Simpson Thacher represented the initial purchasers in connection with a debut 144A/Regulation S offering of $1 billion aggregate principal amount of 7.250% Senior Secured Notes due 2031 by Versant Media Group, Inc. (“Versant”) in connection with its previously announced spin-off from Comcast Corporation (“Comcast”). Proceeds from the offering were funded into escrow subject to completion of the spin-off.
Versant is an industry-leading media and entertainment business that operates several award-winning brands, including USA Network, CNBC, MSNBC, Oxygen, E!, SYFY and Golf Channel, along with complementary digital assets Fandango, Rotten Tomatoes, GolfNow, GolfPass, and SportsEngine. The spin-off is expected to be completed in 2026, subject to the satisfaction of customary conditions.
The Simpson Thacher team included David Azarkh, John O’Connell, Evan Zuckerman, Ben Pittenger, Minaal E. Wickremesinghe, Jessica Ryan and Chase Juszczak (Capital Markets); Erica Rozow, Jeanne Annarumma, George Gerstein and Pasco Struhs (Executive Compensation and Employee Benefits); Michael Mann (Tax); Courtney Welshimer, Corina Holland, Matthew Richardson and Sara Liu (Intellectual Property); and Jonathan Pall (Collateral). Danielle DiGrazia also provided valuable assistance.