"Simpson Thacher Advises on Versant Media Group's $1 Billion Debut Senior Secured Notes Offering Amid Comcast Spin-Off"

"Simpson Thacher advised on Versant Media Group's $1 billion debut offering of 7.250% Senior Secured Notes due 2031, tied to its spin-off from Comcast Corporation. Versant, a leading media and entertainment company, operates renowned brands like USA Network, CNBC, and Rotten Tomatoes. The spin-off is expected to be finalized in 2026, pending customary conditions."

Simpson Thacher represented the initial purchasers in connection with a debut 144A/Regulation S offering by Versant Media Group, Inc. (“Versant”), while Versant undertook the transaction as part of its spin-off from Comcast Corporation (“Comcast”). The transaction involved a $1 billion aggregate principal amount of 7.250% Senior Secured Notes due 2031 issued by Versant. The proceeds from the offering were funded into escrow, contingent upon the completion of the spin-off, which is expected to occur in 2026, subject to customary conditions. Versant is a leading media and entertainment business operating award-winning brands such as USA Network, CNBC, MSNBC, Oxygen, E!, SYFY, and Golf Channel, along with digital assets like Fandango, Rotten Tomatoes, GolfNow, GolfPass, and SportsEngine. The Simpson Thacher team included David Azarkh, John O’Connell, Evan Zuckerman, Ben Pittenger, Minaal E. Wickremesinghe, Jessica Ryan, and Chase Juszczak (Capital Markets); Erica Rozow, Jeanne Annarumma, George Gerstein, and Pasco Struhs (Executive Compensation and Employee Benefits); Michael Mann (Tax); Courtney Welshimer, Corina Holland, Matthew Richardson, and Sara Liu (Intellectual Property); and Jonathan Pall (Collateral). Danielle DiGrazia also provided valuable assistance.

"Simpson Thacher Advises on Versant Media Group's $1 Billion Debut Senior Secured Notes Offering Amid Comcast Spin-Off"

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