0002067876-26-000027 | 10-Q | XBRL Viewer

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CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) (Parenthetical)	3 Months Ended
	Mar. 31, 2026 $ / shares
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.375

Stockholders’ Equity - Schedule of Earnings per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Equity [Abstract]
Weighted-average number of common share outstanding - basic (in shares)	143,378	144,169
Effect of dilutive securities (in shares)	30	0
Weighted-average number of common share outstanding - diluted (in shares)	143,409	144,169
Antidilutive securities	2,018	0

Additional Financial Information

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Additional Financial Information

Supplemental Cash Flow Information


	March 31,		December 31,
	2026		2025
	(in millions)
Cash and cash equivalents	$	1,193	$	55
Restricted cash	—		1,034
Assets held for sale	3		3
Total cash and cash equivalents and restricted cash on statement of cash flows	$	1,196	$	1,092

During the three months ended March 31, 2026, we paid $31 million cash for interest and $11 million cash for income taxes. As of March 31, 2026, income taxes payable was $205 million, which is reflected in accrued expenses and other current liabilities.

Held for Sale

During the second quarter of 2026, we sold most of the SportsEngine business and the related assets and liabilities were classified as held for sale in our consolidated and combined balance sheets. The assets held for sale as of March 31, 2026 and December 31, 2025 are primarily comprised of goodwill of $149 million, property and equipment of $21 million and $17 million, respectively, and intangible assets of $14 million. Liabilities held for sale totaled $19 million and $18 million were presented in other current liabilities as of March 31, 2026 and December 31, 2025, respectively. The assets held for sale were measured at estimated fair value less costs to sell as of March 31, 2026, resulting in an immaterial adjustment recorded within depreciation and amortization expense for the three months ended March 31, 2026.

Revenue - Narrative (Details) - USD ($) $ in Millions			3 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2026	Mar. 31, 2025
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue	$ 77	$ 163	$ 77
Accounts Receivable \| Customer Concentration Risk \| Ten Largest Multichannel Video Provider Customers
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Customer concentration	60.00%	56.00%
Platforms, gift cards
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total gift card liability	$ 47	$ 51	47
Deferred revenue	32	$ 36	32
Breakage revenue			4	$ 6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01 \| Advertising
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Future revenue to be earned	$ 256		$ 256
Future revenue to be earned, period of recognition	5 years		5 years

Subsequent Events (Details) - Subsequent Event - USD ($) $ in Millions	May 14, 2026	Apr. 30, 2026
Subsequent Event [Line Items]
Lease agreement, initial term	18 years
Lease agreement, extension term	10 years
Minimum lease payments under lease agreement	$ 286
Employee Stock
Subsequent Event [Line Items]
Employee Stock Purchase Plan, number of shares authorized (in shares)		2,000,000

Goodwill

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

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


	March 31, 2026
	(in millions)
Goodwill balance as of December 31, 2025	$	7,611
Acquisition	96
Goodwill balance as of March 31, 2026	$	7,707

- Definition

The entire disclosure for goodwill.

+ References + Details

Additional Financial Information (Tables)

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of cash and cash equivalents

Supplemental Cash Flow Information


	March 31,		December 31,
	2026		2025
	(in millions)
Cash and cash equivalents	$	1,193	$	55
Restricted cash	—		1,034
Assets held for sale	3		3
Total cash and cash equivalents and restricted cash on statement of cash flows	$	1,196	$	1,092

Restrictions on cash and cash equivalents

Supplemental Cash Flow Information


	March 31,		December 31,
	2026		2025
	(in millions)
Cash and cash equivalents	$	1,193	$	55
Restricted cash	—		1,034
Assets held for sale	3		3
Total cash and cash equivalents and restricted cash on statement of cash flows	$	1,196	$	1,092

