Versant Reports First Independent Earnings as CEO Mark Lazarus Refines Strategy, Shares Rise
Versant Media Reports Initial Financials Post-Separation from Comcast
Versant Media has released its first set of financial results since officially separating from Comcast, revealing a decline in both profit and revenue for 2025. CEO Mark Lazarus unveiled plans for a standalone MS Now streaming service, a subscription model for CNBC, and a free advertising-supported video-on-demand (AVOD) service through Fandango, while also discussing the company’s outlook for sports and advertising.
Despite the report of decreased earnings, shares rose more than 5% in early trading.
Having separated from Comcast in early January, Versant began its transition to independent operations last year. At an investor meeting in December, the company laid out its original content strategy, which includes the MS Now (formerly MSNBC) product and several initiatives aimed at enhancing Fandango and FAST. Although the company remains anchored in pay television, it is focusing on diversification and has no plans to pursue additional cable acquisitions.
Versant’s initial target is to achieve a balanced 50-50 revenue split between traditional pay TV and higher-growth digital platforms, subscriptions, AVOD, and transactional businesses.
In terms of financial metrics, net income fell 32% to $930 million, accompanied by a 5.4% decrease in revenue to approximately $7 billion for the year. Revenue specifics indicate a drop in linear distribution, down 5.4% to about $4.1 billion, with advertising revenues decreasing by 9% to $1.6 billion. However, platforms experienced a 3.9% increase to $826 million, primarily due to growth from Golf Now and Fandango. Content licensing and other revenues also declined, decreasing 8.5% to $193 million. CNBC and USA remain core brands in its portfolio.
The adjusted EBITDA for Versant was $2.42 billion, reflecting a 14% decline. The company concluded the year with cash and cash equivalents of $1.09 billion and $983 million in long-term debt.
The board of directors declared a quarterly dividend of $0.375 and approved a $1 billion share repurchase program.
"Versant enters this next chapter as an independent, well-positioned media and entertainment company with strong momentum and a clear strategic focus. In 2025, we strengthened our leadership in premium programming, expanded our audience, grew our platform businesses, and successfully established ourselves as a standalone company," said Lazarus.
More updates are anticipated as Versant continues its evolution in the media landscape.
