Latest news with #DavidNovak
Yahoo
5 days ago
- Business
- Yahoo
Comcast names board of directors for media spinoff
(Reuters) -Comcast on Thursday named the members to the first board of Versant Media Group, its planned spinoff that will take over a bulk of NBCUniversal's cable networks, including USA Network, CNBC and MSNBC. The board will include Versant CEO Mark Lazarus, Chairman David Novak and eight other members with backgrounds spanning artificial intelligence, corporate governance and dealmaking. The spinoff is expected to be completed this year. Once it is finalized, Comcast plans to appoint Rebecca Campbell, Creighton Condon, Michael Conway and David Eun to the board. Campbell is a former Disney executive, Condon is a senior lawyer at A&O Shearman, Conway is former CEO, Starbucks North America, and Eun is a founding adviser to startup Kanza AI. The board will also include Gerald Hassell, former CEO of BNY Mellon, Scott Mahoney, CEO of Peter Millar, Maritza Montiel, former vice chair of Deloitte, and Len Potter, founder of Wildcat Capital Management. Versant will house iconic brands including Oxygen, E!, SYFY and Golf Channel, along with digital assets Fandango, Rotten Tomatoes, GolfNow and SportsEngine. Comcast's move reflects a broader industry shift as legacy cable businesses face pressure from cord-cutting and digital disruption. The company said the assets making up Versant generate about $7 billion in annual revenue. Warner Bros Discovery announced plans in June to split into two public companies, separating its streaming and studio assets from its declining cable TV networks to sharpen its focus in the streaming era. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
5 days ago
- Business
- Reuters
Comcast names board of directors for media spinoff
July 24 (Reuters) - Comcast (CMCSA.O), opens new tab on Thursday named the members to the first board of Versant Media Group, its planned spinoff that will take over a bulk of NBCUniversal's cable networks, including USA Network, CNBC and MSNBC. The board will include Versant CEO Mark Lazarus, Chairman David Novak and eight other members with backgrounds spanning artificial intelligence, corporate governance and dealmaking. The spinoff is expected to be completed this year. Once it is finalized, Comcast plans to appoint Rebecca Campbell, Creighton Condon, Michael Conway and David Eun to the board. Campbell is a former Disney executive, Condon is a senior lawyer at A&O Shearman, Conway is former CEO, Starbucks North America, and Eun is a founding adviser to startup Kanza AI. The board will also include Gerald Hassell, former CEO of BNY Mellon, Scott Mahoney, CEO of Peter Millar, Maritza Montiel, former vice chair of Deloitte, and Len Potter, founder of Wildcat Capital Management. Versant will house iconic brands including Oxygen, E!, SYFY and Golf Channel, along with digital assets Fandango, Rotten Tomatoes, GolfNow and SportsEngine. Comcast's move reflects a broader industry shift as legacy cable businesses face pressure from cord-cutting and digital disruption. The company said the assets making up Versant generate about $7 billion in annual revenue. Warner Bros Discovery (WBD.O), opens new tab announced plans in June to split into two public companies, separating its streaming and studio assets from its declining cable TV networks to sharpen its focus in the streaming era.
