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Debt Obligations - Senior Secured Notes (Details) - Senior Secured Notes - Senior Notes - USD ($)	1 Months Ended
	Oct. 31, 2025	Dec. 31, 2025
Debt Instrument [Line Items]
Aggregate principal amount	$ 1,000,000,000.0
Stated interest rate (as a percent)	7.25%
Carrying value of long-term debt		$ 983,000,000
Fair value of long-term debt		$ 1,030,000,000.00
Debt Instrument, Redemption, Option One
Debt Instrument [Line Items]
Redemption price, percentage	100.00%
Debt Instrument, Redemption, Option Two
Debt Instrument [Line Items]
Redemption price, percentage	103.00%
Redemption price, percentage of principal amount redeemed	10.00%
Debt Instrument, Redemption, Option Three
Debt Instrument [Line Items]
Redemption price, percentage	107.25%
Redemption price, percentage of principal amount redeemed	40.00%

COMBINED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions	Total	Net Comcast Investment	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests
Balance, beginning of year at Dec. 31, 2022		$ 12,373	$ (9)	$ 117
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Transactions with Comcast, net		(2,344)
Net income	$ 1,540	1,539		0
Other comprehensive income (loss)			1	0
Reduction of noncontrolling interests				0
Balance, end of year at Dec. 31, 2023	11,677	11,568	(8)	117
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Transactions with Comcast, net		(2,126)
Net income	1,365	1,363		2
Other comprehensive income (loss)			(1)	0
Reduction of noncontrolling interests				0
Balance, end of year at Dec. 31, 2024	10,915	10,805	(8)	118
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Transactions with Comcast, net		(1,436)
Net income	931	930		1
Other comprehensive income (loss)			1	0
Reduction of noncontrolling interests				(9)
Balance, end of year at Dec. 31, 2025	$ 10,402	$ 10,299	$ (7)	$ 110

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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+ Details

Investments	12 Months Ended
Investments	Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]
Investments	Investments Our investments are accounted for as nonmarketable equity securities. During the year ended December 31, 2025, we recorded an unrealized impairment loss of $40 million for one of our investments. The estimated fair value of $94 million was determined based on an analysis that leveraged multiples of earnings from comparable public companies, which are Level 2 inputs. The cumulative amount of downward adjustments to our nonmarketable equity securities totaled $102 million for investments that continue to be held as of December 31, 2025. We classify investments without readily determinable fair values that are not accounted for under the equity method as nonmarketable equity securities. The accounting guidance requires nonmarketable equity securities to be recorded at cost and adjusted to fair value at each reporting period. However, the guidance allows for a measurement alternative, which is to record the investments at cost, less impairment, if any, and subsequently adjust for observable price changes of identical or similar investments of the same issuer. We generally apply the measurement alternative, adjusting the investments for observable price changes of identical or similar investments of the same issuer, to our nonmarketable equity securities. When an observable event occurs, we estimate the fair values of our nonmarketable equity securities primarily based on Level 2 inputs that are derived from observable price changes of similar securities adjusted for insignificant differences in rights and obligations. We review our nonmarketable equity securities, each reporting period to determine whether there are identified events or circumstances that would indicate there is a decline in the fair value. For our nonpublic investments, if there are no identified events or circumstances that would have a significant adverse effect on the fair value of the investment, then the fair value is not estimated. We record the changes in value from observable events and impairments to investment and other income (loss), net.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Costs of Revenue - Schedule of Capitalized Content Costs (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Cost of Revenue [Abstract]
Licensed, including sports advances	$ 436	$ 519
Owned:
In production and in development	30	31
Released, less amortization	73	89
Total capitalized content costs, owned	103	120
Content costs	$ 539	$ 639

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 9,772	$ 9,987
Accumulated Amortization	$ (8,848)	(8,118)
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Remaining Useful Life as of December 31, 2025	1 year
Gross Carrying Amount	$ 9,043	9,033
Accumulated Amortization	$ (8,238)	(7,477)
Tradenames and other
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Remaining Useful Life as of December 31, 2025	1 year
Gross Carrying Amount	$ 729	954
Accumulated Amortization	$ (610)	$ (642)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-3

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 985
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481283/985-20-50-2

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483154/926-20-50-5

+ Details

Income Taxes - Narrative (Details) $ in Millions	12 Months Ended
Income Taxes - Narrative (Details) $ in Millions	Dec. 31, 2025 USD ($)
Income Tax Disclosure [Abstract]
Reduction in income taxes paid from Federal legislation	$ 15
Increase in deferred tax liability from Federal Legislation	$ 15

Revenue

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue


	Year ended December 31,
	2025		2024		2023
	(in millions)
Linear distribution	$	4,092	$	4,325	$	4,632
Advertising	1,577		1,731		1,865
Platforms	826		795		734
Content licensing and other	193		211		213
Total revenue	$	6,688	$	7,062	$	7,445

Linear distribution

We generate revenue from the distribution of television programming in the United States and in certain international markets to traditional multichannel video providers and to virtual multichannel video providers that offer streamed linear television networks.

Monthly fees received under distribution agreements with multichannel video providers are generally under multiyear agreements with revenue based on the number of subscribers receiving our television networks through the provider and a per subscriber fee. Payment terms and conditions vary by contract type, although terms generally include payment within 60 days. These arrangements are accounted for as licenses of functional intellectual property and revenue is recognized as programming is provided.

Advertising

We generate revenue from the sale of advertising on our linear television networks and digital platforms.

We have determined that a contract exists for our advertising sales once all terms and conditions are agreed upon, typically when the number of advertising units is specifically identified and scheduled. Advertisements are generally aired or delivered within one year once all terms and conditions are agreed upon. Revenue is recognized, net of agency commissions, in the period in which advertisements are aired or delivered and payment occurs thereafter, with payment generally required within 30 days. In some instances, we guarantee audience ratings for the advertisements. To the extent there is a shortfall in contracts where the ratings were guaranteed, a portion of the revenue is deferred until the shortfall is settled, typically by providing additional advertising units generally within one year of the original airing. The amount of future revenue to be earned related to fixed price contracts with advertisers in excess of one year totaled $234 million as of December 31, 2025, which will be recognized over the next 5 years.

Platforms

We generate revenue from services provided through our digital platforms. Our platforms facilitate consumer transactions, including tee time reservations at golf courses, the purchase of movie tickets, the rental or purchase of television and movie titles for streaming and registration with youth sports leagues. We also sell technology and related services to golf courses, movie theaters and youth sports organizations that leverage our platform, and also offer consumer subscription services, which provide access to streaming content.

We generally have concluded that we are an agent for the underlying consumer transactions on our platforms, and we therefore do not recognize the direct revenue from the sale of the golf rounds, movie tickets, television or movie titles rentals or purchases, or sports registrations.

End-consumers using our movie ticket and tee time platforms pay transaction-based fees. These fees are generally charged to customer credit cards and revenue is recognized at the time of the transaction based on the fee charged. We offer gift cards that customers may use for certain of our consumer services, primarily related to our movie ticket platform. We record a liability for estimated future gift card redemptions. We estimate the portion of these gift cards that will not be redeemed over time (“breakage”) based on historical redemption patterns. As of December 31, 2025 and 2024, the gift card liability for our movie ticket platform was $51 million and $53 million, respectively, including $36 million and $37 million in accrued expenses and other current liabilities, respectively, with the remainder presented in other noncurrent liabilities. Revenue recorded related to breakage on these gift cards was $12 million for the year ended December 31, 2025 and $15 million for each of the years ended December 31, 2024 and 2023.

Our technology solutions provide customers access to our cloud-based applications. Contracts for these and our agency services generally have terms ranging from one year to three years with consideration due over the contract term taking multiple forms, including variable amounts tied to the value of specified tee times, which we generally receive directly from the end consumer, a percentage of amounts charged for specified transactions or fixed amounts paid by the customer. We recognize revenue for technology solutions and agency services as the services are provided over the contract term based on our share of the underlying transactions or on a straight-line basis for fixed fee contracts.

We offer additional services to customers receiving our technology services including payment processing and other services related to customer operations. Payment processing fees are based on a percentage of each transaction processed and are recognized as transactions occur. Consideration for other services may be a fixed fee or based on variable amounts and are recognized as services are provided over the contract period. Revenue from customers that purchase multiple services is allocated between the separate services based on the respective standalone selling prices.

Subscription services are generally offered based on fixed amounts with monthly or annual terms. Subscription fees for the term are generally fixed and nonrefundable, and we recognize revenue over the term of the agreement.

Content Licensing

We generate revenue from the licensing of our owned content to television networks and direct-to-consumer streaming service providers, as well as through video on demand services provided by multichannel video providers and other service providers. These agreements generally include fixed pricing and span multiple years.

We recognize revenue when the content is delivered and available for use by the licensee. When the term of an existing agreement is renewed or extended, we recognize revenue when the licensed content becomes available under the renewal or extension. Payment terms and conditions vary by contract type, although payments are generally collected over the license term. The amount of future revenue to be earned related to fixed pricing under existing third-party agreements is $88 million, which will be recognized within one year.

Combined Balance Sheets


	December 31,
	2025		2024
	(in millions)
Receivables, gross	$	1,161	$	1,253
Less: Allowance for credit losses	10		8
Receivables, net	$	1,151	$	1,245


	Changes in Allowance for Credit Losses
	2025		2024		2023
	(in millions)
Beginning balance	$	8	$	18	$	18
Current-period provision for expected credit losses	(1)		1		—
Write-offs charged against the allowance, net of recoveries and other	3		(10)		—
Ending balance	$	10	$	8	$	18

Customer Concentration

Our most significant accounts receivable balances relate to our linear distribution agreements with large multichannel video providers. As of December 31, 2025 and 2024, our ten largest multichannel video provider customers accounted for approximately 56% and 55% of our total accounts receivable, respectively. For each of the periods presented, revenues from arrangements with Comcast totaled between 10% and 11% of our total revenue. Refer to Note 11 for revenue and accounts receivable information related to distribution and other arrangements with Comcast. In addition, for the year ended December 2025, revenue from one other customer represented 11% of our total revenue.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Revenue - Schedule of Receivables (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Receivables, gross	$ 1,161	$ 1,253
Less: Allowance for credit losses	10	8	$ 18	$ 18
Receivables, net	$ 1,151	$ 1,245

Investments (Details) $ in Millions	12 Months Ended
Investments (Details) $ in Millions	Dec. 31, 2025 USD ($)
Investments, Debt and Equity Securities [Abstract]
Unrealized impairment loss	$ 40
Estimated fair value of equity securities without readily determinable fair values	94
Cumulative amount of downward adjustment	$ 102

Revenue - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Gift card liability, current	$ 163	$ 135
Accounts Receivable \| Customer Concentration Risk \| Ten Largest Multichannel Video Provider Customers
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Customer concentration	56.00%	55.00%
Revenue from Contract with Customer Benchmark \| Customer Concentration Risk \| One Other Customer
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Customer concentration	11.00%
Minimum \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk \| Comcast
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Customer concentration	10.00%	10.00%	10.00%
Maximum \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk \| Comcast
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Customer concentration	11.00%	11.00%	11.00%
Linear distribution
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Payment terms	60 days
Advertising
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Payment terms	30 days
Platforms \| Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract term	1 year
Platforms \| Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract term	3 years
Platforms, gift cards
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total gift card liability	$ 51	$ 53
Gift card liability, current	36	37
Breakage revenue	12	$ 15	$ 15
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Advertising
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Future revenue to be earned	$ 234
Future revenue to be earned, period of recognition	5 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Content Licensing
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Future revenue to be earned	$ 88
Future revenue to be earned, period of recognition	1 year

Related Parties (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Revenue

^[1]

$ 6,688

$ 7,062

$ 7,445

Cost of revenue

^[2]

2,937

3,064

3,154

Content costs

539

639

Selling, general and administrative

1,469

1,167

1,231

Other current assets

Accrued expenses and other current liabilities

141

111

Revenue

928

1,260

1,340

Accounts receivable

123

208

Cost of revenue

1,240

1,420

Content costs

302

286

Content obligations

112

Other current assets

Accrued expenses and other current liabilities

Related Party | Transactions

Cost of revenue

973

1,160

1,150

Selling, general and administrative

Cost of revenue

264

266

277

Selling, general and administrative

$ 844

$ 870

$ 910

[1]	Includes related party amounts totaling $928 million, $1.26 billion and $1.34 billion for 2025, 2024 and 2023, respectively.
[2]	Includes related party amounts totaling $1.24 billion, $1.42 billion and $1.42 billion for 2025, 2024 and 2023, respectively.

