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Comcast (Nasdaq: CMCSA) To Spin-Off Versant Media on January 2

Comcast/NBCUniversal Spin-Off – Does Splitting Media from Connectivity Unlock Value?

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

Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

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

Comcast Corp Class A

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