Comcast spinoff Versant (VSNT) begins buying and selling on Nasdaq

Versant Media Group, the spun-off portfolio of cable television networks and digital assets Comcastjoined the small cohort of public media companies on Monday as the industry expects continued disruption.

Versant began trading on the Nasdaq under the ticker symbol “VSNT,” opening at $45.17 per share.

The company’s so-called “when-issued” shares – a security that is expected to be issued and has been conditionally admitted to trading to give investors an early chance to buy shares – initially traded at $55 per share on Dec. 15 and ended at $46.65 per share on Friday. Early trading on Monday marked a decline of about 10%.

The company’s market cap is approximately $6.5 billion, with 145.76 million shares outstanding based on the spinoff ratio. As part of the spinoff, Comcast shareholders received one share of Versant for every 25 Comcast shares they owned.

“It took a year,” Versant CEO Mark Lazarus said on CNBC’s “Squawk Box” on Monday.

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

“As part of Comcast and NBCU, we had different priorities as a company,” Lazarus said. “We made different decisions because we had a different company and a different strategy. Now we’re bringing that with us.” [assets] invest in their own company, we will be able to invest in them. We will invest organically… and hopefully the market will listen to what we say.”

Lazarus said “vertical scaling” was necessary to diversify the business and move away from reliance on pay-TV.

“While this is still a big, profitable piece for us, it won’t be the end game,” he said.

There are only a few traditional media companies that have gone public in recent years – largely because of the major challenges facing the industry as a result of the shift away from TV bundles and towards streaming.

In 2025 Newsmaxthe conservative cable news network, went public on the New York Stock Exchange and saw its shares soar quickly from their opening price of $14 per share. It has fallen sharply since its debut.

Instead, the media sector was characterized by a rush for consolidation and new M&A deals. Paramount Skydance completed its merger last year and CEO David Ellison has been active in acquisitions ever since. Warner Bros. Discoveryitself founded after a merger in 2022, started a sales process last year that led to a planned deal with Netflix. Paramount has now made a hostile offer to WBD shareholders to reverse the planned transaction with Netflix.

Versant CEO Mark Lazarus visits the floor of the New York Stock Exchange (NYSE) on July 21, 2025 in New York City, USA.

Brendan Mcdermid | Reuters

The spin-off from Versant was also a consequence of the disruptive media landscape. Its 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 focus on expanding the digital presence of its portfolio.

The company has also highlighted its strength in news and sports, the two programming categories that still reach the majority of television viewers. Although networks like those in the Versant portfolio are seeing financial declines, they are still profitable and attracting advertising dollars.

On Monday, Lazarus again pointed to Versant’s weight in sports and news, saying that 62% of the portfolio is in those two content areas.

“We have a really strong position,” Lazarus said.

In September, Versant reported declining revenue in recent years as consumers opted out of cable TV packages.

According to a filing with the Securities and Exchange Commission prior to the IPO, Versant’s assets generated revenue of $7.1 billion in 2024, down from $7.4 billion in 2023 and $7.8 billion in 2022. The company said its net income attributable to Versant was $1.4 billion in 2024, compared to $1.5 billion in 2024 year 2023 and $1.8 billion in 2022.

Shortly thereafter, rating agencies S&P Global and Fitch Ratings each issued BB ratings on the company’s debt and indicated a stable outlook, placing the company’s rating in junk territory. This was based on Versant’s plans to issue $2.75 billion of new senior secured debt to fund a one-time $2.25 billion cash distribution to Comcast and increase its balance sheet by $500 million, S&P said.

Versant’s low debt was a good sign for the company with both rating agencies and was a highlight of its presentation to Wall Street investors. Media companies like Warner Bros. Discovery are struggling with heavy debt loads while also struggling with declining cable TV subscribers and lower advertising revenue.

Both ratings agencies noted that the traditional TV landscape faces headwinds that S&P said are “offsetting the strength of the TV industry.” [Versant’s] Portfolio,” noting that linear distribution and advertising revenue from its networks accounted for more than 80% of total revenue.

Fitch said “viewers’ strong loyalty and engagement” with Versant’s television networks, as well as its conservative debt structure, are a positive sign for the company.

Versant executives said at a recent investor day presentation that the company plans 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.