"Davis Polk Advises Versant Media Group on $1 Billion Senior Secured Notes Offering Ahead of Comcast Spinoff"

"Davis Polk advised Versant Media Group, a newly formed holding company for Comcast’s Versant businesses, on its $1 billion senior secured notes offering. Comcast plans to spin off Versant as a separate, publicly traded company, with proceeds from the offering funding a cash payment to Comcast. Versant operates in media and entertainment across political news, business news, sports, and genre entertainment, with brands like MSNBC, CNBC, and USA Network."

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. The transaction involved Versant Media Group, a recently formed holding company for Comcast’s Versant businesses, which Comcast plans to separate through a tax-free spinoff. Upon completion of the spinoff, Versant will operate as a separate, publicly traded company. The proceeds from the notes offering were placed in escrow and, along with funds from new term loan facilities, will be used to make a cash payment to Comcast as part of the spinoff. Versant operates in four core markets: political news and opinion, business news and personal finance, golf and athletics participation, and sports and genre entertainment, with a portfolio of iconic brands such as MSNBC, CNBC, USA Network, Golf Channel, E!, SYFY, and Oxygen. The Davis Polk team included corporate partners John B. Meade and Stephen A. Byeff, counsel Meaghan Kennedy, and associate Sakiko Nishida; finance partners Robert F. Smith and Hilary Dengel, and counsel Katarina Molnarova; tax partner Patrick E. Sigmon and counsel Yixuan Long; and intellectual property partner Matthew J. Bacal. Members of the team are based in the New York and Washington DC offices.

"Davis Polk Advises Versant Media Group on $1 Billion Senior Secured Notes Offering Ahead of Comcast Spinoff"

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