Comcast announced that its spinoff company, which will take over the majority of its NBCUniversal cable network portfolio, will be named Versant. This decision follows a comprehensive naming process that began last December, during which over 1,000 potential names were considered. Versant, pronounced like "conversant," was chosen to reflect the company's versatility and broad expertise in various subjects, according to CEO Mark Lazarus.
Versant will encompass several cable networks, including USA, CNBC, MSNBC, Oxygen, E!, SYFY, and Golf Channel, as well as digital assets such as Fandango and Rotten Tomatoes. The remainder of NBCUniversal, which includes the broadcast network, Peacock streaming service, and Universal Studios, will remain under Comcast’s ownership.
Lazarus clarified that Versant is intended to be a holding company name, primarily for business-to-business interactions rather than a consumer-facing brand. He emphasized the focus on individual brands rather than the overarching corporate identity. The spinoff is projected to be completed by the end of 2025, with the assets expected to generate approximately $7 billion in revenue, of which 20% is already digital.
Looking ahead, Lazarus indicated that Versant would pursue acquisitions to enhance its portfolio, potentially expanding beyond traditional media. He cited the successful acquisition of GolfNow by the Golf Channel as an example of how brands might diversify. However, he also noted a reluctance to acquire additional cable networks or TV station groups, given the current regulatory landscape and a focus on avoiding low-growth assets.
The company does not plan to launch its own streaming service; instead, it will support its brands in developing their digital strategies. A shareholder dividend may also be on the horizon as part of its financial strategy.