Networks such as E!, Oxygen and SyFy become part of newly formed standalone company
Comcast has formally completed the separation of its NBCUniversal cable networks into Versant Media, which is now home to brands such as Oxygen, E! and USA Network.
The US telco’s plan to spin off the networks was first revealed in November 2024, as Comcast looked to focus on its Peacock streaming business rather than the declining audiences on cable TV.
That split has now been completed, with the US giant today confirming that Versant Media had officially become a separate public company as of 11:59pm ET on 2 January.
Versant is led by chief exec Mark Lazarus and will commence trading on the US Nasdaq stock exchange under the ticker symbol VSNT on Monday.
Its senior management team was installed last year in preparation for the split, with six former NBCUniversal execs among key content staff appointed to work under Val Boreland, who is president of entertainment.
Versant houses networks including MSNow, CNBC, USA, E!, Oxygen and Syfy, and aims to operate across four core markets: political news and opinion; business news and personal finance; golf, athletics participation and sports; and entertainment.
It unveiled a slate of new shows in May, dominated by unscripted programming, and also owns digital services such as ticketing brand Fandango and ratings site Rotten Tomatoes.
Comcast, meanwhile, has retained NBC, Telemundo and a handful of cable networks such as Bravo within entertainment giant NBCU, which also houses streamer Peacock.
Its Sky operation in the UK and Italy remains unchanged, after the company offloaded its Sky Deutschland operation to RTL Group last year.
Lazarus said: “As a standalone company, we enter the market with the scale, strategy and leadership to grow and evolve our business model.”
Versant’s Anand Kini, chief operating officer and chief financial officer, added that the “milestone reflects the financial strength and readiness of Versant as a standalone public company.”
He added: “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.”
The agreement sees Comcast shareholders receiving 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, held at the close of business on 16 December.
Versant, whose creation coincided with the exits of several senior execs including Peacock president Kelly Campbell, expects its news, sports and entertainment networks to reach around 70 million US households.
Comcast is not the only US giant splitting its cable assets from streaming as viewing habits shift. A similar move is underway at Warner Bros Discovery, whose streaming and studio assets are set to be acquired by Netflix.
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