Versant Media Group increased its full-year financial outlook on Thursday, projecting total revenue between $6.2 billion and $6.45 billion for 2026, with adjusted EBITDA forecast at $1.9 billion to $2.05 billion. The company attributed the guidance increase to performance in its digital platforms segment and overall business momentum. Stock prices rose more than 6% following the announcement.
The media company, which operates networks including CNBC, MS NOW, and The Golf Channel, reported second-quarter results ending June 30 that exceeded Wall Street expectations on both revenue and earnings. However, traditional linear television revenue declined 6.3% to $954 million during the quarter due to ongoing subscriber losses. Overall company revenue declined 3.8% year-over-year to $1.64 billion. Advertising revenue decreased slightly by 0.6% to $423 million, though the decline rate improved compared with the same period last year due to higher viewership ratings for news and sports programming.
The platforms segment, which includes Fandango and GolfNow, demonstrated stronger performance with revenue rising 0.8% to $225 million for the quarter, or 9.3% when excluding the divestiture of SportsEngine. Growth was driven by increased movie ticket purchases, video-on-demand transactions, and subscription revenue from GolfNow, as well as stronger bookings and payments activity. Versant has been investing in expansion of its digital offerings, including launching a free ad-supported Fandango streaming service and securing media rights to broadcast German soccer league Bundesliga matches on USA Network and Fandango beginning in August.
Management has stated ambitions to diversify revenue generation, targeting a mix where 50% derives from digital, platform, subscription, and advertising businesses rather than the current model where more than 80% comes from pay television. The company completed carriage agreements with two major distribution partners and closed acquisitions of Full Swing golf simulation company and StockStory, an artificial intelligence financial analysis platform. Versant declared its third consecutive quarterly dividend at 37.5 cents per share and completed a $100 million share repurchase agreement, with another $100 million repurchase planned to begin on August 7.
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