The placeholder name SpinCo is no more. Comcast revealed that the new name for the spun-off entity that will house its cable network portfolio will be Versant.
“Versant represents more than a name – it speaks to our adaptability and embraces the opportunity to shape a new, modern media company. There were many considerations for a suitable name,” CEO Mark Lazarus told staffers in a memo on Tuesday. “Our internal team of incredibly skilled and experienced brand marketers, designers and media tacticians took into account our overarching goal to influence culture, connect communities and signify a unified direction forward.”
Versant, which is defined as the slope of a mountain, is meant to evoke strength and forward movement. Executives had been internally discussing thousands of potential names for the spun-off entity since December and hired three different branding agencies to help decide. Only 43 of those names would pass the preliminary knockout and that list would be narrowed down to 12 finalists to present to leadership and three names chosen for final consideration.
“We would be foolish to expect everyone to love the name of our new company immediately,” Lazarus added. “There were certainly some others that we could have gotten behind, but after sitting with VERSANT for a couple of weeks now, I believe it will suit us well, evoke a sense of energy and underscore our role in driving progress.”
The publicly-traded, standalone company — which is expected to reach 70 million U.S. households and generate $7 billion in annual revenue — will include CNBC, MSNBC, USA Network, Oxygen, E!, SYFY, Golf Channel and digital assets Fandango, Rotten Tomatoes, GolfNow and SportsEngine. The spinoff is expected to be completed by the end of the year and will be tax free to Comcast shareholders.
In addition to Lazarus, Versant is led by chief financial and operating officer Anand Kini.
Rounding out the leadership team is entertainment president Val Boreland, sports president Matt Hong, distribution and partnerships president Roy Cho, chief communications officer Keith Cocozza, chief human resources officer Brian Dorfler, operations and technology president Jeff Mayzurk, TV networks CFO Kristin Newkirk, chief revenue and business officer David Pietrycha and chief accounting and controller Greg Wright.
Additionally, Jeff Behnke will serve as executive producer and senior vice president of sports production, while Tom Knapp will continue to lead the Golf Channel and Golf Media businesses as executive vice president.
Versant will also have an independent board of directors, led by chairman David Novak. Comcast chairman and CEO Brian Roberts will not be on SpinCo’s board but retain the same economic and voting interests that he currently has in the media conglomerate.
Per Lazarus’ memo, over 5,000 people have expressed interest in joining Versant over the last month. The company will launch its own careers site later this week, which will list more than 100 open positions.
TheWrap previously reported that the spun-off entity was scouting locations for a corporate headquarters in Manhattan.
In addition to its corporate teams, the new location will house some entertainment teams and MSNBC, including its New York studio space and a production facility. CNBC will remain in Englewood Cliffs, New Jersey, which will also serve as SpinCo’s technical operations hub. MSNBC and CNBC will also continue to operate its Washington, D.C. Bureau out of 400 North Capitol, where Versant is securing dedicated space.
Lazarus said more information on Versant’s permanent headquarters, as well as a temporary location being referred to as “summer camp,” would be shared soon.
