Exclusive: Versant acquires AI-powered financial insights platform StockStory
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Versant, the publicly traded cable spinoff from Comcast, has acquired StockStory, an AI-powered platform that generates reports with investment advice, financial analysis and market insights for individual investors.
Why it matters: The deal is part of Versant's strategy to diversify its business away from cable by focusing on key content verticals that it can expand into digital platforms.
Zoom in: With the acquisition, all of StockStory's products and people will become a part of Versant, a spokesperson said.
- StockStory will be integrated into Versant but will support CNBC and the development of its digital products.
- StockStory's co-founder and CEO Adam Hejl will report to Deep Bagchee, a longtime digital product veteran who now serves as the chief product and technology officer for news at Versant.
Between the lines: StockStory was co-founded by Hejl in 2020 to democratize access to premium investor insights for individual traders.
- The company has raised $3.2 million, according to Pitchbook, and has fewer than a dozen employees.
Zoom out: The deal represents Versant's third acquisition.
- The company, which began trading publicly in January, acquired INDY Cinema Group, a cloud-based cinema operating system that sits within its Fandango arm, last December.
- It bought Free TV Networks a provider of free, over-the-air digital broadcast channels and free ad-supported streaming channels to complement its entertainment portfolio.
The big picture: Versant's strategy to diversify from cable includes honing in on four key areas that are currently anchored by cable channels and growing their digital footprints.
- Those focus areas include political news and opinion (MS NOW); business news and personal finance (CNBC); golf and athletics (Golf Channel and GolfNow); and sports and genre entertainment (USA Network, Oxygen, E!, SYFY, Fandango, Rotten Tomatoes and Sports Engine).
- CEO Mark Lazarus told investors during Versant's first earnings call in March that the company views revenue mix "as a critical indicator of our strategic transformation."
- In 2024, he said, 17% of revenue from entities now part of Versant came from non-pay TV platforms. In 2025, that increased to 19%.
What to watch: Lazarus said Versant is hoping that revenue from non-pay TV platforms reaches 33% over the next three to five years.
