Versant buys golf simulator brand Full Swing in effort to diversify business

Versant is looking for any possible way to lessen its reliance on the declining cable television business, and it hopes golf simulation company Full Swing can help.

According to multiple reports, Versant, the Comcast spinoff vehicle which owns former NBCUniversal brands USA Network, Golf Channel, CNBC, and MS NOW, will acquire the golf simulation company Full Swing for $530 million. The deal marks one of Versant’s first major acquisitions aimed towards diversifying from the linear television business, which currently accounts for about 80% of its revenue, with just 9.5% coming from the company’s platforms business, according to a report by Alex Sherman in CNBC. Much of Versant’s non-television revenue already comes from its golf vertical, which includes the tee time booking platform GolfNow.

Versant executives have previously expressed hope that it can reach a point where half of its revenue is derived from its non-television businesses.

“Full Swing is exactly the kind of strategic platform that reflects how we are building Versant: investing in our core markets, extending the reach of our iconic brands and creating new ways to serve passionate audiences,” Versant CEO Mark Lazarus said in a statement, per CNBC.

Notably, Full Swing provides the simulators used for TGL, the tech-infused simulator golf league co-founded by Tiger Woods and Rory McIlroy’s TMRW Sports venture. Woods is also a minority investor in Full Swing. TGL is currently in the market for a new media rights agreement, and Versant is seen as one logical landing spot. However, ESPN was recently classified as the “front-runner” for TGL rights.

Earlier this year, Versant made a similar acquisition to bolster its finance vertical alongside the CNBC brand, purchasing StockStory, an AI platform that generates market analysis and stock recommendations.

It’s too early to tell if Versant’s strategy here is viable; on paper, it seems a bit far-fetched that golf simulators and AI stock insights can be the profit engine for major news brands like CNBC and MS NOW. But Versant is barely half-a-year old, and there’s still time left on the shot clock of cable television. The company surely hopes that, with time, it can grow its non-television ventures into something sustainable.