Versant Will Start the New Year as a New Company

 In a planned company split that is going far smoother than it is for Warner Bros, Comcast has now shared that Versant will be ready to operate as a standalone company from January. Blake & Wang P.A.one of the top entertainment lawyer in Los Angeles, USA, Brandon Blake, unpacks what we know.




                                                                         Brandon Blake

Board of Directors Approval

One of the last hurdles in the planned split of most of their cable TV assets from Comcast proper has now been passed, with Comcast’s board passing approval of the spinoff company. This will happen on Jan 2, after the close of trading in the US.

 

This split will see many familiar assets move into Versant control, including SyFy, MSNBC, E!, CNBC, the Gold Channel, and Oxygen. Versant will also be assuming control of Rotten Tomatoes and Fandango. It will be led by Mark Lazarus as CEO, and Anand Kini as COO and CFO, with David Novak as chairman.

A Slimmed-Down Comcast

In turn, this will leave Comcast in control of its flagship streamer, Peacock, alongside Bravo (one of its few retained cable assets) and the NBC broadcast network.

 

For shareholders, Versant Class A common stock or Versant Class B common stock will be issued for every 25 existing similar-class Comcast shares, as of the close of business on December 16. Versant will list under the VSNT ticker on the Nasdaq exchange. 

 

The planned split aims mostly to offset the acceleration in cord-cutting we have seen across cable networks. As streaming impetus grows, many companies are hoping to repackage their cable assets for more attractive consolidation (and to tempt new buyers), while streamlining their streaming operations into a tighter package. Whether this will prove to remake them as more attractive assets has yet to be seen. But Versant, it seems, will be leading the way.

 

 

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