Comcast has officially unveiled the name of its new spinoff company, which will be known as Versant. The announcement was made on Tuesday, marking the culmination of a lengthy naming process for the entity that will house a significant portion of its NBCUniversal cable network portfolio.
Mark Lazarus, the Chief Executive Officer, shared that the name Versant, pronounced similarly to “conversant,” was chosen to reflect the company’s adaptability and its broad knowledge base. “Versant emphasizes our ability to cover various topics,” he explained during an interview.
Previously referred to as SpinCo, the new company will encompass a range of cable networks, including USA, Finance Newso, MSNBC, Oxygen, E!, SYFY, and Golf Channel. Additionally, it will integrate digital assets such as Fandango, Rotten Tomatoes, GolfNow, GolfPass, and SportsEngine.
The remaining segments of Comcast’s NBCUniversal holdings—including the broadcast network, Peacock streaming service, Universal Studios, theme parks, and Bravo—will continue to be under Comcast’s umbrella.
Lazarus clarified that Versant is not intended to be a consumer-facing brand. Rather, he envisions it as a parent company where individual brands engage with users directly, minimizing focus on the corporate identity.
“Our priority will be on nurturing the distinct brands we have rather than promoting the corporate name,” Lazarus stated. “This name will primarily serve business-to-business interactions.”
The anticipated spinoff is projected to be completed by the end of 2025, with the newly formed company reporting revenue of approximately $7 billion last fiscal year.
The emphasis on adaptability is particularly crucial in light of the evolving media landscape. Once publicly traded, Lazarus will need to articulate a growth strategy to investors and might consider acquisitions that extend beyond the traditional media sector.
He cited the Golf Channel’s acquisition of GolfNow, a tee-time reservation platform, highlighting the potential for brand expansion beyond conventional media avenues.
“Many are unaware that GolfNow is part of our portfolio,” Lazarus noted. “We aim to transcend the boundaries of just linear and digital media assets.”
For Finance Newso, this could mean pursuing acquisitions in the personal finance or fintech sectors, according to Lazarus. Additionally, he revealed that initial discussions have already taken place regarding potential podcast acquisitions targeting Democratic audiences for MSNBC, suggesting these ventures would operate as separate entities rather than merging into MSNBC programming itself.
Lazarus confirmed that Versant will not launch its own streaming platform, relying instead on its brands to develop their digital initiatives independently.
Approximately 20% of the anticipated revenue will be generated digitally, and Versant may also distribute dividends to shareholders, as reported by Finance Newso last November.
Acquiring a collection of cable networks does not seem to be part of the company’s strategy. Lazarus expressed reluctance to accumulate more debt associated with low-growth assets, although he remains open to opportunities if they come with higher growth potential.
Given the current regulatory climate, acquiring TV station groups is also unlikely, according to Lazarus. He referenced comments from Federal Communications Commission Chairman Brendan Carr, who recently criticized major media companies, including NBC, for exerting increasing control over local stations, labeling it a concerning trend.
The Naming Process for ‘Versant’
The new name was developed with input from marketing professionals across SpinCo’s various brands.
Discussions commenced in late December, leading to over 1,000 proposed names within weeks. Employees were encouraged to suggest names reminiscent of New York, cable television, or casual nods to NBCUniversal’s headquarters at 30 Rockefeller Center.
Following legal vetting for trademark concerns and language meanings, the list was refined with the assistance of three marketing agencies. Ultimately, only 43 suggestions passed legal review, which were then narrowed down to a dozen finalists for final decision-making.
In recent weeks, Lazarus and his marketing team selected Versant, which refers to “a region of land sloping in one general direction,” according to some definitions.
Lazarus humorously noted that an inclined slope evokes thoughts of “a rising stock price.”
Disclosure: Comcast is the parent company of NBCUniversal, which includes Finance Newso. Versant will succeed as the parent company of Finance Newso under the proposed spinoff.
