VERSANT, the Comcast Corporation spin-off encompassing a portfolio of NBCUniversal cable networks as well as digital assets, is set to acquire Free TV Networks (FTN), a provider of free over-the-air digital broadcast networks and FAST channels.
More than 20 million U.S. homes access TV exclusively over-the-air, VERSANT said in announcing the transaction.
“As we prepare to launch VERSANT as an independent public company, we are focused on building a business with greater scale, more ways to reach audiences, and a stronger foundation for long-term growth,” said Mark Lazarus, CEO. “Reaching an agreement with Free TV Networks furthers that ambition and reflects our commitment to expanding the range of services and experiences we offer.”
“This transaction represents a thoughtful step in diversifying our entertainment business and expanding our presence across free, ad-supported platforms,” said David Pietrycha, chief revenue and business officer for VERSANT. “FTN’s portfolio complements our existing brands, and its distribution model provides an additional path to reach audiences and support our long-term strategy.”
“All of us at Free TV Networks are excited to bring new, scaled, and differentiated reach to VERSANT’s portfolio,” noted Jonathan Katz, president and CEO of Free TV Networks. “From day one, our focus was to become the leading media company serving value-conscious consumers by filling the entertainment gap for these viewers within the broader media marketplace. With Versant, we can scale faster, extend our ability to connect with more underserved segments, and deliver even larger audiences for our advertisers.”
Upon closing of the deal, Katz will join VERSANT, reporting to Pietrycha and leading the day-to-day operations of the business.
