Versant Media reported stronger-than-expected earnings and revenue for the third quarter of 2026, reaffirming its full-year guidance. The company, which spun off from Comcast's NBCUniversal earlier this year, posted revenue of $1.59 billion, slightly above Wall Street expectations, with earnings per share of 34 cents compared to an anticipated 5 cents. Digital platforms, including Fandango, were key growth drivers, generating $245 million in revenue — nearly a 10% increase year-over-year — with Fandango achieving its highest ticketing revenue since the pandemic began.

Despite a 5.3% drop in advertising revenue to $373 million, partly due to last year’s Ryder Cup event, Versant experienced gains across live sports, digital brands, and direct-to-consumer offerings. The company’s CEO, Mark Lazarus, highlighted that 75% of their network subscribers are now under contract through 2028 or beyond, following four major distribution renewals completed post-spinoff. Versant’s cable and digital properties, including CNBC, MS NOW, and Golf Channel, collectively reached over 120 million viewers each month, with aggregate viewership growing double digits year over year.

In addition to maintaining strong presence in traditional cable, Versant is focusing on expanding its digital footprint, launching new products such as MS NOW’s direct-to-consumer service and Fandango’s on-demand offering in the third quarter. CNBC is also set to release a direct-to-consumer product next year, aligning with the company’s strategic goal of diversifying revenue streams to eventually have half of revenues come from digital, subscription, advertising, and transactional businesses.

For the quarter ending September 30, Versant reported net income of $47 million, down from $80 million a year earlier, and adjusted EBITDA of $353 million, outperforming estimates. The revenue included gains from acquiring golf simulation company Full Swing and the sale of SportsEngine. Versant reiterated its 2026 revenue forecast of $6.2 billion to $6.45 billion and adjusted EBITDA target of $1.9 billion to $2.05 billion, while recently initiating a $100 million accelerated stock repurchase program expected to complete in the fourth quarter.