Yahoo
5 days ago
- Business
- Yahoo
Comcast names board of directors for media spinoff
(Reuters) -Comcast on Thursday named the members to the first board of Versant Media Group, its planned spinoff that will take over a bulk of NBCUniversal's cable networks, including USA Network, CNBC and MSNBC. The board will include Versant CEO Mark Lazarus, Chairman David Novak and eight other members with backgrounds spanning artificial intelligence, corporate governance and dealmaking. The spinoff is expected to be completed this year. Once it is finalized, Comcast plans to appoint Rebecca Campbell, Creighton Condon, Michael Conway and David Eun to the board. Campbell is a former Disney executive, Condon is a senior lawyer at A&O Shearman, Conway is former CEO, Starbucks North America, and Eun is a founding adviser to startup Kanza AI. The board will also include Gerald Hassell, former CEO of BNY Mellon, Scott Mahoney, CEO of Peter Millar, Maritza Montiel, former vice chair of Deloitte, and Len Potter, founder of Wildcat Capital Management. Versant will house iconic brands including Oxygen, E!, SYFY and Golf Channel, along with digital assets Fandango, Rotten Tomatoes, GolfNow and SportsEngine. Comcast's move reflects a broader industry shift as legacy cable businesses face pressure from cord-cutting and digital disruption. The company said the assets making up Versant generate about $7 billion in annual revenue. Warner Bros Discovery announced plans in June to split into two public companies, separating its streaming and studio assets from its declining cable TV networks to sharpen its focus in the streaming era. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
5 days ago
- Business
- Business Wire
VERSANT Board of Directors for Future Independent Media Company Announced
NEW YORK--(BUSINESS WIRE)--Comcast Corporation (Nasdaq: CMCSA) today announced the expected members of the first Board of Directors of VERSANT Media Group, Inc., Comcast's planned spin-off of select media brands and digital businesses. VERSANT will be a leading independent publicly traded media company comprised of iconic brands, including USA Network, CNBC, MSNBC, Oxygen, E!, SYFY and Golf Channel, along with complementary digital assets Fandango, Rotten Tomatoes, GolfNow and SportsEngine. As previously announced, David Novak, a longstanding board member of Comcast and former CEO of Yum! Brands, will serve as Chairman. 'I am pleased to welcome this accomplished forward-looking team to our future Board of Directors,' said David Novak, Chairman of the Board of Directors for VERSANT. 'Their collective expertise and perspectives will strengthen our governance and support VERSANT's future success.' 'The announcement of the future Board marks a critical milestone as we define our long-term strategy and advance the value of our iconic media portfolio,' said Mark Lazarus, prospective Chief Executive Officer of VERSANT. 'I look forward to collaborating with this distinguished group as we establish a leading independent media company.' Upon completion of the spin-off, Comcast intends to appoint the following individuals to the Board of Directors, representing an array of experience in media, technology, finance, and other industries: Mark Lazarus is the Chief Executive Officer of VERSANT. Previously, Lazarus was Chairman of NBCUniversal Media Group, where he oversaw the company's TV and Streaming platforms, distribution and monetization. Previously, Mr. Lazarus served as Chairman of NBCUniversal Television and Streaming as well as Chairman of NBCUniversal Broadcast, Entertainment and Lifestyle Group, Sports and News. Under Mr. Lazarus' leadership, the company expanded its many successful brands in sports, news and entertainment, including in primetime, late-night and across the entire NBC Sports portfolio. David Novak is the Founder and Chief Executive Officer of David Novak Leadership, a digital leadership development platform which teaches vital skills to transform people into better leaders. As CEO of YUM! Brands, Inc., he helped grow the company into a global powerhouse of leading brands with a renowned culture across its franchises. In addition to his current position on Comcast's Board of Directors, from which he will resign at the time of the spin-off, Mr. Novak sits on the Board of the Lift-a-Life Novak Family Foundation. He previously served as Chairman of the YUM! Brands Board, Executive Chairman of the YUM! Brands Board and a Director on the JPMorgan Chase Board. Rebecca Campbell is the former Chairman of International Content and Operations at The Walt Disney Company. After spending over two decades within Walt Disney Co. and having served as a Board Member of Broadcast Music, Inc. (BMI), Ms. Campbell continues to display her proficiency in navigating the evolving landscape of the entertainment industry as the Interim Chief Executive Officer and Board Member of Meow Wolf, a leading arts