Versant Media Reports Lower First Quarter Profit Amid Revenue Decline
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Versant Media, the owner of MS NOW and CNBC, reported a decline in net income to $286 million for its first fiscal quarter following its separation from Comcast. The company cited lower revenue, higher costs, and subscriber losses at its networks. Its direct-to-consumer revenue grew, driven by e-commerce businesses, and it is developing a new subscription app.
Facts First
- Net income fell $81 million to $286 million, or $1.99 per share.
- Revenue decreased by 1.1% to nearly $1.69 billion.
- Ad revenue declined 5% and distribution fees fell 7.3%.
- Direct-to-consumer revenue rose 9.5% to $192 million.
- Versant is developing a new subscription app based on MS NOW.
What Happened
Versant Media reported its first fiscal quarter results since separating from its parent company Comcast (NBCUniversal/NBCU). Net income fell to $286 million, compared to $367 million in the previous year. The company attributed the decline to lower revenue, higher public company costs, and interest expense. Total revenue decreased by 1.1% to nearly $1.69 billion as the company experienced lower ratings and subscriber losses at its cable networks.
Why this Matters to You
If you are a subscriber to Versant Media's cable networks like MS NOW or CNBC, you may have noticed changes in programming or service. The company's financial performance could influence its investment in new content and digital services. The growth in its direct-to-consumer operations, driven by platforms like GolfNow and Fandango, suggests a continued shift toward digital and e-commerce offerings.
What's Next
Versant Media is developing a new subscription app based on MS NOW intended to enhance community among its audience. The company recently acquired StockStory, an AI-driven financial insights platform, which is expected to be used in CNBC's direct-to-consumer operations. These moves could signal a strategic focus on growing its digital and subscription-based revenue streams.