Comcast Board Approves Separation of Versant Media Group

Comcast Corporation’s board of directors has officially approved the previously announced separation of Versant Media Group, which will house most of Comcast’s cable TV networks and several digital businesses.

USA, SYFY, E!, CNBC, MSNBC, Oxygen and Golf Channel are among the assets that will be part of Versant Media Group. Fandango and Rotten Tomatoes will as well.

The separation will be achieved through a pro rata distribution of 100 percent of the outstanding shares of Versant Class A common stock and Versant Class B common stock to the holders of Comcast Class A common stock and Comcast Class B common stock.

Comcast shareholders will receive one share of Versant Class A common stock or Versant Class B common stock for every 25 shares of Comcast Class A common stock or Comcast Class B common stock, respectively, held at the close of business on December 16.

The distribution of Versant shares is expected to be completed after the close of trading on Nasdaq on January 2.

Versant will then be an independent, publicly traded company, listed under “VSNT.”