Key Financial Data
- Q1 Total revenue: $1.69 billion (-1.1% year-over)
- Linear distribution revenue: $1.01 billion (-7.3%)
- Advertising revenue: $368 million (-5.2%)
- Platforms revenue: $192 million (+9.5%)
- Content licensing & other revenue: $121 million (+113.5%)
- Net income: $286 million (-22.1%)
- Adjusted EBITDA: $704 million (-7%)
- Read more Q1 2026 media earnings coverage
Versant Media Group saw its overall revenue slip 1 percent as gains in its platform business was offset by declines in its traditional television networks business.
On Thursday, Versant — which was spun out of Comcast earlier this year — said first quarter (Q1) revenue clocked in at $1.69 billion, down 1.1 percent from $1.71 billion in the same period last year. Net income attributable to Versant fell 22.1 percent to $286 million, or $1.99 per diluted share, compared with $367 million, or $2.55 per diluted share, a year earlier. Adjusted EBITDA declined 7 percent to $704 million.
The declines were largely attributed to Versant’s traditional TV business, which includes cable networks spun out of NBC Universal and multicast networks acquired by Free TV Networks earlier this year. Linear distribution revenue fell 7.3 percent to $1.01 billion, which the company attributed primarily to subscriber declines that were partly offset by contractual rate increases. Advertising revenue dropped 5.2 percent to $368 million, driven by lower ratings at the company’s networks.
Those declines were partially offset by stronger performance in newer and adjacent businesses. Platforms revenue rose 9.5 percent to $192 million, helped by higher revenue at Fandango from movie ticketing, video-on-demand transactions and Fandango1, as well as growth at GolfNow. Content licensing and other revenue more than doubled to $121 million, boosted by the timing of licensing agreements, including a large deal involving “Keeping Up with the Kardashians” and other titles.
Versant CEO Mark Lazarus said the quarter marked “an important milestone” for Versant following its separation from Comcast, adding that the company delivered “strong financial results, exceptional audience engagement, and impressive momentum” in its platforms business.
“We are executing our strategy by extending the reach of our brands, deepening our connection with audiences, and scaling our digital platforms,” Lazarus said in a statement. “This performance across platforms and our core brands reinforces our confidence in evolving the business over time and delivering long-term shareholder value.”
Shares of Versant briefly rose 10 percent before settling around 3 percent higher in mid-morning trading.
Stock Price
Versant highlighted audience gains across several properties, including CNBC’s coverage of the World Economic Forum in Davos, MS NOW’s strongest quarter since 2024 and Golf Channel’s early-season performance. The company also cited Olympics coverage across USA Network and CNBC, which it said delivered the largest Olympics audience in USA Network history. Versant sub-licenses its Olympics coverage from NBC Universal, which has the exclusive rights to the Summer Olympic Games and the Winter Olympic Games through the first half of the 2030s.
Versant’s Chief Financial Officer and Chief Operating Officer Anand Kini said the quarter showed “the durability” of Versant’s operating model, pointing to profitability and free cash flow generation. Net cash from operating activities rose to $585 million, while free cash flow totaled $558 million.
Versant also returned capital to shareholders, repurchasing $100 million in Class A shares during the quarter. Its board declared a second quarterly cash dividend of $0.375 per share and the company said it planned a separate $100 million accelerated share repurchase transaction.
