Mark Lazarus

CEO of Versant

Claims

As speaker

Mentioned in

Key positions and views

Versant's long-term survival and growth depend on a strategic shift from its current 80% reliance on pay TV revenue to a balanced 50/50 model with other income streams.

The company's golf business, which has already achieved a 50/50 revenue split between its TV channel and digital platforms, serves as the primary internal model for this company-wide transformation.

Acquisition strategy should focus on entering new vertical markets rather than consolidating within existing ones, as demonstrated by his lack of interest in acquiring CNN due to overlap with MS Now and CNBC.

Live content, especially sports and news, is the most valuable component of the portfolio, driving 62% of viewership and providing a defensible asset against on-demand streaming competitors.

Broadcast television remains a powerful distribution platform, with most consumers accessing it via paid bundles and league rules (like the NFL's) ensuring major events have free over-the-air access in local markets.

Podcast consensus on Lazarus

Points of consensus

▶All claims originate from Mark Lazarus at a single event, establishing a consistent viewpoint that Versant is heavily reliant on the pay television ecosystem, which currently accounts for approximately 80% of its revenue.May 2026

▶Lazarus consistently states that Versant's primary long-term strategic goal is to diversify its revenue streams, aiming for an eventual 50/50 split between pay TV and non-pay TV sources.May 2026

▶He consistently frames Versant's business strategy around the organization of its assets into four distinct vertical markets: personal finance, news/opinion, golf, and sports/entertainment.May 2026

▶Lazarus repeatedly emphasizes the critical importance of live content, particularly sports and news, which he notes drives 62% of Versant's total viewership.May 2026

Points of debate

▶A key strategic tension exists between Versant's current reality of 80% revenue dependence on the declining pay TV model and its aspirational goal of achieving a 50/50 revenue split with more growth-oriented digital businesses.May 2026

▶Lazarus highlights a contrast between the successfully diversified golf business, which has already achieved the 50/50 revenue target, and the implicit challenge of replicating that success across the company's other, larger verticals.May 2026

▶There is an inherent conflict in the strategy of maintaining and investing in a large portfolio of legacy linear TV networks while simultaneously funding the development of new, potentially disruptive, direct-to-consumer digital products.May 2026

▶Lazarus's stated preference for acquiring assets in new vertical markets over consolidating within existing ones (like news) presents a strategic debate about whether the company should prioritize diversification over achieving greater scale in its core competencies.May 2026

Key themes

▶Pivoting from Pay TV DependencyMay 2026

Mark Lazarus candidly acknowledges that Versant's revenue is overwhelmingly tied to the traditional pay television ecosystem, with 80% of its income derived from it. His entire strategic narrative is built around a deliberate, long-term pivot to a more balanced 50/50 revenue model, diversifying away from this dependency.

This theme reveals a company in a high-stakes transition, where its survival and future growth depend on its ability to successfully build new revenue streams faster than its legacy cash cow declines.

▶The 'Verticalization' of Media AssetsMay 2026

Lazarus outlines a clear organizational strategy of grouping Versant's 11 initial businesses into four distinct vertical markets: finance (CNBC), news (MS Now), golf, and entertainment (USA Network). This approach informs his M&A philosophy, as he expresses a preference for entering new verticals rather than deepening his position in existing ones, as evidenced by his disinterest in acquiring CNN.

This vertical strategy suggests Versant aims to create focused, defensible ecosystems around specific consumer passions and needs, rather than competing as a broad-based media conglomerate.

▶The Primacy of Live ContentMay 2026

A core pillar of Versant's value proposition is its portfolio of live programming, which Lazarus states accounts for 62% of total viewership. The company's media rights include high-demand properties like NASCAR, the English Premier League, and wrestling, reinforcing the strategic importance of appointment viewing.

In an on-demand world, Versant is betting heavily on the 'un-skippable' nature of live sports and news as a moat to protect its viewership and advertising revenue from the erosion caused by streaming services.

▶The Golf Business as a 'Model Home'May 2026

Lazarus repeatedly points to Versant's golf vertical as the blueprint for the company's future. This segment has successfully achieved the target 50/50 revenue split between pay TV (Golf Channel) and non-pay TV sources (Golf Now, which processed 40 million tee times), demonstrating that the diversification strategy is achievable.

The success of the golf vertical provides a crucial proof-of-concept for investors and internal teams, but its unique market dynamics may not be easily replicable across the company's broader news and entertainment assets.

Source episodes

Sentiment over time

Not enough data for timeline

Changes over time

Formation

Versant was established as a spin-off from Comcast and NBC Universal, beginning with a portfolio of 11 distinct businesses, including seven linear TV networks and four digital properties. [16, 9]

Strategic Organization

Following its formation, Versant organized its diverse assets into four focused vertical markets: personal finance/business news, news/political opinion, golf, and sports/genre entertainment. [10]

Current State

Lazarus describes the company's current financial structure as being approximately 80% dependent on revenue from the pay television ecosystem, with live news and sports accounting for 62% of its viewership. [1, 11]

Future Goal

Lazarus articulates a clear, long-term strategic objective to transform Versant's revenue mix to be 50% from pay television and 50% from other sources, using the already-transformed golf business as a model. [8, 5]

Digital Expansion

The company is actively investing in new digital initiatives, including building a direct-to-consumer video service for its MS Now brand and creating a free, ad-supported video-on-demand (AVOD) service for Fandango at Home. [18, 15]

Suggested prompts

How can Versant leverage its successful golf business model to accelerate the transformation of its larger entertainment and news verticals? &nearr;What are the primary risks and opportunities associated with Versant's heavy reliance on live sports rights in an increasingly fragmented media market? &nearr;Given the stated goal of a 50/50 revenue split, what specific non-pay TV revenue streams show the most promise for Versant's portfolio beyond the golf vertical? &nearr;How does Mark Lazarus's M&A philosophy of entering new verticals, rather than consolidating existing ones, position Versant against larger, more integrated media conglomerates? &nearr;

Key concepts

Versant Business Strategy 5 ep Pay Television Ecosystem 3 ep Sports Media Rights 4 ep Digital Transformation & DTC 3 ep News & Opinion Media 4 ep Golf Business Model 3 ep Fandango 3 ep Company Origins & Portfolio 4 ep

Notable quotes

“we currently sit with about 80% of our revenues tied to pay television”

Mark Lazarus · Versant CEO Mark Lazarus at Semafor World Economy

“So that business is 50% pay TV, 50% non-pay TV. And that's sort of a model home and an aspiration for how we want to move our other verticals”

Mark Lazarus · Versant CEO Mark Lazarus at Semafor World Economy

“I'd rather go into a separate or new or different vertical market than go into more of the same marketplace.”

Mark Lazarus · Versant CEO Mark Lazarus at Semafor World Economy

Report last updated: May 10, 2026

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