Founder at Stock Spin-off Investing, Stock Spin-Off Investing

Richard Howe

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

Generate attractive returns by taking advantage of inefficiencies in the stock spin-off market.

Stock Spin-offs

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<ul><li>Comcast (CMCSA) announced in late 2024 that it would spin off a bundle of its traditional U.S. cable networks and related digital properties into a new independent company, now named Versant Media Group (VSNT).</li><li>Versant will host an analyst day on Thursday, December 4th and the spin-off is expected to take place in early 2026.</li><li>The move is driven by the secular decline of linear TV and the “transition of our video businesses”, as Comcast’s President Michael Cavanagh described.</li></ul>

Comcast (CMCSA) announced in late 2024 that it would spin off a bundle of its traditional U.S. cable networks and related digital properties into a new independent company, now named Versant Media Group (VSNT).Versant will host an analyst day on Thursday, December 4th and the spin-off is expected to take place in early 2026.The move is driven by the secular decline of linear TV and the “transition of our video businesses”, as Comcast’s President Michael Cavanagh described.

Weekly Update (MEDXF, MAGN, LEN/MRP, MODG)

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Comcast Corporation's latest earnings discussion presents a mixed picture of strategic initiatives, financial outcomes, and future outlooks, emphasizing both challenges and strategic opportunities.</li><li>The company announced a significant leadership transition, with Steve Croney set to become the CEO of the Connectivity & Platforms (C&P) business in 2026, following Dave Watson's shift to Vice Chairman of Comcast.</li><li>This move suggests a strong emphasis on continuity and strategic evolution within the organization.</li></ul>

Comcast Corporation's latest earnings discussion presents a mixed picture of strategic initiatives, financial outcomes, and future outlooks, emphasizing both challenges and strategic opportunities.The company announced a significant leadership transition, with Steve Croney set to become the CEO of the Connectivity & Platforms (C&P) business in 2026, following Dave Watson's shift to Vice Chairman of Comcast.This move suggests a strong emphasis on continuity and strategic evolution within the organization.

Comcast Corporation: Is The Growth In Peacock & Sports Content Here To Stay?

<ul><li>Comcast Corporation's latest earnings results provide a mixed yet comprehensive picture of its performance across various operational segments.</li><li>A few key areas of focus include broadband, theme parks, and media—all crucial components of its business strategy.</li><li>In the broadband sector, Comcast is adopting a competitive approach amid fierce competition from fixed wireless and fiber providers.</li></ul>

Comcast Corporation's latest earnings results provide a mixed yet comprehensive picture of its performance across various operational segments.A few key areas of focus include broadband, theme parks, and media—all crucial components of its business strategy.In the broadband sector, Comcast is adopting a competitive approach amid fierce competition from fixed wireless and fiber providers.

Comcast Makes a Bold Play for ITV: What’s Really at Stake?

Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

Event-Driven

<ul>
<li>Comcast’s planned spin-off of Versant Media creates two sharper investment profiles - broadband and infrastructure (Comcast ex-Versant) versus content and networks (Versant) - enabling clearer strategic focus and capital discipline.</li>
<li>Post-Spin, Comcast retains $117B revenue and 30% margins, while Versant will have $7B media portfolio with 40% EBITDA margins.</li>
<li>Our sum-of-the-parts (SOTP) valuation assigns 6.0× to Comcast and 8.4× to Versant, implying combined equity value of $146.5B, or $39 per share.</li>
</ul>


Comcast’s planned spin-off of Versant Media creates two sharper investment profiles - broadband and infrastructure (Comcast ex-Versant) versus content and networks (Versant) - enabling clearer strategic focus and capital discipline.
Post-Spin, Comcast retains $117B revenue and 30% margins, while Versant will have $7B media portfolio with 40% EBITDA margins.
Our sum-of-the-parts (SOTP) valuation assigns 6.0× to Comcast and 8.4× to Versant, implying combined equity value of $146.5B, or $39 per share.