Stockholders’ Equity - Narrative (Details)			3 Months Ended
Stockholders’ Equity - Narrative (Details)	May 14, 2026 $ / shares	Jan. 02, 2026 vote $ / shares shares	Mar. 31, 2026 $ / shares shares
Class of Stock [Line Items]
Preferred stock, authorized (in shares) \| shares		20,000,000	20,000,000
Dividends declared (in dollars per share) \| $ / shares			$ 0.375
Subsequent Event
Class of Stock [Line Items]
Dividends declared (in dollars per share) \| $ / shares	$ 0.375
Class A Common Stock
Class of Stock [Line Items]
Common stock, authorized (in shares) \| shares		7,500,000,000	7,500,000,000
Common stock, par value (in dollars per share) \| $ / shares		$ 0.01	$ 0.01
Number of Class A common share issued upon conversion of each Class B common share (in shares) \| shares		1
Class B Common Stock
Class of Stock [Line Items]
Common stock, authorized (in shares) \| shares		75,000,000	75,000,000
Common stock, par value (in dollars per share) \| $ / shares		$ 0.01	$ 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
Class of Stock [Line Items]
Percentage of ownership after distribution		100.00%
Distribution ratio		0.04

Share-based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of share-based compensation, expense


	Three months ended March 31,
	2026		2025
	(in millions)
Share-based compensation expense	$	17	$	3

Disclosure of share-based compensation arrangements by share-based payment award

The following table presents our share-based compensation activity for the three months ended March 31, 2026:


	RSUs			PSUs (a)
	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Converted at Separation (b)	1,561,168	$	55.68	—	$	—
Granted	1,976,261	$	36.10	892,018	$	38.36
Vested	11,812	$	60.27	—	$	—
Forfeited	15,638	$	45.52	—	$	—
Outstanding - March 31, 2026	3,509,979	$	44.68	892,018	$	42.05

_________________________________________

(a) Amounts represent the number of PSUs in agreements with senior executives. For awards with performance targets not yet approved or subject to adjustment, fair values are presented at the time agreements are approved and as of the end of the period.

(b) Amounts represent awards outstanding prior to the Separation with the number of shares and fair value adjusted to reflect the impacts of the conversion formula as outlined in the employee matters agreement.

Costs of Revenue

3 Months Ended

Mar. 31, 2026

Cost of Revenue [Abstract]

Costs of Revenue


	Three months ended March 31,
	2026		2025
	(in millions)
Programming and production	$	519	$	547
Other	119		108
Total costs of revenue	$	638	$	654

Programming and Production Costs


	Three months ended March 31,
	2026		2025
	(in millions)
Licensed, including sports rights	$	302	$	319
Owned	217		228
Total programming and production costs	$	519	$	547

Capitalized Content Costs


	March 31,		December 31,
	2026		2025
	(in millions)
Licensed, including sports advances	$	492	$	436
Owned:
In production and in development	18		30
Released, less amortization	74		73
	92		103
Content costs	$	584	$	539

CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) - USD ($)
shares in Thousands, $ in Millions

Total

Common Stock

Additional Paid-in Capital

Retained Earnings

Net Comcast investment

AOCI

^[1]

Noncontrolling interest

Beginning balance at Dec. 31, 2024

$ 10,915

$ 10,805

$ (8)

$ 118

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Transactions with Comcast, net

(449)

Net income

367

Other comprehensive income

Ending balance at Mar. 31, 2025

10,835

10,723

(7)

119

Beginning balance (in shares) at Dec. 31, 2025

^[2]

Beginning balance at Dec. 31, 2025

10,402

$ 0

^[2]

$ 0

10,299

(7)

110

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Transactions with Comcast, net

(2,408)

Issuance of common stock upon spin-off and reclassification of net Comcast investment (in shares)

^[2]

144,169

Issuance of common stock upon Separation

$ 1

^[2]

7,890

(7,891)

Issuances of common stock under employee plans (in shares)

^[2]

Share-based compensation

Repurchases of common stock (in shares)

^[2]

(2,694)

Repurchases of common stock

(101)

Dividends ($0.375 per common share)

(55)

Net income

286

Other comprehensive income

Ending balance (in shares) at Mar. 31, 2026

^[2]

141,482

Ending balance at Mar. 31, 2026

$ 8,145

$ 1

^[2]

$ 7,806

$ 231

$ 0

$ (4)

$ 110

[1]	Accumulated other comprehensive income (loss)
[2]	Includes Class A and Class B common stock

Stockholders’ Equity (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of accumulated other comprehensive loss ("AOCI")

Changes in accumulated other comprehensive loss (“AOCI”) by component, net of income taxes, for the three months ended March 31, 2026 were as follows:


