Versant – a media business that Comcast has recently spun-off – started trading independently on Nasdaq today.
The separation marks a significant reshaping of CMCSA’s media assets, with VSNT positioned as a standalone player under the leadership of Mark Lazarus.
Versant’s portfolio includes notable assets like CNBC, MSNBC, USA Network, Rotten Tomatoes, and the Gold Channel.
In addition, it has rights to marquee sports properties such as the WNBA, the Premier League, and NASCAR.
However, VSNT shares debut on Nasdaq at a time when the industry faces significant headwinds, leaving investors to evaluate whether they can carve out a sustainable growth path.
Versant stock faces headwinds in the near term
Versant stock enters the market at a time when traditional cable networks face mounting pressure.
In fact, subscriber declines are actually expected to accelerate in 2026, said Rich Greenfield, the cofounder of Lightshed Partners, in a CNBC interview today.
And the pressure, according to him, wouldn’t necessarily come from cord-cutting only – but from “cord shaving” as well, where consumers opt for smaller, cheaper bundles.
Moreover, competition will likely intensify for VSNT further as platforms like YouTube TV launch narrower packages in the coming months.
According to Greenfield, this trend will “hit every company in the ecosystem,” including Versant.
In order for VSNT to push higher, it must first prove that it can withstand shrinking linear revenues, he noted.
What Lazarus must deliver to drive VSNT shares higher
For Versant shares to win investor confidence, Mark Lazarus must demonstrate a strategy that goes well beyond aggregating cable networks.
As Greenfield put it on “Squawk Box”, buying more cable networks to have more scale “will be a failing strategy.”
Instead, Lazarus and his team must leverage existing brands to build adjacent businesses.
CNBC – for example – is a powerful financial news asset. However, it’s yet to evolve into a digital platform comparable to Bloomberg Terminal.
Meanwhile, GolfNow shows how brand extensions can create new revenue streams.
On the plus side, the company’s chief executive, Mark Lazarus, has already pledged that “investing to build these brands was simply not a priority” under Comcast – but that will change in 2026.
What to realistically expect from Versant in 2026
What Greenfield’s discussion with CNBC today suggests is: investors should temper expectations for VSNT stock in the near-term.
According to him, the company must demonstrate that it can redeploy cash flow effectively – either through dividends, buybacks, or reinvestment into growth channels.
However, it’s strategy “isn’t going to happen in the next month or two” – but will take some time, the media industry expert added.
The broader industry shift toward fragmented bundles means Versant’s channels will face varying levels of demand, with sports and news likely enjoying higher floors than entertainment networks.
In 2026, success will hinge on whether Versant can extend its brands into digital-first businesses – and convince investors that it’s more than a legacy cable portfolio.
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