Versant earnings beat expectations as digital platforms drive growth

Versant Media on Tuesday reported quarterly earnings that beat expectations and reaffirmed its full-year 2026 guidance, citing strength across its portfolio and growth in its platforms revenue.

The media company reported $245 million in revenue from digital platforms including Fandango, marking a nearly 10% year-over-year increase. Versant said Fandango saw "significant growth" in ticketing revenue in the third quarter, notching its highest level since the pandemic.

The Versant portfolio includes CNBC, MS NOW, Golf Channel and other cable and digital properties.

Here's how the company performed in its third quarter , compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

Versant completed four major distribution renewals this year following its spinoff from Comcast's NBCUniversal.

"We're building deeper consumer relationships, expanding our reach and creating new opportunities for growth and monetization across our four core markets," CEO Mark Lazarus said in a statement.

During the third quarter, Versant said, its networks reached more than 120 million viewers monthly and its aggregate viewership grew by double digits year over year. The company also launched MS NOW's direct-to-consumer product and Fandango's on-demand product as new growth drivers. CNBC is expected to launch a direct-to-consumer product next year, Versant said.

For the period ended Sept. 30, Versant recorded net income of $47 million, or 34 cents per share, compared with $80 million, or 56 cents per share, the year prior.

Adjusted earnings before interest, taxes, depreciation and amortization was $353 million, beating Wall Street estimates of $305 million, according to StreetAccount.

Revenue fell slightly to $1.59 billion from $1.66 billion in the year-ago period. The company said its revenue figure included the acquisition of golf simulation company Full Swing and the sale of sports management software company SportsEngine.

The company reaffirmed its full-year revenue outlook of between $6.2 billion and $6.45 billion and its adjusted EBITDA outlook of $1.9 billion to $2.05 billion. It adjusted part of its full-year guidance, saying it now expects to exceed the prior range of between $1 billion and $1.2 billion.