At a glance
Versant Media Group, Inc. is worth $4.27B, about 5 times its fiscal 2025 earnings. Revenue fell 5.3% to $6.69B in fiscal 2025, with 13.9% kept as profit. It pays no dividend.
The business in plain English
Versant Media Group owns US cable TV networks and related digital businesses. The networks are MS NOW (politics, news and opinion), CNBC (business and personal finance news), USA Network (sports and entertainment), Golf Channel, E!, SYFY and Oxygen True Crime. Its digital brands include GolfNow, a tee-time marketplace covering 9,000 courses; Fandango, which sells movie tickets for more than 30,000 US screens and includes Rotten Tomatoes; and SportsEngine, software for youth sports leagues. Versant separated from Comcast and became its own public company on January 2, 2026.
Most of its money comes from pay-TV providers. Cable, satellite and streaming TV services are known as multichannel video programming distributors (MVPDs). They pay a fee for each subscriber who receives Versant's channels. This linear distribution revenue was $4.09 billion, or 61.2% of the $6.69 billion total for 2025. Advertising added 23.6%. Platforms such as GolfNow and Fandango, which mostly earn fees on bookings and ticket sales, added 12.4%. Licensing its own shows to other networks and streaming services, plus other sources, made up 2.9%.
Versant reports as a single segment, and its networks operate mainly in the United States. Under a commercial agreement, NBCUniversal sells Versant's US TV and related digital advertising for about two years after the split. Revenue has been shrinking, from $7.45 billion in 2023 to $6.69 billion in 2025.
Price history
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VSNT — over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Linear distribution | $4.09B | 61.2% |
| Advertising | $1.58B | 23.6% |
| Platforms | $826.0M | 12.4% |
| Content licensing and other | $193.0M | 2.9% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $1.64B, down 3.7% from a year earlier, and net income was $211.0M (-30.1%).
- For fiscal 2025, revenue was $6.69B (-5.3% year over year) with a 13.9% net margin.
Financial health check
| Operating margin | 19% good |
|---|---|
| Free cash flow margin | 27.7% good |
| Return on equity (FY2025) | 9% watch |
| Return on assets (FY2025) | 7.5% watch |
| Net cash (cash minus debt) | $-1.23B watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2023 | $7.45B | $1.54B | $2.37B |
| FY2024 | $7.06B | $1.36B | $2.16B |
| FY2025 | $6.69B | $930.0M | $1.85B |
Valuation snapshot
| Market value | $4.27B |
|---|---|
| P/E ratio | 4.6 |
| Dividend yield | 3.72% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| VSNT price data to Oct 28, 2026 | -21.9% | — | — | — | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -21.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 7 open-market purchases ($6.2M) and 0 sales ($0.00).
| Date | Insider | Type | Value |
|---|---|---|---|
| Mar 5, 2026 | David C Novak Director | buy | $5.3M |
| Mar 9, 2026 | Gerald L Hassell Director | buy | $361K |
| Mar 12, 2026 | Leonard Potter Director | buy | $189K |
| Mar 11, 2026 | Leonard Potter Director | buy | $115K |
| Mar 10, 2026 | Leonard Potter Director | buy | $112K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 11.6% | Jun 30, 2026 |
| Vanguard Portfolio Management | 6.17% | Mar 31, 2026 |
| Vanguard Capital Management | 5.38% | Mar 31, 2026 |
What could go wrong
- Cord-cutting threatens its biggest revenue source. Fees from cable, satellite and streaming TV distributors made up 61.2% of 2025 revenue. Fewer pay-TV subscribers, or contract renewals on worse terms, can shrink that income. Revenue fell 5.3% in 2025.
- Costly sports rights may not be renewed. Sports rights have grown more expensive and competitive. The Premier League deal runs through the 2027-28 season, and NASCAR may cut its deal a year short. Losing rights could shrink audiences.
- No history as an independent company. Versant left Comcast on January 2, 2026. It must pay to build its own systems and relies on transition agreements with Comcast. It also faces limits on actions that could make the spin-off taxable.
