NBCUniversal’s spinoff company, Versant, is looking to “build beyond cable” and will be diving more into streaming.
Versant Media CEO Mark Lazarus shared some of the company’s recent acquisitions and future plans during Thursday’s investor day event. Among those plans are a new subscription streaming service for MS Now and expanding Fandango to include free, ad-supported streaming.
Versant, which will officially separate from NBCU in January, will include will own cable networks including USA, CNBC, MSNBC, Oxygen, E!, SYFY and Golf Channel, along with digital assets including Fandango, Rotten Tomatoes, GolfNow, GolfPass and SportsEngine, according to a report from CNBC earlier this year. That report also said quoted Lazarus as saying “Versant will not launch its own streaming service. It will instead rely on brands to develop their own digital strategies.”
Today, Lazarus shared that the company has acquired Free TV Networks, which owns several free ad-supported channels, that will be rolled into Fandango. Versant also acquired INDY Cinema Group, a cloud-based cinema operating system that will support operational functions like ticketing, concessions, marketing, and loyalty programs.
“At Versant, we have a track record of building vertical businesses that extend well beyond their origins,” Lazarus said in an announcement Thursday. “Integrating INDY into Fandango reflects a similar strategy: strengthening our core brands while expanding into adjacent services that support partners and consumers across the broader entertainment marketplace.”
While the company is looking to expand, it also has plans to to continue growing and investing in its cable networks. As a report from Deadline notes, Lazarus’ past work experience as an executive with NBCU has given him insight on the brands and what they need to be successful. During Thursday’s event, Lazarus said “we will re-invest in these brands.”