Versant Media Group raises full-year revenue and profit outlook as digital platforms drive growth
Versant Media Group raised its full-year revenue and profit outlook on Thursday, bolstered by momentum in its digital brands like Fandango and GolfNow. The company, which was spun out from Comcast's NBCUniversal, now expects total revenue for 2026 to be between $6.2 billion and $6.45 billion, with adjusted EBITDA in the range of $1.9 billion to $2.05 billion. CEO Mark Lazarus noted that while linear TV revenue declined 6.3% to $954 million, the platforms segment remains a high-growth area. The company is actively diversifying its revenue base to become less reliant on traditional pay TV, which currently accounts for over 80% of its revenue. To achieve this, the company is investing in streaming TV platforms and direct-to-consumer extensions for brands like CNBC and MS NOW. Despite a 30% decline in net income attributable to Versant, the company beat Wall Street expectations. The administration announced a plan to enter into a similar stock repurchase agreement on Aug. 7 to repurchase $100 million of class A stock.