Comcast Will Get Rid Of MS Now, CNBC, USA Network, & More Into a New Company This Month
Comcast Corporation has postponed the planned spin-off of its portfolio of cable television networks and related digital assets into a new independent company originally named Versant Media Group. Originally planned to be done by the end of 2025, now it has been pushed to January of 2026. The separation, which would have created a publicly traded entity housing MS Now, CNBC, USA Network, Oxygen, E!, Syfy, Golf Channel, and several smaller digital platforms, was scheduled to be completed with a tax-free distribution of shares to Comcast shareholders on January 2, 2026. Now it is expected that as soon as this week, Comcast will finish spinning off its cable TV networks into a new company and get them off its books.
The delay pushes the transaction into the first quarter of 2026 at the earliest, with no new distribution date yet established. Comcast informed investors through a brief regulatory filing that the board determined current market conditions and ongoing regulatory reviews made proceeding on the original timeline inadvisable. The company emphasized that the strategic rationale for the separation remains intact and that work continues toward an eventual spin-off.
The decision to split the company comes amid a turbulent period for linear television assets. Advertising revenue across the cable network sector has softened more than anticipated in the second half of 2025, driven by continued cord-cutting and a weaker-than-expected upfront market. At the same time, valuation multiples for traditional media companies have contracted sharply as investors remain skeptical about the long-term profitability of linear channels in an increasingly streaming-dominated landscape.
Comcast had intended to distribute one share of the new company for every 25 Comcast shares held as of the planned December 16, 2025 record date. When-issued trading for the spin-off entity under the provisional symbol VSNTV had been expected to begin around December 15, 2025, but those plans have now been suspended. The Nasdaq listing approval obtained for the new company will remain in place pending a revised timetable.
Industry analysts viewed the spin-off as a key move by Comcast to unlock shareholder value by separating its slower-growth cable network business from its higher-multiple broadband, theme parks, and studios operations. By delaying the transaction, Comcast avoids distributing the shares at what would likely have been a depressed valuation for the linear television portfolio. The move also gives management additional time to negotiate potential joint ventures or asset sales involving certain networks, particularly those facing the steepest advertising headwinds.
The cable networks slated for the new company generated approximately $7 billion in annual revenue in the most recent fiscal year, with MSNBC and CNBC serving as the primary profit drivers despite recent audience erosion. USA Network, once a top-rated general entertainment cable channel, has shifted increasingly toward unscripted programming and sports rights after largely abandoning scripted originals.
Comcast continues to work with Goldman Sachs and Morgan Stanley as financial advisors and Davis Polk & Wardwell as legal counsel on the transaction. The company has not indicated whether the delay will require a new tax opinion or information statement for shareholders.
Investors reacted cautiously to the news, with Comcast shares trading largely flat in afternoon trading. The delay removes a near-term overhang for the parent company while preserving flexibility around the eventual structure and timing of the separation. For now, the cable networks will remain under Comcast’s corporate umbrella as management navigates one of the most challenging environments the pay-TV industry has faced in decades.
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