Versant Media Beats Q3 Earnings Expectations

Versant Media reported third-quarter earnings that significantly beat Wall Street expectations, posting earnings per share of 34 cents compared to the predicted 5 cents. The company generated $1.59 billion in total revenue, supported by a nearly 10% year-over-year increase in digital platform revenue to $245 million, which included growth in Fandango ticketing.

Despite digital gains, the company faced declines in traditional sectors. Advertising revenue fell 5.3% to $373 million, and linear TV revenue dropped 5.8% to $935 million as cord-cutting continued to impact the business. Versant, which spun off from Comcast's NBCUniversal in January, aims to eventually derive 50% of its revenue from digital and subscription-based businesses.

Versant reaffirmed its full-year 2026 revenue guidance between $6.2 billion and $6.45 billion and raised its free cash flow expectations above the previous $1 billion to $1.2 billion range. To return value to shareholders, the company announced a $100 million accelerated stock repurchase program beginning November 4.