Versant, Comcast’s spinoff of nearly all of its NBCUniversal cable community portfolio, is gearing as much as go public.
The brand new entity will commerce on the Nasdaq below the ticker “VSNT” after the separation, based on a submitting with the U.S. Securities and Trade Fee on Thursday. Traders additionally turned aware of extra of Versant’s financials.
In accordance with the submitting, Versant’s income has been on the decline lately. Final yr, the belongings housed below Versant generated $7 billion in income. That is down from $7.4 billion in 2023 and $7.8 billion in 2022.
Web revenue attributable to Versant was $1.4 billion final yr, down from $1.5 billion in 2023 and $1.8 billion in 2022.
Cable networks and conventional media firms have confronted monetary pressures as viewers have migrated from the standard pay TV bundle to streaming platforms, diminishing advert spending inside the market.
Comcast’s resolution to place the likes of USA, CNBC, MSNBC, Oxygen, E!, SYFY and Golf Channel into a brand new firm was to isolate the declining cable enterprise from the extra worthwhile web and streaming providers. Versant might then be solely targeted on methods to evolve its manufacturers to compete in a streaming-dominated media panorama.
Thursday’s submitting detailed that about 65 million households get some type of cable.
Disclosure: Comcast is the dad or mum firm of NBCUniversal, which owns CNBC. Versant would turn out to be the brand new dad or mum firm of CNBC upon Comcast’s deliberate spinoff of Versant.
