Versant is set to officially be its own independently traded company following the close of trading Jan. 2.
The news comes after the board of directors at Comcast approved the previously announced spin off of most of Comcast’s cable TV assets, including USA, Syfy, E!, CNBC, MSNBC, Oxygen and Golf Channel, as well as digital businesses such as Fandango and Rotten Tomatoes.
Cable channel Bravo, the NBC broadcast network and streaming service Peacock will remain part of Comcast’s entertainment arm NBCUniversal.
Versant is set to be led by CEO Mark Lazarus, CFO and COO Anand Kini and chairman David Novak.
Comcast shareholders will receive 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 the “record date” of Dec. 16.
Shares are set to be distributed after the close of trading on Jan. 2. Following the distribution of shares, Versant will be an independent, publicly traded company. The company has received approval for the listing of its common stock on Nasdaq under the symbol “VSNT.”
Comcast president Mike Cavanagh had first mentioned in October 2024 that the company was considering a spin off of its cable networks unit due to the business challenges that cord-cutting amid the growth of streaming have created for cable channel units.
“Like many of our peers in media, we are experiencing the effects of the transition in our video businesses and have been studying the best path forward for these assets,” he said at the time.