CNBC and MS NOW Owner Versant Files First Earnings Report Since Comcast Spinoff
The company reported a decline in revenues and profits in 2025 owing to its exposure to the pay-TV business, but is launching with a dividend and share buyback program to entice investors.
Versant, the cable TV-focused spinoff from NBCUniversal that owns CNBC, MS NOW, USA, Golf Channel and other assets, reported its first earnings report as a standalone company Tuesday.
That report highlighted clearly the perils and profits that come with exposure to pay-TV, even as the company itself is focused on transforming its business model over time to be less reliant on the declining legacy business.
Versant reported 2025 revenue of $6.69 billion, down 3.3 percent from 2024. Of that, $4.1 billion came from distribution revenue, and $1.6 billion came from advertising revenue, with $826 million coming from platforms revenue, the only growth area, up 3.9 percent from last year, and $193 million from content licensing.
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But the company's adjusted EBITDA was $2.4 billion, giving it a margin of over 30 percent, even if the EBITDA was down 14.5 percent compared to 2024.
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The result is a business that has robust revenues and profits, but is nonetheless exposed to the pay-TV business' structural decline. To help entice investors, Versant on Tuesday announced a dividend of $0.375 per share, and a $1 billion stock buyback. Versant shares had fallen more than 25 percent since the company completed its spinoff in January, and while the initial dip was expected due to forced selling by stock indexes, the price has appeared to have stabilized since then.
But the company's plan is to use that cash flow and profit to fund an "evolution" from its pay-TV business model, developing direct-to-consumer offerings and digital business lines.
In news, that will mean MS NOW's upcoming DTC offering focused on community and exclusive content, with CNBC planning a "next generation" DTC platform tailored toward retail investors.
In sports and genre entertainment, it means expanded rights deals for Golf Channel and USA Sports with partners like the PGA, USGA and WNBA, and plans for a Fandango-branded FAST service.
"Versant enters this next chapter as an independent, well-positioned media and entertainment company with strong momentum and clear strategic focus," said Versant CEO Mark Lazarus. "In 2025, we strengthened our leadership in premium programming, expanded our audience, grew our platforms businesses, and successfully established ourselves as a standalone company. I couldn't be more excited about what's ahead as we invest in our iconic brands to evolve our business model. We aim to do so with a focus on delivering strong shareholder returns, both in the near and long term."
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