COMBINED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Current Assets:
Cash and cash equivalents	$ 55	$ 8
Restricted cash	1,034	0
Receivables, net	1,151	1,245
Assets held for sale	196	0
Other current assets	66	65
Total current assets	2,502	1,318
Content costs	539	639
Investments	214	254
Property and equipment, net	423	143
Intangible assets, net	924	1,869
Goodwill	7,611	7,732
Other noncurrent assets, net	120	94
Total assets	12,333	12,049
Current Liabilities:
Accounts payable	151	102
Deferred revenue	163	135
Accrued content obligations	105	198
Accrued employee costs	62	43
Accrued expenses and other current liabilities	141	111
Total current liabilities	622	590
Deferred income taxes	191	428
Noncurrent content obligations	72	77
Long-term debt	983	0
Other noncurrent liabilities	63	39
Commitments and contingencies
Equity:
Net Comcast investment	10,299	10,805
Accumulated other comprehensive loss	(7)	(8)
Total Comcast equity	10,292	10,797
Noncontrolling interests	110	118
Total equity	10,402	10,915
Total liabilities and equity	$ 12,333	$ 12,049

Description of the Company and Basis of Presentation (Details)	Dec. 31, 2025 market
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of core operating markets	4

Revenue - Schedule of Accounts Receivable, Allowance for Credit Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 8	$ 18	$ 18
Current-period provision for expected credit losses	(1)	1	0
Write-offs charged against the allowance, net of recoveries and other	3	(10)	0
Ending balance	$ 10	$ 8	$ 18

COMBINED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Currency translation adjustments, tax	$ 0	$ 0	$ 0

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of income before income taxes

Income Before Income Taxes


	Year ended December 31,
	2025		2024		2023
	(in millions)
Domestic	$	1,222	$	1,823	$	2,041
Foreign	6		20		28
	$	1,228	$	1,843	$	2,069

Schedule for the components of income tax expense

Components of Income Tax Expense


	Year ended December 31,
	2025		2024		2023
	(in millions)
Current Expense (Benefit):
Federal	$	334	$	472	$	508
State	102		143		150
Foreign	—		7		6
	436		623		665
Deferred Expense (Benefit):
Federal	(110)		(111)		(104)
State	(29)		(33)		(32)
Foreign	—		(1)		—
	(139)		(145)		(135)
Income tax expense	$	297	$	478	$	530

Schedule of items that effect income tax expense (benefit)

Our income tax expense (benefit) differs from the federal statutory amount because of the effect of the items detailed in the table below.


	Year ended December 31,
	2025				2024				2023
	Amount		%		Amount		%		Amount		%
	(in millions)
Federal tax at statutory rate	$	258	21.0	%	$	387	21.0	%	$	435	21.0	%
State income taxes, net of federal benefit (a)	57		4.7	%	86		4.7	%	97		4.7	%






Changes in valuation allowance	(23)		(1.9)	%	—		—	%	—		—	%
Other	5		0.4	%	5		0.3	%	(2)		(0.1)	%
Effective tax rate	$	297	24.2	%	$	478	26.0	%	$	530	25.6	%

(a) The majority of the tax effect in this category was attributable to state taxes in California, New York, Florida, Illinois, New Jersey, Pennsylvania, and Michigan for each of the years presented.

Schedule of the components of net deferred tax liability

Components of Net Deferred Tax Liability


	December 31,
	2025		2024
	(in millions)
Deferred Tax Assets:
Net operating loss and other loss carryforwards	$	4	$	28
Investments	30		26
Nondeductible accruals and other	25		11
Less: Valuation allowance	(12)		(37)
	47		27
Deferred Tax Liabilities:
Property and equipment	66		15
Intangible assets	169		437
	235		452
Net deferred tax liability	$	188	$	425

Summary of changes in the valuation allowance for deferred tax assets

Changes in our Valuation Allowance for Deferred Tax Assets


	2025		2024		2023
	(in millions)
Beginning balance	$	37	$	36	$	36
Additions charged to income tax expense and other accounts	10		1		—
Deductions from reserves	(35)		—		—
Ending balance	$	12	$	37	$	36

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

During the periods presented in these combined financial statements, our operations were included in the combined U.S. federal, state and foreign income tax returns filed by Comcast. Income tax expense and other income tax related information contained in the combined financial statements are calculated as if we were a separate corporation that filed separate income tax returns. We believe the assumptions underlying the calculation of income taxes on a separate return basis are reasonable. However, income tax expense and liabilities as presented in these combined financial statements do not necessarily reflect the results that we would have reported as an independent, standalone company for the periods presented.

Income Before Income Taxes


	Year ended December 31,
	2025		2024		2023
	(in millions)
Domestic	$	1,222	$	1,823	$	2,041
Foreign	6		20		28
	$	1,228	$	1,843	$	2,069

Components of Income Tax Expense


	Year ended December 31,
	2025		2024		2023
	(in millions)
Current Expense (Benefit):
Federal	$	334	$	472	$	508
State	102		143		150
Foreign	—		7		6
	436		623		665
Deferred Expense (Benefit):
Federal	(110)		(111)		(104)
State	(29)		(33)		(32)
Foreign	—		(1)		—
	(139)		(145)		(135)
Income tax expense	$	297	$	478	$	530

Our income tax expense (benefit) differs from the federal statutory amount because of the effect of the items detailed in the table below.


	Year ended December 31,
	2025				2024				2023
	Amount		%		Amount		%		Amount		%
	(in millions)
Federal tax at statutory rate	$	258	21.0	%	$	387	21.0	%	$	435	21.0	%
State income taxes, net of federal benefit (a)	57		4.7	%	86		4.7	%	97		4.7	%






Changes in valuation allowance	(23)		(1.9)	%	—		—	%	—		—	%
Other	5		0.4	%	5		0.3	%	(2)		(0.1)	%
Effective tax rate	$	297	24.2	%	$	478	26.0	%	$	530	25.6	%

(a) The majority of the tax effect in this category was attributable to state taxes in California, New York, Florida, Illinois, New Jersey, Pennsylvania, and Michigan for each of the years presented.

We base our provision for income taxes on our current period income, changes in our deferred income tax assets and liabilities, income tax rates, changes in estimates of our uncertain tax positions, tax planning opportunities available in the jurisdictions in which we operate and excess tax benefits or deficiencies that arise when the tax consequences of share-based compensation differ from amounts previously recognized in the statements of income. Current income tax expense has been offset by a corresponding change in net Comcast investment on the combined balance sheet. We recognize deferred tax assets and liabilities when there are temporary differences between the financial reporting basis and tax basis of our assets and liabilities and for the expected benefits of using net operating loss carryforwards. The determination of the realization of the net operating loss carryforwards is dependent on our subsidiaries’ taxable income or loss, redetermination from taxing authorities, and laws that can change from year to year and impact the amount of such carryforwards. We recognize a valuation allowance if we determine it is more likely than not that some portion, or all, of a deferred tax asset will not be realized. When a change in the tax rate or tax law has an impact on deferred taxes, we apply the change based on the years in which the temporary differences are expected to reverse. We record the change in our combined financial statements in the period of enactment.

Federal Legislation

On July 4, 2025, the U.S. H.R.1. legislation (“H.R.1.”) was enacted in the United States and provides, among other things, for immediate deduction of 100% of the costs of qualified property, including significant portions of our capital expenditures and film and television production costs, acquired and placed into service after January 19, 2025, compared to the 40% and 20% deductions that would have applied in 2025 and 2026, respectively, under prior law. H.R.1 also reinstates the immediate deduction of domestic research and development expenses, retroactive to 2022, repealing the prior requirement to capitalize and amortize such costs over five years. H.R.1 resulted in a reduction in our income tax obligation in net Comcast investment of approximately $15 million and a corresponding increase in our deferred tax liability. There is no material impact on our income tax expense or effective tax rate.

Components of Net Deferred Tax Liability


	December 31,
	2025		2024
	(in millions)
Deferred Tax Assets:
Net operating loss and other loss carryforwards	$	4	$	28
Investments	30		26
Nondeductible accruals and other	25		11
Less: Valuation allowance	(12)		(37)
	47		27
Deferred Tax Liabilities:
Property and equipment	66		15
Intangible assets	169		437
	235		452
Net deferred tax liability	$	188	$	425

Changes in our Valuation Allowance for Deferred Tax Assets


	2025		2024		2023
	(in millions)
Beginning balance	$	37	$	36	$	36
Additions charged to income tax expense and other accounts	10		1		—
Deductions from reserves	(35)		—		—
Ending balance	$	12	$	37	$	36

As of December 31, 2025 and 2024, net operating loss carryforwards primarily related to subsidiaries included in our combined financial statements, which can be carried forward indefinitely. At December 31, 2025 our valuation allowances primarily related to these net operating loss carryforwards and the impairment of certain investments. The reduction in our net operating loss carryforwards and valuation allowance in 2025 primarily resulted from a change in the tax status of one of our subsidiaries.

Uncertain Tax Positions

From time to time, we engage in transactions in which the tax consequences may be subject to uncertainty. In these cases, we evaluate our tax position using the recognition threshold and the measurement attribute in accordance with the accounting guidance related to uncertain tax positions. Examples of these transactions include the allocation of income among state and local tax jurisdictions. Significant judgment is required in assessing and estimating the tax consequences of these transactions. We determine whether it is more likely than not that a tax position will be sustained on examination, including the resolution of any related appeals or litigation processes, based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured

to determine the amount of benefit to be recognized in our combined financial statements. We classify interest and penalties, if any, associated with our uncertain tax positions as a component of income tax expense (benefit). Our liability for uncertain tax positions was not material in any period presented.

The IRS has completed its examination of Comcast’s income tax returns for all years through 2022. Various states and foreign jurisdictions are examining Comcast’s tax returns and the tax years of those tax returns currently under examination vary by state, with most of the periods relating to tax years 2011 and forward.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Goodwill and Intangible Assets - Schedule of Finite-Lived Intangible Asset, Future Amortization Expense (Details) $ in Millions	Dec. 31, 2025 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2026	$ 884
2027	9
2028	6
2029	6
2030	6
Thereafter	$ 13

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 943	$ 926	$ 924

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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+ Details

COMBINED STATEMENTS OF INCOME - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Revenue

^[1]

$ 6,688

$ 7,062

$ 7,445

Costs and Expenses:

Costs of revenue (exclusive of depreciation and amortization)

^[2]

2,937

3,064

3,154

Selling, general and administrative

1,469

1,167

1,231

Depreciation and amortization

1,010

989

991

Total costs and expenses

5,416

5,220

5,375

Operating income

1,272

1,841

2,069

Interest expense

(13)

Investment and other (loss) income, net

(31)

Income before income taxes

1,228

1,843

2,069

Income tax expense

(297)

(478)

(530)

Net income

931

1,365

1,540

Less: Net income attributable to noncontrolling interests

Net income attributable to Versant

930

1,363

1,539

Related Party

Revenue

928

1,260

1,340

Costs and Expenses:

Costs of revenue (exclusive of depreciation and amortization)

$ 1,240

$ 1,420

[1]	Includes related party amounts totaling $928 million, $1.26 billion and $1.34 billion for 2025, 2024 and 2023, respectively.
[2]	Includes related party amounts totaling $1.24 billion, $1.42 billion and $1.42 billion for 2025, 2024 and 2023, respectively.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Licensed Content Our most significant fixed-price purchase obligations relate to long-term commitments for licensed content. Refer to Note 4 for additional information. Contingencies We are subject to legal proceedings and claims that arise in the ordinary course of our business. While the amount of ultimate liability with respect to such proceedings and claims is not expected to materially affect our results of operations, cash flows or financial position, any such legal proceedings or claims could be time-consuming and injure our reputation.

Costs of Revenue (Tables)

12 Months Ended

Dec. 31, 2025

Cost of Revenue [Abstract]

Schedule of cost of revenue


	Year ended December 31,
	2025		2024		2023
	(in millions)
Programming and production	$	2,446	$	2,606	$	2,724
Other	491		458		430
Total costs of revenue	$	2,937	$	3,064	$	3,154

Schedule of programming and production cost

Programming and Production Costs


	Year ended December 31,
	2025		2024		2023
	(in millions)
Licensed, including sports rights	$	1,531	$	1,716	$	1,695
Owned	915		890		1,029
Total programming and production costs	$	2,446	$	2,606	$	2,724

Schedule of capitalized content costs

Capitalized Content Costs


	December 31,
	2025		2024
	(in millions)
Licensed, including sports advances	$	436	$	519
Owned:
In production and in development	30		31
Released, less amortization	73		89
	103		120
Content costs	$	539	$	639

Schedule of estimated future amortization expense for capitalized content costs

The table below summarizes estimated future amortization expense for the next three years for capitalized content costs recorded in our combined balance sheets as of December 31, 2025.


	Licensed		Owned
	(in millions)
2026	$	171	$	47
2027	$	109	$	19
2028	$	76	$	5

Costs of Revenue

12 Months Ended

Dec. 31, 2025

Cost of Revenue [Abstract]

Costs of Revenue


	Year ended December 31,
	2025		2024		2023
	(in millions)
Programming and production	$	2,446	$	2,606	$	2,724
Other	491		458		430
Total costs of revenue	$	2,937	$	3,064	$	3,154

Programming and Production Costs


	Year ended December 31,
	2025		2024		2023
	(in millions)
Licensed, including sports rights	$	1,531	$	1,716	$	1,695
Owned	915		890		1,029
Total programming and production costs	$	2,446	$	2,606	$	2,724

We incur costs related to the license of the rights to use content owned by third parties and sports rights on our television networks and digital platforms, and related to the production and acquisition of owned content, which are described as licensed and owned content, respectively. Programming and production costs are presented in costs of revenue in our combined statements of income and the related capitalized amounts are presented in content costs in our combined balance sheets. We have determined that the predominant monetization strategy for the substantial majority of our content is on a group basis. In 2025 and 2024, we recorded reductions of programming and production costs related to production tax incentives of $10 million and $58 million, respectively, along with corresponding noncurrent receivables.

