Versant (VSNT) earnings report shows digital growth for the first time

Versant Media Groupa new spin-off of television networks and digital assets from Comcastreleased its first earnings report on Tuesday.

The company reported full-year revenue of about $6.69 billion for 2025, down 5% from the previous year. Versant reported earnings details for its final year under Comcast’s ownership of NBCUniversal.

Versant’s linear distribution revenue fell 5.4% to $4.1 billion, and advertising revenue fell nearly 9% to $1.58 billion.

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

Versant shares rose 5% in premarket trading Tuesday.

For the quarter ended Dec. 31, Versant’s total revenue fell nearly 7% to $1.61 billion, according to a Securities and Exchange Commission filing Tuesday. Specifically, linear distribution revenue was down approximately 6% to $997 million and advertising revenue was down 9% to $370 million, while platform revenue was roughly flat at $202 million.

Standalone adjusted EBITDA for the quarter was $521 million, down 19% from the same period last year.

The Company’s Board of Directors also declared a quarterly dividend of $0.375 per share, representing an annual dividend of $1.50 per share, and authorized a $1 billion stock repurchase program. Given its low debt load and high-margin business, Versant executives said they plan to return value to shareholders.

Versant celebrated its first day as an independent company earlier this year, and began trading on the Nasdaq stock exchange in early January. However, Versant management has been working throughout 2025 to separate assets from Comcast.

The company consists of a group 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 move out of the package in search of streaming alternatives.

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

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

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

Disclosure: Versant is the parent company of CNBC.