NEW YORK, January 5, 2026, 09:30 EST
- Comcast completed the separation of its NBCUniversal cable networks into Versant Media Group, which began trading on Nasdaq as VSNT.
- Versant includes cable brands such as CNBC, MS NOW (formerly MSNBC), and USA Network, plus digital assets like Fandango and Rotten Tomatoes.
- Comcast shares were down more than 5% in premarket trading, according to Barron’s, as investors adjusted for the distribution.
Comcast (CMCSA) said on Monday it completed the spinoff of its NBCUniversal cable networks into Versant Media Group, distributing shares of the new company to existing investors. Versant (VSNT) began trading on Nasdaq and was down 3.5% in premarket trading. Comcast has said the assets generate about $7 billion in annual revenue. 1
The separation lands as U.S. pay-TV bundles keep shrinking and streaming pulls viewers toward on-demand platforms. For Comcast, it peels off slower-growing cable channels that once anchored its media unit.
Investors now get two stocks to price: Comcast’s remaining businesses and a cable-heavy portfolio that will have to manage the steady drip of cord-cutting. Media rivals from Walt Disney to Warner Bros Discovery face similar pressure on their linear networks.
Versant said its lineup includes CNBC, MS NOW—formerly MSNBC—USA Network, Golf Channel, Oxygen, E! and SYFY, along with digital properties such as Fandango, Rotten Tomatoes, GolfNow, GolfPass and SportsEngine. “Today marks a defining moment as VERSANT becomes an independent, publicly traded media company,” Chief Executive Mark Lazarus said. Versant said shareholders received one share for every 25 Comcast shares held on Dec. 16, with the distribution completed after the market close on Jan. 2. 2
Comcast shares fell 5.4% to $27.96 in premarket trading, Barron’s reported, while Versant was down about 3%. The outlet said Comcast had warned its share price would drop to reflect the value shifted into the spinoff and that some investors may sell their new Versant holding rather than add another media name to portfolios. 3
Versant executives were due to ring the Nasdaq opening bell in Times Square on Monday morning, according to Nasdaq. 4
Spinoffs typically trigger a mechanical price reset in the parent company, because part of the business has been transferred to a new ticker. The real test comes later: whether Versant can stabilize audiences and ad demand as more viewers abandon the cable bundle.
For Versant, the company said it would focus on four areas—political news, business news, golf and sports participation, and entertainment—while operating as a standalone entity. Comcast, meanwhile, keeps the rest of its media operations and its broader connectivity businesses.
