USA and E! owner Versant reports advertising decline

USA Network, Syfy and Oxygen owner Versant Media Group’s advertising revenues declined almost 9% in 2025, with net income falling more than 30% to $930m (£699m).

The Mark Lazarus-led company said total revenues had come in at $6.69bn, down 5% on the £7.06bn in 2024, while advertising fell 9% to $1.58bn and distribution revenue declined 5% to hit $4.09bn.

Revenue from digital sites such as Fandango and Rotten Tomatoes was up almost 4% to $826m, but adjusted EBITDA across the group fell 15% to $2.43bn.

The figures, which were based partly on a period under NBC Universal ownership, marked the first time its operating results had been revealed.

Lazarus also unveiled plans to launch a new standalone streamer carrying MS Now (fka MSNBC). The news, coupled with results that were above most Wall Street expectations, sent shares up 5% in pre-market trading.

Versant was created last year after former parent NBCUniversal spun off its cable networks, which were once dominant forces but had been weighing on the Comcast-owned giant’s operations.

Versant’s revenues are at present dominated by pay TV, but it is aiming to balance this with more SVoD, AVoD and digital expansion over the coming years, with no plans to expand its cable operations.

Brands inside the new entity also include MS Now, CNBC and E!, and Lazarus said Versant was bullish about its prospects, describing the nascent company as “an independent, well-positioned media and entertainment company with strong momentum and clear strategic focus.”

The company revealed a 16-strong line-up for its first programming slate under commissioning chief Val Boreland and her team, with shows such as Cineflix’s Anna Pigeon for USA and E! commissioning five unscripted series.

“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,” he added.

Lazarus said the 2025 results demonstrated the “underlying strength and durability of Versant’s business, with strong profitability, margins and cash flow generation.”

The company said it would be investing “in exciting new initiatives across our brands to extend audience reach, grow new revenue streams, and deliver attractive financial returns.”

Versant declared a $0.375 per-share cash dividend and is also repurchasing up to $1bn of its stock.