We advised the Comcast unit on the offering, which is being made in conjunction with Comcast’s planned spinoff of Versant

Davis Polk advised Versant Media Group, Inc. in connection with its Rule 144A and Regulation S offering of $1 billion aggregate principal amount of 7.250% senior secured notes due 2031.

Versant is a recently formed holding company for Comcast’s Versant businesses, which Comcast intends to separate from its current businesses through a tax-free spinoff. Upon consummation of the spinoff, Versant will operate as a separate, publicly traded company. The proceeds of the notes offering were placed in an escrow account and, together with a portion of the proceeds of new term loan facilities, will be used to fund a cash payment to Comcast in connection with the spinoff.

Versant an industry-leading media and entertainment business that operates in four core markets: political news and opinion, business news and personal finance, golf and athletics participation, and sports and genre entertainment. It has a strong portfolio of iconic and award-winning brands composed of renowned networks and complementary digital platforms including MSNBC, CNBC, USA Network, Golf Channel, E!, SYFY and Oxygen.

Comcast Corporation is a global media and technology company. From the connectivity and platforms it provides, to the content and experiences it creates, Comcast’s businesses reach hundreds of millions of customers, viewers and guests worldwide. Comcast delivers world-class broadband, wireless and video through Xfinity, Comcast Business and Sky; produces, distributes and streams leading entertainment, sports and news through brands including NBC, Telemundo, Universal, Peacock, and Sky; and brings incredible theme parks and attractions to life through Universal Destinations & Experiences.

The Davis Polk corporate team included partners John B. Meade and Stephen A. Byeff, counsel Meaghan Kennedy and associate Sakiko Nishida. The Davis Polk finance team included partners Robert F. Smith and Hilary Dengel and counsel Katarina Molnarova. Partner Patrick E. Sigmon and counsel Yixuan Long provided tax advice. Partner Matthew J. Bacal provided intellectual property advice. Members of the Davis Polk team are based in the New York and Washington DC offices.

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