PHILADELPHIA, PA — Comcast Corporation (NASDAQ: CMCSA) said its board has approved the separation of a portfolio of cable networks and digital platforms into a new independent public company, Versant Media Group, marking one of the largest structural shifts in the company’s media operations in years.
The separation will occur through a pro rata distribution of all outstanding Versant Class A and Class B shares to Comcast shareholders. Investors holding Comcast Class A or Class B stock as of the December 16, 2025 record date will receive one Versant share for every 25 Comcast shares owned. The distribution is expected to take place after markets close on January 2, 2026.
Shareholders do not need to take action to receive their Versant shares, which will be delivered via book entry or credited to brokerage accounts. Fractional shares will not be issued; instead, they will be aggregated, sold on the open market, and distributed as cash to eligible shareholders based on their proportional ownership.
Comcast said it will release an information statement ahead of the spinoff outlining Versant’s business profile, associated risks, and details of the transaction. The distribution remains subject to customary conditions, including a final determination by Comcast’s board that no developments render the transaction inadvisable. The company expects to receive a tax opinion confirming the separation will be tax-free to Comcast and its shareholders, excluding cash paid in lieu of fractional shares.
Trading in Versant’s Class A common stock is expected to begin on a “when-issued” basis on or about December 15 under the symbol VSNTV. Regular-way trading is scheduled to start January 5, 2026, the first trading day after the spinoff.
Comcast Class A shares will trade in two forms between December 15 and the distribution date: regular-way under CMCSA, which includes the right to receive Versant shares, and ex-distribution under CMCSV, which does not include that right. The company urged investors to consult financial advisors to understand the implications of buying or selling shares during this period.
Upon completion of the spinoff, Versant will operate as a standalone publicly traded company listed on Nasdaq under the ticker VSNT. Goldman Sachs and Morgan Stanley are advising Comcast, with Davis Polk & Wardwell serving as legal counsel.
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