Comcast spinoff Versant begins trading on Nasdaq
Speakers
Mark Lazor
— CEO, Versant
David Faber
— Anchor, Squawk on the Street / Media Analyst
Summary
Comcast spinoff Versant began trading on Nasdaq, with shares falling 13% on the first day due to index fund selling pressure. CEO Mark Lazarus outlined a strategy to diversify away from pay TV through vertical scale. Analysts and hosts noted the company's low valuation and strong free cash flow, while Tesla's delivery-driven losing streak was also mentioned.
- Versant, spun off from Comcast-owned NBCUniversal, started trading on Nasdaq.
- Versant shares dropped 13% as index funds tied to Comcast sold the new stock.
- CEO Mark Lazarus emphasized vertical scale and diversification away from pay TV.
- Hosts discussed Versant's low EBITDA multiple and significant free cash flow.
- Tesla was noted as trying to break a long losing streak after weak delivery numbers.
Ideas
Vertical scale diversifies away from pay TV.
Mark Lazarus says vertical scale will be a way for Versant to differentiate and diversify its business, reducing its dependence on pay TV. While pay TV remains a big profitable part of the company, he does not see it as the end game, supporting a positive long-term view on Versant's strategy.
Cheap multiple, strong FCF despite selling.
David Faber says Versant shares are down 13% partly because index funds tied to Comcast are forced to sell the spinoff, creating technical pressure. But he argues the selloff leaves the multiple very low—less than four times 2025 EBITDA of about $22.2 billion, though EBITDA may fall a bit in 2026—and the company generates a lot of free cash flow, roughly $1.3 billion, making the valuation attractive.
Up Next
This CNBC video, published January 05, 2026, features Mark Lazor, David Faber discussing Versant. 2 trade ideas extracted by AI with direction and confidence scoring.
Speakers: Mark Lazor, David Faber · Tickers: Versant