Versant Media announced third-quarter financial results that surpassed analyst expectations, with the company crediting strength across its diversified portfolio and expansion in platform-based revenue streams. The media conglomerate, which operates CNBC, Golf Channel, and other cable and digital properties, reported adjusted earnings before interest, taxes, depreciation and amortization of $353 million, exceeding StreetAccount estimates of $305 million.
Digital platform revenue reached $245 million, representing a nearly 10% increase compared with the prior year. The company’s Fandango ticketing service experienced notable growth during the quarter, achieving its highest revenue levels since the pandemic. However, advertising revenue declined to $373 million, down 5.3% year-over-year, primarily reflecting the absence of a major sporting event that had boosted the prior-year period. Total quarterly revenue decreased slightly to $1.59 billion from $1.66 billion in the year-ago period, reflecting adjustments for acquisitions and divestitures.
Versant secured significant distribution renewals during the period, with approximately 75% of network subscribers now under contract through 2028 and beyond. The company’s networks reached more than 120 million monthly viewers, with viewership growing by double digits year-over-year. Linear television revenue declined 5.8% to $935 million due to ongoing cord-cutting pressures, while live sports content continued generating strong audience engagement, with WNBA viewership on USA Sports networks running 25% higher than the prior year’s cable average.
The company reaffirmed its full-year 2026 revenue guidance of $6.2 billion to $6.45 billion and adjusted EBITDA outlook of $1.9 billion to $2.05 billion, while raising its free cash flow expectations above the prior range of $1 billion to $1.2 billion. Versant also announced a $100 million accelerated stock repurchase program set to begin the following day, with completion expected during the fourth quarter. Management highlighted its strategy to diversify revenue sources, with the goal of eventually deriving 50% of revenue from digital, platform, subscription, and transactional businesses.
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