Comcast Completes Versant Media Separation of Cable Networks
The Hollywood Reporter••general
Key Points:
- Comcast has completed the separation of most of its cable networks into a new independent entity called Versant Media Group, with Mark Lazarus appointed as CEO.
- Versant will develop its own independent strategy and seek opportunities as a partner and acquirer of complementary media businesses, while NBCUniversal’s NBC broadcast network, Bravo, and Peacock remain under Comcast.
- Versant begins trading on Nasdaq under the ticker symbol VSNT, with Comcast shareholders receiving Versant shares through a tax-free spinoff.
- The new company is positioned as a well-capitalized pure-play media business, anchored by leading news, sports, and entertainment content, reaching approximately 70 million U.S. households.
- Versant’s leadership team includes Lazarus as CEO and Anand
