Versant reported a 22.1% decline in first-quarter profit, with earnings falling to $286 million ($1.99 per share) on revenue of $1.7 billion, down 1.1% year-over-year. The drop came despite strong performance in its platforms segment, as declines in linear distribution and advertising revenues outweighed gains. Linear revenue fell 7.3% to $1.01 billion due to subscriber losses, while ad revenue dropped 5.2% to $368 million amid lower ratings.

The platforms segment grew 9.5%, driven by higher Fandango movie ticket sales, video-on-demand transactions, and Fandango1, along with increased bookings and subscription revenue at GolfNow. Content licensing surged 113.5% to $121 million, fueled by a major deal for 'Keeping up with the Kardashians' and other titles. The company also acquired StockStory, an AI-powered financial insights platform, to enhance CNBC’s data offerings.

Versant’s costs rose due to higher standalone public company expenses and interest after its separation from Comcast, though lower taxes partially offset the increase. Despite the profit dip, shares rose 11% in pre-market trading, reflecting investor confidence in its digital pivot. The company also announced the sale of SportsEngine to PlayMetrics and rebranded Indy Cinema to Fandango1 following integration.