Versant is a U.S.-focused media and entertainment company spun out of Comcast in January 2026, operating a portfolio of cable TV networks and complementary digital platforms that reach roughly 100 million people per month. The core of Versant's business is two news networks — MS NOW (politics and opinion) and CNBC (business news) — and two sports networks — USA Network (WWE, NASCAR, Premier League, WNBA, Olympics) and Golf Channel (35% of all hours watched for golf). News and sports together account for roughly 60% of total audience engagement, and management views live news and sports as the most valuable content for both audiences and advertisers. Linear distribution fees from MVPDs (cable, satellite, and virtual pay-TV providers) make up roughly 61% of revenue, with advertising at roughly 24%. Versant also operates three digital platforms: GolfNow (tee-time booking across 9,000 courses globally), Fandango (movie ticketing, home video, and Rotten Tomatoes), and SportsEngine (youth sports league management and payments), which together contribute roughly 12% of revenue. Versant's growth strategy centers on reducing dependence on pay-TV distribution by expanding D2C subscriptions for CNBC and MS NOW, launching a free ad-supported streaming service through Fandango, and growing its digital platforms through tuck-in M&A. Versant entered independence with roughly 1x net leverage and generated roughly $1.5B in free cash flow in FY25, supporting a quarterly dividend and a $1B share repurchase authorization.