Jan 5 (Reuters) – Comcast said on Monday it has completed the spinoff of Versant Media Group, offloading its NBCUniversal cable channels such as USA Network and CNBC into a separate public company, as the media giant repositions itself to better suit the streaming era.

Versant starts regular trading on Monday on the Nasdaq. The stock was down 3.5% in premarket trading.

Comcast is responding to shifting market dynamics in the media industry, as streaming revolutionizes how audiences consume content, pressuring traditional cable TV viewership and prompting media conglomerates to rethink owning their legacy networks.

The spinoff will allow Comcast to focus on its streaming, film and TV assets while shedding its declining cable networks division – once a core part of the company’s business. Comcast first announced plans for the spinoff in late 2024.

Versant also houses MS NOW – formerly MSNBC – along with other iconic brands including Oxygen, E!, SYFY and Golf Channel. It is also home to Comcast’s digital assets including Fandango, Rotten Tomatoes and SportsEngine.

“With a strong balance sheet, substantial cash flow, and clear capital allocation framework, we are well positioned … to drive long-term value,” said Versant’s operating and finance chief Anand Kini.

Existing Comcast shareholders received one share of Versant Class A or Class B common stock for every 25 shares of Comcast Class A or Class B common stock, respectively, the company said. Goldman Sachs, Morgan Stanley and PJT Partners served as financial advisers to Comcast.

Versant is headed by Mark Lazarus as chief executive. The assets making up Versant generate about $7 billion in annual revenue, Comcast has said.

(Reporting by Deborah Sophia in Bengaluru; Editing by Krishna Chandra Eluri)