Versant (media company)

Last updated
Versant
Company type Public
Headquarters
New York City, New York
,
United States
Area served
Worldwide
Services
Owner Comcast (33%)
Subsidiaries Fandango Media (75%)
SportEngine
Website versantmedia.com

Versant is an upcoming American media company to be formed by Comcast. Announced in November 2024, the company will be a spin-off of most of NBCUniversal's U.S. cable networks (including USA Network, MSNBC, Syfy, CNBC, and Golf Channel among others), related properties, and selected digital properties.

Contents

Versant's headquarters will be located in Manhattan, with technical operations and master control for its networks being housed at CNBC's headquarters in Englewood Cliffs, New Jersey. [1]

History

On October 31, 2024, Comcast president Michael J. Cavanagh disclosed that the company was exploring a plan to spin-off NBCUniversal's cable networks as a new company. He explained that "like many of our peers in media, we're experiencing the effects of the transition of our video businesses and have been studying the best path forward for these assets", and that such a spin-off would "position them to take advantage of opportunities in the media landscape and create value for our shareholders." [2] Just under a month later on November 20, Comcast officially announced that it would spin off most of NBCUniversal's cable networks and selected digital properties into a new publicly traded company led by Mark Lazarus, then-chairman of the NBCUniversal Cable Entertainment Group. [3]

The company will consist of cable networks such as USA Network, MSNBC, CNBC, Golf Channel, and E! among others, as well as digital properties such as a 75% stake in Fandango Media (owner of the titular online movie ticket retailer and digital movie store, and film review aggregator Rotten Tomatoes), Golf Channel's digital operations (such as GolfNow), and SportsEngine (a technology platform for youth sports organizations, currently part of NBC Sports Digital). The aim of the spin-off is to separate these linear television networks and digital properties from NBCUniversal's flagship film (Universal Studios), television (NBC and Telemundo), streaming (Peacock), and theme park (Universal Destinations & Experiences) businesses, while providing them with the ability to make their own further investments and acquisitions. [3] [4] Bravo will remain under NBCUniversal ownership, as the network is a major provider of content to Peacock. [3] Universal Kids was also excluded; NBCU later announced that it would shut down on March 6, 2025. [5]

Initially referred to under the interim name "SpinCo", on May 6, 2025, it was announced that the company would be known as Versant. [6] Lazarus explained that Versant will be treated as a holding company and "house of brands"; a larger focus will be placed upon its individual properties rather than Versant being a public-facing brand, and decisions on digital operations (such as streaming) will be left to each network. [6] [7] He did not rule out investments into non-media properties that could compliment and be cross-promoted with Versant's networks, citing existing examples such as Golf Channel and GolfNow. [8] [6]

Questions were raised over how the spin-off will impact the synergies between Versant and the legacy divisions being retained by NBCUniversal, such as whether they would still be able to leverage resources from the NBC News and NBC Sports divisions, or use the NBC name. [3] [4] [9] [10] Under its new president Rebecca Kutler, MSNBC began expanding its newsgathering resources and Washington staff so it could operate with increased autonomy from NBC News. [11] [12] [13] Versant will lease space for CNBC and MSNBC's Washington, D.C. bureaus at NBC's existing facility on 400 North Capitol. [1] NBCUniversal will also provide advertising sales for Versant channels for two years after the completion of the spin-off. [14]

NBC Sports president Rick Cordella stated that the division would "fulfill every obligation" it has with networks that are part of the spin-off, suggesting they will still carry programming covered under current contracts (such as the Olympic Games and PGA Tour). [15] On the other hand, Lazarus stated that Versant was considering pursuing its own sports rights, with a focus on properties that "drive distribution, diversify ad sales and have a value". [16] In August 2025, NBCUniversal and Versant renewed their rights to United States Golf Association (USGA) championships from 2027 through 2032, with USA Network and Golf Channel continuing to serve as the cable television home of the events post-split. It is the first major media rights deal negotiated by Comcast to incorporate Versant. [17] [18] [19]

On August 18, 2025, Versant announced that multiple rebrandings would occur to remove the overt use of NBC trademarks from its properties; MSNBC will be rebranded as "MS NOW" (a backronym of "My Source [for] News, Opinion, [and the] World"), CNBC and Golf Channel will introduce new logos without the NBC logo (CNBC was originally branded as the "Consumer News and Business Channel"), and a "USA Sports" brand will be reintroduced to encompass Golf Channel and sports broadcasts on USA Network. [20]

