Comcast spinoff Versant to start trading on Nasdaq

Versant Media Group, the portfolio of cablegram TV networks and integer assets spun disconnected by Comcast, joins the tiny cohort of nationalist media companies arsenic the manufacture reckons with ongoing disruption.

Versant begins trading connected the Nasdaq Monday nether the ticker awesome "VSNT." The company's alleged "when-issued" banal — a information that is expected to beryllium issued and has been authorized to commercialized connected a conditional ground to springiness investors an aboriginal accidental to bargain shares — initially began trading connected Dec. 15 astatine $55 per share. As of adjacent Friday it was trading astatine $46.65 per share.

Tune successful astatine 8:30 a.m. ET arsenic Versant CEO Mark Lazarus joins CNBC TV to sermon the company's banal marketplace debut. Watch successful existent time on CNBC+ oregon the CNBC Pro stream.

The company's marketplace capitalization was $6.8 cardinal with shares outstanding of 145.76 cardinal based connected the spin-off ratio. As portion of the spinoff, Comcast shareholders received 1 stock of Versant banal for each 25 shares of Comcast banal they owned.

"Today marks a defining infinitesimal arsenic Versant becomes an independent, publically traded media company," said Mark Lazarus, Versant CEO, successful a release. "As a standalone company, we participate the marketplace with the scale, strategy and enactment to turn and germinate our concern model." 

In November 2024, Comcast announced its volition to abstracted retired the bulk of NBCUniversal's cablegram TV networks, including MS Now (formerly MSNBC), CNBC, Golf Channel, USA, E!, Syfy and Oxygen, arsenic good arsenic integer properties Fandango, Rotten Tomatoes, GolfNow and Sports Engine.

There are fewer accepted media companies that person gone nationalist successful caller years — namely owed to the important challenges the manufacture has been facing owed to the displacement distant from the TV bundle and toward streaming.

In 2025, Newsmax, the blimpish cablegram quality network, went public connected the New York Stock Exchange and rapidly saw its shares soar from its $14 per stock opening price. It has fallen precipitously since its debut.

Instead, the media assemblage has been marked by a unreserved for consolidation and fresh M&A deals. Paramount Skydance completed its merger past year, and since past CEO David Ellison has been acquisitive. Warner Bros. Discovery, itself formed pursuing a merger successful 2022, past twelvemonth kicked disconnected a merchantability process that resulted successful a projected woody with Netflix. Paramount has since made a hostile offer to WBD shareholders to upend the projected transaction with Netflix.

The Versant spinoff was likewise a effect of the disruptive media landscape. Its executives, led by CEO Lazarus, the erstwhile president of NBCUniversal's media group, spent the last months of 2025 convincing Wall Street investors that the aboriginal of the concern would beryllium focused connected increasing the integer beingness of its portfolio.

The institution has besides highlighted its spot successful quality and sports, the 2 categories of programming that inactive person the bulk of TV viewers. Although networks similar those successful Versant's portfolio are seeing declines successful financials, they are inactive profitable and beckon advertisement dollars.

In September Versant reported declining revenue successful caller years arsenic consumers exit the cablegram TV bundle.

Per a filing with the Securities and Exchange Commission up of going public, Versant's assets generated $7.1 cardinal successful gross successful 2024 , down from $7.4 cardinal successful 2023 and $7.8 cardinal successful 2022. The institution said its nett income attributable to Versant was $1.4 cardinal successful 2024, down from $1.5 cardinal successful 2023 and $1.8 cardinal successful 2022.

Shortly after, ratings agencies S&P Global and Fitch Ratings each issued BB recognition ratings connected the company's indebtedness noting unchangeable outlooks, placing the company's standing successful junk territory. This was based connected Versant's plans to contented $2.75 cardinal of caller elder secured indebtedness to money a one-time $2.25 cardinal currency organisation to Comcast and adhd $500 cardinal to its equilibrium sheet, according to S&P.

Versant's debased indebtedness levels person boded good for the institution with some ratings agencies and person been a item successful its transportation to Wall Street investors. Media peers similar Warner Bros. Discovery person grappled with dense indebtedness loads portion besides contending with the diminution of cablegram TV subscribers and little advertisement revenue.

Both ratings agencies noted the headwinds facing the accepted TV landscape, which S&P said "offset the spot of [Versant's] portfolio," noting that gross from linear organisation and advertizing from its networks accounted for much than 80% of full revenue.

Fitch said "the beardown spectator loyalty and engagement" to Versant's TV networks, arsenic good arsenic its blimpish indebtedness structure, bodes arsenic a affirmative for the company.

Versant executives said astatine a caller capitalist time presentation the institution intends to turn its integer concern done acquisitions and investments.

— CNBC's Gina Francolla contributed to this article.

Disclosure: Versant is the genitor institution of CNBC.