Capitalized Content Costs


	December 31,
	2025		2024
	(in millions)
Licensed, including sports advances	$	436	$	519
Owned:
In production and in development	30		31
Released, less amortization	73		89
	103		120
Content costs	$	539	$	639

The table below summarizes estimated future amortization expense for the next three years for capitalized content costs recorded in our combined balance sheets as of December 31, 2025.


	Licensed		Owned
	(in millions)
2026	$	171	$	47
2027	$	109	$	19
2028	$	76	$	5

We have future minimum commitments for licensed content that are not recognized in our combined balance sheets as of December 31, 2025 totaling $110 million.

Capitalization and Recognition of Content Costs

We capitalize the costs of licensed content when the license period begins, the content is made available for use and the costs of the licenses are known. Licensed content is amortized as the associated programs are used, incorporating estimated viewing patterns.

We capitalize costs for owned content, including direct costs, production overhead, print costs, development costs and interest, as well as acquired titles. Amortization for content predominantly monetized with other owned or licensed content is recorded based on estimated usage. Amortization for owned content predominantly monetized on an individual basis and accrued costs associated with participations and residuals payments are recorded using the individual film forecast computation method, which recognizes the costs in the same ratio as the associated ultimate revenue. Estimates of ultimate revenue and total costs are based on anticipated airing patterns and distribution strategies, public acceptance and historical results for similar productions. We do not capitalize costs associated with marketing and distribution.

Licensed and owned content are presented as noncurrent assets in content costs. We present amortization of licensed and owned content and accrued costs associated with participations and residuals payments in programming and production costs.

Production activities may be eligible for tax incentives from certain state, local or foreign jurisdictions. These incentives generally provide for transferable or redeemable tax credits upon meeting established levels of qualified production spending within a participating jurisdiction. We record a receivable for a production tax incentive program when there is a reasonable assurance of collection with a corresponding reduction of capitalized content costs or programming and production costs, as applicable.

When an event or a change in circumstance occurs that was known or knowable as of the balance sheet date and that indicates the fair value of either licensed or owned content is less than the unamortized costs in the balance sheet, we determine the fair value and record an impairment charge to the extent the unamortized costs exceed the fair value. Licensed and owned content is assessed in identified film groups, which are generally on a channel, network or platform basis, for content predominantly monetized with other content. Licensed content that is not part of a film group is also generally assessed in packages or channels. Owned content that is not part of a film group is assessed individually. Estimated fair values of licensed and owned content are generally based on Level 3 inputs including analysis of market participant estimates of future cash flows. We record charges related to impairments or content that is substantively abandoned to programming and production costs.

Sports Rights

We recognize the costs of multiyear, live-event sports rights as the rights are used over the contract term based on estimated relative value. Estimated relative value is generally based on the terms of the contract and the nature of and potential revenue generation of the deliverables within the contract. Sports rights are accounted for as executory contracts and are not subject to impairment. When cash payments, including advanced payments, exceed the relative value of the sports rights delivered, we recognize an asset in licensed content costs. Production costs incurred in advance of airing are also presented in licensed content costs.

Other Costs of Revenue

Other costs attributed to our service offerings primarily include transaction-based fees to support our payment processing services and integrate the third-party data into our digital platforms, as well as direct personnel and operating costs to maintain the platforms. These costs are generally expensed as incurred.

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Separation and Financing Arrangements On January 2, 2026, we completed the Separation from Comcast through the distribution of 100% of the shares of Versant Class A common stock and Versant Class B common stock to holders of Comcast Class A common stock and Comcast Class B common stock as of the close of business on the record date of December 16, 2025. Comcast’s shareholders of record received one share of Versant Class A common stock or Versant Class B common stock for every 25 shares of Comcast Class A common stock or Class B common stock, respectively, held as of the record date. Immediately after the Separation, holders of Comcast’s common stock prior to the Separation owned 100% of our issued and outstanding shares. Prior to the Separation, the assets related to certain of Comcast’s cable television networks and digital platforms were contributed to, and the related liabilities were assumed, by Versant in accordance with certain agreements entered into in connection with the Separation. These agreements, among other things, effected the Separation and provide a framework for our relationship with Comcast after the Separation, including the separation and distribution agreement, the transition service agreement, the tax matters agreement and certain other agreements related to employee matters, intellectual property, and certain commercial arrangements. In connection with the Separation, we issued approximately $3.0 billion of total debt, including Senior Notes issued in October 2025 and borrowings under the Term Loans drawn upon the Separation. These borrowings are further described in Note 8. A portion of the proceeds from these borrowings was used to fund a cash payment to Comcast of $2.25 billion at the time of the Separation as consideration for assets that were contributed to us in connection with the Separation. The Company’s Articles of Incorporation were amended and restated following the Separation to provide the Company with the authority to issue up to 7.5 billion shares of $0.01 par value per share Class A common stock, up to 75 million shares of $0.01 par value per share of Class B common stock, and up to 20 million shares of preferred stock with no par value, Class A and Class B common stock have substantially identical rights, except with respect to voting rights. Holders of Class A common stock are entitled to one vote per share and holders of Class B common stock are entitled to 15 votes per share, and are entitled to any dividends when and as declared without regard to class. Holders of both stock classes vote together as a single class on all matters with respect to which a vote of the shareholders is required or permitted under applicable law, the Amended and Restated Articles of Incorporation, or the Bylaws of the Corporation, whereby Class B common stock in the aggregate are entitled to cast 33 1/3% of the votes, subject to reduction if the number of shares of Class B common stock outstanding is reduced. Each share of Class B common stock is convertible at the option of the holder into one share of Class A common stock. Share-based Compensation Plans In January 2026, in connection with the Separation, our Board of Directors adopted our Omnibus Equity Incentive Plan. A total of 19 million shares of the Company’s common stock have been reserved for issuance under the plan, subject to certain adjustments. The plan may be used to grant restricted stock and restricted stock unit awards, stock options and stock appreciation right awards. In connection with the Separation, 1.6 million RSUs, which were originally granted under Comcast’s equity plans, were converted into Versant RSUs for our employees in accordance with the employee matters agreement. In addition, on January 9, 2026, we granted approximately 500,000 RSUs to eligible employees vesting ratably over a three year service period and approximately 500,000 performance stock units to certain senior executives vesting after 3 years based on achievement of certain market conditions. Dividends and Share Repurchase Authorization On March 3, 2026, our Board of Directors declared our first quarter dividend of $0.375 per share to be paid in April 2026. On March 3, 2026, our Board of Directors also authorized a share repurchase program under which the Company may purchase up to $1 billion of its outstanding shares of Class A common stock. The repurchase authorization does not obligate the Company to acquire any particular number of shares, and the program may be suspended, extended, modified or discontinued at any time.

Income Taxes - Schedule of Changes in the Valuation Allowance for Deferred Tax Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Changes In The Valuation Allowance For Deferred Tax Assets, Valuation Allowance [Roll Forward]
Beginning balance	$ 37	$ 36	$ 36
Additions charged to income tax expense and other accounts	10	1	0
Deductions from reserves	(35)	0	0
Ending balance	$ 12	$ 37	$ 36

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill

The changes in the carrying value of our goodwill were as follows:


	Year Ended
	December 31, 2025		December 31, 2024
	(in millions)
Opening balance	$	7,732	$	7,732
Acquisition	28		—
Assets held for sale	(149)		—
Ending balance	$	7,611	$	7,732

Goodwill is calculated as the excess of the consideration transferred over the identifiable net assets acquired in a business combination and represents the future economic benefits expected to arise from anticipated synergies and intangible assets acquired that do not qualify for separate recognition, including increased footprint, assembled workforce, noncontractual relationships and other agreements. As the Versant businesses were operated as a part of Comcast’s Media segment, our combined balance sheets include an allocated amount of goodwill from Comcast’s Media segment, determined using a relative fair value analysis as of July 1, 2024, the date of Comcast’s most recent annual goodwill impairment assessment. The fair values utilized in the relative fair value analysis were estimated using a discounted cash flow analysis, using Level 3 inputs. When performing this analysis, we also considered multiples of earnings from comparable public companies and recent market transactions. Prior to this date, impairment analysis was performed at the Comcast level.

Following the allocation, goodwill is required to be assessed for recoverability annually, or more frequently whenever events or substantive changes in circumstances indicate that the carrying amount of a reporting unit may exceed its fair value. We test goodwill for impairment at the reporting unit level. To determine our reporting units, we evaluate the components one level below the segment level and we aggregate the components if they have similar economic characteristics. We evaluate the determination of our reporting units used to test for impairment periodically or whenever events or substantive changes in circumstances occur. The assessment of recoverability may first consider qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. A quantitative assessment is performed if the qualitative assessment results in a more-likely-than-not determination or if a qualitative assessment is not performed. The quantitative assessment considers whether the carrying amount of a reporting unit exceeds its fair value, in which case an impairment charge is recorded to the extent the reporting unit’s carrying value exceeds its fair value. Unless presented separately, the impairment charge is included as a component of amortization expense.

Intangible Assets


		December 31,
		2025				2024
	Weighted-Average Remaining Useful Life as of December 31, 2025	Gross Carrying Amount (1)		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
		(in millions)
Finite-Lived Intangible Assets:
Customer relationships	1 year	$	9,043	$	(8,238)	$	9,033	$	(7,477)
Tradenames and other	1 year	729		(610)		954		(642)
Total		$	9,772	$	(8,848)	$	9,987	$	(8,118)

Amortization expense for intangible assets subject to amortization was $943 million, $926 million, and $924 million for the years ended December 31, 2025, 2024 and 2023, respectively. Amortization expense for the year ended December 31, 2025 includes accelerated amortization of the MSNBC trade name as a result of the rebranding of the network.

Finite-lived intangible assets are subject to amortization and consist primarily of customer relationships and trade names acquired in business combinations. Our finite-lived intangible assets are amortized primarily on a straight-line basis over their estimated useful life or the term of the associated agreement.

The table below presents the estimated amortization expense of our intangible assets.


	(in millions)
2026	$	884
2027	$	9
2028	$	6
2029	$	6
2030	$	6
Thereafter	$	13

We evaluate the recoverability of our finite-lived intangible assets whenever events or substantive changes in circumstances indicate that the carrying amount may not be recoverable. The evaluation is based on the cash flows generated by the underlying asset groups, including estimated future operating results, trends or other determinants of fair value. If the total of the expected future undiscounted cash flows were less than the carrying amount of the asset group, we would recognize an impairment charge to the extent the carrying amount of the asset group exceeded its estimated fair value. Unless presented separately, the impairment charge is included as a component of amortization expense.

Income Taxes - Schedule of Items that Effect Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
Federal tax at statutory rate	$ 258	$ 387	$ 435
State income taxes, net of federal benefit	$ 57	$ 86	$ 97
Effective Income Tax Rate Reconciliation, State and Local Jurisdiction, Contribution Greater than 50 Percent, Tax Effect [Extensible Enumeration]	CALIFORNIA, FLORIDA, ILLINOIS, MICHIGAN, NEW JERSEY, NEW YORK, PENNSYLVANIA	CALIFORNIA, FLORIDA, ILLINOIS, MICHIGAN, NEW JERSEY, NEW YORK, PENNSYLVANIA	CALIFORNIA, FLORIDA, ILLINOIS, MICHIGAN, NEW JERSEY, NEW YORK, PENNSYLVANIA
Changes in valuation allowance	$ (23)	$ 0	$ 0
Other	5	5	(2)
Income tax expense	$ 297	$ 478	$ 530
Tax Jurisdiction of Domicile [Extensible Enumeration]	UNITED STATES
%
Federal tax at statutory rate	21.00%	21.00%	21.00%
State income taxes, net of federal benefit	4.70%	4.70%	4.70%
Changes in valuation allowance	(1.90%)	0.00%	0.00%
Other	0.40%	0.30%	(0.10%)
Effective tax rate	24.20%	26.00%	25.60%

