Mark Lazarus, CEO of Versant Media, talking on CNBC’s Squawk Field forward of the Versant Media IPO on the Nasdaq on Jan. fifth, 2026.
CNBC
Versant Media Group, the newly minted spinout of TV networks and digital property from Comcast, launched its first earnings report on Tuesday.
The corporate reported full-year income of roughly $6.69 billion for 2025, down 5% from the prior yr. Versant is reporting a breakdown of its earnings from its last yr below the possession of Comcast’s NBCUniversal.
Versant’s linear distribution income was down 5.4% to $4.1 billion, and promoting income declined virtually 9% to $1.58 billion.
Internet revenue attributable to Versant was $930 million, and the corporate reported $2.18 billion in standalone adjusted earnings earlier than curiosity, taxes, depreciation and amortization.
The corporate’s board additionally declared a $0.375 per share quarterly dividend, which represents an annualized dividend of $1.50 per share, and licensed a $1 billion share repurchase program. On account of its low debt load and high-margin enterprise, Versant executives have stated they plan to return worth to shareholders.
Versant marked its first day as a standalone firm earlier this yr, and began buying and selling on the Nasdaq in early January. Nonetheless, Versant’s administration had been working all through 2025 on the separation of the property from Comcast.
The corporate is made up of a portfolio of pay TV networks together with CNBC, MS Now, USA Community, Golf Channel, Syfy, E! And Oxygen, in addition to digital properties reminiscent of Fandango, Rotten Tomatoes, GolfNow and Sports activities Engine.
The standard TV enterprise, whereas nonetheless worthwhile, has seen continued losses over time throughout all media firms as viewers exit the bundle for streaming options.
Greater than 80% of Versant’s income leans on the pay TV enterprise, however its executives have instructed Wall Road that 2026 can be a yr of transition for its enterprise mannequin. The corporate goals to finally attain 50% of its income from digital, platform, subscription, ad-supported and transactional companies.
On Tuesday, Versant reported that its non-pay TV income reached 19% of whole income in 2025, with roughly $826 million in platforms income. Versant’s platform enterprise was the one income section to develop income yr over yr.
It considers its progress drivers in that unit to incorporate MS Now’s upcoming direct-to-consumer product, CNBC Professional and a brand new retail investor product for the model, and the launch of the ad-supported Fandango at House service in 2026.
Disclosure: Versant is the guardian firm of CNBC.
