COMCAST (CMCSA) Company Report

Versant Media Group began trading on Nasdaq under the ticker VSNT after Comcast distributed one Versant share for every 25 Comcast shares; listing completed Jan. 2.
Versant shares plunged roughly 13–15% to about $40.8, valuing the new company near $6 billion on its first trading day.
The spun-off assets, which generate approximately $7 billion in annual revenue, include cable networks such as CNBC, USA Network and SYFY, while Comcast retains NBC, Peacock, Telemundo and Sky.
Comcast shares dipped as markets repriced around the separated assets, in line with Comcast’s prior warning of a likely share-price decline post-spin-off.

Jan 5, 2026, 1:26 PM

Bloomberg

Comcast spin-off VERSANT lists on Nasdaq as independent company

CMCSA

Delisting/Listing Issues

VERSANT begins trading on Nasdaq under ticker VSNT following completion of Comcast spin-off.
Spin-off delivered 100% of VERSANT Class A and Class B common stock via one share for every 25 Comcast shares to holders as of Dec 16, 2025, with distribution after market close Jan 2, 2026.
The newly independent company operates in four core markets—political news, business news, golf and athletics, and sports and genre entertainment—through brands such as CNBC, USA Network, Golf Channel and others.
VERSANT starts as a standalone public company with a strong balance sheet and substantial cash flow to fund growth.

Jan 5, 2026, 12:30 PM

Press Release

Comcast designates Class A Equivalent Preferred Stock for planned spin-off

CMCSA

Convertible Preferred Issuance

On December 15, 2025, Comcast filed amended and restated articles and an Articles of Amendment to designate a new series of Class A Equivalent Preferred Stock to facilitate its planned spin-off of Versant Media Group, Inc. (“SpinCo”).
The Board fixed the series at 872,792 shares, and Comcast issued 872,791.0278 Preferred Shares to its wholly-owned subsidiaries in exchange for Class A common stock at a ratio of 0.001 Preferred Shares per common share, preventing the subsidiaries from receiving SpinCo common stock in the distribution.
Each Preferred Share is convertible into Class A common stock at an initial 1,000:1 conversion rate (prorated for fractions and adjustable for stock dividends or splits) and is redeemable—optionally prior to the spin-off record date and mandatorily after the spin-off—at the prevailing conversion rate plus an adjustment tied to SpinCo distribution metrics.
Holders of Class A Equivalent Preferred Stock vote alongside Class A and Class B common stock as a single class on all matters, with votes determined by the then-applicable conversion rate, and have no separate special voting rights.

Dec 15, 2025, 9:35 PM

8-K

Comcast outlines growth strategy at UBS Global Media and Communications Conference 2025

CMCSA

Management Change

Dividends

Comcast completed the spin of NBCUniversal’s linear media assets into Versant, leaving core broadcast (NBC/Telemundo) and Bravo to support its domestic streaming strategy with a $40 billion media segment heading into 2026.
Peacock has reached 41 million premium subscribers and improved EBITDA by $900 million over the trailing 12 months, with further EBITDA loss reduction expected in 2026 driven by sports rights and recent price increases.
Connectivity will see Steve Crone assume the CEO role in January, alongside a new tiered broadband pricing model (no H1 2026 price hikes) and continued bundling of a free wireless line to boost retention and ARPU.
Comcast will maintain capital allocation towards its six growth segments (studios, parks, media, connectivity, wireless, business services), uphold a strong balance sheet, and deliver its 18th consecutive dividend increase upon closing the Versant spin.

Dec 8, 2025, 2:45 PM

Transcript

Comcast details NBCUniversal spin and strategic priorities at UBS 2025

CMCSA

M&A

New Projects/Investments

Comcast is “at the precipice” of spinning off its news assets into the Versant vehicle, leaving NBCUniversal’s media segment focused on broadcast (NBC, Telemundo) and Bravo to support its broader Peacock and studio strategy.
Peacock now has 41 million high-RPU subscribers and has improved trailing-12-month EBITDA by $900 million, with management expecting a further reduction in losses in 2026 versus 2025 and profit growth in the overall media segment once NBA costs are lapped.
The company is doubling down on content and sports, leveraging its studios’ film slate (e.g., Minions, Super Mario, upcoming Nolan/Spielberg projects) and live events (NFL playoffs, NBA All-Star, Winter Olympics) to drive Peacock acquisition and engagement, alongside major creative deals like Taylor Sheridan.
A revamped connectivity go-to-market launches tiered speed plans with one- and five-year price locks, no broadband price increases in H1 2026, and a free wireless line trial to drive mobile attach and reduce churn, aiming to migrate most customers to the new pricing structure by late 2026.
Capital allocation will continue prioritizing growth segments (studios, parks, streaming, connectivity), maintaining a strong balance sheet, and returning capital via dividends (18th consecutive annual increase); the network is 95% fiber-capable, with ongoing investments in multi-gigabit DOCSIS 4.0 upgrades.

