Versant Media Group, Inc.

What they do

Versant operates a portfolio of television networks and digital platforms across four core markets: political news and opinion, business news and personal finance, golf and athletics participation, and sports and genre entertainment. Key brands include MS NOW, CNBC, USA Network, Golf Channel, E!, SYFY, Oxygen True Crime, GolfNow, Fandango, and Rotten Tomatoes. Revenue is generated from network distribution, advertising, digital platform services, and content licensing. The company was separated from Comcast on January 2, 2026, and began trading on Nasdaq under the ticker VSNT.

Revenue drivers

• Linear distribution — Revenue from MVPD and virtual MVPD carriage fees for networks; largest segment, with 2025 revenue of $4.092 billion and Q2 2026 revenue of $954 million.
• Advertising — Ad sales across all brands; 2025 revenue of $1.577 billion and Q2 2026 revenue of $423 million.
• Platforms — Digital platforms including GolfNow, Fandango, Rotten Tomatoes, and SportsEngine; 2025 revenue of $826 million (or $696 million excluding SportsEngine) and Q2 2026 revenue of $225 million.
• Content licensing and other — Licensing and distribution of content; 2025 revenue of $193 million and Q2 2026 revenue of $43 million.

Recent performance

For Q2 2026, revenue was $1.644 billion, down from $1.708 billion in Q2 2025, and net income attributable to Versant was $211 million versus $302 million in the prior year. Six-month 2026 net income was $497 million on revenue of $3.331 billion, compared to $669 million on $3.415 billion in the first half of 2025. Annual revenue has declined from $7.45 billion in 2023 to $6.69 billion in 2025, with net income falling from $1.54 billion to $930 million over the same period. Adjusted EBITDA for 2025 was $2.42 billion, down from $2.80 billion in 2024. The company reported $1.48 billion in cash, $2.84 billion in long-term debt, and shareholder equity of $8.11 billion as of June 30, 2026.

Strategy

Management focuses on growing digital and direct-to-consumer platforms, as evidenced by continued investment in CNBC direct-to-consumer services and GolfNow's global marketplace. The company is pursuing sports rights to drive distribution and advertising, including new agreements for the WNBA, PAC-12, League One Volleyball, and Olympics on USA Network. It has initiated a process to sell SportsEngine, aligning with a focus on core media assets. Post-separation, the company is building standalone corporate functions and managing incremental public company costs.

Risks

• Competition — Versant faces intense competition for distribution, viewership, content, and advertising from other networks, streaming services, and social media platforms.
• Distribution agreements — Loss or renegotiation of MVPD carriage agreements could materially reduce linear distribution revenue.
• Advertising market volatility — Advertising revenue is sensitive to economic conditions and shifts in viewer behavior; Q2 2026 advertising revenue declined compared to Q2 2025.
• Separation-related costs — The company expects incremental costs from operating as a standalone public company, including IT, legal, finance, and other functions.

Outlook

Management expects to incur additional standalone company costs and public company expenses following the Separation. The company is executing on sports programming expansion, with new rights deals for WNBA, PAC-12, and League One Volleyball starting in 2026. The sale of SportsEngine is expected to streamline operations. Revenue trends show moderate declines, with management focusing on digital platform growth and cost management.