Versant, Comcast‘s planned cable spin-off entity, has struck a two-year ad sales agreement with corporate cousin NBCUniversal.
Under the pact, which will cover the next two upfront cycles, NBCU will handle sales under its One Platform banner. Mark Marshall, NBCU Chairman of Global Advertising and Partnerships, will continue to manage the sales strategy and revenue for his company as well as the assets being spun into Versant. The Versant portfolio includes all of NBCU’s cable networks except for Bravo, along with a handful of digital properties.
Tom Winiarski, a 30-year industry veteran who has been NBCU’s President of Platform Monetization for the past five years, will move to Versant in the newly created role of EVP, Ad Sales Strategy and Monetization.
Versant and Comcast are in the process of finalizing the spin, which is expected to be completed by the end of 2025.
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After Comcast announced the plan last fall, it was expected that other cable network owners could look into participating in it via an M&A transaction but none has yet taken shape. Traditional cable TV is coping with secular decline in viewership and ad revenue, though networks continue to generate significant cash flow. Comcast’s goal with the spinoff is to separate cable TV financials from those of the mother ship, which are defined by more vibrant business lines like broadband and live sports.
Marshall said the deal will ensure that “a single, dedicated sales team will represent the companies’ collective inventory and drive revenue for all the iconic IP that our viewers love.”
Marshall will preside over NBCU’s annual upfront presentation to ad buyers at Radio City Music Hall on Monday.
“We’re building Versant as a new, modern media company equipped with industry-leading brands across news, sports and entertainment, and the ability to strike the right partnerships to fuel investment and drive revenue,” Versant CEO Mark Lazarus said. “NBCUniversal operates a best-in-class advertising sales and strategy division, and partnering with Mark Marshall and his team, alongside Tom Winiarski in his new role, will enable Versant to operate seamlessly and with agility from the start.”