Comcast (Nasdaq: CMCSA) To Spin-Off Versant: SOTP Favors the Breakup

<ul>
<li>Comcast (Nasdaq: CMCSA) will spin off its cable networks and digital platforms into a new, independent, tax-free entity, Versant Media Group (Nasdaq: VSNT).</li>
<li>The separation aims to unlock distinct value profiles, giving investors clearer exposure to both Comcast’s infrastructure-driven growth and Versant’s media/content-driven earnings</li>
<li>The transaction is expected to be tax-free for Comcast shareholders and is anticipated to be completed in 2026.</li>
</ul>


Comcast (Nasdaq: CMCSA) will spin off its cable networks and digital platforms into a new, independent, tax-free entity, Versant Media Group (Nasdaq: VSNT).
The separation aims to unlock distinct value profiles, giving investors clearer exposure to both Comcast’s infrastructure-driven growth and Versant’s media/content-driven earnings
The transaction is expected to be tax-free for Comcast shareholders and is anticipated to be completed in 2026.


Comcast (Nasdaq: CMCSA) To Spin-Off Versant: A New Media & Entertainment Powerhouse

United States

Comcast Corporation provides media and television broadcasting services. The Company offers video streaming, television programming, high-speed internet, cable television, and communication services. Comcast serves customers worldwide.

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Comcast Corp Class A (CMCSA US)

Weekly Update (MEDXF, MAGN, LEN/MRP, MODG)

Comcast (CMCSA) announced in late 2024 that it would spin off a bundle of its traditional U.S. cable networks and related digital properties into...

Richard Howe

Comcast Corporation: Is The Growth In Peacock & Sports Content Here To Stay?

Comcast Corporation's latest earnings discussion presents a mixed picture of strategic initiatives, financial outcomes, and future outlooks,...

Baptista Research

Comcast Makes a Bold Play for ITV: What’s Really at Stake?

Comcast Corporation's latest earnings results provide a mixed yet comprehensive picture of its performance across various operational segments. A...

Baptista Research

Comcast (Nasdaq: CMCSA) To Spin-Off Versant: SOTP Favors the Breakup

Comcast's spin-off of Versant Media creates two distinct investment profiles, with Comcast focusing on broadband and infrastructure and Versant on...

GSBR Research

Comcast (Nasdaq: CMCSA) To Spin-Off Versant: A New Media & Entertainment Powerhouse

Comcast to spin off cable networks and digital platforms into new entity, Versant Media Group. Transaction expected to be tax-free for...

GSBR Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Weekly Update (MEDXF, MAGN, LEN/MRP, MODG)

Comcast (CMCSA) announced in late 2024 that it would spin off a bundle of its traditional U.S. cable networks and related digital properties into...

Richard Howe

Comcast Corporation: Is The Growth In Peacock & Sports Content Here To Stay?

Comcast Corporation's latest earnings discussion presents a mixed picture of strategic initiatives, financial outcomes, and future outlooks,...

Baptista Research

Comcast Makes a Bold Play for ITV: What’s Really at Stake?

Comcast Corporation's latest earnings results provide a mixed yet comprehensive picture of its performance across various operational segments. A...

Baptista Research

Comcast (Nasdaq: CMCSA) To Spin-Off Versant: SOTP Favors the Breakup

​Comcast's spin-off of Versant Media creates two distinct investment profiles, with Comcast focusing on broadband and infrastructure and Versant on...

GSBR Research

Comcast (Nasdaq: CMCSA) To Spin-Off Versant: A New Media & Entertainment Powerhouse

​Comcast to spin off cable networks and digital platforms into new entity, Versant Media Group. Transaction expected to be tax-free for...

GSBR Research

Comcast's spin-off of Versant Media creates two distinct investment profiles, with Comcast focusing on broadband and infrastructure and Versant on...

Comcast to spin off cable networks and digital platforms into new entity, Versant Media Group. Transaction expected to be tax-free for...