Towards the end of last year, Comcast announced plans to create an independent media business through the spin off of select cable networks within its NBCUniversal portfolio. Some of these entities include USA Network, CNBC, MSNBC and Golf Channel among others, and longtime television executive Mark Lazarus was slated to serve as its chief executive officer. The new company has been named “Versant,” it was revealed on Tuesday, the culmination of a process that spanned several months to determine the new title. The company, which had previously been known as SpinCo, decided to select this name because of versatility and familiarity with different subjects and is derived from the word “conversant.”
In addition to the cable networks, Versant will also be the home of digital platforms such as Rotten Tomatoes, GolfPass and SportsEngine. The remainder of the NBCUniversal portfolio, which includes the NBC broadcast network, Peacock OTT streaming service, Universal Studios, Bravo and theme parks, is going to remain under the aegis of Comcast. The company is on track to be spun out from Comcast before the end of the year and will be publicly traded as well. Networks included in the transaction generated about $7 billion in revenue during the last fiscal year.
“Versant represents more than a name – it speaks to our adaptability and embraces the opportunity to shape a new, modern media company. There were many considerations for a suitable name,” Lazarus said to employees in a memo on Tuesday obtained by The Wrap. “Our internal team of incredibly skilled and experienced brand marketers, designers and media tacticians took into account our overarching goal to influence culture, connect communities and signify a unified direction forward.”
Alex Sherman of CNBC reported that Versant is not going to be launching its own streaming service, but rather looking at brands to create their own strategies in the digital realm. Lazarus also divulged that about 20% of the company’s revenue already comes from the digital sector. Furthermore, he does not have much interest in acquiring another group of cable networks but acknowledged that if “a cable network also had associated businesses that had better growth prospects,” it could be a more appealing prospect on a case-by-case basis.
Sherman reported that meetings to select the name began in late December and that the company ultimately had more than 1,000 potential names for this business venture. The employees were told to focus their efforts on names that could draw upon New York, cable television or 30 Rockefeller Center.
“We would be foolish to expect everyone to love the name of our new company immediately,” Lazarus said in the memo. “There were certainly some others that we could have gotten behind, but after sitting with VERSANT for a couple of weeks now, I believe it will suit us well, evoke a sense of energy, and underscore our role in driving progress.”
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