Comcast Corporation announced that its Board of Directors has approved the previously announced separation of a strong portfolio of cable television networks and complementary digital platforms from its remaining businesses, and the creation of an independent, publicly traded company named Versant Media Group, Inc.
The separation will be achieved through a pro rata distribution of 100% of the outstanding shares of Versant Class A common stock and Versant Class B common stock to the holders of Comcast Class A common stock and Comcast Class B common stock. Comcast shareholders will receive one share of Versant Class A common stock or Versant Class B common stock for every 25 shares of Comcast Class A common stock or Comcast Class B common stock, respectively, held at the close of business on the record date of December 16, 2025 (the “record date”). The distribution of Versant shares is expected to be completed after the close of trading on Nasdaq on January 2, 2026 (the “distribution date”).
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The holders of Comcast Class A common stock entitled to receive the distribution will receive a book-entry account statement or a credit to their brokerage account reflecting their ownership of Versant Class A common stock. No action is required by Comcast shareholders to receive Versant shares in the distribution.
Fractional shares of Versant common stock will not be distributed. Any fractional share of Versant Class A common stock otherwise issuable to a holder of Comcast Class A common stock will be sold in the open market on such shareholder’s behalf, and such holder will receive a cash payment for the fractional share based on its pro rata portion of the net cash proceeds from all sales of fractional shares.
Prior to the distribution, Comcast expects to deliver an information statement to all shareholders entitled to receive the distribution. The information statement will describe Versant, including the risks of owning Versant common stock and other details regarding the separation.
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The completion of the distribution is subject to a number of customary conditions, including that no event or development will have occurred or exist that, in the judgment of the Board, in its sole discretion, makes it inadvisable to effect the distribution. Comcast expects to receive an opinion from its tax advisor confirming the tax-free status of the separation to Comcast and its shareholders (except to the extent of cash received in lieu of fractional shares).
Comcast expects that a “when-issued” public trading market for Versant Class A common stock will commence on or about December 15, 2025 under the symbol “VSNTV”, and will continue through the distribution date. Comcast also anticipates that “regular-way” trading of Versant Class A common stock will begin on January 5, 2026, the first trading day following the distribution date.
Beginning on or about December 15, 2025, and through the distribution date, it is expected that there will be two ways to trade Comcast Class A common stock – either with or without the distribution of Versant Class A common stock. Comcast shareholders who sell their shares of Comcast Class A common stock in the “regular-way” market (that is, the normal trading market under the symbol “CMCSA”) after the record date and on or prior to the distribution date will be selling their right to receive shares of Versant Class A common stock in connection with the separation. Alternatively, Comcast shareholders who sell their shares of Comcast Class A common stock in the “ex-distribution” market during the same period under the symbol “CMCSV” will not be selling their right to receive shares of Versant Class A common stock in connection with the separation. Investors are encouraged to consult with their financial advisors regarding the specific implications of buying or selling shares of Comcast Class A common stock on or before the distribution date.
Following the distribution, Versant will be an independent, publicly traded company. Versant has received approval for the listing of its common stock on Nasdaq under the symbol “VSNT,” subject to official notice of issuance.
Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC are serving as financial advisors to Comcast, and Davis Polk & Wardwell LLP is serving as legal counsel.