Debt Obligations	12 Months Ended
Debt Obligations	Dec. 31, 2025
Debt Disclosure [Abstract]
Debt Obligations	Debt Obligations Senior Secured Notes In October 2025, we completed a private offering pursuant to which we issued $1.0 billion in aggregate principal amount of 7.250% senior secured notes due January 2031 (the “Senior Notes”). Interest on the Senior Notes will be paid semi-annually, on January 30 and July 30 of each year, commencing on July 30, 2026. The proceeds from the Senior Notes were initially placed into an escrow account due to a special mandatory redemption provision that would have required the Senior Notes to be redeemed if the Separation of Versant from Comcast had not been consummated by March 2, 2026, and were released on January 2, 2026 in connection with the consummation of the Separation. The balance in the escrow account was presented as restricted cash and cash equivalents in our combined balance sheet as of December 31, 2025. The Senior Notes are senior in right of payment and are jointly and unconditionally guaranteed on a senior secured basis by each of our subsidiaries that is a guarantor under the Senior Credit Facilities (as defined below) and are secured, subject to permitted liens and certain other exceptions, by perfected first-priority security interests in substantially all of our and each guarantor’s tangible and intangible assets and property, now owned or hereafter acquired, subject to certain customary exceptions. At any time prior to January 30, 2028, we may, at our option, redeem the Senior Notes, in whole or in part, at a price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, plus the applicable “make-whole” premium set forth in the indenture that governs the Senior Notes. At any time prior to January 30, 2028, we may redeem up to 10% of the principal amount of the Senior Notes during any twelve-month period at a redemption price equal to 103% of the principal amount thereof, plus accrued and unpaid interest, if any. We may, at our option, also redeem up to 40% of the principal amount of the Senior Notes at any time prior to January 30, 2028 in an amount equal to the net proceeds from certain equity offerings at the redemption price equal to 107.250% of the principal amount thereof plus accrued and unpaid interest, if any. We may redeem the Senior Notes, in whole or in part, at any time on or after January 30, 2028 at the redemption prices set forth in the indenture. The Senior Notes contain customary events of default, as well as customary negative covenants that include, among other things, and subject to certain qualifications and exceptions, covenants that restrict our ability and the ability of certain of our subsidiaries to: incur or guarantee additional indebtedness; create or permit liens on assets; pay dividends on capital stock or redeem, repurchase or retire capital stock or subordinated indebtedness; make certain investments and other restricted payments; engage in mergers, acquisitions, consolidations and amalgamations; transfer and sell certain assets; and engage in transactions with affiliates. At December 31, 2025, the carrying value of the Senior Notes was $983 million, and the estimated fair value was approximately $1.03 billion, which is based Level 2 inputs using external market data available for debt with similar terms and maturities. Term Loans and Revolving Credit Facility In October 2025, we entered into a credit agreement providing for a term loan of $1.0 billion due January 2031 (the “Term Loan A”) and a revolving credit facility of $750 million due January 2031 (the “Revolving Credit Facility”). The proceeds of the Term Loan A were funded on January 2, 2026 in connection with the consummation of the Separation and the Revolving Credit Facility remains undrawn. In addition, on January 2, 2026, we entered into an additional credit agreement providing for a term loan of $1.0 billion due January 2031 (the “Term Loan B” and together with Term Loan A, the “Term Loans”), with the proceeds of the Term Loan B funded on January 2, 2026. The Term Loans and the Revolving Credit Facility (the “Senior Credit Facilities”) are secured by substantially all the assets of the Company and its material, wholly-owned U.S. subsidiaries, subject to certain exceptions. The Term Loans are denominated in U.S. dollars, and borrowings under the Revolving Credit Facility may be made available in U.S. Dollars, Euros, Pounds Sterling and Canadian Dollars. Borrowings under the Term Loan A and the Revolving Credit Facility in U.S. Dollars bear interest at a rate per annum equal to, at our option, either (a) a term SOFR-based rate, subject to a floor of 0.00% per annum, or (b) a U.S. Dollar base rate, subject to a floor of 1.00% per annum, in each case plus an applicable margin. The applicable interest rate margins for borrowings under the Term Loan A and the Revolving Credit Facility in U.S. Dollars are initially (a) 0.75% per annum in the case of U.S. Dollar base rate borrowings and (b) 1.75% per annum in the case of SOFR borrowings. In addition, we are required to pay commitment fees of 0.25% per annum on the unutilized commitments under the Revolving Credit Facility, payable quarterly in arrears. The interest rate margins and the commitments fees may be subject to step downs based on our consolidated first lien net leverage ratio, as defined in the credit agreement governing the Term Loan A and the Revolving Credit Facility. Borrowings under the Term Loan B bear interest at a rate per annum equal to, at our option, either a term SOFR-based rate or a U.S. Dollar base rate, in each case plus an applicable margin of (a) 2.50% per annum in the case of U.S. Dollar base rate borrowings and (b) 3.50% per annum in the case of SOFR borrowings, subject to a SOFR-based rate floor of 0.00% per annum and U.S. Dollar base rate floor of 1.00% per annum. The amortization rate for the Term Loan A is 5.00% per annum, payable in quarterly installments beginning on September 30, 2026, with the balance being payable at maturity. The amortization rate for the Term B Loan Facility is 7.00% per annum, payable in quarterly installments beginning on September 30, 2026, with the balance being payable at maturity. The credit agreements governing the Senior Credit Facilities also require mandatory prepayments of the Term Loans under certain circumstances and subject to customary exceptions and baskets set forth in the respective credit agreements, following certain asset sales and debt incurrences. The Term Loan B credit agreement also requires prepayment based on a percentage of excess cash flows as defined in such credit agreement and subject to customary exceptions and baskets set forth therein. We are permitted to voluntarily reduce unutilized portion of the Revolving Credit Facility and repay outstanding loans under the Term Loan A and the Revolving Credit Facility at any time without prepayment premium or penalty. We may voluntarily repay outstanding loans under Term Loan B at any time, subject to the payment of a customary make-whole premium set forth in the Term Loan B credit agreement, if such prepayment occurs prior to the first anniversary of the closing date, subject to a prepayment premium of 1% if such prepayment occurs on or after the first anniversary of the closing date and before the second anniversary of the closing date, and at par if such prepayment occurs on or after the second anniversary of the closing date. The credit agreements for the Senior Credit Facilities contains certain customary negative and affirmative covenants and events of default. Negative covenants restrict, among other things, subject to certain qualifications and exceptions, our ability and the ability of certain of our subsidiaries to: incur additional indebtedness; create liens; enter into agreements and other arrangements that include negative pledge clauses; pay dividends on capital stock or redeem, repurchase or retire capital stock or subordinated indebtedness; make investments, loans, advances and acquisitions; merge, amalgamate or sell assets; enter into sale and leaseback transactions; engage in transactions with affiliates; and enter into amendments of or waivers under subordinated indebtedness. If an event of default, as specified in the credit agreements, shall occur and be continuing, we may be required to repay all amounts outstanding thereunder. The Term A Loan Facility and the Revolving Credit Facility also contain a financial covenant that requires us to maintain a maximum consolidated first lien net leverage ratio, as defined in the credit agreement governing the Term Loan A and the Revolving Credit Facility, of not greater than 3.50:1.00.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Property and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	$ 1,038	$ 548
Less: Accumulated depreciation	(615)	(404)
Property and equipment, net	423	143
Machinery, equipment and technology
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	$ 747	471
Machinery, equipment and technology \| Minimum
Property, Plant and Equipment [Line Items]
Original Useful Lives as of December 31, 2025	3 years
Machinery, equipment and technology \| Maximum
Property, Plant and Equipment [Line Items]
Original Useful Lives as of December 31, 2025	8 years
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	$ 224	43
Buildings and leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Original Useful Lives as of December 31, 2025	4 years
Buildings and leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Original Useful Lives as of December 31, 2025	40 years
Construction in process
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	$ 55	33
Land
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	$ 12	$ 0

Related Parties	12 Months Ended
Related Parties	Dec. 31, 2025
Related Party Transactions [Abstract]
Related Parties	Related Parties Transactions We enter into transactions with Comcast, of which prior to January 2, 2026, we were a wholly owned subsidiary, and its related parties in the ordinary course of our operations, including the license of content for use on our networks, the distribution of our television networks and purchases and sales of advertising. The nature of these services is similar to services that we purchase from or provide to third-parties. In addition, certain costs related to production activities that use centralized Comcast operations are directly charged to us based on usage. Sales to related parties were $928 million, $1.26 billion and $1.34 billion during the years ended December 31, 2025, 2024 and 2023, respectively. Accounts receivable due for these transactions were $123 million and $208 million as of December 31, 2025 and 2024, respectively. Costs of revenue from related parties were $973 million, $1.16 billion and $1.15 billion for the years ended December 31, 2025, 2024 and 2023, respectively. Capitalized content costs related to these costs were $302 million and $286 million as of December 31, 2025 and 2024, respectively. Content obligations related to these costs were $94 million and $112 million as of December 31, 2025 and 2024, respectively. Costs of advertising purchased from related parties were $8 million, $12 million and $14 million for the years ended December 31, 2025, 2024 and 2023, respectively, and are presented in selling, general and administrative expenses. Amounts payable for these transactions were not material as of December 31, 2025 or 2024. Prior to the third quarter 2025, we had related party loan balances associated with the participation of certain of our subsidiaries in Comcast’s centralized cash management programs. Our receivable balances pursuant to these contracts were presented in other current assets in the combined balance sheets and totaled $35 million as of December 31, 2024. Our payable balances pursuant to these contracts were presented in accrued expenses and other current liabilities in the combined balance sheets and totaled $12 million as of December 31, 2024. Activity related to loans receivable and payable is presented in the combined statements of cash flows in other investing and other financing activities, respectively. Shared Services and Other Allocated Costs The combined financial statements include transactions involving shared services and assets (including expenses primarily related to personnel, advertising and marketing, facilities, information technology and network communications support and other overhead functions) and certain corporate administrative services (including charges for services such as accounting, tax, treasury and cash management, insurance, legal and risk management) that were provided to us by Comcast. These costs were generally allocated on a pro rata basis using an applicable measure of revenue applied to the relevant pool of costs (e.g., costs incurred at Comcast’s Media segment or corporate levels), including depreciation and amortization expense for shared assets. Allocated costs are included in costs of revenue and selling, general and administrative expenses in the combined statement of income and are reflected in the combined balance sheets and statements of cash flows as changes in net Comcast investment. These amounts represent management’s reasonable estimate of the costs incurred; however, they are not necessarily representative of the costs required for us to operate as an independent, publicly traded company. Amounts recorded in cost of revenue for these services were $264 million, $266 million and $277 million in 2025, 2024 and 2023, respectively. Amounts recorded in selling, general and administrative expenses for these services were $844 million, $870 million and $910 million in 2025, 2024 and 2023, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	The Company maintains a comprehensive cybersecurity program that is designed to assess, identify, and manage risks from cybersecurity threats that may result in material adverse effects on the confidentiality, integrity, and availability of data, networks, and technology assets across Versant. Our cybersecurity program, the framework for how we assess, identify and manage risks from information security and cybersecurity threats, incorporates and is designed in alignment with industry standards, including the National Institute of Standards and Technology (“NIST”) Cybersecurity Framework and the International Organization for Standardization 27001 framework. Our program employs a layered defense-in-depth system, which includes the use of automated tools, managed by the cybersecurity team, to assess and protect the security of our enterprise-wide systems, our intellectual property, confidential information, and the data of our customers, partners and employees. Our layered approach includes fortifying our network perimeter through intrusion detection and prevention systems; securing individual devices with antivirus solutions, endpoint detection, and multifactor authentication; implementing network security measures and patch management; and ensuring the resilience of applications. We regularly monitor our technological environment, including through penetration and vulnerability scans, and security assessments. Our policy is to conduct regular employee trainings on cybersecurity, including tabletop exercises. In addition to our internal cybersecurity capabilities, we also at times engage consultants or other third parties to assist with assessing, identifying, and managing cybersecurity risks. The Company also employs systems and processes designed to oversee, identify, and reduce the potential impact of a security incident at a third-party vendor, service provider, or customer. Where appropriate based on the data and intellectual property to which these providers are reasonably expected to have access, we conduct security assessments and due diligence reviews of third-party systems for compliance with our security standards, and we include data protection language in our agreements with such third parties. We have adopted a cybersecurity Incident Response Plan that applies in the event of a cybersecurity threat or incident (the “IRP”) to provide a standardized framework for responding to security incidents. The IRP aligns to industry standards and sets out a coordinated approach focused on preparation; detection and analysis; containment, eradication and recovery; and post-incident remediation. The IRP applies to all Company personnel (including vendors and partners) that perform functions or services, and to all devices and network services that are owned or managed by the Company. Due to evolving cybersecurity threats, it has and will continue to be difficult to prevent, detect, mitigate, and remediate cybersecurity incidents. Despite ongoing efforts to continued improvement of our and our vendors’ ability to protect against cyber incidents, we may not be able to protect all information systems, and such incidents may lead to reputational harm, revenue and client loss, operational impact, legal actions, and statutory penalties, among other consequences. Based on the information available as of the date of this Annual Report on Form 10-K, we believe that since the Separation, risks from cybersecurity threats, including as a result of previous cybersecurity incidents, have not materially affected us, including our business strategy, results of operations or financial condition, and as of the date of this Annual Report on Form 10-K, the Company is not aware of any material risks from cybersecurity threats that are reasonably likely to do so. While we have not experienced any material cybersecurity incidents, there can be no guarantee that we will not be the subject of future successful attacks, threats or incidents. Additional information on cybersecurity risks we face can be found in “Item 1A. Risk Factors” of this Annual Report on Form 10-K, which should be read in conjunction with the foregoing information.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our cybersecurity program, the framework for how we assess, identify and manage risks from information security and cybersecurity threats, incorporates and is designed in alignment with industry standards, including the National Institute of Standards and Technology (“NIST”) Cybersecurity Framework and the International Organization for Standardization 27001 framework.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Board of Directors Our Board oversees the Company’s enterprise risk management process, including the management and oversight of risks arising from cybersecurity threats. As part of the governance structure adopted in connection with the Separation, the Board has delegated to our Audit Committee oversight of our policies, practices, assessments and mitigation with respect to cybersecurity. The Audit Committee is tasked with regularly reviewing the measures implemented by the Company to identify and mitigate risks from cybersecurity threats. The Board and Audit Committee will receive reports and presentations from members of our team responsible for overseeing the Company’s cybersecurity risk management, including the Chief Information Security Officer (“CISO”) and our Chief Privacy Officer (“CPO”), which may address topics including recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, cybersecurity incidents, and other cybersecurity considerations. The Audit Committee will report to the full Board on its discussions with the management team. Management Day-to-day management of our cybersecurity strategy and operations is the responsibility of our CISO, who has over 15 years of experience in cybersecurity, risk management, and technology, including experience in broadcast media and production, and holds numerous industry certifications. Our CISO’s experience and leadership is supplemented by the collective experience and expertise of our dedicated internal team of cybersecurity personnel. The CISO maintains three direct Vice President reports who oversee cyber defense operations; governance, risk, and compliance; and identity and security services. The team is further supported by a number of information security professionals, each of whom is responsible for coordinating the implementation, monitoring, training, and maintenance of cybersecurity and data protection practices across the Company. Our CISO and the cybersecurity team work closely and frequently with our CPO and Legal team to oversee compliance with legal, regulatory and contractual cybersecurity requirements. Our CISO reports to our Chief Information Officer (“CIO”), who ultimately reports to our President of Operations and Technology (“O&T”), and our Chief Financial Officer and Chief Operating Officer (“CFO and COO”), and is in regular communication with senior management regarding cybersecurity matters and risk management and provides routine updates to the Company’s senior leaders, including our Chief Executive Officer, CFO and COO, CIO, the President of O&T, and General Counsel. As part of the Company’s incident response process, cybersecurity risk events of a certain criteria are communicated to certain individuals within the Company’s senior management, and under certain circumstances, where applicable and relevant, the Audit Committee. The Company has developed a practice of testing the effectiveness of its incidence response plan and assessing its response capabilities by conducting tabletop exercises involving detailed topical cybersecurity scenarios. The Company also has processes in place that are designed to facilitate that decisions regarding public disclosure and reporting of cybersecurity incidents can be made in a timely manner.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	As part of the governance structure adopted in connection with the Separation, the Board has delegated to our Audit Committee oversight of our policies, practices, assessments and mitigation with respect to cybersecurity.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee is tasked with regularly reviewing the measures implemented by the Company to identify and mitigate risks from cybersecurity threats. The Board and Audit Committee will receive reports and presentations from members of our team responsible for overseeing the Company’s cybersecurity risk management, including the Chief Information Security Officer (“CISO”) and our Chief Privacy Officer (“CPO”), which may address topics including recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, cybersecurity incidents, and other cybersecurity considerations. The Audit Committee will report to the full Board on its discussions with the management team.
Cybersecurity Risk Role of Management [Text Block]	Management Day-to-day management of our cybersecurity strategy and operations is the responsibility of our CISO, who has over 15 years of experience in cybersecurity, risk management, and technology, including experience in broadcast media and production, and holds numerous industry certifications. Our CISO’s experience and leadership is supplemented by the collective experience and expertise of our dedicated internal team of cybersecurity personnel. The CISO maintains three direct Vice President reports who oversee cyber defense operations; governance, risk, and compliance; and identity and security services. The team is further supported by a number of information security professionals, each of whom is responsible for coordinating the implementation, monitoring, training, and maintenance of cybersecurity and data protection practices across the Company. Our CISO and the cybersecurity team work closely and frequently with our CPO and Legal team to oversee compliance with legal, regulatory and contractual cybersecurity requirements. Our CISO reports to our Chief Information Officer (“CIO”), who ultimately reports to our President of Operations and Technology (“O&T”), and our Chief Financial Officer and Chief Operating Officer (“CFO and COO”), and is in regular communication with senior management regarding cybersecurity matters and risk management and provides routine updates to the Company’s senior leaders, including our Chief Executive Officer, CFO and COO, CIO, the President of O&T, and General Counsel. As part of the Company’s incident response process, cybersecurity risk events of a certain criteria are communicated to certain individuals within the Company’s senior management, and under certain circumstances, where applicable and relevant, the Audit Committee. The Company has developed a practice of testing the effectiveness of its incidence response plan and assessing its response capabilities by conducting tabletop exercises involving detailed topical cybersecurity scenarios. The Company also has processes in place that are designed to facilitate that decisions regarding public disclosure and reporting of cybersecurity incidents can be made in a timely manner.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Day-to-day management of our cybersecurity strategy and operations is the responsibility of our CISO, who has over 15 years of experience in cybersecurity, risk management, and technology, including experience in broadcast media and production, and holds numerous industry certifications.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Day-to-day management of our cybersecurity strategy and operations is the responsibility of our CISO, who has over 15 years of experience in cybersecurity, risk management, and technology, including experience in broadcast media and production, and holds numerous industry certifications. Our CISO’s experience and leadership is supplemented by the collective experience and expertise of our dedicated internal team of cybersecurity personnel. The CISO maintains three direct Vice President reports who oversee cyber defense operations; governance, risk, and compliance; and identity and security services. The team is further supported by a number of information security professionals, each of whom is responsible for coordinating the implementation, monitoring, training, and maintenance of cybersecurity and data protection practices across the Company. Our CISO and the cybersecurity team work closely and frequently with our CPO and Legal team to oversee compliance with legal, regulatory and contractual cybersecurity requirements.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our CISO reports to our Chief Information Officer (“CIO”), who ultimately reports to our President of Operations and Technology (“O&T”), and our Chief Financial Officer and Chief Operating Officer (“CFO and COO”), and is in regular communication with senior management regarding cybersecurity matters and risk management and provides routine updates to the Company’s senior leaders, including our Chief Executive Officer, CFO and COO, CIO, the President of O&T, and General Counsel. As part of the Company’s incident response process, cybersecurity risk events of a certain criteria are communicated to certain individuals within the Company’s senior management, and under certain circumstances, where applicable and relevant, the Audit Committee.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Revenue (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Disaggregation of revenue


