Versant Media Group (VSNT) Q4 2025 earnings summary

Executive summary

• Completed transition to a standalone public company, advancing strategy in premium content, brand reach, and digital growth, and expanded leadership in four core markets through strategic acquisitions.

• Operates in business news, political news, golf, and sports/entertainment, maintaining leadership positions in each.

• Reaches about 100 million people monthly, with 60% of audience from news and sports.

• Launched new D2C initiatives for CNBC and MS NOW, and expanded digital and free TV offerings.

• Acquired INDY Cinema Group and Free TV Networks, reinforcing distribution and engagement strategy.

Financial highlights

• 2025 revenue was $6.69 billion, down 5.3% year-over-year, mainly due to pay TV pressures and post-election ad normalization.

• Standalone adjusted EBITDA was $2.18 billion, down 9% year-over-year, with margins above 30%.

• Free cash flow totaled $1.5 billion for the year.

• Linear distribution revenue was $4.09 billion, down 5.4% year-over-year; advertising revenue was $1.58 billion, down 8.9%.

• Platforms revenue grew 3.9% to $826 million, led by GolfNow; content licensing and other revenue was $193 million, down 8.5%.

Outlook and guidance

• 2026 revenue expected between $6.15–$6.4 billion, supported by political advertising and new products.

• Adjusted EBITDA guidance for 2026 is $1.85–$2 billion, with continued investment in growth.

• Free cash flow expected between $1–$1.2 billion in 2026.

• CapEx to be modestly above 2025, mainly for new headquarters and platform investments.

• Committed to ongoing quarterly dividends and share repurchases, subject to board approval and market conditions.