MoatScopeVersant Media Group, Inc.VSNT
Spin-off from Comcast Corporation (CMCSA) · Jan 2, 2026 · Nasdaq
one share of Versant common stock for every twenty-five shares of Comcast common stock
Documents
Both companies today
Moat ratings, quality scores and fair value estimates are MoatScope research opinions and refresh with the data pipeline. Price / FV below 1.00× means the shares trade under our base-case estimate.
What is being separated
Versant Media Group holds Comcast's cable networks — MS NOW (formerly MSNBC), CNBC, USA Network, Golf Channel, E!, SYFY and Oxygen — and the digital platforms GolfNow, Fandango, Rotten Tomatoes and SportsEngine. Comcast keeps NBC, Peacock, Bravo, the studios, theme parks and its connectivity businesses. Versant financed the separation with a $1.0 billion term loan A, $1.0 billion of notes and a planned $1.0 billion term loan B, plus a $750 million revolver.
Stated rationaleComcast said in November 2024 that the cable networks would be better positioned as a well-capitalized stand-alone company free to pursue acquisitions, while Comcast focused on connectivity, streaming and studios.
The four questions
Indiscriminate selling
StrongManagement incentives
StrongThe hidden jewel
PartialLeverage
StrongThe write-up
Comcast distributed Versant Media Group on January 2, 2026, one Versant share for every twenty-five Comcast shares, handing shareholders its cable networks — MS NOW, CNBC, USA Network, Golf Channel, E!, SYFY and Oxygen — together with GolfNow, Fandango, Rotten Tomatoes and SportsEngine. Comcast kept NBC, Peacock, Bravo, the studios, the theme parks and the connectivity business. On MoatScope's framework Versant carries a Narrow moat and a quality score of 55 at a $5.7 billion market value, trading at $38.61 against a base-case fair value estimate of $149 — 0.25× — with $3.0 billion of debt on the balance sheet.
Not investment advice. Terms are as stated in the latest filing; spin-off shares are often thinly covered and volatile in their first months. Write-up dated Sep 8, 2026.