Versant profits slid 32% to $930 million and revenue fell 5.3% to $6.7 billion in 2025 as the company’s results were weighed down by declines in its linear distribution, advertising and content licensing units.

Linear distribution revenue fell 5.4% to $4.1 billion as the company continued to feel the pain from viewers cutting the cord in favor of streaming, while ad revenue declined 8.9% to $1.6 billion, driven by ratings declines and lower political revenues coming out of the 2024 election. Content licensing and other revenue slipped 8.5% to $19 million, primarily due to the timing of entertainment licensing agreements.

But the platforms segment, which includes Fandango, Rotten Tomatoes, GolfNow, GolfPass, SportsEngine and CNBC subscription-based offerings, was a bright spot, with revenues climbing 3.9% to $826 million. The gains were led by GolfNow and Fandango.

The results come after Versant officially separated from Comcast in January. Shares jumped 5.3% in pre-market trading on Tuesday following the announcement as the company declared a $0.375 per share quarterly cash dividend and authorized up to $1 billion in share repurchases.

“Versant enters this next chapter as an independent, well-positioned media and entertainment company with strong momentum and clear strategic focus,” Versant CEO Mark Lazarus said in a statement. “In 2025, we strengthened our leadership in premium programming, expanded our audience, grew our platforms businesses, and successfully established ourselves as a standalone company. I couldn’t be more excited about what’s ahead as we invest in our iconic brands to evolve our business model. We aim to do so with a focus on delivering strong shareholder returns, both in the near and long term.”

Approximately 62% of Versant’s total engagement comes from live news and sports. Over the next several years, half of the company’s revenue is expected to come from its new growth areas, while the other half will come from the pay TV business. Over half of the company’s pay TV subscriber base are covered by distribution agreements through 2028 and beyond.

Versant plans to expand its existing digital offerings, with Fandango at Home, a free, ad-supported streaming offering, set to launch in the second half of 2026. MS Now will also launch a new direct-to-consumer service in summer 2026, which allow users to watch the network’s programming via a live feed and serve as a digital hub for progressives centered around “community, membership, and democracy,” per the network’s president Rebecca Kutler.

CNBC will also evolve its Pro offering and launch a new product aimed at retail investors that will feature stock recommendations, tools and data, real-time information and AI-powered quantitative analysis. Over time, the retail investor service will explore other areas of interest, including wealth, energy and options.

The network also struck a multi-year agreement with Kalshi to incorporate real-time prediction data into its coverage across linear, digital and streaming and will partner with AI companies to develop new products and explore audience needs around cryptocurrency.

Additionally, Versant is expanding into new international markets through the acquisition of the cloud-based cinema operating system Indy Cinema Group, which will be integrated into its loyalty, payments and ticketing services. It also completed the acquisition of FAST channel and free over-the-air digital broadcast networks provider Free TV Networks in January as it looks to expand its forms of distribution.

At the same time, Versant isn’t ruling out asset sales, conducting a strategic review of alternatives for SportsEngine. An insider familiar with the discussions previously told TheWrap that the company received initial interest from about 80 parties, which was narrowed to around ten as of December. The insider pegged the youth sports technology platform’s valuation at around $400 million to $500 million.

More to come…