Comcast Spinoff Versant (VSNT) begins trading on the Nasdaq

Versant Media Group, a collection of cable television networks and digital assets created by Comcastjoins a small group of public media companies as the industry deals with ongoing disruption.

Versant begins trading on the Nasdaq on Monday under the ticker symbol “VSNT.” The company’s so-called “at issue” stock — a security that is expected to be issued and has been allowed to trade on a conditional basis to give investors an early opportunity to buy shares — initially began trading on Dec. 15 at $55 per share. As of Friday’s close, it was trading at $46.65 per share.

The company’s market capitalization was $6.8 billion, with shares outstanding of $145.76 million on a spin-off basis. As part of the offering, Comcast shareholders received one share of Versant stock for every 25 shares of Comcast stock they owned.

“It’s been a year in the making,” Versant CEO Mark Lazarus said on CNBC’s “Squawk Box” on Monday.

In November 2024, Comcast announced its intention to spin off the bulk 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 other priorities as a company,” Lazarus said. “We made different decisions, because we have a different company and a different strategy. And now we are delivering on those decisions [assets] In their own company, we will be able to invest in it. “We will invest organically… and we hope the market listens to what we say.”

Lazarus said “vertical scale” is necessary to diversify the business away from reliance on pay TV.

“While this is still a large and profitable segment for us, it will not be the end of the game,” he said.

There have been a few traditional media companies that have gone public in recent years, due to the significant challenges the industry has faced due to the shift away from package TV and toward streaming.

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

Instead, the media sector has been characterized by a rush toward mergers and new M&A deals. Paramount Skydance It completed its merger last year, and CEO David Ellison has since embarked on acquisitions. Warner Bros. Discoverywhich was formed after a merger in 2022, last year began a sale process that led to a proposed deal with… Netflix. Paramount has since made a hostile offer to WBD shareholders to cancel the proposed deal with Netflix.

Versant’s spinoff was also a result of the devastating media landscape. Its executives, led by CEO Lazarus, the former head of NBCUniversal’s media group, spent the final months of 2025 convincing Wall Street investors that the company’s future will focus on growing its portfolio’s digital presence.

The company also highlighted its strength in news and sports, two programming categories that still receive the bulk of television viewers. Although networks like those in Versant’s portfolio are seeing declining financials, they remain profitable and attract advertising dollars.

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

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

In September, Versant reported revenues had declined in recent years as consumers exited the cable TV package.

According to a filing with the Securities and Exchange Commission before it went public, 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, down from $1.5 billion in 2023 and $1.8 billion. In 2022.

Soon after, both rating agencies S&P Global and Fitch Ratings issued BB credit ratings on the company’s debt citing stable outlook, putting the company’s rating in junk territory. That was based on Versant’s plans to issue $2.75 billion in new secured debt to fund a one-time cash distribution of $2.25 billion to Comcast and add $500 million to its balance sheet, according to S&P.

Versant’s low debt levels have boded well for the company with both rating agencies and served as a highlight in its pitch to Wall Street investors. Their media peers like Warner Bros. have struggled. Discovery suffered heavy debt burdens while also facing declining cable TV subscribers and declining advertising revenues.

Both ratings agencies noted the headwinds facing the traditional TV landscape, which S&P said “offsets the strength of TV [Versant’s] Wallet,” noting that revenue from linear distribution and advertising from its networks represents more than 80% of total revenue.

Fitch said Versant’s “strong viewer loyalty and engagement” with Versant’s television networks, combined with its conservative debt structure, bodes positively for the company.

Versant executives said in a recent Investor Day presentation that the company intends to grow its digital business through acquisitions and investments.

— CNBC’s Gina Francola contributed to this article.

Disclosure: Versant is the parent company of CNBC.