a tax-free spinoff to Comcast shareholders. Goldman Sachs, Morgan Stanley, and PJT Partners served as financial advisors to Comcast, with Davis Polk & Wardwell serving as legal counsel.
“The well-capitalized independent company will have significant scale as a pure-play set of assets anchored by leading news, sports, and entertainment content,” Comcast had touted in 2024, calling it “an industry-leading news, sports and entertainment cable television business with a focused strategic direction.” Its “stable of marquee brands will provide a diverse and differentiated content offering that will reach approximately 70 million U.S. households,” it concluded.
