Versant Media Group (VSNT) Morgan Stanley Technology, Media & Telecom Conference 2026 summary

Key learnings and strategic direction

• Spinning off from Comcast unlocked value in iconic brands and enabled nimble decision-making.

• Closed two small acquisitions and announced three organic investments in the first months as a standalone company.

• Strong balance sheet and low leverage support both investment and shareholder returns.

• Independence allows for faster execution compared to operating within a larger conglomerate.

Core business verticals and growth initiatives

• Four verticals: business news (CNBC), political news (MS NOW), golf, and entertainment/sports.

• CNBC to launch revitalized direct-to-consumer products with AI-driven tools.

• MS NOW to develop digital video, newsletters, and podcasts, leveraging a highly engaged audience.

• Golf vertical expanding internationally and diversifying revenue through software and subscriptions.

• Fandango to transition into a free AVOD business, leveraging strong brand and customer data.

Revenue mix evolution and live programming

• Targeting a shift from 83% pay TV in 2024 to 30-33% over 3-5 years, aiming for a 50/50 revenue split.

• Over 60% of audience distribution comes from live news and sports, which remain resilient in ratings.

• Live content is prioritized for its value to advertisers, distributors, and audiences.