Versant Media Group (NASDAQ:VSNT) shares surged more than 8% in premarket trading Thursday after the company reported first-quarter results supported by strong platform growth and improving audience engagement.
The media group posted adjusted earnings per share of $1.99 on revenue of $1.69 billion. Revenue declined 1.1% from $1.71 billion in the same period last year.
Platforms Segment Delivers Strong Growth
Versant’s Platforms division was a major contributor to quarterly momentum, with revenue rising 9.5% year-on-year to $192 million.
The company said growth was driven by stronger movie ticket sales at Fandango and higher bookings through GolfNow.
Content licensing revenue also posted significant gains, more than doubling to $121 million following a major licensing agreement involving Keeping Up with the Kardashians and other library content.
Traditional Media Revenue Faces Pressure
Despite growth in digital and platform-related businesses, some legacy segments remained under pressure.
Linear distribution revenue fell 7.3% to $1.01 billion as subscriber numbers continued to decline.
Advertising revenue also dropped 5.2% to $368 million, which the company attributed to ratings-related challenges.
Net Income Falls Following Comcast Separation
Net income attributable to Versant totaled $286 million, representing a 22.1% decline from the prior-year period.
The company said the decrease primarily reflected higher public-company costs and increased interest expenses following its separation from Comcast.
Adjusted EBITDA reached $704 million, down 7.0% year-on-year but up 4.8% compared with standalone adjusted EBITDA, helped by lower programming and administrative costs.
CEO Highlights Strong Start as Independent Company
Chief executive Mark Lazarus said the company’s first quarter as an independent business delivered encouraging operational momentum.
“Our first quarter as an independent company marks an important milestone for Versant and reflects a solid start to the year,” Lazarus said. “From day one, our teams have operated with urgency and delivered strong financial results, exceptional audience engagement, and impressive momentum in our Platforms business.”
Company Expands Shareholder Returns
Versant generated $558 million in free cash flow during the quarter.
The company repurchased $100 million of its Class A shares and declared a quarterly dividend of $0.375 per share, scheduled for payment on July 22, 2026.
Versant also announced plans for an additional $100 million accelerated share repurchase program expected to be completed during the second quarter.
Audience Metrics Improve Across Key Properties
The company highlighted strong audience performance across several of its media assets.
MS NOW recorded its most-watched quarter since 2024, while Golf Channel attracted its largest audience for The Players Championship in 20 years.