- Ad dollars moving to digital rivals. Advertising was 23.6% of 2025 revenue. Advertisers have been shifting budgets to streaming and social platforms that target viewers more precisely. Lower ratings or a weak economy could also cut what they spend with Versant.
- Heavy debt from the spin-off. Versant took on substantial debt as part of the separation. As of June 30, 2026, total debt was about $2.95 billion, against $1.73 billion of cash and investments. Debt payments can limit flexibility.
- Brian Roberts holds outsized voting control. Comcast Chairman and CEO Brian L. Roberts beneficially owns Versant's Class B shares. They carry substantial voting rights and separate approval rights over certain major transactions, which limits Class A shareholders' influence.
Recent events
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Bylaws or fiscal year changed
- Major agreement signed; Acquisition or sale of assets completed; New debt or financial obligation; Change in control; Executive or board change; Bylaws or fiscal year changed; Other company announcement
- Investor presentation or announcement
For income and retirement investors
Versant has no dividend track record. It was part of Comcast through 2025 and paid no dividends or buybacks in fiscal 2023 through 2025, so it has no history of dividend increases. Its dividend yield (yearly dividends as a share of the stock price) was 3.72% as of October 28, 2026. But the 10-K warns that there is no assurance the Board will declare dividends or that the company will buy back shares. Free cash flow, the cash left after running and investing in the business, was $1.86 billion in 2025.
The shares began trading on January 5, 2026, so there is no record of how they held up in the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. In their first months of trading, they fell as much as 32.4% from a peak and were down about 22% for 2026 through October 28, 2026. Single stocks carry more risk than diversified funds.
Questions investors ask
What is Versant Media, and what channels does it own?
Versant is the cable network and digital media business that separated from Comcast on January 2, 2026. Its Class A shares began trading on Nasdaq as VSNT on January 5, 2026. Its networks include MS NOW, CNBC, USA Network, Golf Channel, E!, SYFY and Oxygen True Crime. It also owns digital platforms such as GolfNow, Fandango and Rotten Tomatoes. Comcast Chairman and CEO Brian L. Roberts keeps considerable influence through beneficial ownership of Class B shares. Those shares carry substantial voting rights.
How does Versant make money?
Mostly from fees that cable, satellite and streaming TV providers pay to carry its channels. In 2025, this “linear distribution” revenue was $4.09 billion, or 61.2% of the $6.69 billion total. (“Linear” means traditional scheduled TV.) The fees are generally based on subscriber numbers, so a shrinking pay-TV audience hurts. Advertising brought in $1.58 billion (23.6%). Platforms such as GolfNow, Fandango and SportsEngine added $826 million (12.4%). Content licensing and other sources added $193 million (2.9%).
Does Versant pay a dividend?
Yes, but the track record is short. The stock's dividend yield was 3.72% as of October 28, 2026. Versant was part of Comcast in fiscal 2023 through 2025 and paid no dividends of its own in those years, so it has no history of raising its payout. Its annual report also warns that it cannot promise its board will declare dividends or buy back stock under its share repurchase program.
Is Versant stock cheap?
It looks inexpensive compared with its profit, but its results are shrinking. As of October 28, 2026, its price-to-earnings (P/E) ratio was 4.6. That ratio compares the company's market value with a year's profit. It uses 2025 profit, earned while Versant was still part of Comcast. Revenue fell from $7.45 billion in 2023 to $6.69 billion in 2025. In the quarter ended June 30, 2026, revenue fell 3.7% from a year earlier and net income fell 30.1%. The shares fell 21.9% in 2026 through October 28.
How much debt does Versant have?
Versant took on substantial debt as part of its separation from Comcast. As of June 30, 2026, total debt was $2.95 billion and cash and investments were $1.73 billion. That leaves net debt (debt minus cash) of about $1.23 billion. Shareholders' equity was $8.11 billion. The business produced $1.86 billion of free cash flow in 2025, meaning the cash left after paying for operations and investment. That figure dates from before the separation. The annual report warns that the debt could restrict the business and weigh on cash flow.