Dec. 4 at 10:38 PM
Versant Media Group, the cable networks spinoff from
$CMCSA expected to start trading on Dec 15 under the ticker of
$VSNTV
There will be 144M shares outstanding w/ Comcast distributing 1 share of Versant for each 25 Comcast shares
Comcast CEO Brian Roberts to own Class B stock that gives him a 33% vote even though that stock has an economic interest of just 1% in Versant
Versant will generate
$6.6B of rev,
$2.2B of Ebitda &
$1.4B this year
Revs fell about -5% in FY23 & FY24, and will be down about -6% in FY25 based on that projection
EBITDA fell from
$2.8B in FY24 &
$3.1B in FY23
Expected to have a valuation of ~
$10B (EV of
$13B -
$3B debt) & FCF of 10% (no dividend has been set)
EV/EBITDA of 6x-7x (similar to
$FOXA &
$PSKY )
MoffettNathanson: Affiliate fees from cable providers & advertising made up about 86% of Versant revs in FY24 & that "both are shrinking. Those declines are secular; they cannot be expected to reverse"