	Year ended December 31,
	2025		2024		2023
	(in millions)
Linear distribution	$	4,092	$	4,325	$	4,632
Advertising	1,577		1,731		1,865
Platforms	826		795		734
Content licensing and other	193		211		213
Total revenue	$	6,688	$	7,062	$	7,445

Schedule of receivables, net


	December 31,
	2025		2024
	(in millions)
Receivables, gross	$	1,161	$	1,253
Less: Allowance for credit losses	10		8
Receivables, net	$	1,151	$	1,245

Schedule of accounts receivable, allowance for credit loss


	Changes in Allowance for Credit Losses
	2025		2024		2023
	(in millions)
Beginning balance	$	8	$	18	$	18
Current-period provision for expected credit losses	(1)		1		—
Write-offs charged against the allowance, net of recoveries and other	3		(10)		—
Ending balance	$	10	$	8	$	18

Debt Obligations - Term Loans and Revolving Credit Facility (Details) - Subsequent Event	Jan. 02, 2026 USD ($)
Debt Instrument [Line Items]
Aggregate principal amount	$ 3,000,000,000.0
Line of Credit \| Term A Loan Facility \| Secured Debt
Debt Instrument [Line Items]
Aggregate principal amount	$ 1,000,000,000.0
Debt repayment percentage	5.00%
Line of Credit \| Term A Loan Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum first lien net leverage ratio	3.50
Line of Credit \| Term A Loan Facility \| Base Rate \| Secured Debt
Debt Instrument [Line Items]
Base rate, floor	1.00%
Basis spread on variable rate	0.75%
Line of Credit \| Term A Loan Facility \| Secured Overnight Financing Rate (SOFR) and Other Benchmark Borrowings \| Secured Debt
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
Line of Credit \| Term A Loan Facility \| Secured Overnight Financing Rate (SOFR) \| Secured Debt
Debt Instrument [Line Items]
Base rate, floor	0.00%
Line of Credit \| Revolving Credit Facility Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 750,000,000
Commitment fee percentage	0.25%
Maximum first lien net leverage ratio	3.50
Line of Credit \| Revolving Credit Facility Agreement \| Base Rate \| Revolving Credit Facility
Debt Instrument [Line Items]
Base rate, floor	1.00%
Basis spread on variable rate	0.75%
Line of Credit \| Revolving Credit Facility Agreement \| Secured Overnight Financing Rate (SOFR) and Other Benchmark Borrowings \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
Line of Credit \| Revolving Credit Facility Agreement \| Secured Overnight Financing Rate (SOFR) \| Revolving Credit Facility
Debt Instrument [Line Items]
Base rate, floor	0.00%
Line of Credit \| Term B Loan Facility \| Secured Debt
Debt Instrument [Line Items]
Aggregate principal amount	$ 1,000,000,000.0
Debt repayment percentage	7.00%
Line of Credit \| Term B Loan Facility \| Secured Debt \| Debt Instrument, Prepayment, Between First And Second Anniversary Of Closing Date
Debt Instrument [Line Items]
Prepayment premium	1.00%
Line of Credit \| Term B Loan Facility \| Base Rate \| Secured Debt
Debt Instrument [Line Items]
Base rate, floor	1.00%
Basis spread on variable rate	2.50%
Line of Credit \| Term B Loan Facility \| Secured Overnight Financing Rate (SOFR) \| Secured Debt
Debt Instrument [Line Items]
Base rate, floor	0.00%
Basis spread on variable rate	3.50%

Subsequent Events (Details) - Subsequent Event	Mar. 03, 2026 USD ($) $ / shares	Jan. 09, 2026 shares	Jan. 02, 2026 USD ($) vote $ / shares shares	Jan. 31, 2026 shares
Subsequent Event [Line Items]
Aggregate principal amount \| $			$ 3,000,000,000.0
Preferred stock, shares authorized			20,000,000
Common stock reserved for future issuance (in shares)				19,000,000
Dividends declared (in dollars per share) \| $ / shares	$ 0.375
Share repurchase program, amount authorized \| $	$ 1,000,000,000
Restricted Stock Units (RSUs)
Subsequent Event [Line Items]
RSUs converted into awards for Versant employees (in shares)			1,600,000
Number of shares granted (in shares)		500,000
Award vesting period		3 years
Performance Shares
Subsequent Event [Line Items]
Number of shares granted (in shares)		500,000
Award vesting period		3 years
Class A Common Stock
Subsequent Event [Line Items]
Common stock, shares authorized (in shares)			7,500,000,000
Common stock, par value (in dollars per share) \| $ / shares			$ 0.01
Number of votes per share \| vote			1
Number of Class A common share issued upon conversion of each Class B common share (in shares)			1
Class B Common Stock
Subsequent Event [Line Items]
Common stock, shares authorized (in shares)			75,000,000
Common stock, par value (in dollars per share) \| $ / shares			$ 0.01
Number of votes per share \| vote			15
Percentage of total votes cast			33.33%
Holders Of Comcast Class A Common Stock And Comcast Class B Common Stock \| Versant Class A Common Stock And Versant Class B Common Stock \| Separation And Distribution
Subsequent Event [Line Items]
Percentage of ownership after distribution			100.00%
Distribution ratio			0.04
Comcast Corporation
Subsequent Event [Line Items]
Cash payment as consideration for contributed assets \| $			$ 2,250,000,000

Costs of Revenue - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Cost of Revenue [Abstract]
Production tax incentive	$ 10	$ 58
Government Assistance, Income, Increase (Decrease), Statement of Income or Comprehensive Income [Extensible Enumeration]	Costs of revenue (exclusive of depreciation and amortization)
Production tax incentives, noncurrent receivable	$ 10	$ 58
Government Assistance, Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other noncurrent assets, net
Future minimum commitments for licensed content	$ 110

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Location	New York, New York
Auditor Name	Deloitte & Touche LLP
Auditor Firm ID	34

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill

The changes in the carrying value of our goodwill were as follows:


	Year Ended
	December 31, 2025		December 31, 2024
	(in millions)
Opening balance	$	7,732	$	7,732
Acquisition	28		—
Assets held for sale	(149)		—
Ending balance	$	7,611	$	7,732

Schedule of intangible assets

Intangible Assets


		December 31,
		2025				2024
	Weighted-Average Remaining Useful Life as of December 31, 2025	Gross Carrying Amount (1)		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
		(in millions)
Finite-Lived Intangible Assets:
Customer relationships	1 year	$	9,043	$	(8,238)	$	9,033	$	(7,477)
Tradenames and other	1 year	729		(610)		954		(642)
Total		$	9,772	$	(8,848)	$	9,987	$	(8,118)

Schedule of finite-lived intangible assets, future amortization expense

The table below presents the estimated amortization expense of our intangible assets.


