TLDR: Comcast has announced the initial board of directors for Versant Media Group, its upcoming media spinoff. The board will be chaired by David Novak, with Mark Lazarus serving as CEO. The new entity will encompass several NBCUniversal cable networks and digital properties, with the separation from Comcast anticipated to conclude in 2025.
Comcast Corporation (NASDAQ: CMCSA) has officially unveiled the expected board of directors for VERSANT Media Group, Inc., its highly anticipated media spinoff. This strategic move marks a significant step towards the creation of a new publicly traded media company, anticipated to finalize its separation from Comcast by the end of 2025.
The newly formed board will be led by David Novak, a current Comcast board member and former CEO of Yum! Brands, who will assume the role of Chairman. Mark Lazarus, currently serving as Chairman of NBCUniversal Media Group, has been designated as VERSANT’s Chief Executive Officer.
The board will comprise ten members in total, including eight additional appointees who bring a wealth of experience across various sectors such as media, technology, finance, and strategy. Among the notable individuals joining the board is Rebecca Campbell, former Chairman of International Content and Operations at Walt Disney Company. Other distinguished members include Creighton Condon from law firm A&O Shearman; Michael Conway, former CEO of Starbucks North America; David Eun, a founding advisor to Kanza AI and co-founder of Alakai Group investment firm; Gerald Hassell, former Chairman and CEO of The Bank of New York Mellon Corporation; Scott Mahoney, Chairman and CEO of Peter Millar LLC; Maritza Montiel, former Deputy CEO of Deloitte & Touche LLP; and Len Potter, founder of Wildcat Capital Management.
VERSANT Media Group is set to house a significant portfolio of NBCUniversal’s cable television networks, including USA Network, CNBC, MSNBC, Oxygen, E!, SYFY, and Golf Channel. In addition, the spinoff will include key digital assets such as Fandango, Rotten Tomatoes, GolfNow, and SportsEngine. These combined assets are reported to generate approximately $7 billion in annual revenue and reach over 65 million U.S. households.
Mark Lazarus emphasized the importance of this announcement, stating, “The announcement of the future Board marks a critical milestone as we define our long-term strategy and advance the value of our iconic media portfolio.”
David Novak echoed this sentiment, expressing his enthusiasm: “I am pleased to welcome this accomplished forward-looking team to our future Board of Directors. Their collective expertise and perspectives will strengthen our governance and support Versant’s future success.”
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The spinoff is contingent upon customary conditions and is expected to be tax-free for Comcast shareholders. This strategic move aims to establish a leading independent media company, poised for future growth and innovation in the evolving media landscape.
