Versant Media Beats Q3 Earnings Expectations Driven by Digital Platform Growth
Versant Media reported third-quarter earnings that exceeded Wall Street expectations, highlighted by a significant beat in adjusted EBITDA and earnings per share. Despite a decline in advertising revenue due to year-over-year comparisons with the Ryder Cup, the company saw strong performance from its digital platforms, including Fandango, which recorded nearly 10% growth in revenue. The media company, which recently spun off from Comcast's NBCUniversal, is actively transitioning its business model toward digital and direct-to-consumer products. While linear TV revenue faced pressure from cord-cutting, the launch of new streaming services for MS NOW and Fandango, alongside robust viewership in live sports like the WNBA, provided key growth drivers. Versant also reaffirmed its full-year guidance and announced a new $100 million stock repurchase program.