	(in millions)
2026	$	884
2027	$	9
2028	$	6
2029	$	6
2030	$	6
Thereafter	$	13

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2025
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Our combined financial statements are prepared in accordance with GAAP, which require us to select accounting policies, including in certain cases industry-specific policies, and make estimates that affect the reported amount of assets, liabilities, revenue and expenses, and the related disclosure of contingent assets and contingent liabilities. Actual results could differ from these estimates. Accounting policies related to the capitalization and amortization of film and television costs are specific to the industries in which we operate and are discussed in Note 4. Information on other accounting policies and methods that we use in the preparation of our combined financial statements are included, where applicable, in their respective footnotes that follow. Below is a discussion of accounting policies and methods used in our combined financial statements that are not presented within other footnotes. Cash, Cash Equivalents and Restricted Cash We have historically participated in Comcast’s centralized approach to cash management and financing of its operations. Our cash was generally collected by Comcast daily, and Comcast funds our operating and investing activities as needed. Accordingly, our cash and cash equivalents represent directly attributed balances and do not include an allocation of Comcast cash and cash equivalents for any of the periods presented. Cash equivalents consist of highly liquid investments with original maturities of three months or less when purchased. The carrying amounts of our cash equivalents approximate their fair values, which are primarily based on Level 1 inputs. Restricted cash at December 31, 2025 included proceeds from the senior notes offering held in escrow until the consummation of the Separation on January 2, 2026 (see Note 8 for additional information). Advertising Expenses Advertising costs are expensed as incurred and totaled $109 million, $82 million and $105 million in 2025, 2024 and 2023, respectively, included in selling, general and administrative expenses. Share-Based Compensation Our share-based compensation plans consist primarily of awards of Comcast restricted stock units (“RSUs”) to certain employees as part of our long-term incentive compensation structure. Awards generally vest over a period of three to five years. The cost associated with our share-based compensation is based on an award’s estimated fair value at the date of grant and is recognized over the period in which any related services are provided. RSUs are primarily valued based on the closing price of Comcast’s common stock on the date of grant and are discounted for the lack of dividends, if any, during the vesting period. Share-based compensation expense for shared employees is included in allocated costs. Share-based compensation expense directly attributable to Versant was not material for the periods presented. Fair Value Measurements The accounting guidance related to fair value measurements establishes a hierarchy based on the types of inputs used for the various valuation techniques. The levels of the hierarchy are described below: Level 1: Values are determined using quoted market prices for identical financial instruments in an active market. Level 2: Values are determined using quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 3: Values are determined using models that use significant inputs that are primarily unobservable, discounted cash flow methodologies or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. We use this three-tier fair value hierarchy to measure the fair value of certain financial instruments on a recurring basis, such as for investments (see Note 5), on a non-recurring basis, such as for impairment testing (see Note 7) and for disclosure purposes, such as for debt (see Note 8). Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation and classification within the fair value hierarchy. Foreign Currency We translate assets and liabilities of our foreign operations where the functional currency is the local currency into U.S. dollars at the exchange rate as of the balance sheet date and translate revenue and expenses using average periodic exchange rates. The related translation adjustments are recorded as a component of accumulated other comprehensive income (loss) in our combined balance sheets. Other comprehensive income activity and balances were entirely attributed currency translation adjustments for the periods included in these combined financial statements. Any foreign currency transaction gains or losses are included in our combined statements of income in investment and other income (loss), net. For disclosures containing future amounts where the functional currency is the local currency, we translate the amounts into U.S. dollars at the exchange rates as of the balance sheet date. Net Comcast Investment Equity in the combined balance sheets represents Comcast’s net investment in our business and is presented as net Comcast investment in lieu of stockholders’ equity. The combined statement of changes in equity includes net cash transfers and other property transfers between us and Comcast, as well as intercompany receivables and payables between us and other Comcast affiliates that were settled on a current basis within transactions with Comcast, net. Additionally, net Comcast investment is impacted by assets and liabilities that have historically been held at the Comcast level but are specifically identifiable or otherwise attributable to us, and other assets and liabilities recorded by Comcast, whose related income and expenses have been pushed down to us. All transactions reflected in net Comcast investment in the combined balance sheet have been considered cash receipts and payments within financing activities in the combined statements of cash flows. See Note 11 for more information. Earnings per share data has not been presented in the combined financial statements because we did not operate as a separate legal entity with its own capital structure during any of the periods presented. Segments We present our operations in one reportable business segment and beginning in 2025, our Chief Executive Officer was the chief operating decision maker (“CODM”). Our business operates complementary brands, generating revenue through contracts or monetization strategies that span across brands, and leveraging integrated operational infrastructure. As a single segment entity, our segment performance measure used in the measurement of operational strength and performance and in the evaluation of underlying trends is net income attributable to Versant and the measure of segment assets is total assets. Additional information about our operations and these measures is presented in the combined financial statements, with further details included throughout the footnotes, including a description of our products and services in Note 3 and certain of our significant operating expenses in Note 4. Recent Accounting Pronouncements Income Tax Disclosures In December 2023, the Financial Accounting Standards Board (“FASB”) issued updated accounting guidance related to income tax disclosures. The updated guidance, among other things, required additional disclosures relating to the income tax rate reconciliation and income taxes paid. We have adopted the updated guidance in this Annual Report on Form 10-K for the year ended December 31, 2025 with comparative periods updated to reflect the additional disclosures (see Note 9). Disaggregation of Income Statement Expenses In November 2024, the FASB issued updated accounting guidance related to disclosures of certain costs and expenses. The updated accounting guidance, among other things, requires quantitative disclosures for employee compensation, selling expenses and purchases of inventory. The updated guidance is effective beginning with our Annual Report on Form 10-K for the year ended December 31, 2027. Internal-Use Software In September 2025, the FASB issued updated accounting guidance related to internal-use software. The updated guidance eliminates references to software project stages and clarifies that capitalization of internal-use software costs should begin once management authorizes and commits to funding a software project and it is probable that the project will be completed and used as intended. The updated guidance is effective for us as of January 1, 2028, with early adoption permitted. We are in the process of evaluating the impact of this accounting guidance on our financial statements. Interim Reporting In December 2025, the FASB issued updated accounting guidance on interim reporting. The updated guidance establishes a principle requiring entities to disclose events occurring after the end of the most recent annual reporting period that have a material impact on the entity, as well as clarifies the applicability of interim disclosure requirements. The guidance does not change the fundamental nature of interim reporting or expand or reduce current interim disclosure requirements. The guidance is effective for us beginning in interim periods after January 1, 2028, with early adoption permitted. We are in the process of determining the impact of this accounting guidance on our financial statements. Government Grants In December 2025, the FASB issued new accounting guidance on the recognition, measurement and presentation of government grants received by business entities. The new guidance defines government grants, clarifies their scope and provides a recognition threshold under which a grant is recognized when it is probable the entity will comply with the grant’s conditions and that the grant will be received. The updated guidance is effective for us as of January 1, 2029, and early adoption is permitted. We are in the process of determining the impact of this accounting guidance on our financial statements.

Additional Financial Information	12 Months Ended
Additional Financial Information	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Additional Financial Information	Additional Financial Information Supplemental Cash Flow Information Cash, cash equivalents and restricted cash and cash equivalents at December 31, 2025 of $1.09 billion includes cash and cash equivalents of $55 million, restricted cash of $1.03 billion, and cash presented within assets held for sale of $3 million. Non-cash investing activities for the year ended December 31, 2025 included approximately $168 million related to the contribution of a key operational hub located in Englewood Cliffs, New Jersey as part of a series of legal steps executed in October 2025 in anticipation of the Separation. Held for Sale During the fourth quarter of 2025, we initiated a process to sell SportsEngine and the related assets and liabilities were classified as held for sale in our combined balance sheet as of December 31, 2025. Upon classification as held for sale, this business was measured at the lower of its carrying amount or its estimated fair value less costs to sell. The assets held for sale are primarily comprised of goodwill of $149 million, property and equipment of $17 million and intangible assets of $14 million. Liabilities held for sale totaled $18 million and are presented in other current liabilities. We currently expect to complete the sale of SportsEngine during 2026. Transaction Costs Approximately $36 million of costs incurred by Comcast related to the Separation have been included in selling, general and administrative expenses in our combined statements of income for the year ended December 31, 2025. These costs include legal, consulting, advisory and audit fees that will directly benefit the Versant business as a standalone company, or for which the Versant business is the legal obligor.

Costs of Revenue - Schedule of Programming and Production Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cost of Revenue [Abstract]
Licensed, including sports rights	$ 1,531	$ 1,716	$ 1,695
Owned	915	890	1,029
Total programming and production costs	$ 2,446	$ 2,606	$ 2,724

Income Taxes - Schedule for the Components of Income Tax Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current Expense (Benefit):
Federal	$ 334	$ 472	$ 508
State	102	143	150
Foreign	0	7	6
Current income tax expense (benefit)	436	623	665
Deferred Expense (Benefit):
Federal	(110)	(111)	(104)
State	(29)	(33)	(32)
Foreign	0	(1)	0
Deferred income tax expense (benefit)	(139)	(145)	(135)
Income tax expense	$ 297	$ 478	$ 530

Revenue - Disaggregation of Revenue (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Disaggregation of Revenue [Line Items]

Revenue

^[1]

$ 6,688

$ 7,062

$ 7,445

Linear distribution

Disaggregation of Revenue [Line Items]

Revenue

4,092

4,325

4,632

Advertising

Disaggregation of Revenue [Line Items]

Revenue

1,577

1,731

1,865

Platforms

Disaggregation of Revenue [Line Items]

Revenue

826

795

734

Content licensing and other

Disaggregation of Revenue [Line Items]

Revenue

$ 193

$ 211

$ 213

[1]	Includes related party amounts totaling $928 million, $1.26 billion and $1.34 billion for 2025, 2024 and 2023, respectively.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

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Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Property and Equipment

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment


	Original Useful Lives as of December 31, 2025	December 31,
		2025		2024
		(in millions)
Machinery, equipment and technology	3-8 years	$	747	$	471
Buildings and leasehold improvements	4-40 years	224		43
Construction in process	N/A	55		33
Land	N/A	12		—
Property and equipment, at cost		1,038		548
Less: Accumulated depreciation		(615)		(404)
Property and equipment, net		$	423	$	143

Depreciation expense relating to property and equipment was $67 million, $63 million and $67 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Property and equipment are stated at cost. We capitalize improvements that extend asset lives and expense repairs and maintenance costs as incurred. We capitalize direct development costs associated with internal-use software, including external direct costs of material and services and payroll costs for employees devoting time to these software projects, as well as costs associated with arrangements for purchase or license of internal-use software. We expense maintenance and training costs, as well as costs incurred during the preliminary stage of a software development project, as they are incurred.

We record depreciation using the straight-line method over the asset’s estimated useful life. For assets that are sold or retired, we remove the applicable cost and accumulated depreciation and, unless the gain or loss on disposition is presented separately, we recognize it as a component of depreciation expense.

We evaluate the recoverability of our property and equipment whenever events or substantive changes in circumstances indicate that the carrying amount may not be recoverable. The evaluation is based on the cash flows generated by the underlying asset groups, including estimated future operating results, trends or other determinants of fair value. If the total of the expected future undiscounted cash flows were less than the carrying amount of the asset group, we would recognize an impairment charge to the extent the carrying amount of the asset group exceeded its estimated fair value. Unless presented separately, the impairment charge is included as a component of depreciation expense.

Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Goodwill [Roll Forward]
Opening balance	$ 7,732	$ 7,732
Acquisition	28	0
Assets held for sale	(149)	0
Ending balance	$ 7,611	$ 7,732

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

COMBINED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 931	$ 1,365	$ 1,540
Other comprehensive income, net of tax:
Currency translation adjustments, net of deferred taxes of $0 for each period	1	(1)	1
Comprehensive income	932	1,364	1,541
Less: Net income attributable to noncontrolling interests	1	2	0
Comprehensive income attributable to Versant	$ 931	$ 1,363	$ 1,541

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount of Net Income (Loss) attributable to noncontrolling interest.

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+ Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

+ Details

Property and Equipment - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 67	$ 63	$ 67

Costs of Revenue - Schedule of Estimated Future Amortization Expense for Capitalized Content Costs (Details) $ in Millions	Dec. 31, 2025 USD ($)
Licensed
2026	$ 171
2027	109
2028	76
Owned
2026	47
2027	19
2028	$ 5

Income Taxes - Schedule of Income (Loss) Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Domestic	$ 1,222	$ 1,823	$ 2,041
Foreign	6	20	28
Income before income taxes	$ 1,228	$ 1,843	$ 2,069

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Costs of Revenue - Schedule of Costs of Revenue (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Cost of Revenue [Abstract]

Programming and production

$ 2,446

$ 2,606

$ 2,724

Other

491

458

430

Total costs of revenue

^[1]

$ 2,937

$ 3,064

$ 3,154

[1]	Includes related party amounts totaling $1.24 billion, $1.42 billion and $1.42 billion for 2025, 2024 and 2023, respectively.

