Versant Media Group, Inc. (NASDAQ: VSNT)

Versant is a media and entertainment business that operates in four core markets: political news and opinion, business news and personal finance, golf and athletics participation, and sports and genre entertainment. The company reaches over 50 million viewers each week across its television networks, which include MS NOW (approximately 59 million U. S. households), CNBC (about 59 million), USA Network (roughly 60 million), Golf Channel (near 49 million), E! (around 59 million), SYFY (approximately 59 million), and Oxygen (about 60 million) as of December 31, 2025. It also delivers content through digital platforms such as GolfNow, which offers tee time bookings at roughly 9,000 courses worldwide, Fandango, which provides ticketing to over 30,000 U. S. screens and hosts a video on demand service, Rotten Tomatoes for film and television reviews, and SportsEngine, which supports youth sports league management. Versant produces, licenses, and acquires news, sports, and entertainment programming that it distributes via its networks and digital outlets to serve viewers, subscribers, advertisers, distributors, and licensing partners.

Versant generates revenue primarily from the distribution of its television networks to multichannel video programming distributors, the sale of advertising across its linear and digital properties, fees earned from its digital platforms such as GolfNow, Fandango, and SportsEngine, and the licensing of its owned content to third parties. Distribution revenue is typically based on subscriber counts and per subscriber fees paid by MVPDs, while advertising revenue depends on audience ratings, demographic value, and market demand for ad units across its networks and digital sites. Platform revenue includes transaction based fees from GolfNow's tee time reservations and golf course technology services, Fandango's movie ticketing and concession fees, and SportsEngine's league management services, as well as subscription offerings such as CNBC's branded direct to consumer products and GolfPass instructional content. Licensing income stems from granting rights to its programming and audio feeds to television networks, streaming services, and other platforms.

The company operates through the following segments.

• Reportable Business Segment: The company's operations are presented as a single reportable business segment that encompasses its television networks (including MS NOW, CNBC, USA Network, Golf Channel, E!, SYFY, and Oxygen), digital platforms (GolfNow, Fandango, Rotten Tomatoes, and SportsEngine), content creation and acquisition, and licensing arrangements.

Versant holds a strong position in the media and entertainment industry, benefitting from a diversified brand portfolio that reaches over 50 million viewers each week across news, sports, and entertainment genres. Its competitive advantages include long term sports rights that extend into the 2030s, such as Premier League coverage through the 2027 to 2028 season, PGA Tour events through 2033, WWE programming through 2029, PAC 12 rights through the 2030 to 31 season, NASCAR agreements through 2031, and WNBA rights through 2036. The company also leverages a suite of growing digital platforms such as GolfNow, Fandango, Rotten Tomatoes, and SportsEngine that provide recurring transaction based revenue and opportunities for subscriber growth. Supported by a solid balance sheet and consistent operating cash flow, Versant can invest in content, pursue acquisitions, and return capital to shareholders while navigating competitive pressures from other television networks, streaming services, and digital content providers for distribution, advertising spend, and programming rights.

Versant serves a diverse customer base that includes television viewers, paying subscribers of its linear and digital services, advertisers seeking to reach its audiences, multichannel video programming distributors that carry its networks, and third parties that license its content. Although specific partner names are not disclosed in the filing, the company’s constituents span individual consumers and business customers across its core markets of news, sports, and entertainment.