Versant debut earnings report shows continued pay TV pressure, digital growth

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Versant debut earnings report shows continued pay TV pressure, digital growth

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Versant Media Group, the newly minted spinout of TV networks and digital assets from Comcast, released its first earnings report on Tuesday.

The company reported full-year revenue of roughly $6.69 billion for 2025, down 5% from the prior year. Versant is reporting a breakdown of its earnings from its final year under the ownership of Comcast’s NBCUniversal.

Versant’s linear distribution revenue was down 5.4% to $4.1 billion, and advertising revenue declined almost 9% to $1.58 billion.

Net income attributable to Versant was $930 million, and the company reported $2.18 billion in standalone adjusted earnings before interest, taxes, depreciation and amortization.

The company’s board also declared a $0.375 per share quarterly dividend, which represents an annualized dividend of $1.50 per share, and authorized a $1 billion share repurchase program. Due to its low debt load and high-margin business, Versant executives have said they plan to return value to shareholders.

Versant marked its first day as a standalone company earlier this year, and started trading on the Nasdaq in early January. However, Versant’s management had been working throughout 2025 on the separation of the assets from Comcast.

The company is made up of a portfolio of pay TV networks including CNBC, MS Now, USA Network, Golf Channel, Syfy, E! And Oxygen, as well as digital properties such as Fandango, Rotten Tomatoes, GolfNow and Sports Engine.

The traditional TV business, while still profitable, has seen continued losses over the years  across all media companies as viewers exit the bundle for streaming alternatives.

More than 80% of Versant’s revenue leans on the pay TV business, but its executives have told Wall Street that 2026 will be a year of transition for its business model. The company aims to eventually reach 50% of its revenue from digital, platform, subscription, ad-supported and transactional businesses.

On Tuesday, Versant reported that its non-pay TV revenue reached 19% of total revenue in 2025, with roughly $826 million in platforms revenue.Versant’s platform business was the only revenue segment to grow revenue year over year.

It considers its growth drivers in that unit to include MS Now’s upcoming direct-to-consumer product, CNBC Pro and a new retail investor product for the brand, and the launch of the ad-supported Fandango at Home service in 2026.

Disclosure: Versant is the parent company of CNBC.