Versant has finalized the acquisition of Free TV Networks, the broadcast-focused media company founded by industry veteran Jonathan Katz.
The deal will see Katz move to Versant in a full-time role, reporting to the company’s Chief Revenue and Business Officer David Pietrycha. His title was not announced in a press release on the acquisition, but Versant said he will continue to oversee the Free TV Networks business.
Free TV Networks includes four multicast networks — Outlaw, Defy, Busted and 365BLK — along with the free, ad-supported streaming television (FAST) channel Pam Grier’s Soul Flix.
The acquisition of Free TV Networks is intended to better position Versant as a multi-platform distributor of entertainment, news and sports. The company was spun out of Comcast’s NBC Universal earlier this month, and includes Comcast’s former cable networks like CNBC, USA Network, E! and Golf Channel. (Comcast retained Bravo, four regional NBC Sports channels and NBC Sports Network.)
In a statement on Tuesday, Versant said the acquisition of Free TV Networks will allow the company to reach TV viewers who are incorporating more free TV channels and platforms into their media consumption diets.
Free TV Networks declined to make Katz available for an interview when the acquisition was first announced last month, but sources familiar with the company’s short-term plans said Versant is expected to announce new broadcast distribution partners for its multicast networks in the coming weeks. Versant is currently discussing distribution agreements with Comcast’s NBC Owned Television Stations, Paramount’s CBS News & Stations and Fox Television Stations, the sources said.
