Versant Media reported third-quarter earnings of $1.59 billion, surpassing analyst expectations for adjusted EBITDA at $353 million, compared to the anticipated $305 million. The company achieved a net income of $47 million, or 34 cents per share, despite a decline in advertising revenue to $373 million, down 5.3% year-over-year, largely due to the absence of last year's Ryder Cup.
Digital platform revenue, including Fandango, rose nearly 10% year-over-year, contributing significantly to overall growth. CEO Mark Lazarus emphasized the company's strategy to deepen consumer relationships and expand its market reach. Versant's portfolio, which includes CNBC and Golf Channel, reached over 120 million viewers monthly, with double-digit growth in aggregate viewership.
The company also launched new direct-to-consumer products and plans to diversify its revenue mix, aiming for 50% from digital and subscription services. Despite a 5.8% decline in linear TV revenue, live sports remain a strong engagement driver.
Versant announced a $100 million accelerated stock repurchase program, expected to complete in the fourth quarter, and reaffirmed its full-year revenue outlook of $6.2 billion to $6.45 billion, with free cash flow now projected to exceed $1.2 billion