Versant Reports Lower Revenue and Earnings as Cable Audiences Shrink

Versant Media Group reported $1.59 billion in revenue for the third quarter of 2026, down 4.2% from $1.66 billion a year earlier. The company owns networks including CNBC, MS NOW, Golf Channel and USA Network, and separated from Comcast’s NBCUniversal earlier this year.

Revenue from linear distribution, including fees paid by Cable and satellite providers, fell 5.8% to $935 million. Versant attributed the decline mainly to subscriber losses, partly offset by contractual rate increases. Advertising revenue decreased 5.3% to $373 million. The company cited the absence of the previous year’s Ryder Cup, which had lifted results, as well as weakness in the linear TV advertising market.

Net income dropped to $47 million, or 34 cents per share, from $80 million, or 56 cents per share, in the year-ago quarter. Adjusted earnings before interest, taxes, depreciation and amortization were $353 million.

Digital platform revenue, including income from ticketing service Fandango, rose nearly 10% to $245 million. Versant said Fandango recorded its highest ticketing revenue since the pandemic. The company also reported that its networks reached more than 120 million viewers monthly and that combined viewership increased by double digits year over year. WNBA viewership on USA Sports networks was 25% above the previous year’s cable average.

Versant said it completed four major distribution renewals after its separation from NBCUniversal and launched a direct-to-consumer product for MS NOW. A similar CNBC offering is planned for 2027. The company maintained its full-year revenue forecast of $6.2 billion to $6.45 billion and adjusted EBITDA guidance of $1.9 billion to $2.05 billion. It also raised its free-cash-flow outlook and authorized an additional $100 million accelerated share repurchase program.

The results show continued pressure on Versant’s traditional cable business as declining pay-TV subscriptions weigh on distribution fees and advertising, alongside growth in some digital and sports-related areas.

Sources: Cord Cutters News.