Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

Event-Driven

Comcast Corporation provides media and television broadcasting services. The Company offers video streaming, television programming, high-speed internet, cable television, and communication services. Comcast serves customers worldwide.

<ul>
<li>Comcast-Versant separation creates two focused businesses, with Comcast retaining broadband and infrastructure assets while Versant operates standalone cable networks and digital platforms.</li>
<li>The spin-off to be completed on January 2, 2026. When-issued trading began on Dec 15, 2025, while regular way trading to commence from January 5, 2026.</li>
<li>Overall, separation enhances transparency, improves peer comparability, and offers investors differentiated exposure across media and connectivity assets.</li>
</ul>


Comcast-Versant separation creates two focused businesses, with Comcast retaining broadband and infrastructure assets while Versant operates standalone cable networks and digital platforms.
The spin-off to be completed on January 2, 2026. When-issued trading began on Dec 15, 2025, while regular way trading to commence from January 5, 2026.
Overall, separation enhances transparency, improves peer comparability, and offers investors differentiated exposure across media and connectivity assets.


Comcast (Nasdaq: CMCSA) To Spin-Off Versant Media on January 2

Founder at Stock Spin-off Investing, Stock Spin-Off Investing

Richard Howe

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

Generate attractive returns by taking advantage of inefficiencies in the stock spin-off market.

Stock Spin-offs

<ul><li>Comcast plans to spin off its cable networks business in early 2026, with regular-way trading expected to begin on January 6, 2026.</li><li>Versant generates meaningful adjusted EBITDA and free cash flow.</li><li>However, despite the cash generation, it is difficult to build conviction in the equity story.</li></ul>

Comcast plans to spin off its cable networks business in early 2026, with regular-way trading expected to begin on January 6, 2026.Versant generates meaningful adjusted EBITDA and free cash flow.However, despite the cash generation, it is difficult to build conviction in the equity story.

Comcast Spin-off (Versant) Spin-off Deep Dive

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Strategy Inc operates a bitcoin treasury company. The Company offers an equity and fixed income instruments to provide investors varying degrees of economic exposure to bitcoin, as well as develops enterprise analytics software to explore improvement in bitcoin applications. Strategy serves customers worldwide.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/strategy-inc" target="_blank" data-smartkarma-citation="entities:14717:1" rel="noopener">Strategy (MSTR US)</a>'s market cap has for near-on five years, traded at a premium to its bitcoin holdings. </li>
<li>The backbone of Strategy's levered strategy is issue new shares or debt, acquire more bitcoins, which in turn, boost the share price. Rinse and repeat. Until the music stops.</li>
<li>That market cap is now at its widest discount in five years. And chairman Michael Saylor scandalously mooted the company may sell some bitcoins IF the discount persists.</li>
</ul>



Strategy (MSTR US)'s market cap has for near-on five years, traded at a premium to its bitcoin holdings. 
The backbone of Strategy's levered strategy is issue new shares or debt, acquire more bitcoins, which in turn, boost the share price. Rinse and repeat. Until the music stops.
That market cap is now at its widest discount in five years. And chairman Michael Saylor scandalously mooted the company may sell some bitcoins IF the discount persists.


Strategy (MSTR US)'s Bitcoin Premium Evaporates. And Then Some

<ul><li>I’m closing out my LEN/MRP odd lot trade recommendation and will be selling my MRP shares.</li><li>The total return if you took advantage of the odd lot provision was +1.9% / + $235 less than the expected return of +6.4% / $772.</li><li>The driver of the underperformance? MRP sold off in mi- November given market weakness and hasn’t fully recovered.</li></ul>

I’m closing out my LEN/MRP odd lot trade recommendation and will be selling my MRP shares.The total return if you took advantage of the odd lot provision was +1.9% / + $235 less than the expected return of +6.4% / $772.The driver of the underperformance? MRP sold off in mi- November given market weakness and hasn’t fully recovered.

Enviri Corporation is an environmental solutions company. The Company offers solutions for complex environmental issues and serves large industries, including steel, railways, and energy. Enviri provides processing, treatment, disposal, and recycling solutions for a wide range of complex, highly recurring waste streams such as hazardous and non-hazardous waste.

<ul><li>One market sector that hasn’t been lifted by the AI narrative is the oil and gas industry.</li><li>Enviri Corporation (NVRI) announced on November 21, 2025, that it had reached a definitive agreement to sell its Clean Earth specialty-waste business to Veolia for $3 billion while simultaneously preparing to spin off its remaining Harsco Environmental and Harsco Rail divisions into a new standalone public company called New Enviri.</li><li>NVRI reacted positively to the news.<figure class="editor-figure mceNonEditable"></figure></li></ul>

One market sector that hasn’t been lifted by the AI narrative is the oil and gas industry.Enviri Corporation (NVRI) announced on November 21, 2025, that it had reached a definitive agreement to sell its Clean Earth specialty-waste business to Veolia for $3 billion while simultaneously preparing to spin off its remaining Harsco Environmental and Harsco Rail divisions into a new standalone public company called New Enviri.NVRI reacted positively to the news.

US Event-Driven
US event-driven, risk-arb & special-sits

Comcast (Nasdaq: CMCSA) To Spin-Off Versant Media on January 2

Comcast-Versant separation creates focused businesses, enhancing transparency and offering investors differentiated exposure across media and...

GSBR Research

Comcast Spin-off (Versant) Spin-off Deep Dive

Comcast plans to spin off its cable networks business in early 2026, with regular-way trading expected to begin on January 6, 2026.

Richard Howe

Strategy (MSTR US)'s Bitcoin Premium Evaporates. And Then Some

At a wide premium, Strategy was arguably a short. That was my prior (tentative) call. I've got no ax right here. If you're a bitcoin fan, buy ETFs...

David Blennerhassett

Sell Millrose Properties

I’m closing out my LEN/MRP odd lot trade recommendation and will be selling my MRP shares. The total return if you took advantage of the odd lot...

Richard Howe

Weekly Update (NVRI, MRP, IAC)

One market sector that hasn’t been lifted by the AI narrative is the oil and gas industry. Enviri Corporation (NVRI) announced on November 21,...

Richard Howe

Comcast (Nasdaq: CMCSA) To Spin-Off Versant Media on January 2

​Comcast-Versant separation creates focused businesses, enhancing transparency and offering investors differentiated exposure across media and...

GSBR Research

Comcast Spin-off (Versant) Spin-off Deep Dive

Comcast plans to spin off its cable networks business in early 2026, with regular-way trading expected to begin on January 6, 2026.

Richard Howe

Strategy (MSTR US)'s Bitcoin Premium Evaporates. And Then Some

At a wide premium, Strategy was arguably a short. That was my prior (tentative) call. I've got no ax right here. If you're a bitcoin fan, buy ETFs...

David Blennerhassett

Sell Millrose Properties

I’m closing out my LEN/MRP odd lot trade recommendation and will be selling my MRP shares. The total return if you took advantage of the odd lot...

Richard Howe

Weekly Update (NVRI, MRP, IAC)

One market sector that hasn’t been lifted by the AI narrative is the oil and gas industry. Enviri Corporation (NVRI) announced on November 21,...

Richard Howe

Comcast-Versant separation creates focused businesses, enhancing transparency and offering investors differentiated exposure across media and...