Comcast spinoff Versant (VSNT) begins trading on Nasdaq

Versant Media Group is an independent portfolio of cable TV networks and digital properties. comcastjoins a small group of public media companies as the industry considers continued disruption.

Versant will begin trading on the Nasdaq on Monday under the ticker symbol “VSNT.” The company’s so-called “when-issued” shares (securities that are scheduled to be issued and are conditionally allowed to trade to give investors a chance to buy shares early) initially began trading at $55 per share on Dec. 15. The stock was trading at $46.65 per share at Friday’s close.

The company’s market capitalization was $6.8 billion, and the number of outstanding shares based on the spin-off ratio was 145.76 million. As part of the spinoff, Comcast shareholders received one Versant share for every 25 Comcast shares they owned.

“Today marks a defining moment for Versant as an independent, publicly traded media company,” Versant CEO Mark Lazarus said in a release. “As an independent company, we enter the market with the scale, strategy and leadership to grow and evolve our business model.”

In November 2024, Comcast announced its intention to separate most of NBCUniversal’s cable TV networks, including MS Now (formerly MSNBC), CNBC, Golf Channel, USA, E!, Syfy, and Oxygen, and its digital properties Fandango, Rotten Tomatoes, GolfNow, and Sports Engine.

Few traditional media companies have gone public in recent years. This is due to the significant challenges facing the industry due to the transition from TV bundles to streaming.

In 2025, newsmaxWhen the conservative cable news network listed on the New York Stock Exchange, its stock price quickly soared from its opening price of $14 per share. It has fallen sharply since its debut.

Instead, the media sector is witnessing a rush of consolidation and new M&A deals. paramount skydance completed its merger last year, and CEO David Ellison has been making acquisitions since then. warner bros discoveryitself established after a merger in 2022, began a sale process last year, resulting in Netflix. Paramount then made a hostile proposal to WBD shareholders to overturn the proposed deal with Netflix.

The Versant spin-off was similarly the result of a disruptive media environment. The company’s executives, led by CEO Lazarus, the former chairman of NBCUniversal’s media group, spent the final months of 2025 convincing Wall Street investors that the company’s future would be focused on expanding its portfolio’s digital presence.

The company also emphasizes its strength in news and sports, two categories of programming that still command large television viewers. Although networks like those in Versant’s portfolio have suffered financially, they are still profitable and attract advertising dollars.

In September, Versant reported that its revenue has declined in recent years as consumers move away from cable TV bundles.

Versant’s assets generated $7.1 billion in revenue in 2024, down from $7.4 billion in 2023 and $7.8 billion in 2022, according to a filing with the Securities and Exchange Commission ahead of the stock listing. The company said net income attributable to Versant was $1.4 billion in 2024, down from $1.5 billion in 2023 and $1.8 billion in 2022.

Shortly after, rating agencies S&P Global and Fitch Ratings each issued a BB credit rating indicating a stable outlook for the company’s debt, placing the company’s rating in junk territory. This is based on Versant’s plan to issue $2.75 billion in new senior secured notes and add $500 million to its balance sheet to fund a $2.25 billion cash distribution to Comcast, S&P said.

Versant’s low debt levels bode well for the company for both rating agencies and are a highlight of its pitch to Wall Street investors. Media companies such as Warner Bros. Discovery are grappling with massive debt while also battling declining cable TV subscribers and declining advertising revenue.

Both rating agencies noted that the traditional TV industry faces headwinds, with S&P saying it is “offsetting the strength of the TV industry.” [Versant’s] Portfolio” notes that revenue from linear distribution and advertising from the network accounts for more than 80% of total revenue.

Fitch said Versant’s “strong viewer loyalty and engagement” with its television network and conservative debt structure bode well for the company.

Versant executives said in a recent investor presentation that the company intends to grow its digital business through acquisitions and investments.

— CNBC’s Gina Francolla contributed to this article.

Disclosure: Versant is the parent company of CNBC.