Versant

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CNBC was among the major cable networks Comcast spun off to create Versant.

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Versant Media Group, Inc., commonly known as Versant, is an American media company that owns television networks and digital businesses focused on news, sports, and entertainment. Its businesses include CNBC, MS NOW (formerly MSNBC), USA Network, Golf Channel, E!, SYFY, Oxygen True Crime, Fandango, Rotten Tomatoes, and GolfNow.

Versant was created from television networks and digital businesses separated from NBCUniversal, a subsidiary of Comcast Corporation (CMCSA). It became an independent publicly traded company in January 2026, with its Class A shares trading on Nasdaq under the ticker VSNT. The company is based in New York City and employed some 4,400 people at the end of 2025.

Versant’s origins date to November 2024, when Comcast unveiled plans to separate most of NBCUniversal’s cable television networks into a new publicly traded company. Comcast initially referred to the new company as “SpinCo.”

Other major NBCUniversal businesses remained with Comcast, including the NBC broadcast network, the Peacock streaming service, Universal’s film and television studios, and its theme parks.

The separation came after years of subscription losses in the traditional pay-TV industry. As consumers “cut the cord” by canceling cable and satellite subscriptions in favor of streaming services, cable networks lost revenue from fees distributors paid to carry their channels and from advertising sold during their programming. Comcast said the separation would allow it to focus on businesses it considered areas for growth, including broadband, wireless, business services, Peacock, studios, and theme parks, while giving the new media company greater independence to manage its cable and digital businesses.

Comcast unveiled the Versant name in 2025 as preparations for the separation moved ahead. Versant Media Group was incorporated in Pennsylvania on May 1, 2025, initially as a wholly owned Comcast subsidiary created to receive the businesses included in the spin-off.

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Mark Lazarus moved from leading NBCUniversal’s media businesses to becoming CEO of the independent Versant.

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Mark Lazarus, former chair of NBCUniversal Media Group, was named chief executive officer. Lazarus oversaw NBCUniversal’s television and streaming businesses and served in leadership roles at many of the networks that became part of Versant.

As part of the separation, some businesses shed their NBCUniversal branding. For example, MSNBC was renamed MS NOW in November 2025, while CNBC retained its name but adopted a new logo without the NBC peacock.

The separation formally took place on January 2, 2026. Comcast distributed Versant shares to its shareholders on a pro rata basis, with shareholders receiving one Versant share for every 25 Comcast shares they held as of the December 16, 2025, record date. Comcast owned no Versant shares following the distribution.

Versant retained some ties to Comcast and NBCUniversal after its separation. Agreements between the companies allowed Comcast to continue providing certain corporate services to Versant for up to two years and covered other areas, including intellectual property, content, and advertising. NBCUniversal agreed to sell advertising on Versant’s U.S. television networks and related digital properties for about two years following the separation.

Versant operates in four broad markets:

MS NOW focuses on politics, news, and opinion, while CNBC covers financial markets, business, and personal finance. USA Network features entertainment and sports, and Golf Channel provides tournaments, news, instruction, and related programming. E! focuses on entertainment and pop culture, SYFY on science fiction and fantasy, and Oxygen True Crime on crime-related programming.

Sports programming carried by USA Network and Golf Channel is organized under USA Sports. Those networks air golf, Premier League soccer, NASCAR, and the Olympic Games. Versant acquired rights to air Women’s National Basketball Association (WNBA), League One Volleyball, and Pac-12 programming before becoming an independent company.

GolfNow operates an online tee-time marketplace and provides software and payment technology to golf courses. GolfPass offers golf instruction and other content through a subscription service. Fandango sells movie tickets and operates Fandango at Home, while Rotten Tomatoes aggregates movie and television reviews and provides entertainment information.

In 2025, Versant agreed to acquire Free TV Networks, an operator of free over-the-air digital broadcast networks and ad-supported streaming channels. The acquisition was completed in January 2026.

SportsEngine, a technology business for youth sports organizations, became part of Versant in the Comcast spin-off. In May 2026, Versant sold substantially all of SportsEngine’s assets to PlayMetrics.

Versant’s largest source of revenue is distribution. Traditional cable, fiber, and satellite providers pay to carry Versant’s television networks. Streaming pay-TV services also pay to carry the networks. These agreements generally compensate Versant based on the number of subscribers receiving a network and a negotiated per-subscriber fee.

Other sources of revenue include advertising on Versant’s television networks, websites, and apps; transaction fees, subscriptions, and technology and payment services from digital businesses such as GolfNow, GolfPass, and Fandango; and licensing content to television networks, streaming services, and other distributors.

In 2025, the businesses that became Versant generated $6.7 billion in annual revenue, including $4.1 billion from distribution, $1.6 billion from advertising, $826 million from platforms, and $193 million from content licensing and other sources.