Versant Posts First Standalone Earnings As CEO Mark Lazarus Hones Strategic Focus, Stock Pops

Newly independent Versant Media reports financials after separating from Comcast, announces new streaming products

Mar. 3, 2026 at 7:31am

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Versant Media, the newly independent media company formerly part of Comcast, reported its first set of standalone financials for 2025. The company saw a 32% drop in net profit to $930 million on a 5.4% decline in revenue to $7 billion. However, the stock price rose over 5% in early trading as CEO Mark Lazarus outlined Versant's strategic focus, including plans for a new standalone MS Now streaming service, a CNBC subscription offering, and a streaming platform for Fandango.

Why it matters

Versant's first standalone earnings report provides insight into the company's performance and strategic direction after splitting from media giant Comcast earlier this year. The results and Lazarus' announcements of new streaming products signal Versant's efforts to diversify beyond its traditional pay-TV business and capitalize on growing digital media trends.

The details

Versant's 2025 revenue breakdown showed linear distribution down 5.4% to $4.1 billion, advertising off 9% at $1.6 billion, platforms up 3.9% at $826 million led by Golf Now and Fandango, and content licensing and other down 8.5% to $193 million. Adjusted EBITDA fell 14% to $2.42 billion. The company ended the year with $1.09 billion in cash and $983 million in long-term debt.

  • Versant formally split from Comcast in early January 2026.
  • Versant reported its first set of standalone financials for the full year 2025.

The players

Versant Media

A newly independent media company that was previously part of Comcast.

Mark Lazarus

The CEO of Versant Media who outlined the company's strategic focus, including plans for new streaming products.

Comcast

The Philadelphia-based media giant from which Versant Media separated earlier this year.

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What they’re saying

“Versant enters this next chapter as an independent, well-positioned media and entertainment company with strong momentum and clear strategic focus. In 2025, we strengthened our leadership in premium programming, expanded our audience, grew our platforms businesses, and successfully established ourselves as a standalone company.”

— Mark Lazarus, CEO

What’s next

Versant plans to launch its new MS Now streaming service and CNBC subscription offering in the coming year as it continues to diversify its business beyond traditional pay-TV.

The takeaway

Versant's first standalone earnings report highlights the company's efforts to adapt to industry shifts by investing in new digital media products and platforms, even as its core pay-TV business faces ongoing challenges. The stock price increase suggests investors are optimistic about Versant's strategic direction under CEO Mark Lazarus.