Spin-off company that includes CNBC and MS NOW began trading as a separate company in New York today.
Versant Media officially completed its spin-off from Comcast on 2 January. It is now the owner of networks including E!, Syfy and USA Network alongside online offerings including Rotten Tomatoes.
Ahead of the split, MSNBC and CNBC were cut off from NBC News. Both channels have subsequently rebranded and lost the peacock logo. In the process, MSNBC became MS NOW, but CNBC retained its name on the basis of the initials standing for Consumer News and Business Channel.
Aside from CNBC, the changes barely registered in the UK, as many of Versant’s current brands no longer broadcast here. Under Comcast’s ownership of Sky, E! was discontinued. Syfy was replaced by Sky Sci-Fi.
CEO Mark Lazarus indicated last month he wanted to take the new company beyond traditional US cable networks. It plans to earn half of its 2026 income from non-cable TV sources. It’s heavily promoting its paid-for CNBC+ streaming, also in the UK, as an example of how it plans to target niche audiences with a very bespoke product.
However investors appeared to decline giving the new standalone company a vote in confidence: at the end of the first trading day, shares in Versant were down 13%. Some sell-offs were expected, according to market analysts, as investors who received Versant shares as part of their Comcast holding got rid of their Versant shares. Each Comcast shareholder got 1 Versant Media share for each 25 Comcast shares they held.
By: Marc Thornham | Image: Versant Media