** Cable network company Versant Media's VSNT.O shares fall ~3% to $32.25

** VSNT debuted on Monday after Comcast CMCSA.O spun off its cable networks division, which includes channels such as CNBC and USA Network

** Paramount Skydance PSKY.O suggests that Warner Bros Discovery's WBD.O cable properties spinoff central to Netflix's NFLX.O offer is effectively worthless

** PSKY values WBD's cable spinoff at zero or even less, citing high leverage and lagging performance

** VSNT fell 13% in its market debut on Monday

(Reporting by Anhata Rooprai in Bengaluru)

((Anhata.Rooprai@thomsonreuters.com))