It Hasn't Gone Well': CNBC's David Faber Admits Parent Company Versant's Wall Street Debut Has Been a Flop

"Faber on Wednesday admitted Versant's IPO has been a dud so far after shares of the Comcast spinoff company have dropped 26% since hitting the Nasdaq at the start of the week. My parent company is now pubic, Versant. It hasn't gone well the last two days, Faber said. Versant opened at $45.17 per share on Monday before closing the day down 13%; that slide has continued as the week has gone on, with shares down 7.6% to $33.30 by midday Wednesday."

"Di Piazza politely said he believed WBD's global networks which include TNT, CNN, and the Discovery Channel are much more attractive than Versant's package. Well, with all due respect to CNBC and all due respect to Versant which are both great brands and great companies, and Versant is going through the natural transition from a cable-dominated shareholder base to a new shareholder base Discovery Global is different, Di Piazza said."

Versant, the Comcast spinoff housing USA Network, MS NOW, E!, and the Golf Channel, suffered a steep decline after its Nasdaq debut. Shares opened at $45.17 on Monday, closed the day down 13%, and traded near $33.30 by midday Wednesday, marking roughly a 26% drop since the IPO. The weak performance raised questions about applying Versant-style valuation multiples to other media assets. Warner Bros. Discovery defended the value of its global networks, citing greater scale, longer-tenured debt, and stronger cash flow profiles. Warner Bros. Discovery stock traded near $28.60, up nearly 20% from a month earlier.

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