Comcast (NYSE: CCZ) approves Versant Media spin-off with 1-for-25 share distribution

Rhea-AI Filing Summary

Comcast Corporation announced that its Board of Directors has approved the separation of certain cable television networks and related digital platforms into a new company, Versant Media Group, Inc.. The separation will occur through a pro rata stock distribution of 100% of Versant’s Class A and Class B common stock to Comcast shareholders of the corresponding classes as of the December 16, 2025 record date. Each Comcast shareholder on the record date will receive one share of Versant stock for every 25 shares of Comcast Class A or Class B common stock held. The distribution is expected to be completed after the close of trading on Nasdaq on January 2, 2026, after which Versant will be an independent, publicly traded company and Comcast will retain no ownership interest, subject to customary conditions.

Insights

Equity spin-off analyst

Comcast is spinning off Versant Media, giving shareholders new standalone media stock.

Comcast plans to separate certain cable networks and digital platforms into Versant Media Group via a pro rata share distribution. Shareholders of Comcast Class A and Class B stock as of December 16, 2025 will receive one Versant share for every 25 Comcast shares they own in the corresponding class.

The transaction is structured so that Comcast will own none of Versant after completion, making Versant an independent, publicly traded company. This kind of separation can change how investors value the remaining Comcast business versus the spun-off media assets, but any valuation impact will depend on future market pricing once Versant starts trading.

The distribution is expected to occur after the close of trading on January 2, 2026, subject to customary conditions and the Comcast Board’s discretion that no event makes the distribution inadvisable. Investors will likely focus on future disclosures about Versant’s business profile, capital structure, and trading dynamics once it becomes a standalone company.

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

____________________________

FORM 8-K

____________________________

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of report (Date of earliest event reported): December 3, 2025

Comcast Corporation

(Exact Name of Registrant
as Specified in its Charter)

Pennsylvania
(State or Other Jurisdiction of Incorporation)

001-32871		27-0000798
(Commission File Number)		(IRS Employer Identification No.)
One Comcast Center
Philadelphia, PA		19103-2838
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code: (215) 286-1700

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class		Trading Symbol(s)		Name of Each Exchange on Which Registered
Class A Common Stock, $0.01 par value		CMCSA		The Nasdaq Stock Market LLC
0.000% Notes due 2026		CMCS26		The Nasdaq Stock Market LLC
0.250% Notes due 2027		CMCS27		The Nasdaq Stock Market LLC
1.500% Notes due 2029		CMCS29		The Nasdaq Stock Market LLC
0.250% Notes due 2029		CMCS29A		The Nasdaq Stock Market LLC
0.750% Notes due 2032		CMCS32		The Nasdaq Stock Market LLC
3.250% Notes due 2032		CMCS32A		The Nasdaq Stock Market LLC
1.875% Notes due 2036		CMCS36		The Nasdaq Stock Market LLC
3.550% Notes due 2036		CMCS36A		The Nasdaq Stock Market LLC
1.250% Notes due 2040		CMCS40		The Nasdaq Stock Market LLC
5.250% Notes due 2040		CMCS40A		The Nasdaq Stock Market LLC
5.50% Notes due 2029		CCGBP29		New York Stock Exchange
2.0% Exchangeable Subordinated Debentures due 2029		CCZ		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01 Other Events

On December 3, 2025, the Board of Directors (the “Board”) of Comcast Corporation (“Comcast”) approved the previously announced separation of certain cable television networks and complementary digital platforms from its remaining businesses (the “Separation”), which will be achieved through a pro rata distribution of 100% of the outstanding shares of Class A common stock of Versant Media Group, Inc. (“Versant”) and 100% of the outstanding shares of Versant Class B common stock to the holders of Comcast Class A common stock and Comcast Class B common stock, respectively, in each case, as of the record date of December 16, 2025 (the “record date”).

Each of Comcast’s shareholders as of the record date will be entitled to receive one share of Versant Class A common stock or Versant Class B common stock for every 25 shares of Comcast Class A common stock or Comcast Class B common stock, respectively, held by such shareholder at the close of business on the record date. The distribution is expected to be completed after the close of trading on Nasdaq on January 2, 2026. Following the Separation, Versant will be an independent, publicly traded company, and Comcast will retain no ownership interest in Versant.

The completion of the distribution is subject to the satisfaction or waiver of certain customary conditions, including that no event or development will have occurred or exist that, in the judgment of the Board, in its sole discretion, makes it inadvisable to effect the distribution.

A copy of the press release announcing these matters is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01(d). Exhibits.

Exhibit Number		Description
99.1		Press Release issued by Comcast Corporation, dated December 3, 2025
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		COMCAST CORPORATION
Date: December 3, 2025		By:	/s/ Elizabeth Wideman
		Name:	Elizabeth Wideman
		Title:	Senior Vice President, Senior Deputy General Counsel and Assistant Secretary

FAQ

What did Comcast Corporation (CCZ) announce regarding Versant Media Group?

Comcast’s Board approved the separation of certain cable television networks and digital platforms into a new company, Versant Media Group, Inc., through a pro rata stock distribution.

How will Comcast (CCZ) shareholders receive Versant Media Group shares?

Each Comcast shareholder of record will receive one share of Versant Class A or Class B common stock for every 25 shares of Comcast Class A or Class B common stock held.

What is the record date for the Versant distribution to Comcast (CCZ) shareholders?

The record date for determining Comcast shareholders entitled to receive Versant shares is December 16, 2025.

When is the Versant Media Group separation from Comcast (CCZ) expected to be completed?

The distribution of Versant shares is expected to be completed after the close of trading on Nasdaq on January 2, 2026, subject to customary conditions.

Will Comcast (CCZ) retain any ownership in Versant Media Group after the separation?

No. Following the separation, Versant will be an independent, publicly traded company and Comcast will retain no ownership interest in Versant.

What conditions could affect completion of the Versant spin-off from Comcast (CCZ)?

Completion of the distribution is subject to customary conditions, including that no event or development occurs that, in the Comcast Board’s sole judgment, makes it inadvisable to effect the distribution.

Which shareholders of Comcast (CCZ) will receive Versant Class A versus Class B shares?

Holders of Comcast Class A common stock as of the record date will receive Versant Class A shares, and holders of Comcast Class B common stock will receive Versant Class B shares.