Comcast’s cable and media spinoff Versant announced Thursday that it acquired Free TV Networks to diversify its entertainment portfolio into digital broadcast and FAST channels.
Versant also acquired cloud-based cinema operating system Indy Cinema Group. Fandango will now operate the technology, expanding the tools available to its cinema partners and integrating a comprehensive operating solution into the company’s existing product suite.
Both acquisitions were unveiled at Versant’s Inaugural Investor Day at NASDAQ in New York City. Free TV Networks houses free over-the-air digital broadcast networks, including Outlaw, 365BLK and Busted TV. Additionally, the company offers free ad-supported streaming or FAST channels to subscribers.
“As we prepare to launch Versant as an independent public company, we are focused on building a business with greater scale, more ways to reach audiences, and a stronger foundation for long-term growth,” Mark Lazarus, CEO of Versant, said. “Reaching an agreement with Free TV Networks furthers that ambition and reflects our commitment to expanding the range of services and experiences we offer.”
Free TV Networks has more than 20 million households accessing its channels exclusively over-the-air, representing 16% of all households, according to data from TVB.
Executives for Versant said that the transaction will help diversify the spinoff’s growing entertainment business and expand its FAST offerings.
“From day one, our focus was to become the leading media company serving value-conscious consumers, by filling the entertainment gap for these viewers within the broader media marketplace,” Jonathan Katz, president and CEO of Free TV Networks, said. “With Versant, we can scale faster, extend our ability to connect with more underserved segments, and deliver even larger audiences for our advertisers.”
Indy’s tech offerings are already available in nearly 300 locations worldwide. Versant said that this acquisition will help expand its film business to explore new market opportunities within the cinema space.
“With the acquisition of Indy, we are excited to not only strengthen the support to our nearly 3,000 cinema partners across the U.S. but also create a new global standard for how they can run their businesses and expand their offerings,” Will McIntosh, Versant’s president of digital platforms and ventures, said.
“From day one, we saw firsthand how outdated tools held theaters back, and we made it our mission to provide a smarter, more flexible and intuitive solution through Indy,” Ian and Carmen Brown, co-founders of Indy Cinema Group, said in a joint statement. “From our very first conversations with Will and the Fandango team, it was clear that we shared the same vision and commitment to championing the cinema industry.”
Versant’s CEO Lazarus, COO and CFO Anand Kini, and members of its senior leadership team shared their the vision for the future of the company at the investor conference and teased the new businesses and ventures that comprise the company.