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of property and equipment


	Original Useful Lives as of December 31, 2025	December 31,
		2025		2024
		(in millions)
Machinery, equipment and technology	3-8 years	$	747	$	471
Buildings and leasehold improvements	4-40 years	224		43
Construction in process	N/A	55		33
Land	N/A	12		—
Property and equipment, at cost		1,038		548
Less: Accumulated depreciation		(615)		(404)
Property and equipment, net		$	423	$	143

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation	For the periods presented in these combined financial statements, the Versant businesses were operated as part of Comcast’s Media segment. The combined financial statements have been derived from Comcast’s historical accounting records as if Versant operations had been conducted independently from Comcast, and reflect the assets, liabilities, revenues and expenses of the Company on a historical cost basis. The combined financial statements were prepared on a standalone basis in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). The combined balance sheets include assets and liabilities specifically attributable to the Company and certain assets and liabilities held by Comcast but specifically identifiable or otherwise attributable to our business. Assets and liabilities included in our combined balance sheets were based on an initial assessment as of December 31, 2024, and updated as necessary for new assets and liabilities resulting from transactions occurring subsequent to December 31, 2024, that were specifically identifiable or otherwise attributable to our business or in subsidiaries that are included in the combined financial statements. Accordingly, our combined balance sheets may not reflect the assets and liabilities of Versant following the Separation. Other than debt issued by Versant in 2025 (see Note 8), Comcast’s historical third-party debt and related interest expense have not been attributed to the Company because the borrowings are not specifically identifiable to the Company and the Company is not the legal obligor. The combined financial statements reflect noncontrolling interests for certain subsidiaries included in the combined financial statements, in which a third party has a minority ownership interest. The combined statements of income include all revenues and costs directly attributable to our business, including costs related to production activities that used centralized Comcast operations and directly charged to us based on usage. The combined statements of income also include allocations of costs for administrative functions and services performed on our behalf by other centralized functions within Comcast and allocations of costs for the use of shared assets (see Note 11). These expenses have been allocated on a pro rata basis using an applicable measure of revenue. All allocations and estimates reflected in the combined financial statements are based on assumptions that management believes are reasonable. However, the allocations may not be indicative of the actual expense that would have been incurred had we operated as an independent, standalone entity, nor are they indicative of our future expenses. Actual costs that may have been incurred if we had been a standalone company would depend on a number of factors, including the chosen organization structure and strategic decisions made in various areas, including information technology, infrastructure and outsourcing of corporate functions. All intercompany transactions and balances within our business have been eliminated. Certain transactions were handled through Comcast’s centralized cash management process or allocated to us and were generally deemed settled for cash at the time the transactions are recorded in these combined financial statements. The total net effect of the deemed settlement of these transactions is included in net Comcast investment and the net effect of changes in net Comcast investment is presented in financing activities in the combined statements of cash flows Centralized cash management balances related to certain of our operations were executed through formal loan agreements and are therefore presented in assets or liabilities, as applicable. These and other transactions between the Company and Comcast are included in the combined financial statements and are considered related party transactions.
Cash, Cash Equivalents and Restricted Cash	We have historically participated in Comcast’s centralized approach to cash management and financing of its operations. Our cash was generally collected by Comcast daily, and Comcast funds our operating and investing activities as needed. Accordingly, our cash and cash equivalents represent directly attributed balances and do not include an allocation of Comcast cash and cash equivalents for any of the periods presented. Cash equivalents consist of highly liquid investments with original maturities of three months or less when purchased. The carrying amounts of our cash equivalents approximate their fair values, which are primarily based on Level 1 inputs. Restricted cash at December 31, 2025 included proceeds from the senior notes offering held in escrow until the consummation of the Separation on January 2, 2026 (see Note 8 for additional information).
Advertising Expenses	Advertising costs are expensed as incurred and totaled $109 million, $82 million and $105 million in 2025, 2024 and 2023, respectively, included in selling, general and administrative expenses.
Share-Based Compensation	Our share-based compensation plans consist primarily of awards of Comcast restricted stock units (“RSUs”) to certain employees as part of our long-term incentive compensation structure. Awards generally vest over a period of three to five years. The cost associated with our share-based compensation is based on an award’s estimated fair value at the date of grant and is recognized over the period in which any related services are provided. RSUs are primarily valued based on the closing price of Comcast’s common stock on the date of grant and are discounted for the lack of dividends, if any, during the vesting period. Share-based compensation expense for shared employees is included in allocated costs.
Fair Value Measurements	The accounting guidance related to fair value measurements establishes a hierarchy based on the types of inputs used for the various valuation techniques. The levels of the hierarchy are described below: Level 1: Values are determined using quoted market prices for identical financial instruments in an active market. Level 2: Values are determined using quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 3: Values are determined using models that use significant inputs that are primarily unobservable, discounted cash flow methodologies or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. We use this three-tier fair value hierarchy to measure the fair value of certain financial instruments on a recurring basis, such as for investments (see Note 5), on a non-recurring basis, such as for impairment testing (see Note 7) and for disclosure purposes, such as for debt (see Note 8). Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation and classification within the fair value hierarchy.
Foreign Currency	We translate assets and liabilities of our foreign operations where the functional currency is the local currency into U.S. dollars at the exchange rate as of the balance sheet date and translate revenue and expenses using average periodic exchange rates. The related translation adjustments are recorded as a component of accumulated other comprehensive income (loss) in our combined balance sheets. Other comprehensive income activity and balances were entirely attributed currency translation adjustments for the periods included in these combined financial statements. Any foreign currency transaction gains or losses are included in our combined statements of income in investment and other income (loss), net. For disclosures containing future amounts where the functional currency is the local currency, we translate the amounts into U.S. dollars at the exchange rates as of the balance sheet date.
Net Comcast Investment	Equity in the combined balance sheets represents Comcast’s net investment in our business and is presented as net Comcast investment in lieu of stockholders’ equity. The combined statement of changes in equity includes net cash transfers and other property transfers between us and Comcast, as well as intercompany receivables and payables between us and other Comcast affiliates that were settled on a current basis within transactions with Comcast, net. Additionally, net Comcast investment is impacted by assets and liabilities that have historically been held at the Comcast level but are specifically identifiable or otherwise attributable to us, and other assets and liabilities recorded by Comcast, whose related income and expenses have been pushed down to us. All transactions reflected in net Comcast investment in the combined balance sheet have been considered cash receipts and payments within financing activities in the combined statements of cash flows.
Segments	We present our operations in one reportable business segment and beginning in 2025, our Chief Executive Officer was the chief operating decision maker (“CODM”). Our business operates complementary brands, generating revenue through contracts or monetization strategies that span across brands, and leveraging integrated operational infrastructure. As a single segment entity, our segment performance measure used in the measurement of operational strength and performance and in the evaluation of underlying trends is net income attributable to Versant and the measure of segment assets is total assets.
Recent Accounting Pronouncements	Income Tax Disclosures In December 2023, the Financial Accounting Standards Board (“FASB”) issued updated accounting guidance related to income tax disclosures. The updated guidance, among other things, required additional disclosures relating to the income tax rate reconciliation and income taxes paid. We have adopted the updated guidance in this Annual Report on Form 10-K for the year ended December 31, 2025 with comparative periods updated to reflect the additional disclosures (see Note 9). Disaggregation of Income Statement Expenses In November 2024, the FASB issued updated accounting guidance related to disclosures of certain costs and expenses. The updated accounting guidance, among other things, requires quantitative disclosures for employee compensation, selling expenses and purchases of inventory. The updated guidance is effective beginning with our Annual Report on Form 10-K for the year ended December 31, 2027. Internal-Use Software In September 2025, the FASB issued updated accounting guidance related to internal-use software. The updated guidance eliminates references to software project stages and clarifies that capitalization of internal-use software costs should begin once management authorizes and commits to funding a software project and it is probable that the project will be completed and used as intended. The updated guidance is effective for us as of January 1, 2028, with early adoption permitted. We are in the process of evaluating the impact of this accounting guidance on our financial statements. Interim Reporting In December 2025, the FASB issued updated accounting guidance on interim reporting. The updated guidance establishes a principle requiring entities to disclose events occurring after the end of the most recent annual reporting period that have a material impact on the entity, as well as clarifies the applicability of interim disclosure requirements. The guidance does not change the fundamental nature of interim reporting or expand or reduce current interim disclosure requirements. The guidance is effective for us beginning in interim periods after January 1, 2028, with early adoption permitted. We are in the process of determining the impact of this accounting guidance on our financial statements. Government Grants In December 2025, the FASB issued new accounting guidance on the recognition, measurement and presentation of government grants received by business entities. The new guidance defines government grants, clarifies their scope and provides a recognition threshold under which a grant is recognized when it is probable the entity will comply with the grant’s conditions and that the grant will be received. The updated guidance is effective for us as of January 1, 2029, and early adoption is permitted. We are in the process of determining the impact of this accounting guidance on our financial statements.
Revenue	Linear distribution We generate revenue from the distribution of television programming in the United States and in certain international markets to traditional multichannel video providers and to virtual multichannel video providers that offer streamed linear television networks. Monthly fees received under distribution agreements with multichannel video providers are generally under multiyear agreements with revenue based on the number of subscribers receiving our television networks through the provider and a per subscriber fee. Payment terms and conditions vary by contract type, although terms generally include payment within 60 days. These arrangements are accounted for as licenses of functional intellectual property and revenue is recognized as programming is provided. Advertising We generate revenue from the sale of advertising on our linear television networks and digital platforms. We have determined that a contract exists for our advertising sales once all terms and conditions are agreed upon, typically when the number of advertising units is specifically identified and scheduled. Advertisements are generally aired or delivered within one year once all terms and conditions are agreed upon. Revenue is recognized, net of agency commissions, in the period in which advertisements are aired or delivered and payment occurs thereafter, with payment generally required within 30 days. In some instances, we guarantee audience ratings for the advertisements. To the extent there is a shortfall in contracts where the ratings were guaranteed, a portion of the revenue is deferred until the shortfall is settled, typically by providing additional advertising units generally within one year of the original airing. The amount of future revenue to be earned related to fixed price contracts with advertisers in excess of one year totaled $234 million as of December 31, 2025, which will be recognized over the next 5 years. Platforms We generate revenue from services provided through our digital platforms. Our platforms facilitate consumer transactions, including tee time reservations at golf courses, the purchase of movie tickets, the rental or purchase of television and movie titles for streaming and registration with youth sports leagues. We also sell technology and related services to golf courses, movie theaters and youth sports organizations that leverage our platform, and also offer consumer subscription services, which provide access to streaming content. We generally have concluded that we are an agent for the underlying consumer transactions on our platforms, and we therefore do not recognize the direct revenue from the sale of the golf rounds, movie tickets, television or movie titles rentals or purchases, or sports registrations. End-consumers using our movie ticket and tee time platforms pay transaction-based fees. These fees are generally charged to customer credit cards and revenue is recognized at the time of the transaction based on the fee charged. We offer gift cards that customers may use for certain of our consumer services, primarily related to our movie ticket platform. We record a liability for estimated future gift card redemptions. We estimate the portion of these gift cards that will not be redeemed over time (“breakage”) based on historical redemption patterns. As of December 31, 2025 and 2024, the gift card liability for our movie ticket platform was $51 million and $53 million, respectively, including $36 million and $37 million in accrued expenses and other current liabilities, respectively, with the remainder presented in other noncurrent liabilities. Revenue recorded related to breakage on these gift cards was $12 million for the year ended December 31, 2025 and $15 million for each of the years ended December 31, 2024 and 2023. Our technology solutions provide customers access to our cloud-based applications. Contracts for these and our agency services generally have terms ranging from one year to three years with consideration due over the contract term taking multiple forms, including variable amounts tied to the value of specified tee times, which we generally receive directly from the end consumer, a percentage of amounts charged for specified transactions or fixed amounts paid by the customer. We recognize revenue for technology solutions and agency services as the services are provided over the contract term based on our share of the underlying transactions or on a straight-line basis for fixed fee contracts. We offer additional services to customers receiving our technology services including payment processing and other services related to customer operations. Payment processing fees are based on a percentage of each transaction processed and are recognized as transactions occur. Consideration for other services may be a fixed fee or based on variable amounts and are recognized as services are provided over the contract period. Revenue from customers that purchase multiple services is allocated between the separate services based on the respective standalone selling prices. Subscription services are generally offered based on fixed amounts with monthly or annual terms. Subscription fees for the term are generally fixed and nonrefundable, and we recognize revenue over the term of the agreement. Content Licensing We generate revenue from the licensing of our owned content to television networks and direct-to-consumer streaming service providers, as well as through video on demand services provided by multichannel video providers and other service providers. These agreements generally include fixed pricing and span multiple years. We recognize revenue when the content is delivered and available for use by the licensee. When the term of an existing agreement is renewed or extended, we recognize revenue when the licensed content becomes available under the renewal or extension. Payment terms and conditions vary by contract type, although payments are generally collected over the license term.
Cost of Revenue	We incur costs related to the license of the rights to use content owned by third parties and sports rights on our television networks and digital platforms, and related to the production and acquisition of owned content, which are described as licensed and owned content, respectively. Programming and production costs are presented in costs of revenue in our combined statements of income and the related capitalized amounts are presented in content costs in our combined balance sheets. We have determined that the predominant monetization strategy for the substantial majority of our content is on a group basis. Capitalization and Recognition of Content Costs We capitalize the costs of licensed content when the license period begins, the content is made available for use and the costs of the licenses are known. Licensed content is amortized as the associated programs are used, incorporating estimated viewing patterns. We capitalize costs for owned content, including direct costs, production overhead, print costs, development costs and interest, as well as acquired titles. Amortization for content predominantly monetized with other owned or licensed content is recorded based on estimated usage. Amortization for owned content predominantly monetized on an individual basis and accrued costs associated with participations and residuals payments are recorded using the individual film forecast computation method, which recognizes the costs in the same ratio as the associated ultimate revenue. Estimates of ultimate revenue and total costs are based on anticipated airing patterns and distribution strategies, public acceptance and historical results for similar productions. We do not capitalize costs associated with marketing and distribution. Licensed and owned content are presented as noncurrent assets in content costs. We present amortization of licensed and owned content and accrued costs associated with participations and residuals payments in programming and production costs. Production activities may be eligible for tax incentives from certain state, local or foreign jurisdictions. These incentives generally provide for transferable or redeemable tax credits upon meeting established levels of qualified production spending within a participating jurisdiction. We record a receivable for a production tax incentive program when there is a reasonable assurance of collection with a corresponding reduction of capitalized content costs or programming and production costs, as applicable. When an event or a change in circumstance occurs that was known or knowable as of the balance sheet date and that indicates the fair value of either licensed or owned content is less than the unamortized costs in the balance sheet, we determine the fair value and record an impairment charge to the extent the unamortized costs exceed the fair value. Licensed and owned content is assessed in identified film groups, which are generally on a channel, network or platform basis, for content predominantly monetized with other content. Licensed content that is not part of a film group is also generally assessed in packages or channels. Owned content that is not part of a film group is assessed individually. Estimated fair values of licensed and owned content are generally based on Level 3 inputs including analysis of market participant estimates of future cash flows. We record charges related to impairments or content that is substantively abandoned to programming and production costs. Sports Rights We recognize the costs of multiyear, live-event sports rights as the rights are used over the contract term based on estimated relative value. Estimated relative value is generally based on the terms of the contract and the nature of and potential revenue generation of the deliverables within the contract. Sports rights are accounted for as executory contracts and are not subject to impairment. When cash payments, including advanced payments, exceed the relative value of the sports rights delivered, we recognize an asset in licensed content costs. Production costs incurred in advance of airing are also presented in licensed content costs.
Other Costs of Revenue	Other Costs of Revenue Other costs attributed to our service offerings primarily include transaction-based fees to support our payment processing services and integrate the third-party data into our digital platforms, as well as direct personnel and operating costs to maintain the platforms. These costs are generally expensed as incurred.
Investments without Readily Determinable Fair Value	We classify investments without readily determinable fair values that are not accounted for under the equity method as nonmarketable equity securities. The accounting guidance requires nonmarketable equity securities to be recorded at cost and adjusted to fair value at each reporting period. However, the guidance allows for a measurement alternative, which is to record the investments at cost, less impairment, if any, and subsequently adjust for observable price changes of identical or similar investments of the same issuer. We generally apply the measurement alternative, adjusting the investments for observable price changes of identical or similar investments of the same issuer, to our nonmarketable equity securities. When an observable event occurs, we estimate the fair values of our nonmarketable equity securities primarily based on Level 2 inputs that are derived from observable price changes of similar securities adjusted for insignificant differences in rights and obligations. We review our nonmarketable equity securities, each reporting period to determine whether there are identified events or circumstances that would indicate there is a decline in the fair value. For our nonpublic investments, if there are no identified events or circumstances that would have a significant adverse effect on the fair value of the investment, then the fair value is not estimated. We record the changes in value from observable events and impairments to investment and other income (loss), net.
Property and Equipment	Property and equipment are stated at cost. We capitalize improvements that extend asset lives and expense repairs and maintenance costs as incurred. We capitalize direct development costs associated with internal-use software, including external direct costs of material and services and payroll costs for employees devoting time to these software projects, as well as costs associated with arrangements for purchase or license of internal-use software. We expense maintenance and training costs, as well as costs incurred during the preliminary stage of a software development project, as they are incurred. We record depreciation using the straight-line method over the asset’s estimated useful life. For assets that are sold or retired, we remove the applicable cost and accumulated depreciation and, unless the gain or loss on disposition is presented separately, we recognize it as a component of depreciation expense. We evaluate the recoverability of our property and equipment whenever events or substantive changes in circumstances indicate that the carrying amount may not be recoverable. The evaluation is based on the cash flows generated by the underlying asset groups, including estimated future operating results, trends or other determinants of fair value. If the total of the expected future undiscounted cash flows were less than the carrying amount of the asset group, we would recognize an impairment charge to the extent the carrying amount of the asset group exceeded its estimated fair value. Unless presented separately, the impairment charge is included as a component of depreciation expense.
Goodwill	Goodwill is calculated as the excess of the consideration transferred over the identifiable net assets acquired in a business combination and represents the future economic benefits expected to arise from anticipated synergies and intangible assets acquired that do not qualify for separate recognition, including increased footprint, assembled workforce, noncontractual relationships and other agreements. As the Versant businesses were operated as a part of Comcast’s Media segment, our combined balance sheets include an allocated amount of goodwill from Comcast’s Media segment, determined using a relative fair value analysis as of July 1, 2024, the date of Comcast’s most recent annual goodwill impairment assessment. The fair values utilized in the relative fair value analysis were estimated using a discounted cash flow analysis, using Level 3 inputs. When performing this analysis, we also considered multiples of earnings from comparable public companies and recent market transactions. Prior to this date, impairment analysis was performed at the Comcast level. Following the allocation, goodwill is required to be assessed for recoverability annually, or more frequently whenever events or substantive changes in circumstances indicate that the carrying amount of a reporting unit may exceed its fair value. We test goodwill for impairment at the reporting unit level. To determine our reporting units, we evaluate the components one level below the segment level and we aggregate the components if they have similar economic characteristics. We evaluate the determination of our reporting units used to test for impairment periodically or whenever events or substantive changes in circumstances occur. The assessment of recoverability may first consider qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. A quantitative assessment is performed if the qualitative assessment results in a more-likely-than-not determination or if a qualitative assessment is not performed. The quantitative assessment considers whether the carrying amount of a reporting unit exceeds its fair value, in which case an impairment charge is recorded to the extent the reporting unit’s carrying value exceeds its fair value. Unless presented separately, the impairment charge is included as a component of amortization expense.
Finite-Lived Intangible Assets	Finite-lived intangible assets are subject to amortization and consist primarily of customer relationships and trade names acquired in business combinations. Our finite-lived intangible assets are amortized primarily on a straight-line basis over their estimated useful life or the term of the associated agreement. We evaluate the recoverability of our finite-lived intangible assets whenever events or substantive changes in circumstances indicate that the carrying amount may not be recoverable. The evaluation is based on the cash flows generated by the underlying asset groups, including estimated future operating results, trends or other determinants of fair value. If the total of the expected future undiscounted cash flows were less than the carrying amount of the asset group, we would recognize an impairment charge to the extent the carrying amount of the asset group exceeded its estimated fair value. Unless presented separately, the impairment charge is included as a component of amortization expense.