and entertainment company known for its immersive multimedia experiences and large-scale interactive art installations. Additionally, she is involved with Big Brothers Big Sisters of Greater Los Angeles, serving first as a board member and now as a trustee. Creighton Condon is Of Counsel at the global law firm of A&O Shearman. He previously served as Shearman & Sterling's Senior Partner, European Managing Partner and Global Mergers and Acquisitions Practice Group Leader. He advises clients on mergers, acquisitions, divestitures and joint ventures and counsels boards of directors and special committees on governance matters, change of control transactions, shareholder activism and complex structural issues. Mr. Condon also serves as Chairman of the Board of One to World, a non-profit organization advancing international understanding in the Fulbright tradition. Michael Conway is the former Chief Executive Officer of Starbucks North America and a seasoned veteran driving growth in consumer-packaged goods and retail industries. Prior to joining Starbucks, he worked at Johnson & Johnson, serving as worldwide President of McNeil Nutritional, and Campbell Soup Company, serving as Vice President for the Adult Simple Meals Division of the Campbell Soup Company. For the past ten years, Mr. Conway has served as a Board Director at McCormick. David Eun is a Founding Advisor to Kanza AI, a generative AI company focused on health, wellness and medicine. He is also Co-Founder of Alakai Group, an investment firm. Previously, Mr. Eun served as President and Chief Innovation Officer of Samsung Electronics, where he founded Samsung NEXT, an innovation group focused on startup investments, M&A and new business creation. He began his career at NBC and later held senior leadership roles at Google, YouTube and Time Warner. He serves on the Board of Directors of Howard Hughes Holdings Inc. Gerald L. Hassell is the former Chairman and Chief Executive Officer of The Bank of New York Mellon Corporation. During his career at BNY, Mr. Hassell had direct management responsibility for the company's broad range of banking and investment services businesses, including asset servicing and issuer, broker-dealer, treasury and clearing services, as well as operations and technology. He is a former director of Comcast and MetLife. Scott Mahoney is the Chairman and Chief Executive Officer of Peter Millar LLC. Prior to acquiring the golf apparel company in partnership with Sea Island Company, Mr. Mahoney gained insight into the golf and specialty store industry while working at Polo Ralph Lauren. There, he established a strong foundation for his later extensive background in brand development. Mr. Mahoney is also on the board of directors of Fleet Feet, a running-inspired company founded in 1976. Maritza Montiel is the former Deputy Chief Executive Officer and Vice Chairman of Deloitte & Touche LLP's U.S. Business. Ms. Montiel's client base ranged across various industries in both the commercial and federal sectors. Prior to her appointment as Deputy CEO, she led the firm's U.S. regions and was tasked with managing the design and implementation of Deloitte University, the firm's leadership development center and the largest single investment in the firm's history. For the past ten years, Ms. Montiel has served on the Board of Directors at McCormick. She is currently on the Board of Directors for Royal Caribbean Group and a former director of Comcast and APTAR. Len Potter founded Wildcat Capital Management, LLC, a registered investment advisor, and has served as its President and Chief Investment Officer since inception. Mr. Potter has also served as a founder and senior managing director of Vida Ventures, a biotech venture fund, since its inception. He has extensive experience as a Board Director and has served or continues to serve on a number of boards, including Hilton Grand Vacations Inc., SLR Investment Corp. and SuRo Capital Corporation. Upon completion of the spin-off from Comcast, VERSANT will be an industry-leading news, sports and entertainment business with a defined growth strategy, dedicated management team and stable of marquee brands that will reach over 65 million U.S. households. The company will be ideally positioned to provide a differentiated content offering with live news, sports and entertainment at the centerpiece of its brand-based growth strategy. The assets making up VERSANT generate approximately $7 billion in revenue annually and the company will be focused on growing its beloved brands, building audience and expanding monetization. About Comcast Corporation Comcast Corporation (Nasdaq: CMCSA) is a global media and technology company. From the connectivity and platforms we provide, to the content and experiences we create, our businesses reach hundreds of millions of customers, viewers, and guests worldwide. We deliver world-class broadband, wireless, and video