Comcast’s spinoff, Versant, is preparing for an IPO on the Nasdaq under the ticker “VSNT.” Financial filings show declining revenue, with $7 billion generated last year, down from $7.4 billion in 2023 and $7.8 billion in 2022. Net income was $1.4 billion in 2024, dropping from $1.5 billion in 2023 and $1.8 billion in 2022.

The shift to streaming has pressured cable networks like Versant’s assets – USA, CNBC, MSNBC, Oxygen, E!, SYFY, and Golf Channel. Versant aims to focus on evolving its brands for a streaming-dominated media landscape, separating its declining cable business from more profitable internet services. About 65 million households still use cable.

Comcast’s decision to spin off Versant aims to isolate declining cable business from more profitable internet and streaming services. Versant will solely focus on evolving its brands for a streaming-centric media landscape. CNBC is owned by NBCUniversal, which is under Comcast. Versant would become CNBC’s new parent company upon the spinoff.

Read more at CNBC: Comcast’s Versant reports declining annual profit as it prepares to go public