versant, Comcast’s Most spinoffs of the NBCuniversal Cable Network portfolio are being prepared for release.
The new entities will trade on NASDAQ under ticker “VSNT” after the separation, according to filing with the Securities and Exchange Commission on Thursday. Investors also recognized more Versant’s finances.
According to submissions, Versant’s revenue has been declining in recent years. Last year, assets under Versant generated $7 billion in revenue. This is down from $7.4 billion in 2023 and $7.8 billion in 2022.
Net income attributable to Versant was $1.4 billion last year, down from $1.5 billion in 2023 and $1.8 billion in 2022.
Cable networks and traditional media companies face economic pressure as viewers have moved from traditional pay-TV bundles to streaming platforms, reducing advertising spending within the market.
USA, CNBC, MSNBC, Oxygen, E! Comcast’s decision to include others like Syfy, and Golf Channel in new companies was to isolate the decline in the cable business from more profitable internet and streaming services. Bersant can only focus on how it evolves its brand and competes in a media landscape where streaming dominates.
Thursday’s application details that around 65 million households will get some form of cable.
Disclosure: Comcast is the parent company of NBCuniversal, which owns CNBC. Bersant will become CNBC’s new parent company with the Bersant spin-off planned by Comcast.
