Shares of Versant fell more than 13% during its first day of “regular way” trading on Monday, closing at $40.57 apiece after opening at $45.17. Its separation from Comcast was finalized at 11:59 p.m. ET on Friday.
The company, which houses cable networks USA Network, CNBC, MS NOW (formerly MSNBC), Oxygen, E!, SYFY and Golf Channel, as well as digital assets Fandango, Rotten Tomatoes, GolfNow and SportsEngine, trades on the Nasdaq under the ticker symbol VSNT.
“Today marks a defining moment as Versant becomes an independent, publicly traded media company,” Versant CEO Mark Lazarus said in a statement. “As a standalone company, we enter the market with the scale, strategy and leadership to grow and evolve our business model.”
“This milestone reflects the financial strength and readiness of Versant as a standalone public company,” chief operating and financial officer Anand Kini added. “With a strong balance sheet, substantial cash flow, and clear capital allocation framework, we are well positioned to execute with discipline to drive long-term value.”
The move comes after Versant stock began “when-issued” public trading on Dec. 15 under the symbol VSNTV. Comcast shareholders received one share of Versant Class A or B common stock for every 25 shares of Comcast Class A or B common stock, respectively, held at the close of business on Dec. 16.
The 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 was completed following the close of trading on Friday.
Shares of Comcast closed up 1.7% on Monday following the split.
Versant has said it would focus on four core areas: business & finance news, political news & opinion, golf & athletic participation and sports & genre entertainment.
As part of its efforts to expand beyond cable, Versant plans to launch a free, ad-supported streaming offering for Fandango and a new direct-to-consumer service for MS Now in 2026. It also will evolve CNBC Pro and launch a new product aimed at retail investors that will feature stock recommendations, tools and data, real-time information and AI-powered quantitative analysis.
CNBC has also entered into a new multi-year agreement with Kalshi to incorporate real-time prediction data into its coverage across linear, digital and streaming starting in 2026 and will partner with AI companies to develop new products and explore audience needs around cryptocurrency.
Versant is also in negotiations with multiple streamers, including Peacock, about licensing its library of content. At least one deal has been closed, with at least two others in the works.
Additionally, Versant acquired Indy Cinema Group and FAST channel provider Free TV Networks and has launched a strategic review of alternatives for the youth sports technology platform SportsEngine.
In 2025, Versant expects to generate $6.7 billion in revenue, with 62% coming from linear distribution, 23% from advertising, 13% from its digital platforms and 3% from content licensing & other. It also expects $2.3 billion in EBITDA and $1.5 billion in free cash flow in 2025. It will debut with $3 billion in gross debt, $750 million in cash on hand and 1.5 billion in total liquidity.
Looking ahead, the company expects 2026 revenue of $6.15 billion to $6.4 billion, a 3% to 7% decline and EBITDA of $1.85 billion to $2 billion, a 7% to 14% decline. It also plans to allocate 20% of its free cash flow for a dividend payment and seek board authorization for an up to $1 billion share repurchase.
Over the next several years, half of Versant’s revenue is expected to come from its new growth areas, while the other half will come from the pay TV business. Over half of the company’s pay TV subscriber base are covered by distribution agreements through 2028 and beyond.
