Versant CEO Mark Lazarus asserts that sports has been the primary catalyst for consumer adoption of every transformational media technology, from radio and broadcast TV to cable, satellite, and now streaming. This history underpins the enduring high value of sports rights and franchises within the media ecosystem.

Large media companies are slow to adopt new platforms like Substack. However, once one major player makes a move (e.g., Bloomberg launching Substacks), it triggers a "fast follow" reaction from competitors. This predictable herd mentality creates strategic windows for creators on those platforms to pursue acquisitions.

Comcast CEO Brian Roberts will personally hold a significant stake in the spun-off company Versant and intends to remain a long-term shareholder. His 'builder' mentality provides a crucial buffer against activist investors who might otherwise pressure the new company to aggressively cut costs rather than invest in transformation.

The pool of potential media buyers extends beyond traditional media. Any business paying a "toll" to Google or Facebook for customers is a strategic acquirer for a media asset that owns a direct audience in its niche. This reframes media M&A as a CAC-reduction strategy for non-media companies like Uber.

MSNBC's lack of a digital video footprint was a deliberate strategic choice by former parent NBCUniversal, which funneled investment into other properties like NBC News Now. As the independent company Versant, the news brand can now finally invest its own cash flow into building a direct-to-consumer video business.

Instead of creating everything from scratch, Klue's Compete Network began by aggregating content and partnering with existing thought leaders. They provided the production 'plumbing,' allowing creators to focus on their expertise, which accelerated the network's growth and value.

CEO Mark Lazarus reveals that Versant's most mature business is Golf, which is already 50% non-Pay-TV revenue through services like tee-time booking. This division serves as the 'model home' for diversifying revenue streams across its other verticals like MSNBC and CNBC, which are currently more dependent on traditional cable fees.

Looking 10 years out, Versant's CEO projects a revenue mix of one-third subscriptions (including declining pay-TV), one-third advertising, and one-third 'other' streams like events and transactional businesses. This specific, diversified model highlights a clear move away from traditional media revenue dependency.

The old investment banking model of mass-emailing a deal to many potential buyers is ineffective for media assets. Selling a media company now requires a custom, hands-on process targeting a handful of highly specific, strategic buyers, as the universe of potential acquirers has shrunk and their needs have changed.