VSNTNasdaqTelevision Broadcasting StationsUS GAAP · USD

Versant Media Group, Inc.

Versant Media Group, Inc. is a U.S.-based media and entertainment company organized around television networks and digital platforms. Its portfolio spans political news and opinion, business news and personal finance, golf and athletics participation, and sports and genre entertainment, with brands such as MS NOW, CNBC, USA Network, Golf Channel, E!, SYFY, Oxygen, GolfNow, Fandango, and Rotten Tomatoes.

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Revenue6,688m USD
−5.3 %y/y
Operating profit (EBIT)1,272m USD
−30.9 %y/y
EBIT margin19.0%
−7.0 ppy/y
Net income930m USD
−31.8 %y/y
Free cash flow1,855m USD
−14.0 %y/y

Fiscal year 2025 · change from previous year

Development 2023–2025

02,0004,0006,0008,000m USD2023: 7,445 m USD2023: EBIT 2,069 m USD20232024: 7,062 m USD2024: EBIT 1,841 m USD20242025: 6,688 m USD2025: EBIT 1,272 m USD20256,6881,272
RevenueOperating profit (EBIT)
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Business

Share of revenue
Television Networks55 %

Linear cable and network brands that distribute news, sports, and entertainment programming.

Advertising20 %

Sale of advertising time and space across television and digital brands.

Distribution15 %

Fees from multichannel video distributors and other platforms for carrying the networks.

Digital Platforms7 %

Consumer-facing platforms such as GolfNow, Fandango, and Rotten Tomatoes.

Content Licensing3 %

Licensing of owned and acquired content to third parties for further distribution.

Products

Reported · share of revenue
61.2%23.6%12.4%FY2025100 %
  • Linear Distribution61.2 %
  • Advertising23.6 %
  • Platforms12.4 %
  • Content Licensing and Other2.9 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Versant sells to a mix of viewers, advertisers, distributors, and licensing partners. Its core revenue base comes from multichannel video distributors and advertisers, while its digital platforms serve consumers directly and support transaction-based services in entertainment and golf. Content buyers and syndication partners also use its programming and library assets for broader distribution.

Multichannel video distributors

Cable and satellite distributors that pay carriage fees for Versant's networks and need recognizable channels to retain subscribers.

Advertisers

Brands and agencies buying audience access across live news, sports, and entertainment inventory.

Consumers

Viewers and users engaging with network content and digital platforms such as Fandango, Rotten Tomatoes, and GolfNow.

Content licensing partners

Third parties that license programming and library content for additional distribution windows and platforms.

Golf industry participants

Golfers and golf courses using GolfNow for tee-time reservations and course management services.

Strategy

Versant's strategy is to use its established brands to hold audience share in news, sports, and entertainment while expanding the reach of its digital platforms. It also aims to deepen monetization through distribution, advertising, transactions, and licensing, reducing reliance on any single revenue stream.

Develop premier content for target audiencesMedium term

Distinctive programming supports audience loyalty, carriage value, and advertising demand.

Expand digital platformsMedium term

Digital products broaden reach and create transaction-based revenue opportunities beyond linear TV.

Monetize audience scale across multiple channelsShort term

A diversified mix of distribution, advertising, platforms, and licensing improves resilience.

Geography

Versant operates primarily in the United States, where most of its television networks and digital platforms are based and monetized. Its business is therefore tied to U.S. cable distribution, domestic advertising markets, and U.S. consumer demand for news, sports, and entertainment content. The company also licenses content and brands into other markets through third-party arrangements, but the core operating footprint remains U.S.-centric.

Risks

Versant faces structural pressure from the decline in traditional cable television viewing, which can reduce distribution and advertising revenue over time. It also depends on brand strength, third-party distribution relationships, and Comcast-related transitional agreements and licenses, all of which can affect operations if terms change or brands need repositioning.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Decline in cable television demand1Intense competition for content and advertising2Comcast-related commercial and IP arrangements3Brand and reputation risk4Impairment of goodwill and intangibles5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Decline in cable television demandImpact: HighLikelihood: High

    Lower MVPD subscriber levels reduce distribution fees and weaken ad inventory economics.

    Exposure: Traditional network distribution

  2. Intense competition for content and advertisingImpact: HighLikelihood: High

    The company competes with other networks, streaming services, and digital platforms for audience attention and ad budgets.

    ExposureNewsSportsEntertainment brands
  3. Comcast-related commercial and IP arrangementsImpact: HighLikelihood: Medium

    Versant relies on transition services and trademark licenses that may need renewal or replacement.

    Exposure: CNBC brand and shared services

  4. Brand and reputation riskImpact: MediumLikelihood: High

    Audience trust and advertiser demand depend on the perceived quality and neutrality of the brands.

    Exposure: News and opinion programming

  5. Impairment of goodwill and intangiblesImpact: MediumLikelihood: High

    A decline in expected cash flows or market conditions could trigger impairment charges.

    Exposure: Goodwill and brand-related intangibles

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Accounting

Judgemental items
Goodwill impairment testing

The company carries significant goodwill and tests it against estimated fair value using discounted cash flow and market multiples.

Impact: A weaker outlook for cable, advertising, or brand value could trigger impairment charges.

Content cost accounting

Programming costs are a major asset and expense area, with amortization tied to usage and expected benefit periods.

Impact: Changes in content mix or audience performance can shift expense timing.

Carve-out and separation accounting

Historical results were prepared from Comcast records using allocations and assumptions that may not reflect standalone operations.

Impact: Comparability to future standalone periods may be limited.

Trademark and transition service arrangements

Brand licenses and shared services with Comcast can affect operating costs and the ability to use certain names.

Impact: Renewal terms or rebranding needs may change expense and revenue patterns.

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Last updated: 24/09/2026

Versant Media Group, Inc. (Nasdaq) – Television Broadcasting Stations | Financial Analysis – Clarifo