Today, Comcast confirmed that its last cable spinoff-to-be, formerly named SpinCo, will take the name Versant. The company announced the new name to better represent its versatility and deep subject-matter expertise. New name, new model, new mission. This name embodies the vision and strategy of the spinoff. Versant will oversee the largest independent collection of cable networks and digital properties in North America. These are purpose built to deeply engage users through unique brand experiences.
Meanwhile, Comcast is preparing to deploy Versant. This focused approach isn’t coming to all of Comcast’s popular cable channels, such as USA Network, CNBC, MSNBC, Oxygen, and E!. Alongside these networks, Versant will own digital properties such as Fandango, Rotten Tomatoes, GolfNow, GolfPass, and SportsEngine. The consultancy’s expertise extends far beyond the company’s eight offerings. At the same time, Congress had offered no indication that it would go about launching its own streaming platform.
Mark Lazarus, chairman of NBCUniversal Television and Streaming, for example, emphasized the necessity of maximizing efficiency with current assets. He cautioned against incurring new debt tied to assets that have a poor growth outlook. He cited the acquisition of GolfNow by the Golf Channel as a prime example of how brands can successfully expand beyond traditional linear television and streaming services.
“Most people don’t know that GolfNow is even part of our company.” – Mark Lazarus
Going forward, Versant wants to position itself as a “house of brands.” Unlike a corporate umbrella, it prioritizes the specialness of the whole arc over the separate identities of each of its individual assets. Lazarus had a bold plan about how each brand under the Versant umbrella would communicate directly to consumers in ways that compliment the others.
“We’re going to focus on the individual brands that we have, not the corporate name.” – Mark Lazarus
Maximizing new revenue generation is clearly a primary goal of Versant’s intent. In fiscal 2022, the revenue generated by all assets it manages independently generated approximately $7 billion in revenue. Surprisingly, nearly a fifth of that total was raised through digital channels. This digital revenue stream highlights the company’s recognition of evolving consumer preferences and the necessity for adaptability in the current media landscape.
Versant’s future is certainly sunny skies ahead! There appears to be little chance that the spinoff will buy additional cable networks or television station groups, given the mounting regulatory hurdles. Lazarus explained that recent regulatory actions have created an environment very hostile to such acquisitions moving forward.
Additionally, as part of his advice to Versant, he suggested that they look to make acquisitions in industries that strongly match their assets. For instance, CNBC may consider acquiring personal finance or fintech platforms to enhance its offerings and relevance in a rapidly changing market.
“We are not going to be purely a collection of linear and digital media assets.” – Mark Lazarus
The term “Versant,” which signifies “a region of land sloping in one general direction,” aptly encapsulates the company’s trajectory as it seeks to navigate the complexities of the media industry. This strategic direction plays right into Comcast’s key strategic objectives. They want to create new waves of growth and innovation inside this new organization.
Versant is looking forward to a strong official launch. Industry experts are anxious to see how it defines its role in an extremely competitive landscape dominated by traditional and new media platforms. The company’s strategy to prioritize individual brands over a collective corporate identity may set a new precedent for how media companies operate in the future.