US media and telco giant Comcast Corporation has completed the separation of Versant Media Group into a separate public company.
Versant began trading on Monday (January 5) on the Nasdaq stock exchange, and houses Comcast’s former NBCUniversal cable television networks.
It is home to channels such as USA Network, CNBC, MSNBC, Oxygen, E!, SYFY and Golf Channel, along with digital assets including Fandango and Rotten Tomatoes, GolfNow and Sports Engine.
Versant is led by Mark Lazarus, former Chairman of NBCUniversal Media Group.
The company pitches itself as a media and entertainment business that operates in four core markets: political news and opinion, business news and personal finance, golf and athletics participation and sports and genre entertainment.
Comcast has kept the NBC broadcast television network, the Bravo and Telemundo brands, its Universal film and television studios and its theme parks, as well as its Peacock streaming service. Comcast is also the parent company of Sky and Xfinity.
The spin-off takes place at a challenging time for cable TV as consumers cancel subscriptions and sign up for streaming services. Many analysts have argued that Comcast’s ongoing ownership of cable networks has held back its share price.
“Today marks a defining moment as Versant becomes an independent, publicly traded media company,” said Lazarus. “As a standalone company, we enter the market with the scale, strategy and leadership to grow and evolve our business model.”
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