Comcast has officially completed the separation of its cable networks, forming a new entity named Versant Media Group, which will be led by Mark Lazarus as CEO. This strategic move will allow Versant to establish an independent approach while seeking opportunities for partnerships and acquisitions in the media sector.
Notably, popular channels and services such as Bravo, the NBC broadcast network, and the streaming platform Peacock will continue to be part of Comcast’s NBCUniversal entertainment division. Lazarus, who previously acted as chairman of the NBCUniversal Media Group, will spearhead the new organization along with Anand Kini, who has been appointed as CFO and COO of Versant.
Lazarus expressed confidence in the potential of Versant, stating that the company enters the market with the necessary scale, strategies, and leadership to thrive in a competitive environment. Kini highlighted the financial robustness of Versant, emphasizing its strong balance sheet, substantial cash flow, and disciplined capital allocation plans, which position the company well for long-term value growth.
Effective immediately, Versant will begin trading on Nasdaq under the ticker symbol VSNT. Comcast shareholders benefited from this transition, receiving shares in Versant as part of the tax-free spinoff arrangement. Investment banks Goldman Sachs, Morgan Stanley, and PJT Partners played key roles as financial advisers, while Davis Polk & Wardwell provided legal counsel.
This newly established entity aims to leverage its significant scale and exclusive set of assets, supported by recognized news, sports, and entertainment offerings. Comcast projects that Versant will serve approximately 70 million households across the U.S., emphasizing its potential as a leader in the cable television landscape.