Ownership

Shares in Versant will be distributed to Comcast shareholders and trade independently thereafter; it will have the same share structure as Comcast, with Brian L. Roberts and his family holding a 33% voting share. [3]

Assets

Versant will include the following assets:

See also

References

  1. 1 2 Goldsmith, Jill (2025-02-28). "Comcast's Cable 'SpinCo' Is Scouting Space For New Manhattan Headquarters, "Closing In" On Name As Separation Takes Shape". Deadline. Retrieved 2025-03-04.
  2. ↑ Hayes, Dade (31 October 2024). "Comcast Looking At Forming A New Stand-Alone Company For Its Cable Networks, President Mike Cavanagh Says". Deadline. Retrieved 20 November 2024.
  3. 1 2 3 4 5 "Comcast to spin off MSNBC, CNBC and other cable channels". Los Angeles Times. 2024-11-20. Retrieved 2024-11-25.
  4. 1 2 Spangler, Todd (November 20, 2024). "Comcast Announces Spin-Off of Most Cable Networks Into New Company to 'Set These Businesses Up for Future Growth,' CEO Brian Roberts Says". Variety. Retrieved November 22, 2024.
  5. ↑ "NBCUniversal is shutting down Universal Kids". Kidscreen. January 13, 2025.
  6. 1 2 3 Weprin, Alex (2025-05-06). "Comcast's Cable TV Spinoff Now Has a Name: Versant". The Hollywood Reporter. Retrieved 2025-05-07.
  7. ↑ Sherman, Alex (2025-05-06). "Comcast's cable spinoff to be named Versant, picked to emphasize corporate versatility". CNBC. Retrieved 2025-05-07.
  8. ↑ Sherman, Alex (2025-05-06). "Comcast's cable spinoff to be named Versant, picked to emphasize corporate versatility". CNBC. Retrieved 2025-07-03.
  9. ↑ "NBC owners to spin off Golf Channel. What's next for the network?". Golf. 2024-11-21. Retrieved 2024-11-25.
  10. ↑ Weprin, Alex (2024-11-21). "All Bets Are Off for MSNBC, CNBC and Bravo: Behind the TV Spinoff That Will Shake Up Cable". The Hollywood Reporter. Retrieved 2024-11-25.
  11. ↑ Johnson, Ted (February 24, 2025). "MSNBC Confirms Schedule Overhaul With Jen Psaki And 'The Weekend' Anchors Getting Primetime Slots; Joy Reid's Show Canceled". Deadline. Retrieved February 25, 2025.
  12. ↑ Steinberg, Brian (February 23, 2025). "Joy Reid and Alex Wagner Axed From MSNBC Lineup in Major Network Shakeup". Variety. Retrieved February 23, 2025.
  13. ↑ Johnson, Ted (2025-08-06). "NBC News Names Deputy D.C. Bureau Chief; MSNBC Makes Additional Washington Hires". Deadline. Retrieved 2025-08-13.
  14. ↑ Hayes, Dade (2025-05-07). "NBCUniversal To Handle Sales For Comcast's Cable Spinoff Versant Under Two-Year Agreement". Deadline. Retrieved 2025-05-07.
  15. ↑ Lerner, Drew (2024-11-20). "NBC Sports president on spinoff: 'We're going to fulfill every obligation'". Awful Announcing. Retrieved 2024-12-20.
  16. ↑ Sherman, Alex (2025-05-08). "CNBC Sport: Versant CEO Mark Lazarus outlines his sports strategy". CNBC. Retrieved 2025-05-18.
  17. ↑ "USGA strikes media rights deal with NBC and new company Versant through 2032". GolfDigest.com. Retrieved 2025-08-13.
  18. ↑ "5 things to know from the USGA's new 6-year TV deal with NBC". Golf. 2025-08-12. Retrieved 2025-08-13.
  19. ↑ Carpenter, Josh (2025-08-13). "USGA renews media deal with NBCU through 2032". Sports Business Journal. Retrieved 2025-08-13.
  20. ↑ Johnson, Ted (2025-08-18). "MSNBC To Change Name To MS NOW As Part Of Split With Comcast". Deadline. Retrieved 2025-08-18.
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