Dec 8, 2025, 2:45 PM

Transcript

Comcast outlines strategic update at UBS Global Media and Communications Conference

CMCSA

M&A

Dividends

Comcast is preparing the spin-off of Versant—the combined cable networks and NBC News digital businesses—while retaining its core linear assets (NBC, Telemundo, Bravo) to support Peacock and its broader media strategy.
The company explored a bid for Warner Bros., proposing a mix of cash and Comcast equity to form a combined entertainment subsidiary, but ultimately did not pursue the transaction.
Streaming arm Peacock achieved a $900 million EBITDA improvement over the trailing 12 months to reach 41 million high-RPU subscribers, benefiting from sports rights (NFL, NBA, Olympics) and recent price increases, and is on track for continued profitability gains in 2026.
Connectivity segment is shifting to a simplified tiered pricing model with everyday rates, has frozen broadband price increases for H1 2026, and is using a free wireless line promotion to drive retention—Xfinity Mobile has turned profitable and boosts broadband churn reduction.
Capital allocation priorities remain funding high-growth units (studios, parks, streaming, networks, connectivity) under disciplined leverage, and the combined Comcast and Versant dividend framework will deliver roughly a 5% dividend increase, marking an 18th consecutive annual raise.

Dec 8, 2025, 2:45 PM

Transcript

Versant Media outlines growth strategy at Investor Day 2025

CMCSA

New Projects/Investments

Guidance Update

Share Buyback

Versant will spin off from Comcast and begin regular-way trading on Nasdaq on January 5, 2026, distributing 1 Versant share for every 25 Comcast shares in a tax-free transaction.
Management highlighted a 62% live content mix (sports and news) as core to its premium programming strategy, alongside investments in brands like the Premier League, NASCAR, and MS NOW.
The company plans to scale digital platforms, notably GolfNow and Fandango, and develop new offerings (e.g., AVOD, subscriptions) to drive audience growth and monetization.
Financially, Versant expects 2025 standalone revenues down ~6%, EBITDA down ~10%, and free cash flow of $1.4 billion, with 2026 revenues projected to decline 3–7% and free cash flow of $1.0–1.2 billion as it launches new products.
The capital allocation framework targets 20% of free cash flow for dividends, up to $1 billion in share repurchases, and maintaining a ~1.25x net leverage ratio to balance growth investments and shareholder returns.

Dec 4, 2025, 6:00 PM

Transcript

Versant Media outlines spin-off strategy and 2026 outlook

CMCSA

Guidance Update

M&A

Share Buyback

Versant launches with a live-centric portfolio where news and sports comprise 62% of viewing, aiming to diversify from pay-TV (83% of 2024 revenue) towards digital and non-pay-TV channels (17% in 2024).
Announces strategic acquisitions of Free TV Networks and Indie Cinema, exploring alternatives for SportsEngine, and plans new digital offerings: Fandango at Home AVOD, an MSNBC D2C subscription, a CNBC Pro retail-investor platform, and a Kalshi prediction-market partnership.
Day-one capital structure includes $3 billion gross debt, $750 million cash, and $1 billion total liquidity, with targets of 1.25× net leverage, allocation of 20% free cash flow to dividends, and $1 billion share repurchase authorization.
2026 outlook: revenue down 3–7%, EBITDA down 7–14%, and free cash flow of $1–1.2 billion as investments in new products begin to phase in.

Dec 4, 2025, 6:00 PM

Transcript

Versant Media outlines strategic vision and growth targets at Investor Day 2025

CMCSA

Guidance Update

New Projects/Investments

Versant unveiled a diversified portfolio of 11 well-known brands across networks, streaming, digital transactions, and software, organized into four core markets: business news & personal finance, political news & opinion, golf & athletics participation, and sports & entertainment.
For fiscal 2025, management targets $6.6 billion in revenue, $2.2 billion in EBITDA, and $1.4 billion in free cash flow, underscoring a strong, cash-generating business model.
The company’s four-pronged strategy emphasizes winning with premium content, expanding audiences beyond pay-TV, scaling digital platforms (e.g., GolfNow, Fandango), and maintaining disciplined capital allocation and operational efficiency.
Versant plans to launch a direct-to-consumer MS NOW service by next summer to harness election-cycle momentum and expand ad-supported streaming with the Fandango at Home AVOD platform in H2 2026.

Dec 4, 2025, 6:00 PM

Transcript

Comcast plans Versant Media spin-off

CMCSA

M&A

Comcast approved the spin-off of its cable television networks and digital platforms into a new independent company, Versant Media Group, effective Jan. 2, 2026.
Shareholders will receive 1 share of Versant for every 25 shares of Comcast held as of the Dec. 16, 2025 record date, with fractional shares sold for cash proceeds.
Versant will begin “when-issued” trading under VSNTV around Dec. 15, transitioning to regular-way trading under VSNT on Jan. 5, 2026.
Goldman Sachs and Morgan Stanley are serving as financial advisors, with Davis Polk & Wardwell as legal counsel; the separation aligns with Comcast’s strategic focus amid its bid for Warner Bros. Discovery’s studio and streaming assets.