Nearly a decade after selling his Katz Broadcasting business to the E. W. Scripps Company, Jonathan Katz has sold his newest broadcast-focused company Free TV Networks to Versant ahead of that company’s planned spin-out from Comcast, the two sides announced on Thursday.
The announcement came during Versant’s Investor Day presentation, during which executives revealed they will also be launching a free, ad-supported streaming TV service through their Fandango business. Fandango and Free TV Networks will exist as separate units within the Versant family, a spokesperson confirmed to The Desk on Tuesday.
Free TV Networks will continue to operate its multicast networks on broadcast television for the foreseeable future, and feeds of its networks — Defy, 365BLK, Outlaw and Busted — will be integrated into the FAST service.
“Free TV Networks is thrilled to become a part of Versant’s entertainment portfolio and a key contributor to its transformation strategy,” a spokesperson for the company said in a statement. “Exciting things to come as we help Versant reach more audiences in the diversified free-to-watch business and support their long-term growth goals.”
Financial terms of the deal were not disclosed, and additional information about the acquisition were not available. A spokesperson for Free TV Networks said the company was not able to discuss the matter or answer questions from reporters at this time.
“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,” Versant CEO Mark Lazarus said on Thursday. “Reaching an agreement with Free TV Networks furthers that ambition and reflects our commitment to expanding the range of services and experiences we offer.”
The multicast network provider joins a number of cable channels that Comcast is parting with through its Versant spin-out, including MS NOW (formerly MSNBC), CNBC, E!, USA Network, SyFy and Golf Channel. Digital platforms like Fandango and Rotten Tomatoes are also part of the separation.
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Editor’s note: An earlier version of this story said Free TV Networks will integrate into Fandango. A spokesperson for Free TV Networks clarified the company will share common ownership with Fandango but exist as separate business units
