Versant shares surge after company raises 2026 outlook on platforms, advertising momentum
The media company lifted revenue and adjusted EBITDA forecasts after second-quarter revenue beat estimates and platforms revenue rose 9.3%, excluding SportsEngine.
- Versant Media Group closed the acquisition of interactive sports business Full Swing this week, bolstering the company's golf offerings alongside existing properties Fandango and GolfNow.
- Executives at Versant are pursuing a 50-50 revenue split between pay-TV and other businesses, as currently more than 80% of revenue stems from the pay-TV business.
- Versant beat Wall Street expectations despite a 3.8% revenue dip to $1.64 billion, with linear TV revenue declining 6.3% to $954 million during the quarter ended June 30.
- On Thursday, CEO Mark Lazarus announced carriage agreements "with two large distribution partners, one in the U.S. and one in Canada," and Versant raised its full-year 2026 revenue guidance.
- To return value to shareholders, Versant plans to enter a $100 million accelerated share repurchase agreement on Friday, August 7, following completion of a separate $100 million buyback program.
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11 Articles
Investors like Versant's plan for its cable TV business: Buybacks and digital growth.
Versant CEO Mark Lazarus runs a cable TV business. He wants to turn it into something else.IMFCable TV is going away. But it's still here now, and many cable TV channels still make money.Versant, a group of cable channels including MS NOW and CNBC, wants to keep operating those channels — while building new, cable-free businesses.It's also taking some of the money those channels make and handing it directly to shareholders — who seem to like tha…
Versant In Flux As It Diversifies Business With Strategy Taking Shape In Q2, Stock Pops
Versant saw revenue and profit dip as it retools its assets base in a transitional June quarter that included the divestiture of SportsEngine and the acquisition of interactive sports business Full Swing to bolster its Golf offerings. It’s transitioning ticketing app Fandago to a streaming service and preparing digital launches and products around MS NOW and CNBC. The stock popped after the latest numbers, up 7% in premarket trading. The compan…
Versant lifts annual revenue forecast as digital growth offsets pay-TV weakness
Versant Media raised its annual revenue forecast on Thursday as higher advertising sales, driven by strong demand for its news and sports programming, and digital platform growth offset weak quarterly...
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