Key Financial Data
- FY25 Total revenue: $6.69 billion (-5.3%)
- FY25 Linear distribution revenue: $4.09 billion (-5.4%)
- FY25 Advertising revenue: $1.58 billion (-8.9%)
- FY25 Platforms revenue: $826 million (+3.9%)
- FY25 Content licensing revenue: $193 million (-8.5%)
- FY25 Operating income: $1.272 billion (-30.9%)
- FY25 Net income: $931 million (-31.8%)
- Read more Q4 2025 media earnings coverage
Versant Media Group on Tuesday released its first earnings report as an independent company, revealing a profitable but declining legacy television business as the company begins a transition toward digital and direct-to-consumer growth.
The company, which was spun off from Comcast’s NBC Universal earlier this year, reported full-year revenue of $6.69 billion for 2025, down roughly five percent compared with the prior year. The results reflect the company’s final year operating under NBC Universal ownership as executives prepared the separation of its cable networks and digital assets.
Versant reported net income attributable to the company of $930 million for 2025, while stand-alone adjusted earnings before interest, taxes, depreciation and amortization totaled approximately $2.18 billion.
Distribution revenue from pay TV operators accounted for the largest share of the company’s business, totaling $4.1 billion and declining 5.4 percent year-over-year. Advertising revenue fell nearly nine percent to $1.58 billion.
Platforms revenue — which includes digital properties and direct-to-consumer services — was the only segment to post growth, rising 3.9 percent to $826 million. Content licensing contributed $193 million.
Despite the revenue declines, Versant maintained strong profitability. Adjusted EBITDA reached about $2.4 billion, representing a margin above 30 percent, though that figure declined 14.5 percent from the prior year.
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For the quarter ended December 31, total revenue fell nearly seven percent year-over-year to $1.61 billion. Distribution revenue declined almost six percent to $997 million, advertising dropped nine percent to $370 million, and platforms revenue remained relatively flat at $202 million. Stand-alone adjusted EBITDA for the quarter was $521 million, down 19 percent.
More than 80 percent of Versant’s revenue currently comes from the pay TV business, executives said on Tuesday, but they believe more income will be derived from diversified sources in the coming years.
Versant’s portfolio includes pay TV networks CNBC, MS NOW, USA Network, Golf Channel, Syfy, E! and Oxygen, along with digital brands Fandango, Rotten Tomatoes, GolfNow and SportsEngine. Earlier this year, the company also acquired Free TV Networks, the broadcast business founded by multicast pioneer Jonathan Katz.
On a conference call, Versant CEO Mark Lazarus said the company’s diversified media portfolio will serve it and shareholders well in the short future.
CEO Mark Lazarus said that mix positions the company well even as the broader television ecosystem evolves.
“Our live news, live sports and premium entertainment programming continue to attract large, engaged audiences and generate robust advertiser demand,” Lazarus said.
Lazarus said the company’s cable news channel MS NOW has seen strong audience engagement following its recent rebrand.
“Since the rebrand to MS NOW in the fourth quarter, that momentum has not only held, it has accelerated with double-digit growth in total viewers since November,” he affirmed.
Looking ahead, the company expects 2026 revenue between $6.15 billion and $6.4 billion, supported by advertising tied to the upcoming midterm elections and new direct-to-consumer products.
