Versant Media reported third-quarter adjusted EBITDA of $353 million, above Wall Street’s $305 million estimate, and earnings of 34 cents per share, compared with analysts’ expectation of 5 cents. Revenue was $1.59 billion, beating the $1.57 billion estimate. The company reaffirmed its full-year 2026 revenue and adjusted EBITDA outlook and said free cash flow is now expected to exceed its previous forecast range.
Revenue for the quarter ended Sept. 30 slipped to $1.59 billion from $1.66 billion a year earlier. Net income fell to $47 million, or 34 cents per share, from $80 million, or 56 cents per share.
Digital platform revenue, including Fandango, rose nearly 10% year over year to $245 million. Fandango’s ticketing revenue reached its highest level since the pandemic, the company said.
Advertising revenue declined 5.3% to $373 million, primarily because the prior-year period benefited from the Ryder Cup.
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| Mark Lazarus |
CEO Mark Lazarus said the company completed four major distribution renewals this year following its spinoff from Comcast’s NBCUniversal. With 75% of network subscribers now under contract through 2028 or later, he said, Versant has greater visibility into future distribution.
The company said its networks reached more than 120 million viewers monthly in the third quarter, with aggregate viewership up by double digits year over year. It has launched direct-to-consumer offerings for MS NOW and on-demand service for Fandango, and expects to introduce a CNBC direct-to-consumer product next year.
Versant’s portfolio includes CNBC, MS NOW, Golf Channel and other cable and digital properties. The company began trading as a standalone business on Nasdaq in January.