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NEW YORK - Comcast Corporation (NASDAQ:CMCSA), a prominent media industry player with annual revenues exceeding $123 billion and a market capitalization of $133 billion according to InvestingPro, has named the expected members of the first Board of Directors for its planned media spin-off, VERSANT Media Group, Inc.
The board will be led by David Novak, a current Comcast board member and former CEO of Yum! Brands, who will serve as Chairman. Mark Lazarus, previously Chairman of NBCUniversal Media Group, has been designated as VERSANT’s Chief Executive Officer.
Eight additional board members were announced, bringing expertise across media, technology, finance, and strategy. The appointees include Rebecca Campbell, former Chairman of International Content and Operations at Disney; Creighton Condon from A&O Shearman; Michael Conway, former CEO of Starbucks North America; David Eun, a Founding Advisor to Kanza AI; Gerald L. Hassell, former Chairman and CEO of The Bank of New York Mellon; Scott Mahoney, CEO of Peter Millar LLC; Maritza Montiel, former Deputy CEO of Deloitte & Touche; and Len Potter, founder of Wildcat Capital Management.
VERSANT will comprise several NBCUniversal cable networks including USA Network, CNBC, MSNBC, Oxygen, E!, SYFY, and Golf Channel, along with digital assets such as Fandango, Rotten Tomatoes, GolfNow, and SportsEngine.
According to the company statement, these assets generate approximately $7 billion in annual revenue. The spin-off is expected to be completed during 2025, subject to customary conditions. InvestingPro analysis indicates Comcast maintains strong financial health with a "GOOD" overall rating, supported by robust EBITDA of $38.27 billion.
"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," said Lazarus in the press release.
Upon completion, VERSANT will operate as an independent publicly traded media company reaching over 65 million U.S. households, focusing on news, sports, and entertainment content. Investors tracking this development should note that Comcast’s next earnings report is scheduled for July 31, 2025. InvestingPro subscribers can access detailed analysis and Fair Value estimates, suggesting the stock is currently undervalued, along with 8 additional exclusive ProTips and comprehensive research reports.
In other recent news, Comcast Corp. has announced a price increase for its Peacock streaming service, affecting both new and current subscribers. Starting July 23, the ad-supported plan will rise to $11 a month, while the ad-free version will cost $17, marking a nearly 38% increase for the lowest-priced plan. Additionally, Comcast is introducing a new "Select" tier priced at $8. Benchmark has reiterated its Buy rating on Comcast stock, maintaining a price target of $48, citing these price hikes as a positive move. The company is also in the spotlight for selling Sky Deutschland to RTL Group for an initial payment of €150 million, with potential additional payments based on RTL’s future share price. Comcast’s Xfinity service is expected to see improvements, with Benchmark highlighting upcoming brand perception and packaging changes as positive developments. These factors are anticipated to help reduce the stock’s "chronic sum-of-the-parts discount." Meanwhile, KeyBanc analysts have focused on Charter Communications, predicting significant benefits from proposed tax law changes, but no direct impact on Comcast was noted from these legislative developments.
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