Versant Media CEO Mark Lazarus kicked off the company’s investor day Thursday by outlining what he called the company’s “mandate to build beyond cable.”

The company, which will formally spin off from Comcast in early January, owns most of the former NBCUniversal cable portfolio as well as a number of digital businesses. With Warner Bros. Discovery, A+E Global Media and other owners of linear networks looking to restructure or sell them amid secular decline due to cord-cutting, Versant has been presumed to be a vehicle to roll up some of those assets. While the trajectory is heading downward, the networks throw off billions in cash.

“This is an incredibly intense time and a challenging time for our industry,” Lazarus said. “We are certainly aware of the trend.” Nevertheless, he said,

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