through Xfinity, Comcast Business, and Sky; produce, distribute, and stream leading entertainment, sports, and news through brands including NBC, Telemundo, Universal, Peacock, and Sky; and bring incredible theme parks and attractions to life through Universal Destinations & Experiences. Visit for more information. About VERSANT VERSANT, Comcast Corporation's (NASDAQ: CMCSA) planned spin-off, will be a leading independent publicly traded media company comprised of most of NBCUniversal's cable television networks, including USA Network, CNBC, MSNBC, Oxygen, E!, SYFY and Golf Channel along with complementary digital assets Fandango, Rotten Tomatoes, GolfNow, GolfPass, and SportsEngine. The well-capitalized company will have significant scale as a pure-play set of assets anchored by leading news, sports and entertainment content. The spin-off is expected to be completed during 2025, subject to the satisfaction of customary conditions. Caution Concerning Forward-Looking Statements This press release includes statements that may constitute forward-looking statements. In evaluating these statements, readers should consider various factors, including the risks and uncertainties described in the 'Risk Factors' sections of Comcast's most recent Annual Report on Form 10-K, its most recent Quarterly Report on Form 10-Q and other reports filed with the Securities and Exchange Commission (SEC). Factors that could cause actual results to differ materially from these forward-looking statements include changes in and/or risks associated with: the competitive environment; consumer behavior; the advertising market; consumer acceptance of the content; programming costs; key distribution and/or licensing agreements; use and protection of intellectual property; reliance on third-party hardware, software and operational support; keeping pace with technological developments; cyber attacks, security breaches or technology disruptions; weak economic conditions; acquisitions and strategic initiatives; operating businesses internationally; natural disasters, severe weather-related and other uncontrollable events; loss of key personnel; labor disputes; laws and regulations; adverse decisions in litigation or governmental investigations; and other risks described from time to time in reports and other documents Comcast files with the SEC. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made, and involve risks and uncertainties that could cause actual events or actual results to differ materially from those expressed in any such forward-looking statements. We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise. The amount and timing of any dividends and share repurchases are subject to business, economic and other relevant factors.
Yahoo
30-06-2025
- Business
- Yahoo
Southwest Airlines' CEO Cried Over Major Change
Bob Jordan, the Southwest Airlines CEO, has had a complicated year. He weathered the furor over Southwest's policy change ending free checked bags for many customers. He dealt with additional customer questions about the airline's decision to get rid of unassigned seating. But there's one thing he cried over. Layoffs. And there were a lot of them. Jordan made the comments on June 26 to author David Novak on the How Leaders Lead podcast. 'As we processed the layoff, I had a lot of times where I was sitting in my office crying, to be honest, crying about the decision,' Jordan said. 'Not crying as in making that decision, but just the difficulty it was going to be for our people.' He said in the podcast that he tries to to give "too much air to the negativity." "The airline industry is tough," Jordan conceded. "I'm not sure there's a tougher business on the planet." The layoffs were massive. "The workforce reduction of approximately 1,750 employee roles is focused almost entirely on corporate overhead and leadership positions and represents approximately 15% of corporate positions, including senior leadership and directors," Southwest wrote in a February news release. 'So we eliminated functions that we decided we just don't need any longer. Two different departments doing the same thing, put them together, layers of leadership that we just didn't need … because those layers add more and more decision making and more and more meetings and more and more process,' he said of the layoffs. Jordan added: 'If folks are upset, be mad at Bob because Bob made the decision." Jordan defended some of the other major changes at the airline at the Bernstein 41st Annual Strategic Decisions Conference in May, according to a transcript posted by Seeking Alpha. "It isn't a set of initiatives that are sort of crazy things that Southwest is doing that are unique to the industry. These are really things that the industry is doing. So I look at that and I see number one: low risk of implementation," he Airlines' CEO Cried Over Major Change first appeared on Men's Journal on Jun 27, 2025
