Comcast's spinoff entity to be called 'Versant'

The networks-focused entity that is being spun out of media and cable giant Comcast (NASDAQ:CMCSA) will be called "Versant." 

"This is a holding company name. It’s going to be used for business-to-business purposes," Mark Lazarus said Tuesday, who will become the CEO of Versant.

David Novak, cofounder and former CEO of YUM! Brands, will become chairman of Versant. Current CFO of NBCUniversal Anand Kini will become the CFO and COO of the new entity.

In November, Comcast confirmed that it will pursue a tax-free spinoff of NBCUniversal’s portfolio of TV channels and list them as a separate public company, which will include USA Network, CNBC, MSNBC, Oxygen, E!, SYFY, and Golf Channel. Among digital assets, it will unload Fandango and Rotten Tomatoes, GolfNow, and SportsEngine.

Comcast said it will hold on to the NBC broadcast network and the cash-bleeding Peacock streaming service, both of which are popular for sports content. It also excluded reality TV channel Bravo and Spanish-language network Telemundo from the spinoff process for their growth potential.

The spinoff is expected to take about a year to be completed.