Versant's linear distribution revenue fell 5.8% in the third quarter as Fandango lifted platforms revenue

Versant Media Group, which separated from Comcast on January 2 and whose networks include MS NOW, CNBC, USA Network and Golf Channel, said on November 3, 2026, that total revenue fell 4.2% to $1.594 billion in the three months to September 30. Linear distribution revenue, the money pay-TV distributors pay to carry its networks, fell 5.8% to $935 million.

The company blames mainly fewer subscribers, with contractual rate increases softening the fall, and its quarterly report says it expects “continued declines in the number of subscribers and linear distribution revenue.” Net income attributable to Versant fell to $47 million from $80 million, which it explains by lower revenue, public-company costs and interest expense, partly offset by a prior-year impairment loss.

Four revenue lines, one growing

The fall in linear distribution has slowed this year: about 7.3% in the first quarter and 6.2% in the second (our calculation from Versant's figures), then 5.8% in the third. The line still made up about 59% of revenue, against about 60% a year earlier, while platforms rose to about 15% from about 13% (our calculation).

Advertising fell 5.3%, which Versant ties to the Ryder Cup in last year's quarter. It says recent trends improved, citing favorable ratings and incremental revenue from an acquisition. Platforms revenue rose 9.6% to $245 million, or 17.4% excluding SportsEngine, sold in the second quarter, and Full Swing, a sports technology company bought on August 3 for about $536 million. Versant says the increase came mainly from Fandango: movie ticket sales, which it links to the box office, and a new cinema operating platform.

The audience case, in the company's words

Versant's release describes a growing audience. It says its networks reached more than 120 million viewers a month, that aggregate viewership grew by double digits, that MS NOW ranked as the second-most-watched cable network in the quarter, and that viewing of the WNBA's first season on USA was up 25% on the prior year's cable average. The release does not name a ratings source for those claims. Chief executive Mark Lazarus also pointed to “the completion of all planned pay television distribution renewals for the year.”

The wider cable audience is the backdrop. Nielsen put cable at 18.9% of TV watch-time in August 2026, the latest month on its Gauge page when we checked, with news the category's largest genre at 25% of its viewing. That is a figure for all of cable, not for Versant. Our report on that month has the streaming side.

Versant is also trying to reach viewers directly. It launched MS NOW Membership ahead of the midterm elections and says CNBC's new digital offering will start early next year. The release gives no membership numbers.

Outlook and cash

Adjusted EBITDA fell 20.9% to $353 million, or 7.4% against a 2025 figure adjusted for the costs of operating without Comcast. Versant reaffirmed its 2026 outlook of $6.2 billion to $6.45 billion in revenue and $1.90 billion to $2.05 billion in Adjusted EBITDA, and said free cash flow should exceed its earlier $1.0 billion to $1.2 billion range. With $4.925 billion booked in nine months, the revenue range leaves $1.275 billion to $1.525 billion for the fourth quarter, below the $1.610 billion of a year earlier (our calculation).

The company took on about $3.0 billion of debt in the separation and used part of the proceeds for a $2.25 billion payment to Comcast. It says it has returned $457 million to shareholders so far, and it declared a $0.375 quarterly dividend and planned another $100 million accelerated share repurchase.