Comcast is splitting up its media empire. The telecom and entertainment conglomerate announced plans to spin off a bundle of NBCUniversal’s cable television networks and related digital properties into a new, independent publicly traded company.
The new entity, named Versant, will house some of the most recognizable names in cable television, including USA Network, CNBC, MSNBC, Oxygen, E!, SYFY, and Golf Channel. It will also take digital properties like Fandango and Rotten Tomatoes along for the ride. Collectively, these assets generated roughly $7 billion in revenue in the 12 months ending September 30, 2024.
What Comcast keeps, and what it doesn’t
Comcast is keeping the parts of its media portfolio it considers future-facing. That means the NBC broadcast network, the Peacock streaming service, and Bravo all stay under the Comcast umbrella, along with Sky.
The transaction is structured as a tax-free spin-off to existing Comcast shareholders. The expected timeline for completion is approximately one year from the November 20, 2024 announcement, putting the target somewhere in late 2025, pending board approval and regulatory clearances.
