Versant Media Group Inc (VSNT) is a media and entertainment company that operates a portfolio of cable and broadcast television networks, distributing content to audiences through linear pay-TV, advertising, and digital platforms. Revenue comes from four streams: linear distribution fees paid by pay-TV operators, advertising sold against network audiences, platform revenue from digital and streaming distribution, and content licensing. In FY2025, total revenue was $6.69 billion, with linear distribution at $4.09 billion (61% of total), advertising at $1.58 billion (24%), platforms at $826 million (12%), and content licensing and other at $193 million (3%). All four segments declined year-over-year except platforms, which grew 3.9% from FY2024. The company is headquartered at 229 West 43rd Street, New York, New York, and operates networks including USA, Oxygen, SYFY, and E!. Over 50 million viewers watched content on a Versant network each week in 2025, with live sports and news comprising the majority of hours watched.

Revenue model

Four revenue streams as of FY2025: linear distribution fees ($4.09B), advertising ($1.58B), platforms ($826M), and content licensing and other ($193M). Linear distribution and advertising are both in multi-year decline; platform revenue is growing. Programming and production costs were $2.45B in FY2025.

Products and services

Cable and broadcast television networks including USA Network, SYFY, Oxygen, and E!. Licensed content includes Law & Order: Special Victims Unit (USA), Forensic Files (Oxygen), and film franchises including Harry Potter (USA and SYFY), The Hunger Games (USA), and Fast & Furious (E!). Unscripted content is produced on a work-for-hire basis and licensed to third parties. Live sports and news programming anchors audience reach across the network portfolio.

Customers and end markets

End markets include pay-TV operators (linear distribution fees), advertisers buying against network audiences, and digital platform partners. Advertising revenue is subject to cyclical patterns tied to political election years and sporting event schedules. The company reports over 50 million weekly viewers across its networks in 2025.

Value-chain role

Content aggregator and network operator. Sources entertainment programming under license from film studios, production companies, and rights holders through competitive bidding. Owns rights to unscripted content produced on a work-for-hire basis. Distributes content via linear pay-TV carriage, advertising-supported broadcast, and digital platforms. Licenses owned content to third parties.

Geographic exposure

Primary operations in the United States, subject to FCC and FTC regulation. Also subject to EU General Data Protection Regulation, UK Data Protection Act of 2018, and other international regulations, indicating some international operations. Piracy risk is noted as particularly prevalent in markets outside the United States.

Source: SEC 10-K, filed 2026-03-03

Industry: Television Broadcasting Stations