	Currency Translation Adjustments		Cash Flow Hedges		Total AOCI
	(in millions)
Balance as of December 31, 2025	$	(7)	$	—	$	(7)
Accumulated other comprehensive income before reclasses, net of taxes	—		4		4
Reclasses from accumulated other comprehensive income, net of taxes	—		(1)		(1)
Balance as of March 31, 2026	$	(7)	$	3	$	(4)

Schedule of earnings per share


	Three Months Ended March 31,
	2026	2025 (a)
	(in thousands)
Weighted-average number of common shares outstanding - basic (b)	143,378	144,169
Effect of dilutive securities	30	—
Weighted-average number of common shares outstanding - diluted (b)	143,409	144,169

Weighted average antidilutive securities	2,018	—

__________________________________

(a) For periods prior to the Separation on January 2, 2026, the computation of basic and diluted earnings per share was calculated using shares of Versant common stock outstanding on the date of the Separation.

(b) Includes Class A and Class B common stock.

CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Currency translation adjustments, tax	$ 0	$ 0
Cash flow hedges, tax	$ 1	$ 0

CONDENSED CONSOLIDATED AND COMBINED STATEMENTS INCOME (UNAUDITED) (Parenthetical) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Revenue

^[1]

$ 1,687

$ 1,706

Costs of revenue (exclusive of depreciation and amortization)

^[1]

$ 638

654

Related Party

Revenue

297

Costs of revenue (exclusive of depreciation and amortization)

$ 234

[1]	Includes related party revenues and costs of revenue totaling $297 million and $234 million, respectively for the three months ended March 31, 2025.

- Definition

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

Business, Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	We have prepared these interim condensed consolidated and combined financial statements in accordance with generally accepted accounting principles in the United States (“GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”), which permit reduced disclosures for interim periods. These financial statements include all adjustments that are necessary for a fair presentation of our condensed consolidated and combined results of operations, cash flows and financial condition for the periods shown, including normal, recurring accruals and other items. The condensed consolidated and combined results of operations for the interim periods presented are not necessarily indicative of results for the full year. Following the separation, our financial statements are presented on a consolidated basis and include all entities in which we have a controlling voting interest.
Segments	We present our operations in one reportable business segment and our Chief Executive Officer is 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	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. We are in the process of evaluating the impact of this accounting guidance on our financial statements. 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 evaluating 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 evaluating the impact of this accounting guidance on our financial statements.

- Definition

Disclosure of accounting policy for segment reporting.

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+ Details

Revenue - Schedule of Receivables (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Revenue from Contract with Customer [Abstract]
Receivables, gross	$ 1,195	$ 1,161
Less: Allowance for credit losses	2	10
Receivables, net	$ 1,193	$ 1,151

Debt Obligations (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Debt


	March 31,		December 31,
	2026		2025
	(in millions)
7.250% Senior Secured Notes due 2031 (“Senior Notes”)	$	1,000	$	1,000
Term Loan A Facility	1,000		—
Term Loan B Facility	1,000		—
Unamortized debt issuance costs and discounts, net	(48)		(17)
Total long-term debt	2,952		983
Less: current portion of long-term debt, net	83		—
Long-term debt, net of current portion	$	2,869	$	983

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2026	Apr. 30, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Fiscal Year Focus	2026
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0002067876
Amendment Flag	false
Document Fiscal Period Focus	Q1
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		141,120,240
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		377,775

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

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Dec. 31, 2025

Revenue

^[1]

$ 1,687

$ 1,706

Cost of revenue

^[1]

638

654

Content costs

584

$ 539

Selling, general and administrative

$ 351

307

297

123

234

302

$ 94

Related Party | Transactions

Cost of revenue

161

Selling, general and administrative

Cost of revenue

Selling, general and administrative

$ 236

[1]	Includes related party revenues and costs of revenue totaling $297 million and $234 million, respectively for the three months ended March 31, 2025.

