Comcast has finalized the spin-off of most of its cable television networks and digital properties, forming Versant Media Group. The new independent entity commenced trading on the Nasdaq stock exchange under the ticker symbol 'VSNT' on January 2. This move positions Versant among a limited number of newly public traditional media companies amid ongoing industry shifts.
Spin-Off Details and Timeline
Comcast announced the separation of these assets in November 2024. The spin-off was completed, and Versant Media Group became a separate public company effective January 2, at 11:59 p.m. ET (8:59 p.m. PT). As part of the tax-free spin-off, Comcast shareholders received one share of Versant Class A or Class B common stock for every 25 shares of Comcast Class A or Class B common stock held. The record date for this distribution was the close of business on December 16, 2025, with shares distributed after the close of trading on Nasdaq on January 2, 2026.
Leadership and Structure
Versant Media Group is led by CEO Mark Lazarus, who previously served as chairman of the NBCUniversal Media Group, overseeing most of Comcast's entertainment arm NBCUniversal's TV operations. Anand Kini, formerly NBCUniversal's CFO, has been appointed as the CFO and COO of Versant.
In statements, Mark Lazarus noted that Versant, as a standalone company, possesses the scale, strategy, and leadership for business model development. Anand Kini referenced the company's financial strength, citing a balance sheet, cash flow, and capital allocation framework. Comcast had previously described Versant as a "well-capitalized independent company" with "significant scale" and a "pure-play set of assets" projected to reach approximately 70 million U.S. households.
Financial advisory services for the transaction were provided to Comcast by Goldman Sachs, Morgan Stanley, and PJT Partners. Legal counsel was provided by Davis Polk & Wardwell.
Asset Allocation
Versant Media Group's portfolio includes:
- Cable TV Networks: MS Now (formerly MSNBC), CNBC, Golf Channel, USA, E!, Syfy, and Oxygen.
- Digital Properties: Fandango, Rotten Tomatoes, GolfNow, and Sports Engine.
Comcast retains certain key assets under its NBCUniversal entertainment arm, including:
- Cable channel Bravo
- NBC broadcast network
- Telemundo
- Universal
- Peacock streaming service
- Sky
Market Debut and Financials
Versant Media Group's 'when-issued' stock initiated trading on December 15 at $55 per share, closing at $46.65 per share on the preceding Friday. The company's market capitalization was reported at $6.8 billion, with 145.76 million shares outstanding, determined by the spin-off ratio.
Industry Context
The spin-off occurs within a media industry characterized by a shift from traditional TV bundles to streaming services, which has contributed to limited public offerings from traditional media companies in recent years. Newsmax, for example, went public on the New York Stock Exchange in 2025, experiencing initial share increases followed by declines.
The sector has also seen significant consolidation and mergers and acquisitions (M&A) activity. Examples include the Paramount Skydance merger, followed by acquisitions by CEO David Ellison, and Warner Bros. Discovery's sale process, which included a proposed deal with Netflix and a subsequent hostile offer from Paramount to Warner Bros. Discovery shareholders. Warner Bros. Discovery is also undertaking a separation of its movie studio, HBO, and streaming services from its cable networks, with the latter planned to be housed within a new entity named Discovery Global.