Versant Media Group (VSNT) Morgan Stanley Technology, Media & Telecom Conference 2026 summary

Key learnings and strategic direction

• Spinning off from a larger parent unlocked value in well-known brands and enabled nimble decision-making, including two small acquisitions and three organic investments in the first months as a standalone entity.

• Strong balance sheet and low leverage support both investment in business growth and shareholder returns.

• Focus is on four core verticals: business news (CNBC), political news (MS NOW), golf, and entertainment/sports, each with tailored growth strategies.

• Transitioning revenue mix from heavy pay TV dependence (83% in 2024, 81% in 2025) toward a 50/50 balance with digital and other streams over 3–5 years.

• Live programming, especially in news and sports, remains resilient and is central to audience retention and advertising value.

Growth initiatives and digital transformation

• Investing in direct-to-consumer products for CNBC and MS NOW, including AI-driven tools and expanded digital video, newsletters, and podcasts.

• Golf vertical expanded internationally and diversified into software and subscription services, now matching the size of the linear golf business.

• Launching Fandango AVOD to leverage strong brand and customer data for targeted advertising and content recommendations.

• Free TV Networks acquisition targets underserved genres and aims for rapid ad revenue growth, leveraging expertise in true crime and other niches.

• INDY Cinema acquisition provides enterprise software for cinema operators and optionality for broader ticketing services.

Revenue mix evolution and market positioning

• Mitigating linear TV decline through live content, distribution renewals, and maintaining exclusivity of content to pay TV.

• Organic growth prioritized, with bolt-on acquisitions considered if they expand core verticals.

• Free-to-air and AVOD platforms seen as key growth areas, with bullish outlook based on industry trends and proprietary audience data.

• No plans for an aggregated SVOD service; exclusivity of content to pay TV seen as a negotiating advantage.

• Positioned strongly in skinny bundles due to focus on news and sports, with minimum distribution thresholds maintained.