Versant Beats Expectations Despite Cord-Cutting

Versant Media Group exceeded Wall Street expectations in its first quarter earnings, despite a 1.1% dip in revenue to $1.69 billion and a 22% drop in net income to $286 million. The company, which includes networks like CNBC and MSNBC, saw pay-TV revenue decrease by 7.3% and ad revenue drop by 5.2%, but these declines were less severe than last year. Shares surged by up to 16% in premarket trading, reflecting investor approval of the earnings beat. Versants platforms business, including Rotten Tomatoes and Fandango, grew by 9.2% to $192 million. The company also plans to buy back another $100 million in shares this quarter. Looking ahead, Versant aims to balance revenue between traditional TV and digital streams to adapt to the evolving media landscape. Support the show:Get a discount at https://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/05427dd4616aee7a