Comcast spinoff Versant to start trading on Nasdaq
CNBC••general
Key Points:
- Versant Media Group, spun off from Comcast, began trading on Nasdaq under the ticker "VSNT," with an initial "when-issued" price of $55 per share, closing at $46.65 by Friday, and a market capitalization of $6.8 billion.
- The spinoff includes NBCUniversal's cable networks like MSNBC, CNBC, USA, and digital assets such as Fandango and Rotten Tomatoes, aiming to focus on growing its digital presence amid industry disruption.
- Despite declining revenues from $7.8 billion in 2022 to $7.1 billion in 2024 and profits dropping from $1.8 billion to $1.4 billion, Versant remains profitable with strong news and sports programming
