NBCUniversal Undergoes Transformation with Versant Spin-Off
New York, NY – , marked a significant turning point for NBCUniversal as Comcast completed the spin-off of MSNBC, CNBC, and a portfolio of other cable networks into a new, publicly traded company called Versant. The move, first revealed on , is designed to unlock value for NBC and Telemundo broadcast networks and the Peacock streaming service.
The historic separation, years in the making, allows NBCUniversal to focus on its broadcast and streaming businesses, which are increasingly competitive in a rapidly evolving media landscape. Comcast shareholders received one share of Versant Class A or Class B common stock for every 25 shares of Comcast Class A or Class B common stock held as of the record date of . Distribution of Versant shares concluded following the close of trading on Nasdaq on .
Versant, led by CEO Mark Lazarus, comprises cable networks including MSNBC, CNBC, E!, Oxygen, Golf Channel, and USA, alongside digital assets such as Fandango and Rotten Tomatoes. The creation of Versant represents a strategic shift for Comcast, acknowledging the challenges faced by traditional cable networks as audiences and advertising revenue migrate to streaming platforms.
NBCUniversal, a subsidiary of Comcast, remains a leading global media and entertainment company, creating content distributed across film, television, and streaming. Its portfolio includes prominent brands like NBC, NBC News, NBC Sports, Telemundo, Bravo, and Peacock. The company also boasts powerhouse film and television studios, including Universal Pictures, DreamWorks Animation, and Focus Features, as well as Universal Destinations & Experiences, encompassing Universal Orlando Resort and Universal Studios Hollywood.
The spin-off allows NBCUniversal to concentrate resources on strengthening its core broadcast and streaming offerings. Bravo, a network with programming that resonates with streaming audiences, will remain within NBCUniversal. This decision underscores the company’s commitment to leveraging its content to drive growth in the direct-to-consumer market.
NBCUniversal’s impact extends beyond entertainment, with a stated commitment to improving the communities where its employees, customers, and audiences live and work. The company emphasizes its tradition of giving back and fostering an inclusive culture to attract and develop a diverse workforce.
The company’s history is marked by innovation and storytelling, recently celebrating 100 years of cultural impact. Across television and streaming, NBCUniversal continues to deliver entertainment, news, and live events to audiences worldwide.
The move comes as NBCUniversal continues to navigate a changing media landscape. The company reported revenue of $39.2 billion in and employs approximately 35,000 people as of . NBCUniversal’s headquarters are located at the Comcast Building in Midtown Manhattan, New York City.
The spin-off of Versant is a significant restructuring for Comcast and NBCUniversal, signaling a strategic realignment to address the evolving demands of the media and entertainment industry. The long-term implications of this move will be closely watched as both companies navigate the challenges and opportunities ahead.
