Versant Media Group (VSNT) Goldman Sachs Communacopia + Technology Conference 2026 summary

Financial and operational performance

• Achieved strong EBITDA growth and healthy free cash flow in the first half of the year, with robust margins and positive financial metrics across the portfolio.

• Audience reach extends to 120 million pay TV viewers, with double-digit ratings growth across all networks.

• Platform businesses, including GolfNow and Fandango, delivered 9% underlying revenue growth in both Q1 and Q2.

• Capital allocation focuses on returning capital to shareholders, investing in growth, and maintaining a healthy balance sheet.

Strategic initiatives and growth priorities

• Launched MS NOW direct-to-consumer (D2C) product with exclusive content and interactive features to engage core and new audiences.

• CNBC D2C offering in development, targeting retail investors with AI-enabled tools and trusted financial insights.

• Acquired Full Swing, a golf simulator company, to leverage synergies with existing golf assets and expand in the growing off-course golf market.

• Divested SportsEngine to focus on core verticals and maximize capital efficiency.

• Goal to generate 50% of revenue from non-pay TV sources, with progress shown in golf and ongoing initiatives in other verticals.

Advertising and distribution dynamics

• MS NOW achieved nine consecutive months of audience growth, with editorial changes and broader guest diversity driving momentum.

• Approximately 75% of ad inventory is sold upfront, with the remainder monetized in scatter, allowing for incremental revenue from ratings gains.

• Recent multi-year carriage renewals in the U.S. and Canada validate the strength of the portfolio and support future negotiations.

• Positioned strongly in news and sports bundles, ensuring broad distribution and negotiating leverage.

• NBCU continues to represent linear ad inventory for a two-year transition period, with in-house digital sales capabilities already established.