Costs of Revenue (Tables)

3 Months Ended

Mar. 31, 2026

Cost of Revenue [Abstract]

Schedule of cost of revenue


	Three months ended March 31,
	2026		2025
	(in millions)
Programming and production	$	519	$	547
Other	119		108
Total costs of revenue	$	638	$	654

Schedule of programming and production cost

Programming and Production Costs


	Three months ended March 31,
	2026		2025
	(in millions)
Licensed, including sports rights	$	302	$	319
Owned	217		228
Total programming and production costs	$	519	$	547

Schedule of capitalized content costs

Capitalized Content Costs


	March 31,		December 31,
	2026		2025
	(in millions)
Licensed, including sports advances	$	492	$	436
Owned:
In production and in development	18		30
Released, less amortization	74		73
	92		103
Content costs	$	584	$	539

Debt Obligations - Narrative (Details)	Sep. 30, 2026	Mar. 31, 2026 USD ($)	Jan. 02, 2026 USD ($)	Dec. 31, 2025 USD ($)
Debt Instrument [Line Items]
Fair value of long-term debt		$ 3,030,000,000.00		$ 1,030,000,000.00
Aggregate principal amount			$ 3,000,000,000.0
Designated as Hedging Instrument \| Cash Flow Hedging
Debt Instrument [Line Items]
Derivative, notional amount		1,000,000,000.0
Derivative asset		5,000,000
Line of Credit
Debt Instrument [Line Items]
Total maturities, remainder of 2026		60,000,000
Total maturities, 2027		120,000,000
Total maturities, 2028		120,000,000
Total maturities, 2029		120,000,000
Total maturities, 2030		$ 120,000,000
Line of Credit \| Term Loan A Facility \| Secured Debt
Debt Instrument [Line Items]
Aggregate principal amount			$ 1,000,000,000.0
Debt repayment percentage			5.00%
Line of Credit \| Term Loan A Facility \| Revolving Credit Facility \| Forecast
Debt Instrument [Line Items]
Maximum first lien net leverage ratio	3.50
Line of Credit \| Term Loan B Facility \| Secured Debt
Debt Instrument [Line Items]
Aggregate principal amount			$ 1,000,000,000.0
Debt repayment percentage			7.00%
Line of Credit \| Revolving Credit Facility Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 750,000,000
Line of Credit \| Revolving Credit Facility Agreement \| Revolving Credit Facility \| Forecast
Debt Instrument [Line Items]
Maximum first lien net leverage ratio	3.50

Share-based Compensation - Schedule of Award Activity (Details)	3 Months Ended
	Mar. 31, 2026 $ / shares shares
RSUs
Number of Shares
Converted at Separation (in shares) \| shares	1,561,168
Granted (in shares) \| shares	1,976,261
Vested (in shares) \| shares	11,812
Forfeited (in shares) \| shares	15,638
Outstanding (in shares) \| shares	3,509,979
Weighted-Average Grant Date Fair Value
Converted at Separation (in dollars per share) \| $ / shares	$ 55.68
Granted (in dollars per share) \| $ / shares	36.10
Vested (in dollars per share) \| $ / shares	60.27
Forfeited (in dollars per share) \| $ / shares	45.52
Outstanding (in dollars per share) \| $ / shares	$ 44.68
PSUs (a)
Number of Shares
Converted at Separation (in shares) \| shares	0
Granted (in shares) \| shares	892,018
Vested (in shares) \| shares	0
Forfeited (in shares) \| shares	0
Outstanding (in shares) \| shares	892,018
Weighted-Average Grant Date Fair Value
Converted at Separation (in dollars per share) \| $ / shares	$ 0
Granted (in dollars per share) \| $ / shares	38.36
Vested (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	0
Outstanding (in dollars per share) \| $ / shares	$ 42.05

Share-based Compensation - Schedule of Share-Based Payment Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]
Share-based compensation expense	$ 17	$ 3

CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating Activities
Net income	$ 286	$ 367
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	256	245
Share-based compensation	17	3
Noncash interest expense	3	0
Deferred income taxes	(103)	(37)
Changes in operating assets and liabilities:
Current and noncurrent receivables, net	(391)	(81)
Content costs, net	70	35
Accounts payable	127	(33)
Other operating assets and liabilities	320	(23)
Net cash provided by operating activities	585	478
Investing Activities
Capital expenditures	(27)	(21)
Acquisitions of businesses and investments	(145)	0
Other	0	(2)
Net cash used in investing activities	(172)	(23)
Financing Activities
Proceeds from borrowings	1,973	0
Repurchases of common stock under repurchase program and employee plans	(100)	0
Net transfers to Comcast	(2,250)	(454)
Settlement payment from NBCUniversal	70	0
Other	(2)	(3)
Net cash used in financing activities	(309)	(458)
Increase (decrease) in cash, cash equivalents and restricted cash	104	(3)
Cash and cash equivalents and restricted cash, beginning of year	1,092	8
Cash and cash equivalents, end of period	$ 1,196	$ 5

