March 3 (Reuters) - Versant Media reported a smaller-than-expected decline in quarterly revenue and unveiled a $1 billion share buyback on Tuesday, in the first results for the owner of CNBC and MS Now since it was spun out of Comcast.
Shares of the company were up 5.6% in premarket trading.
The results indicate Versant's legacy linear cable business is holding up better than expected, even as the industry contends with a steady drop in traditional TV viewership amid the shift toward on‑demand streaming that offers more choice and flexibility than scheduled broadcasts.
Versant shares have plunged about 20% since their market debut in January as investors grow wary of the challenges facing its cable-heavy portfolio.
The company also houses brands including USA Network, Golf Channel, Oxygen, E!, SYFY, along with digital assets like Fandango, Rotten Tomatoes and GolfNow.
Comcast completed the separation of most of its linear networks into Versant, reducing its exposure to a business that has been steadily losing viewers and advertisers to digital‑first players such as Netflix.
In the fourth quarter, Versant's revenue fell nearly 7% to $1.61 billion, compared with analysts' estimates of $1.57 billion, according to three analysts polled by LSEG.
Versant's revenue in 2025 fell 5.3% to $6.69 billion.
(Reporting by Harshita Mary Varghese in Bengaluru; Editing by Maju Samuel)
