After Versant—the spin-off of most of Comcast’s cable networks—completed its first live-sports rights deal, two major aspects of the new media company are primed to define its future: independence from NBCUniversal and a light streaming strategy.
Earlier this week, the USGA announced a de facto extension of its current media-rights deal with NBC Sports, which will see the U.S. Open and other marquee championships remain on various combinations of NBC, Peacock, USA Network, and Golf Channel through 2032. It’s unique because all those properties currently fall under parent company Comcast, but when the spin-off becomes official (likely by the end of the year), USA Network and Golf Channel will be part of Versant.
More Flexibility
Versant Sports president Matt Hong sees that separation as an advantage for future rights deals. “I do think we’ll have certain freedoms in flexibility as Versant that we previously didn’t have,” Hong, a former Turner Sports executive, tells Front Office Sports.
Via USA Network and Golf Channel, Versant also has golf rights for the PGA Tour, R&A (Open Championship), LPGA, PGA of America (Ryder Cup), as well as other sports leagues like NASCAR, English Premier League, NWSL, and WNBA.
Moving forward, if NBC doesn’t want to renew with any of those leagues or pursue a new one, Versant still could. “There could certainly be a situation where it makes more sense for Versant than NBCU, in any rights deal, and we are now able to partner with folks … or with different streaming partners than we might not have been able to in the past, just because we will be separate with companies,” Hong says.
Now Streaming?
One area in which Versant is straying from the wider media norm is its streaming strategy. The company won’t have its own streaming service, but it will utilize Peacock to simulcast some content, and could simulcast on other streaming services.
However, Versant doesn’t plan on simul-streaming 100% of its live sports content, Hong says.
“We’ve got a very robust set of properties that support our linear networks, and I think those are strong properties and strong networks with a lot of reach,” Hong says. “We’re not blind to how sports fans consume media or how leagues would like their content distributed. So, for now, that means partnering with other streaming platforms, if that’s the priority for a league. But that’s something that could potentially evolve for us down the road.”
NBC is exploring creating a new cable sports network, a source confirmed to FOS after The Wall Street Journal first reported the news last month. While that would appear to be a direct competitor to sports content on Versant networks, it’s likely that the new channel would mostly simulcast content that was set to exclusively stream on Peacock. Hong did not comment on the report.
Stake in the Game
Versant will be its own publicly traded company once the spin-off from Comcast is complete, but its networks could be a target for professional leagues to invest in, like the NFL recently did with ESPN.
“I think sports leagues really see themselves as increasingly in the media business,” Hong says.
The idea of the PGA Tour acquiring an equity stake in Golf Channel has been casually discussed for years in the golf industry, which Hong didn’t comment on. The PGA Tour’s media-rights deals with NBCU/Versant, CBS, and ESPN will run through 2030, which could be an inflection point for Golf Channel’s future.
