CNBC and MS NOW Owner Versant Files First Earnings Report Since Comcast Spinoff

Hollywood Reporter

by Alex Weprin

March 3, 2026

AI-Generated Deep Dive Summary

Versant, the cable TV-focused spinoff from NBCUniversal, released its first earnings report as a standalone company in 2025, revealing both challenges and opportunities in its media and entertainment business. The company reported total revenue of $6.69 billion for the year, down 3.3% compared to 2024, with the decline attributed primarily to its reliance on the pay-TV sector, which is facing structural decline. Despite this, Versant maintained a robust adjusted EBITDA of $2.4 billion, resulting in a margin over 30%, though down 14.5% year-over-year. To address investor concerns and stabilize its stock price, which had fallen more than 25% since the spinoff, Versant announced a dividend of $0.375 per share and a $1 billion stock buyback program. The earnings report highlighted Versant’s diverse revenue streams: $4.1 billion from distribution, $1.6 billion from advertising, $826 million from platforms (the only growth area, up 3.9%), and $193 million from content licensing. While the company’s pay-TV business remains a significant challenge, its focus on transforming its model to reduce reliance on this declining sector is a key strategic priority. This shift includes expanding direct-to-consumer (DTC) offerings, such as MS NOW’s upcoming community-focused platform and CNBC’s next-generation DTC service tailored for retail investors. Additionally, Versant is investing in sports and genre entertainment through expanded rights deals with partners like the PGA, USGA, and WNBA, while also planning a Fandango-branded FAST service. Versant CEO Mark Lazarus emphasized the company’s strong momentum as an independent media entity, pointing to its leadership in premium programming, audience growth, and successful establishment as a standalone company. The company’s long-term vision includes evolving its business model with a

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Originally published on Hollywood Reporter on 3/3/2026