Comcast Corporation has announced a new leadership team to helm Versant Media Group, a soon-to-be independent, publicly traded media company set to launch by the end of 2025. The spin-off will encompass the bulk of NBCUniversal’s cable networks and select digital businesses, marking a significant restructuring for Comcast as it sharpens its focus on core operations.
Versant Media Group will include prominent cable networks such as USA Network, CNBC, MSNBC, Oxygen, E!, Syfy, and Golf Channel, alongside digital assets like Fandango, Rotten Tomatoes, GolfNow, and SportsEngine. The new entity is projected to reach over 65 million U.S. households and generate approximately $7 billion in annual revenue, positioning it as a formidable player in the media landscape. Notably, Bravo will remain under NBCUniversal’s umbrella.
Leading Versant as CEO is Mark Lazarus, a seasoned media executive with deep roots in NBCUniversal’s operations. Lazarus will be joined by a distinguished eight-member board of directors, chaired by David Novak, a longtime Comcast board member and former CEO of Yum! Brands, which oversees KFC, Pizza Hut, and Taco Bell. Novak will step down from Comcast’s board upon the spin-off’s completion to focus on his role at Versant.
The Versant board features a diverse lineup of industry veterans and business leaders, including:
- Rebecca Campbell, former chairman of international content and operations at The Walt Disney Co., bringing extensive experience in global media strategy.
- Creighton Condon, of counsel at A&O Shearman, offering legal and corporate governance expertise.
- Michael Conway, former CEO of Starbucks North America, known for driving brand growth and innovation.
- David Eun, former president of Samsung Electronics, with a strong background in technology and media convergence.
- Gerald L. Hassell, former chairman and CEO of The Bank of New York Mellon, contributing financial and leadership acumen.
- Scott Mahoney, chairman and CEO of Peter Millar, adding expertise in premium brand management.
- Maritza Montiel, former deputy CEO and vice chairman of Deloitte’s U.S. business, with deep insights into strategic operations.
- Len Potter, founder and chief investment officer of Wildcat Capital Management, providing investment and financial strategy.
Comcast CEO Brian Roberts will retain a one-third voting interest in Versant, mirroring his stake in Comcast, but will not serve on Versant’s board or management team, ensuring the new company’s operational independence.
The spin-off aligns with Comcast’s strategy to streamline its portfolio while empowering Versant to capitalize on the evolving media landscape. Industry analysts view the move as a response to the growing fragmentation of the cable industry, with Versant’s diverse portfolio well-equipped to compete in a digital-first era.
The transaction, subject to regulatory approvals and customary conditions, is expected to conclude by late 2025. Comcast shareholders will receive a pro-rata distribution of Versant shares, with further details to be announced closer to the spin-off date.
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