Versant Media Group (VSNT) 34th Annual Media, Internet & Telecom Conference summary

Strategic positioning and business model evolution

• Operates leading brands in personal finance, political news, golf, and entertainment, with 60% of audience engagement in live news and sports.

• Extending brands beyond pay TV through digital platforms like GolfNow and Fandango, targeting significant growth in non-pay TV revenue from 19% to 33% in 3–5 years, aiming for 50% long-term parity.

• Independence from former parent enables nimble capital allocation, faster execution, and focused investment in core verticals.

• Strong financial model and capital structure support ongoing profitability and shareholder value through dividends and buybacks.

Growth opportunities and digital initiatives

• All four verticals (business news, politics, golf, entertainment) seen as attractive, with digital consumer services for CNBC and MS NOW targeting retail investors.

• GolfNow and Fandango have under 10% market share, offering substantial room for expansion via increased sales efforts and adjacent markets.

• AVOD service for Fandango and Free TV acquisition drive push into ad-supported, non-pay TV space, leveraging brand recognition and data for differentiation.

• Direct-to-consumer services are brand-specific, leveraging existing infrastructure for efficient customer acquisition and modest investment, with near-term positive P&L contribution expected.

Financial outlook and revenue mix

• 2026 guidance assumes continued but moderating decline in revenue and EBITDA, with most pay TV contracts locked in until 2028 and beyond.

• High single-digit organic growth expected in platforms revenue, with advertising and content licensing as additional drivers for non-pay TV revenue mix.

• Content licensing, though variable, is a growing revenue stream, with notable deals like the Kardashians franchise sale.