Comcast’s board of directors have officially greenlit the spinoff of the company’s cable network portfolio into Versant, which is slated to close in January.
The separation will be achieved through a pro rata distribution of 100% of the outstanding shares of Versant Class A and Class B common stock to the holders of Comcast Class A and Class B common stock.
Comcast shareholders will receive one share of Versant Class A or B common stock or every 25 shares of Comcast Class A or B common stock, respectively, held at the close of business on Dec. 16. The distribution of Versant shares is expected to be completed after the close of trading on Jan. 2.
The media giant expects that “when-issued” public trading for Versant Class A common stock will begin on or about Dec. 15 under the symbol “VSNTV”, and will continue through the distribution date. It also anticipates that “regular-way” trading of Versant Class A common stock will begin on Jan. 5, the first trading day following the distribution date, under the ticker symbol “VSNT.”
Comcast’s Class A shareholders will receive the distribution as a book-entry account statement or a credit to their brokerage account. No action is required by Comcast shareholders to receive Versant shares in the distribution.
Fractional shares of Versant common stock will not be distributed. Any fractional share of Versant Class A common stock otherwise issuable to a holder of Comcast Class A common stock will be sold in the open market on such shareholder’s behalf, and such holder will receive a cash payment for the fractional share based on its pro rata portion of the net cash proceeds from all sales of fractional shares.
Completion of the distribution is subject to a number of customary conditions, including that “no event or development will have occurred or exist that, in the judgment of the Board, in its sole discretion, makes it inadvisable to effect the distribution.”
Prior to the distribution, Comcast expects to deliver an information statement to all shareholders entitled to receive the distribution, which will describe Versant, including the risks of owning its common stock and other details regarding the separation. It also expects to receive an opinion from its tax advisor confirming the tax-free status of the separation to Comcast and its shareholders.
Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC are serving as financial advisors to Comcast, and Davis Polk & Wardwell LLP is serving as legal counsel.
Versant’s portfolio, which includes CNBC, MS Now (formerly MSNBC), Oxygen True Crime, Syfy, E!, USA Network and Golf Channel, reached as many as 65 million households as of the end of 2024.
The company saw its profits fall 24% to $749 million in the first nine months of 2025, according to a new filing with the U.S. Securities and Exchange Commission.
In addition to focusing on creating content for core audiences in news, sports and entertainment, Versant said it would expand its audience through ad-supported (AVOD), paid (SVOD) and free streaming (FAST) offerings, as well as over-the-air distribution and live events. It also said it would look to “strategically grow and expand” its digital platforms business, which includes GolfNow, Fandango, Rotten Tomatoes and SportsEngine.
Additionally, Versant has said it would pursue “opportunistic and disciplined acquisitions” and other investments that align with its core strategy, improve its competitive positioning, enhance its portfolio with complementary brands and deliver attractive returns for its shareholders. TheWrap previously reported that Versant is also exploring a potential sale of SportsEngine.
Versant CEO Mark Lazarus, COO/CFO Anand Kini and other members of the company’s leadership team will lay out more specifics regarding its vision, strategy, business model and financial priorities during an investor day in New York City on Thursday.