Share-based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Jan. 09, 2026
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)	16,138,578	19,000,000
RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Converted at Separation (in shares)	1,561,168
Award vesting period	3 years
Unrecognized pretax compensation expense	$ 128
Weighted-average period of recognition	2 years 10 months 24 days
PSUs (a)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Converted at Separation (in shares)	0
Continued employment requirement	3 years
Fair value assumption, expected volatility rate	33.30%
Fair value assumption, risk free interest rate	3.50%
Unrecognized pretax compensation expense	$ 35
Weighted-average period of recognition	2 years 9 months 18 days

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

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Cost of Revenue [Abstract]

Programming and production

$ 519

$ 547

Other

119

108

Total costs of revenue

^[1]

$ 638

$ 654

[1]	Includes related party revenues and costs of revenue totaling $297 million and $234 million, respectively for the three months ended March 31, 2025.

Business, Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business, Basis of Presentation and Significant Accounting Policies	Business, Basis of Presentation and Significant Accounting Policies 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 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. 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. On January 5, 2026, our common stock began trading on The Nasdaq Stock Market LLC (“Nasdaq”) under the ticker symbol “VSNT”. In connection with the Separation, we issued approximately $3.0 billion of total debt, including borrowings under term loans drawn upon the Separation, as well as senior notes issued in October 2025 (see Note 5). The proceeds from the senior notes were initially placed in escrow and presented as restricted cash as of December 31, 2025. A portion of the proceeds from these borrowings, including the amounts in escrow, which were released in connection with the Separation, 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. Basis of Presentation We have prepared these interim condensed consolidated and combined financial statements in accordance with generally accepted accounting principles in the United States (“GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”), which permit reduced disclosures for interim periods. These financial statements include all adjustments that are necessary for a fair presentation of our condensed consolidated and combined results of operations, cash flows and financial condition for the periods shown, including normal, recurring accruals and other items. The condensed consolidated and combined results of operations for the interim periods presented are not necessarily indicative of results for the full year. Following the separation, our financial statements are presented on a consolidated basis and include all entities in which we have a controlling voting interest. Prior to the Separation, Versant businesses were operated as part of Comcast’s Media segment. Accordingly, our financial statements for those periods are presented on a combined basis derived from Comcast’s historical accounting records as if Versant operations had been conducted independently from Comcast. The combined financial statements reflect the historical cost basis of assets and liabilities, which did not reflect all of the assets and liabilities of Versant following the Separation and included certain assets and liabilities that were retained by Comcast following the Separation. The combined financial statements also reflect the historical revenues, direct costs, and allocations of indirect 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 10). 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 condensed combined financial statements do not purport to reflect what our results of operations, comprehensive income, financial position, or cash flows would have been had we operated as a separate, stand-alone entity during the periods prior to the Separation. The condensed consolidated and combined financial statements should be read in conjunction with the Company’s audited combined financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2025. Segments We present our operations in one reportable business segment and our Chief Executive Officer is 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 condensed consolidated and combined financial statements, with further details included throughout the footnotes, including certain of our significant operating expenses in Note 3. Recent Accounting Pronouncements 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. We are in the process of evaluating the impact of this accounting guidance on our financial statements. 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 evaluating 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 evaluating the impact of this accounting guidance on our financial statements.

CONDENSED CONSOLIDATED AND COMBINED STATEMENTS INCOME (UNAUDITED) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Revenue

^[1]

$ 1,687

$ 1,706

Costs and Expenses:

Costs of revenue (exclusive of depreciation and amortization)

^[1]

638

654

Selling, general and administrative

351

307

Depreciation and amortization

256

245

Total costs and expenses

1,245

1,207

Operating income

442

499

Interest expense

(52)

Investment and other income, net

Income before income taxes

398

499

Income tax expense

(112)

(132)

Net income

286

367

Less: Net income attributable to noncontrolling interests

Net income attributable to Versant

$ 286

$ 367

Basic earnings per common share attributable to Versant shareholders (in dollars per share)

$ 1.99

$ 2.55

Diluted earnings per common share attributable to Versant shareholders (in dollars per share)

$ 1.99

$ 2.55

Related Party

Revenue

$ 297

Costs and Expenses:

Costs of revenue (exclusive of depreciation and amortization)

$ 234

[1]	Includes related party revenues and costs of revenue totaling $297 million and $234 million, respectively for the three months ended March 31, 2025.

