Name: Squawk Pod: Nicolás Maduro in New York & Versant on the Nasdaq - 01/05/26 | Audio Only
Uploaded: 2026-01-05T19:08:58+00:00
Duration: 2597 s

Speakers

Andrew Ross Sorkin — Co-Anchor, Squawk Box

Mark Lazor — CEO, Versant

Joe Kernen — Co-Anchor, Squawk Box

Eamon Javers — Senior Washington Correspondent, CNBC

Jay Clayton — U.S. Attorney for the Southern District of New York / Former SEC Chair

Summary

The episode covers the U.S. capture and New York prosecution of Nicolás Maduro, the geopolitical and oil-market implications for Venezuela and Cuba, and the market reaction including Chevron's unique Venezuela exposure. It also features SDNY U.S. Attorney Jay Clayton discussing the case and law-enforcement priorities. Later, Versant CEO Mark Lazarus discusses the company's Nasdaq spin-off from Comcast, its vertical media strategy, digital investments, and relative valuation versus peers including Warner Bros. Discovery.

Maduro is captured and held in New York on drug trafficking charges; Jay Clayton discusses the prosecution.
Washington reaction focuses on constitutionality, congressional notification, and the U.S. role in running Venezuela.
Venezuela's 303 billion barrels of proven oil reserves and a possible oil-infrastructure rebuild are central to market discussion.
Chevron is highlighted as the only major American company with a large Venezuela operation.
Cuba is mentioned as a possible next geopolitical focus, though no tradeable asset is named.
Versant begins trading independently on Nasdaq after spinning off from Comcast.
Versant CEO Mark Lazarus outlines a vertical media strategy, live news/sports focus, digital expansion, and acquisitions.
Lazarus says Versant's balance sheet and relative valuation compare favorably with standalones and WBD.

Ideas

Andrew Ross Sorkin Co-Anchor, Squawk Box 22:59

Chevron uniquely exposed to Venezuela oil reopening.

Chevron is the only major American company with a large operation in Venezuela, so it is the cleanest public-equity exposure to the post-Maduro regime change and any U.S.-led rebuild or reopening of Venezuela's oil sector. The trade remains a watch item because the outcome depends on governance, security, and whether the U.S. effectively controls oil and minerals, and Andrew framed the oil-control argument as a potential pretext rather than a confirmed bullish catalyst.

Mark Lazor CEO, Versant 35:46

Versant independent spin-off growth undervalued.

Now that Versant has spun out of Comcast, management can prioritize investment in its own brands and verticals rather than funding other NBCU initiatives. Lazarus points to a fortified balance sheet, a portfolio 62% live news and sports, and organic/digital expansion including CNBC's retail-investor opportunity, an MSNBC DTC product, and small acquisitions in free TV and cinema software. He believes Versant can diversify away from pay TV while keeping linear cash flow, and that it compares favorably with standalone peers and may be undervalued versus Warner Bros. Discovery's stub.

Joe Kernen Co-Anchor, Squawk Box 42:15

Arbitrage Versant versus Warner Bros Discovery.

Joe suggested that as a money manager one could arbitrage Versant against Warner Bros. Discovery on relative metrics. If the WBD stub trades and the debt, cash flow, and multiples comparison makes Versant look undervalued, buy Versant versus selling Warner Bros. Discovery.

Joe Kernen Co-Anchor, Squawk Box 42:15

Arbitrage Versant versus Warner Bros Discovery.

Squawk Pod: Nicolás Maduro in New York & Versant on the Nasdaq - 01/05/26 | Audio Only

Summary

Ideas

Up Next