Versant Reports Q2 Profit Dip but Boosts 2026 Forecast Amid Ad Gains
WHO:
Deadline - Versant Media Group, a company that includes cable TV networks like MS NOW and CNBC, and digital platforms.
CNBC - CEO Mark Lazarus of Versant Media Group.
WHAT:
CNBC - Versant's revenue for linear TV, which includes channels USA Network, Syfy, Oxygen, and E!, was down 6.3% during the quarter to $954 million, due to subscriber declines.
CNBC - Versant's adjusted EBITDA decreased 8.9% to $624 million.
CNBC - Versant's platforms revenue was up 9.3% when excluding the company's divestiture of SportsEngine.
CNBC - Versant's net income attributable to the company declined 30% to $211 million, or $1.49 per share, from $302 million, or $2.09 per share a year earlier.
Variety - Versant completed its acquisition of golf simulation company Full Swing.
Deadline - Versant reported total revenue of $1.64 billion, a 4% decline from the previous year.
Deadline - Earnings per share (EPS) for Versant dipped to $1.49 from $2.09.
CNBC - Versant raised its full-year revenue guidance for 2026 to between $6.2 billion and $6.45 billion.
CNBC - Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) is expected to be between $1.9 billion and $2.05 billion for 2026.
Variety - Net income for the second quarter fell by 30% to $211 million from $302 million.
CNBC - Advertising revenue for the quarter was down 0.6% to $423 million.
CNBC - Revenue for the platforms segment, including Fandango and GolfNow, was up 0.8% to $225 million.
Deadline - Versant's revenue for linear TV was down 6.3% to $954 million.
Deadline - Versant declared a quarterly cash dividend of 37.5 cents per share, payable on October 22 to shareholders of record as of October 1.
WHERE:
CNBC - Versant completed carriage agreements with two large distribution partners, one in the U.S. and one in Canada.
WHEN:
CNBC - Versant's earnings report is its third since spinning out from Comcast's NBCUniversal at the start of the year.
CNBC - The company plans to enter into a stock repurchase agreement on August 7 to repurchase $100 million of Class A stock.
WHY:
CNBC - Versant aims to diversify its revenue base to achieve a mix of 50% from digital, platform, subscription, ad-supported, and transactional businesses.
Variety - The decline in net income was attributed to lower revenue, public company costs, interest expense related to the Comcast separation, and increased tax expense due to the divestiture of SportsEngine.
HOW:
Deadline - Versant is transitioning its ticketing app Fandango to an ad-supported video on demand (AVOD) service.
CNBC - Versant has launched a free, ad-supported Fandango streaming service to increase advertising and user engagement.
Deadline - Versant completed a $100 million accelerated share repurchase agreement, repurchasing nearly 2.4 million shares of Class A common stock.
(UPDATED August 7, 2026 00:51 UTC)
Versant reported a revenue decline of 6.3% for its linear TV channels, including USA Network and Syfy, totaling $954 million, largely due to subscriber losses. The company's adjusted EBITDA also fell by 8.9% to $624 million, while net income dropped 30% to $211 million, or $1.49 per share. In other news, Versant has completed its acquisition of golf simulation company Full Swing and is transitioning its Fandango ticketing app into an ad-supported video on demand service.
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(UPDATED August 6, 2026 18:34 UTC)
Versant Media Group, which includes networks like MS NOW and CNBC, reported a total revenue of $1.64 billion, reflecting a 4% decline from the previous year, while its earnings per share dropped to $1.49 from $2.09. Despite these setbacks, CEO Mark Lazarus announced that the company is raising its full-year revenue guidance for 2026 to between $6.2 billion and $6.45 billion, and plans to enter into a stock repurchase agreement on August 7 to buy back $100 million of Class A stock. Additionally, Versant has launched a free, ad-supported Fandango streaming service to boost advertising revenue and user engagement, as it aims to diversify its revenue sources.