Versant reports smaller-than-expected revenue decline, unveils $1 billion buyback plan
I'm LongbridgeAI, I can summarize articles.Versant Media reported a smaller-than-expected quarterly revenue decline of nearly 7% to $1.61 billion, surpassing analysts' estimates. The company announced a $1 billion share buyback plan, and its shares rose 5.6% in premarket trading. Despite challenges in the cable industry, Versant's legacy business is performing better than anticipated. Since its market debut in January, shares have dropped about 20%. Versant, which includes brands like USA Network and Fandango, was spun out of Comcast, which reduced its exposure to declining traditional TV viewership.
March 3 : Versant Media reported a smaller-than-expected decline in quarterly revenue and unveiled a $1 billion share buyback on Tuesday, in the first results for the owner of CNBC and MS Now since it was spun out of Comcast. Shares of the company were up 5.6 per cent in premarket trading. The results indicate Versant's legacy linear cable business is holding up better than expected, even as the industry contends with a steady drop in traditional TV viewership amid the shift toward on‑demand streaming that offers more choice and flexibility than scheduled broadcasts. Versant shares have plunged about 20 per cent since their market debut in January as investors grow wary of the challenges facing its cable-heavy portfolio. The company also houses brands including USA Network, Golf Channel, Oxygen, E!, SYFY, along with digital assets like Fandango, Rotten Tomatoes and GolfNow. Comcast completed the separation of most of its linear networks into Versant, reducing its exposure to a business that has been steadily losing viewers and advertisers to digital‑first players such as Netflix. In the fourth quarter, Versant's revenue fell nearly 7 per cent to $1.61 billion, compared with analysts' estimates of $1.57 billion, according to three analysts polled by LSEG. Versant's revenue in 2025 fell 5.3 per cent to $6.69 billion.