Versant signage on the ground on the New York Inventory Alternate on July 21, 2025.
Michael Nagle | Bloomberg | Getty Photos
Versant Media Group, the portfolio of cable TV networks and digital property spun off by Comcast, joins the small cohort of public media firms because the business reckons with ongoing disruption.
Versant begins buying and selling on the Nasdaq Monday beneath the ticker image “VSNT.” The corporate’s so-called “when-issued” inventory — a safety that’s anticipated to be issued and has been approved to commerce on a conditional foundation to present buyers an early likelihood to purchase shares — initially started buying and selling on Dec. 15 at $55 per share. As of shut Friday it was buying and selling at $46.65 per share.
Tune in at 8:30 a.m. ET as Versant CEO Mark Lazarus joins CNBC TV to debate the corporate’s inventory market debut. Watch in actual time on CNBC+ or the CNBC Professional stream.
The corporate’s market capitalization was $6.8 billion with shares excellent of 145.76 million based mostly on the spin-off ratio. As a part of the spinoff, Comcast shareholders obtained one share of Versant inventory for each 25 shares of Comcast inventory they owned.
“At the moment marks a defining second as Versant turns into an unbiased, publicly traded media firm,” mentioned Mark Lazarus, Versant CEO, in a launch. “As a standalone firm, we enter the market with the dimensions, technique and management to develop and evolve our enterprise mannequin.”
In November 2024, Comcast introduced its intention to separate out the majority of NBCUniversal’s cable TV networks, together with MS Now (previously MSNBC), CNBC, Golf Channel, USA, E!, Syfy and Oxygen, in addition to digital properties Fandango, Rotten Tomatoes, GolfNow and Sports activities Engine.
There are few conventional media firms which have gone public in recent times — specifically because of the important challenges the business has been going through because of the shift away from the TV bundle and towards streaming.
In 2025, Newsmax, the conservative cable information community, went public on the New York Inventory Alternate and rapidly noticed its shares soar from its $14 per share opening value. It has fallen precipitously since its debut.
As an alternative, the media sector has been marked by a rush for consolidation and recent M&A offers. Paramount Skydance accomplished its merger final yr, and since then CEO David Ellison has been acquisitive. Warner Bros. Discovery, itself fashioned following a merger in 2022, final yr kicked off a sale course of that resulted in a proposed cope with Netflix. Paramount has since made a hostile provide to WBD shareholders to upend the proposed transaction with Netflix.
Mark Lazarus, CEO of Versant, visits the ground on the New York Inventory Alternate (NYSE) in New York Metropolis, U.S., July 21, 2025.
Brendan Mcdermid | Reuters
The Versant spinoff was likewise a results of the disruptive media panorama. Its executives, led by CEO Lazarus, the previous chairman of NBCUniversal’s media group, spent the ultimate months of 2025 convincing Wall Road buyers that the way forward for the enterprise can be centered on rising the digital presence of its portfolio.
The corporate has additionally highlighted its power in information and sports activities, the 2 classes of programming that also obtain the majority of TV viewers. Though networks like these in Versant’s portfolio are seeing declines in financials, they’re nonetheless worthwhile and beckon advert {dollars}.
In September Versant reported declining income in recent times as shoppers exit the cable TV bundle.
Per a submitting with the Securities and Alternate Fee forward of going public, Versant’s property generated $7.1 billion in income in 2024 , down from $7.4 billion in 2023 and $7.8 billion in 2022. The corporate mentioned its internet revenue attributable to Versant was $1.4 billion in 2024, down from $1.5 billion in 2023 and $1.8 billion in 2022.
Shortly after, scores companies S&P International and Fitch Scores every issued BB credit score scores on the corporate’s debt noting steady outlooks, putting the corporate’s ranking in junk territory. This was based mostly on Versant’s plans to challenge $2.75 billion of latest senior secured debt to fund a one-time $2.25 billion money distribution to Comcast and add $500 million to its steadiness sheet, based on S&P.
Versant’s low debt ranges have boded properly for the corporate with each scores companies and have been a spotlight in its pitch to Wall Road buyers. Media friends like Warner Bros. Discovery have grappled with heavy debt masses whereas additionally contending with the decline of cable TV subscribers and decrease advert income.
Each scores companies famous the headwinds going through the standard TV panorama, which S&P mentioned “offset the power of [Versant’s] portfolio,” noting that income from linear distribution and promoting from its networks accounted for greater than 80% of whole income.
Fitch mentioned “the sturdy viewer loyalty and engagement” to Versant’s TV networks, in addition to its conservative debt construction, bodes as a optimistic for the corporate.
Versant executives mentioned at a latest investor day presentation the corporate intends to develop its digital enterprise by acquisitions and investments.
— CNBC’s Gina Francolla contributed to this text.
Disclosure: Versant is the dad or mum firm of CNBC.
