VSNT · Versant Media Group, Inc. Class A

Versant Media Group delivered Q1 2026 results post-separation from Comcast on January 2, 2026, marking its first quarter as an independent public company. Total revenue of $1,687 million declined 1.1% year-over-year, reflecting challenges in core linear distribution (-7.3% to $1,006 million due to subscriber declines, partially offset by rate increases) and advertising (-5.2% to $368 million from ratings declines). Growth drivers included Platforms revenue up 9.5% to $192 million, fueled by Fandango (movie ticketing, VOD, Fandango1) and GolfNow (bookings, payments, subscriptions), and Content licensing and other surging 113.5% to $121 million from timing of deals like 'Keeping Up with the Kardashians'. Net income fell 22.1% to $286 million due to lower revenue, higher public company costs, and interest expense post-separation, offset by lower taxes. Adjusted EBITDA decreased 7.0% to $704 million but grew 4.8% versus prior-year Standalone Adjusted EBITDA, benefiting from reduced entertainment programming and SG&A expenses despite content licensing costs. CEO Mark Lazarus highlighted strong Platforms momentum, premium content wins (e.g., CNBC Davos coverage up >50% in key demos, MS NOW record views), and digital expansions like StockStory acquisition. CFO Anand Kini emphasized robust Free Cash Flow of $558 million supporting $100 million share repurchases (2.69 million Class A shares) under $1 billion authorization ($900 million remaining), a second $0.375/share dividend, and a new $100 million ASR commencing May 15. Business segments showed resilience: MS NOW hit 30 million weekly viewers with 1.6 billion digital views YTD; Golf Channel peaked at Players Championship and Masters audiences; sports/entertainment thrived on Olympics and WNBA coverage. These results affirm Versant's operating model durability amid transition, with capital returns signaling confidence in cash generation and shareholder value.