Versant’s Strategic Gamble: How Mark Lazarus is Betting on Niche Sports to Build a Media Powerhouse

As Versant prepares to spin off from NBCUniversal and become a standalone media powerhouse, CEO Mark Lazarus has laid out a bold strategy to carve out a niche in the cutthroat world of sports broadcasting. Focused on “next-level” opportunities rather than top-tier rights, Lazarus aims to leverage live sports to strengthen distribution deals, diversify ad revenue, and secure cost-effective content—all while avoiding overpriced ventures like Formula 1 or the NFL.

The Live Sports Play: NWSL, MLB, and Golf as Strategic Leverage

Lazarus’s first move is to acquire rights to secondary-tier sports, starting with the National Women’s Soccer League (NWSL) and Major League Baseball (MLB). The NWSL, seeking a fifth media partner, presents a cost-effective entry point for Versant, which could join existing broadcasters like CBS and ESPN. Meanwhile, MLB’s out-of-market streaming service (MLB.TV) and its Extra Innings add-on offer a way to secure affordable, high-demand content without competing for exorbitant Sunday Night slots.

This approach is pragmatic given Versant’s $7 billion annual revenue—far smaller than Disney’s $95 billion media segment or Amazon’s $170 billion total revenue—. By focusing on niche markets, Versant avoids bidding wars and instead builds a portfolio that strengthens its hand in carriage contract negotiations with pay-TV providers.

Targeted Prioritization: Golf, Olympics, and WNBA Expansion

Lazarus has ruled out chasing NFL or Big Ten games, which are already locked in long-term deals. Instead, he’s doubling down on golf—a “critical vertical”—and women’s sports. The Golf Channel already boasts events like the Ryder Cup, while USA Network will expand WNBA coverage to Wednesday night doubleheaders starting in 2025. The Olympics, too, remain a key asset, with NBCUniversal’s existing deals allowing Versant to retain programming like curling on CNBC.

This focus aligns with broader industry trends. The WNBA’s viewership has grown by 22% over the past three years, while the NWSL’s partnerships with brands like Nike and Coca-Cola highlight rising ad revenue potential. Lazarus also cites Ariel Project Level, a model using dynamic ticket pricing and market segmentation to boost women’s sports profitability—a strategy Versant aims to mirror in its broadcasts.

Financial Realities and Executive Strategy

Versant’s mid-tier status means it cannot compete for marquee rights like the Super Bowl or F1. Lazarus has appointed three key executives—Matt Hong (Sports President), Jeff Behnke (Sports Production), and Roy Cho (Distribution)—to execute a lean, agile strategy. The goal is to use live programming (which accounts for 65% of Versant’s content) to satisfy distribution partners’ demand for engaging, ad-supported content.

. This emphasis on live sports isn’t just about ratings—it’s about negotiating power. As carriage contracts approach renewal in 2028, Versant’s leverage hinges on proving its content drives subscriptions and ad dollars.

Risks and the Post-Spinoff Advantage

The strategy carries risks. Competitors like ESPN and Amazon Prime are also pursuing NWSL rights, and MLB’s secondary content might not deliver the same ratings as premium games. Additionally, Versant’s avoidance of F1—citing its 1/3 lower viewership than NASCAR—suggests a calculated gamble to avoid low ROI ventures.

Post-spinoff, Versant’s promotional agreement with NBCUniversal could be a game-changer. Cross-network promotions—e.g., USA Network’s Premier League matches advertised on NBC’s Today show—could amplify visibility without additional costs.

Conclusion: A Calculated Bet on Niche Value

Lazarus’s strategy is a masterclass in resource allocation for a mid-tier player. By targeting under-served sports like the NWSL, golf, and niche MLB content, Versant avoids costly bidding wars while building a portfolio that strengthens its distribution position. With 65% live programming and a focus on rising women’s sports markets, the company is positioning itself to capitalize on a $100 billion global sports media industry that’s increasingly fragmented.

Crucially, Versant’s $7 billion revenue base—though dwarfed by Disney’s $38 billion media segment—provides enough flexibility to invest in verticals with scalable growth. If it can secure carriage contract leverage by 2028 and ride the WNBA’s 22% viewership surge, this niche play could turn Versant into a formidable media player. For investors, the question isn’t whether Lazarus can compete with ESPN—it’s whether he can make niche sports pay off in a way that justifies Versant’s public market debut. The early signs suggest he’s on the right field.