← Research LibraryThe BriefFY2025 10-K · headline figures audited against SEC data
Versant, the cable networks Comcast spun off in January 2026, still converts much of its $6.69B revenue to cash, but subscribers and ratings are falling and operating margin dropped 705 bps
The read at a glance✓ Audited against SEC data
- Growth — Revenue down 5.3% to $6.69B; only platforms grewWatch
- Profitability — Operating margin down 705 bps to 19.02%; net income $930.0MWatch
- Balance sheet — $3.0 billion of debt taken on at the spin; $2.25 billion paid to ComcastNote
- Accounting quality — No manipulation flag; strong earnings quality; first internal-control test due in 2026OK
- Capital allocation — First dividend of $0.375 a share and a $1 billion buyback authorized in March 2026Note
- Insiders — Four directors bought shares in March 2026, led by Chairman David NovakOK
Business
Versant owns the cable networks MS NOW, CNBC, USA Network, Golf Channel, E!, SYFY and Oxygen, plus the digital platforms GolfNow, Fandango, Rotten Tomatoes and SportsEngine. It earns most of its money from fees that cable and streaming TV providers pay per subscriber (61% of 2025 revenue) and from advertising. It became an independent public company on January 2, 2026, when Comcast distributed its shares; the 2025 figures are carved out of Comcast's accounts.
Where the revenue comes from
Fiscal 2025, as Versant Media Group, Inc. reports it. History and quarterly detail are in the app.
- Linear distribution$4.1B
- Advertising$1.6B
- Platforms$826.0M
- Content licensing and other$193.0M
Leadership changes
From Versant Media Group, Inc.'s own filings, the day they're filed.
- Thomas J. Reid · Directors · departureeff. 2026-01-02
- Jason S. Armstrong · Directors · departureeff. 2026-01-02
- Michael Conway · directors · appointmenteff. 2025-12-03
Latest filings
- 10-Q · Quarterly report2026-08-06
- 8-K · Company announcement2026-08-06
- 8-K · Company announcement2026-07-06
- 8-K · Company announcement2026-06-26
- 8-K · Company announcement2026-05-14
In the full recordFree for 14 days
- What changed🔒
- Insider signal🔒
- Growth quality🔒
- Margins & accounting🔒
- Capital allocation🔒
- Real risks🔒
- The long arc🔒
- Company history🔒
- The filings, readable — with what changed vs the prior year highlighted🔒
- Full financial statements, industry-aware, sources cited throughout🔒
- Forensic score history & components — the trend, not one year🔒
- Ownership: insider buys/sells, clusters, activist stakes🔒
- Ana — ask about Versant Media Group, Inc., every answer cited to the official filings🔒
Every figure comes from the company's filings, and analysis whose figures don't match SEC data is rejected before publication.
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