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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.

An exit sign is seen above US President Donald Trump as he speaks to reporters aboard Air Force One.

Saul Loeb | Afp | Getty Images

Are you thinking about selling your small business in a few years? The One Big Beautiful Bill Act could give you millions more.

President Donald Trump’s signature law, which went into effect in July, significantly expanded the benefits of qualified small business shares, meaning Now more companies have the option to convert to a C corporation to receive more favorable tax treatment. While this is likely a boon for recently launched AI startups that see their own exit strategies as a path to great riches, owners in many sectors of the economy can reap significant tax savings by considering a business sale in the coming years.

Of course, there are requirements for who qualifies, and navigating the QSBS planning process can be complicated. But for many small businesses currently considering an exit strategy, it’s worth exploring. According to a recent report from the Exit Planning Institute, older business owners are the most likely to consider selling. 58% of baby boomers say they plan to sell their business in the next five years. That compares to 39% of Generation X and 48% of Millennials, 2023 data shows. But regardless of age, data shows that exit planning is a top priority for all generations of entrepreneurs.

First, the basics. The new law increases the cap on tax-free gains for qualified C-corp companies issuing stock after July 4 to $15 million from the previous threshold of $10 million. Additionally, the holding period for shares will be shortened from five years to three years, creating partial tax benefits for owners who sell after three or four years. This is important because it means that companies that are interested in selling before the five-year period but previously thought that QSBS was not an option could reconsider their strategy. Additionally, more small businesses are eligible as the asset cap has been increased from $50 million to $75 million – potentially making the option applicable to businesses that have not been eligible in the past. The law also provides for inflation adjustments.

Here are some more details on what small businesses need to know about how beneficial changes to the QSBS rules could make them more money if they decide to sell.

The tax calculation for S-Corporations and C-Corporations changes and can run into the millions

To qualify, companies must be incorporated as a C corporation. Many companies know very little about their corporate structure, but it can make a big difference for tax purposes. Therefore, understanding their structure is a crucial first step.

Before the Tax Cuts and Jobs Act and the One Big Beautiful Bill Act, it wasn’t attractive for small businesses to be C-corps, and many still aren’t organized that way, said Corey Pederson, wealth strategist at Crewe Advisors in Salt Lake City.

Rather, many opted for sole proprietorships or partnerships, which, with the exception of limited partners, are responsible for self-employment and personal taxes. According to the Small Business Administration, many companies also choose to be an S corporation, a special type of corporation designed to avoid the double tax penalty of a regular C corporation. S-corps allow profits and some losses to be passed through directly to the owners’ personal income without being subject to corporate tax rates. This type of incorporation became even more popular after tax law changes in 2017 allowed more companies to qualify for greater tax savings.

Now, however, more companies may have additional incentive to become a C corporation. “This widens the net for those who should be thinking about QSBS,” said Brian Gray, a partner at accounting firm Gursey Schneider in Los Angeles.

Owners can sell faster than the previous law allowed

U.S. taxpayers typically must pay federal capital gains taxes when they sell their company shares for a profit. But qualified small business stock offers significant federal tax benefits to entrepreneurs, startup founders, early employees and investors because they can exclude or defer capital gains taxes when selling qualified stock. With proper planning, the savings can be combined with other estate planning strategies for even greater tax savings, Gray said.

Many small businesses considering selling within a few years can receive millions in QSBS-related tax benefits by converting to a C corporation. These include domestic technology, manufacturing, wholesale and retail companies. In the past, owners had to hold the shares for five years to benefit from the tax benefits. However, the new law provides for a phased approach. After five years, shareholders receive 100% of the tax benefit. After four years they can get 75% of the benefit, after three years they can get 50%, which could make it more attractive to many owners, Gray said.

The disadvantage is double taxation

The main tax disadvantage of a C corporation is double taxation. This means that corporate profits are taxed at the company level and then taxed again when they are distributed as dividends to shareholders. However, there are ways to get around the problem of double taxation, so it makes sense to talk to a tax professional, Pederson said.

If you’ve been a small business owner for 10 to 20 years, chances are good that you have personal savings. Instead of taking profits out of the business, keep them in the business and use your personal savings for expenses, Pederson said. “If you don’t receive the distributions from the corporation, you don’t pay double tax,” he said, adding, “That doesn’t work if you don’t have enough savings to cover your expenses.”

According to the U.S. Census Bureau, as of 2023, there were two million small businesses—those with 500 employees or fewer—that were formally organized as corps. Many of these companies may benefit from additional savings as a result of the new tax law. According to the Exit Planning Institute, older business owners need to think carefully about the opportunity, especially given that 27% of boomer business owners say they are unprepared when it comes to formal valuation plans and 9% are unprepared when it comes to their estate plans.

And even if they’ve considered converting to a C corporation before and rejected the idea, it’s worth another look, said Natalie Whelton, senior wealth advisor and wealth strategist at HB Wealth in Atlanta, especially since the additional $25 million in headroom opens the door for more companies to convert to a C corporation, she added.