VSNT Filings — Versant Media Group, Inc. - FilingSpy
VSNT
Versant Media Group, Inc.
A media and entertainment company that runs cable networks like CNBC, USA Network, Golf Channel, E!, SYFY, and Oxygen True Crime, plus digital platforms including Fandango, Rotten Tomatoes, and GolfNow. It was spun off from Comcast in January 2026 and trades on Nasdaq as VSNT. Its name, coined by a branding agency, blends "versatile" and "conversant" to signal adaptability.
Versant Media's linear revenue decline accelerated and a tax charge on the SportsEngine sale pushed net income down 30%.
The core linear business weakened further this quarter. fell 3.6% to $1.64 billion and dropped 41.6% to $1.49, as a 6.3% decline in linear distribution revenue and a $31 million tax expense tied to the SportsEngine divestiture outweighed modest growth in platforms. The company is now using its strengthened cash position to reshape the portfolio, announcing a $530 million acquisition of Full Swing.
Key takeaways
fell 3.6% to $1.64 billion, a steeper decline than the 1.1% drop in Q1, driven by a 6.3% fall in linear distribution revenue from subscriber losses that outpaced 0.8% growth in platforms revenue.
dropped 42.5% to $211 million, pressured by a higher of 34.6%—up from 26.0% a year ago—due to a $31 million tax expense recorded on the SportsEngine divestiture.
fell 26.5% to $367 million as selling, general and administrative expenses rose 4%, reflecting incremental costs of operating as a standalone public company.
Cash and equivalents rose to $1.48 billion from just $4 million a year earlier, following the drawdown of $2 billion in term loans to fund the separation from Comcast, while stood at $2.84 billion.
The company deployed $200 million on share repurchases during the quarter and announced the $530 million acquisition of Full Swing, expected to close in August 2026, signaling a shift toward investing in growth assets.
What changed
The rate of linear decline accelerated: after a 7.3% drop in linear distribution revenue in Q1, the decline widened to 6.3% in Q2, confirming that core revenue erosion is not stabilizing.
The SportsEngine sale flagged in the prior annual report was completed, but instead of reducing debt, the transaction generated a $31 million tax expense that weighed on ; the company did not disclose the use of sale proceeds.
Share repurchases continued, with $200 million deployed in Q2 after $100 million in Q1, but the filing provided no update on the program's effect on the dual-class share structure's voting dynamics.
What to watch
The closing and integration of the $530 million Full Swing acquisition, and whether it can offset the accelerating linear decline.
The pace of linear distribution and advertising decline in Q3, to see if the acceleration continues or levels off.
Any disclosure on the use of SportsEngine sale proceeds and progress toward reducing the $2.84 billion debt load.
The impact of the $200 million in quarterly share repurchases on the dual-class voting structure and .
Section summaries
Management's Discussion and Analysis
Q2 FY2026 revenue fell 3.8% to $1.64B and net income dropped 30% to $211M, driven by linear subscriber declines and higher standalone costs.
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Total declined 3.8% to $1.64B, as a 6.3% drop in linear distribution revenue from subscriber losses outweighed 0.8% growth in platforms revenue.
attributable to Versant fell 30.1% to $211M, pressured by a higher (34.6% vs. 26.0%) due to a $31M tax expense on the SportsEngine divestiture.
No renegotiation of MVPD carriage deals was disclosed, leaving the risk of further distribution pressure without Comcast's unresolved.
decreased 8.9% to $624M, reflecting lower and a 4% rise in from incremental standalone public company costs.
Programming and production costs dropped 8.9%, primarily because prior-year allocated Comcast costs were higher than actual post-Separation costs.
was $967M for the six months, down from $1.11B, partly due to Comcast retaining advertising after the Separation.
The company completed a $200M and declared a $0.375 quarterly ; it also announced the $530M acquisition of Full Swing in August 2026.
There have been no material changes from the risk factors previously disclosed in Part I, Item 1A. Risk Factors, in our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on March 3, 2026.
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There have been no material changes from the risk factors previously disclosed in Part I, Item 1A. Risk Factors, in our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on March 3, 2026.