Comcast ’s Board of Directors approved the separation of the company’s cable television networks and complementary digital platforms from its remaining businesses to create an independent, publicly traded company called Versant Media Group in early January.

The spinoff has been a year in the making and comes as the Philadelphia-based media giant is bidding to acquire the studio and streaming businesses of Warner Bros. Discovery amid a massive transformation of the media landscape.

It outlined the mechanics of the split, which will be achieved through a pro rata distribution of 100% of the outstanding shares of Versant Class A common stock and Versant Class B common stock to the holders of Comcast Class A common stock and Comcast Class B common stock.

Comcast shareholders will re

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