COMBINED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
COMBINED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating Activities
Net income	$ 931	$ 1,365	$ 1,540
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,010	989	991
Share-based compensation	29	16	15
Net loss on investment activity and other	41	0	1
Deferred income taxes	(139)	(145)	(135)
Changes in operating assets and liabilities:
Current and noncurrent receivables, net	84	100	41
Content costs, net	99	68	155
Accounts payable	25	(3)	(12)
Other operating assets and liabilities	(58)	(179)	(167)
Net cash provided by operating activities	2,022	2,211	2,428
Investing Activities
Capital expenditures	(167)	(54)	(56)
Acquisition, net of cash acquired	(24)	0	0
Other	36	(17)	(4)
Net cash used in investing activities	(155)	(71)	(60)
Financing Activities
Proceeds from borrowings	986	0	0
Change in net Comcast investment	(1,745)	(2,142)	(2,359)
Other	(23)	(12)	4
Net cash used in financing activities	(782)	(2,155)	(2,355)
Increase (decrease) in cash, cash equivalents and restricted cash	1,084	(16)	13
Cash and cash equivalents, beginning of year	8	23	11
Cash and cash equivalents and restricted cash, end of year	$ 1,092	$ 8	$ 23

Income Taxes - Schedule of the Components of Net Deferred Tax Liability (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred Tax Assets:
Net operating loss and other loss carryforwards	$ 4	$ 28
Investments	30	26
Nondeductible accruals and other	25	11
Less: Valuation allowance	(12)	(37)	$ (36)	$ (36)
Total deferred tax assets, net of valuation allowance	47	27
Deferred Tax Liabilities:
Property and equipment	66	15
Intangible assets	169	437
Total deferred tax liabilities	235	452
Net deferred tax liability	$ 188	$ 425

Summary of Significant Accounting Policies (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Advertising costs \| $	$ 109	$ 82	$ 105
Number of operating segments	1
Number of reportable segments	1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	Chief Executive Officer [Member]
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	3 years
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	5 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Additional Financial Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash, cash equivalents and restricted cash and cash equivalents	$ 1,092	$ 8	$ 23	$ 11
Cash and cash equivalents	55	8
Restricted cash	1,034	0
Cash presented within assets held for sale	3
Non-cash investing activities, contribution for key operational hub	168
Transaction costs	36
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Restricted cash	1,034	$ 0
Disposal Group, Held-for-Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale, goodwill	149
Property and equipment held for sale	17
Assets held for sale, intangible assets	14
Liabilities held for sale	$ 18

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2025	Feb. 20, 2026	Jun. 30, 2025
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-42856
Entity Registrant Name	Versant Media Group, Inc.
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	39-2087186
Entity Address, Address Line One	229 West 43rd Street
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10036
City Area Code	(646)
Local Phone Number	832-1000
Title of 12(b) Security	Class A Common Stock, par value $0.01 per share
Trading Symbol	VSNT
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 0
Documents Incorporated by Reference	Certain information required for Part III of this Annual Report on Form 10-K is incorporated by reference to the registrant’s definitive proxy statement for its 2026 annual meeting of shareholders. Such proxy statement will be filed with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year ended December 31, 2025.
Document Fiscal Year Focus	2025
Entity Central Index Key	0002067876
Amendment Flag	false
Document Fiscal Period Focus	FY
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		143,790,841
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		377,775

Description of the Company and Basis of Presentation	12 Months Ended
Description of the Company and Basis of Presentation	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of the Company and Basis of Presentation	Description of the Company and Basis of Presentation Description of the Company Versant Media Group, Inc. (“Versant”, the “Company”, “we”, “us”, “our”) is a media and entertainment business that operates in four core markets: political news and opinion, business news and personal finance, golf and athletics participation and sports and genre entertainment. We serve these markets primarily through a portfolio of brands comprised of networks, including USA Network, CNBC, MS NOW, Oxygen, E!, Syfy and Golf Channel, and digital platforms, including Fandango, Rotten Tomatoes, GolfNow and SportsEngine. On January 2, 2026, the separation (the “Separation”) of Versant from Comcast Corporation (“Comcast”) was completed. In connection with the completion of the Separation, the assets related to certain of Comcast’s cable television networks and digital platforms were contributed to, and the related liabilities were assumed by Versant in accordance with the separation and distribution agreement and other agreements entered into in connection with the Separation, as further described in Note 13. On January 5, 2026, our common stock began trading on The Nasdaq Stock Market LLC (“Nasdaq”) under the ticker symbol “VSNT”. Basis of Presentation For the periods presented in these combined financial statements, the Versant businesses were operated as part of Comcast’s Media segment. The combined financial statements have been derived from Comcast’s historical accounting records as if Versant operations had been conducted independently from Comcast, and reflect the assets, liabilities, revenues and expenses of the Company on a historical cost basis. The combined financial statements were prepared on a standalone basis in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). The combined balance sheets include assets and liabilities specifically attributable to the Company and certain assets and liabilities held by Comcast but specifically identifiable or otherwise attributable to our business. Assets and liabilities included in our combined balance sheets were based on an initial assessment as of December 31, 2024, and updated as necessary for new assets and liabilities resulting from transactions occurring subsequent to December 31, 2024, that were specifically identifiable or otherwise attributable to our business or in subsidiaries that are included in the combined financial statements. Accordingly, our combined balance sheets may not reflect the assets and liabilities of Versant following the Separation. Other than debt issued by Versant in 2025 (see Note 8), Comcast’s historical third-party debt and related interest expense have not been attributed to the Company because the borrowings are not specifically identifiable to the Company and the Company is not the legal obligor. The combined financial statements reflect noncontrolling interests for certain subsidiaries included in the combined financial statements, in which a third party has a minority ownership interest. The combined statements of income include all revenues and costs directly attributable to our business, including costs related to production activities that used centralized Comcast operations and directly charged to us based on usage. The combined statements of income also include allocations of costs for administrative functions and services performed on our behalf by other centralized functions within Comcast and allocations of costs for the use of shared assets (see Note 11). These expenses have been allocated on a pro rata basis using an applicable measure of revenue. All allocations and estimates reflected in the combined financial statements are based on assumptions that management believes are reasonable. However, the allocations may not be indicative of the actual expense that would have been incurred had we operated as an independent, standalone entity, nor are they indicative of our future expenses. Actual costs that may have been incurred if we had been a standalone company would depend on a number of factors, including the chosen organization structure and strategic decisions made in various areas, including information technology, infrastructure and outsourcing of corporate functions. All intercompany transactions and balances within our business have been eliminated. Certain transactions were handled through Comcast’s centralized cash management process or allocated to us and were generally deemed settled for cash at the time the transactions are recorded in these combined financial statements. The total net effect of the deemed settlement of these transactions is included in net Comcast investment and the net effect of changes in net Comcast investment is presented in financing activities in the combined statements of cash flows Centralized cash management balances related to certain of our operations were executed through formal loan agreements and are therefore presented in assets or liabilities, as applicable. These and other transactions between the Company and Comcast are included in the combined financial statements and are considered related party transactions. See Note 11 for more information.

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true