Comcast Board Approves Separation Of Cable Networks Into New Versant Media Group In January

Core Viewpoint - Comcast's Board of Directors has approved the separation of its cable television networks and digital platforms to form an independent, publicly traded company named Versant Media Group, reflecting the ongoing transformation in the media landscape [1][2]. Group 1: Company Structure and Separation Mechanics - The spinoff will be executed through a pro rata distribution of 100% of Versant's Class A and Class B common stock to Comcast's shareholders [3]. - Comcast shareholders will receive one share of Versant Class A or Class B common stock for every 25 shares of Comcast Class A or Class B common stock held as of December 16 [4]. - Fractional shares of Versant common stock will not be distributed; instead, they will be sold in the open market, and shareholders will receive cash payments based on the net proceeds [5]. Group 2: Trading and Market Information - A "when-issued" public trading market for Versant Class A common stock is expected to begin around December 15 under the symbol VSNTV, continuing until the distribution date [8]. - Regular trading of Versant Class A common stock is anticipated to start on January 5, following the distribution date [8]. Group 3: Advisory and Legal Support - Goldman Sachs and Morgan Stanley are acting as financial advisors to Comcast, while Davis Polk & Wardwell is providing legal counsel [9].