Debt Obligations

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Debt Obligations


	March 31,		December 31,
	2026		2025
	(in millions)
7.250% Senior Secured Notes due 2031 (“Senior Notes”)	$	1,000	$	1,000
Term Loan A Facility	1,000		—
Term Loan B Facility	1,000		—
Unamortized debt issuance costs and discounts, net	(48)		(17)
Total long-term debt	2,952		983
Less: current portion of long-term debt, net	83		—
Long-term debt, net of current portion	$	2,869	$	983

The estimated fair value of our long-term debt obligations was $3.03 billion and $1.03 billion as of March 31, 2026 and December 31, 2025, respectively. Fair values of our Senior Notes were estimated using Level 2 inputs, based on external market data for debt with similar terms and maturities. The fair values of our variable rate term loans were estimated to approximate their face values.

On January 2, 2026, in connection with the Separation, we borrowed $1.0 billion under a term loan due January 2031 provided for in our October 2025 credit agreement (the “Term Loan A Facility”). On January 2, 2026, we also entered into a credit agreement providing for an additional term loan of $1.0 billion due January 2031 (the “Term Loan B Facility” and together with Term Loan A Facility, the “Term Loans”), which was fully funded on that date. The Term Loans and our $750 million revolving credit facility (the “Revolving Credit Facility” and together with the Term Loans, 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.

Term Loan A Facility and Term Loan B Facility require repayment of initial amounts borrowed of 5.00% and 7.00%, respectively, per annum payable in quarterly installments beginning on September 30, 2026, with the balance being payable at maturity. Contractual maturities of our debt obligations as of March 31, 2026 totaled $60 million in 2026 and approximately $120 million per year from 2027 to 2030, with the remainder payable in 2031.

The Term Loan A Facility and the Revolving Credit Facility 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 Facility and the Revolving Credit Facility, of not greater than 3.50:1.00, beginning with the third quarter of 2026. As of March 31, 2026, no events of default have occurred under these facilities.

Derivatives and Hedging

In March 2026, we entered into interest rate swaps designated as cash flow hedges to manage our exposure to interest rate risk related to variable-rate debt obligations. As of March 31, 2026, the notional amount of these derivatives was $1.0 billion, and the fair values totaled $5 million and were classified within other current assets and other noncurrent assets in our consolidated balance sheet as of March 31, 2026. The fair values of these financial instruments are primarily based on Level 2 inputs based on valuation models that use observable market data. Changes in fair value of derivative instruments classified as cash flow hedges are recognized in accumulated other comprehensive income until the hedged item affects earnings. During the three months ended March 31, 2026, derivative gains (losses) recognized within interest expense on our consolidated statement of income were not material.

Cash flows related to derivative instruments designated as cash flow hedges are classified in our consolidated statements of cash flows based on the classifications of the underlying cash flows.

- 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
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

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 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 1B
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 1C
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
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-Section 50
-Paragraph 1E
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Additional Financial Information - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash paid for interest	$ 31
Cash paid for income taxes	11
Income taxes payable	205
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	$ 149
Property and equipment held for sale	21	17
Assets held for sale, intangible assets	14	14
Liabilities held for sale	$ 19	$ 18

CONDENSED CONSOLIDATED AND COMBINED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Current Assets:
Cash and cash equivalents	$ 1,193	$ 55
Restricted cash	0	1,034
Receivables, net	1,193	1,151
Assets held for sale	181	196
Other current assets	82	66
Total current assets	2,650	2,502
Content costs	584	539
Investments	241	214
Property and equipment, net of accumulated depreciation of $611 million and $615 million	424	423
Intangible assets, net of accumulated amortization of $8,949 million and $8,848 million	713	924
Goodwill	7,707	7,611
Other noncurrent assets, net	187	120
Total assets	12,506	12,333
Current Liabilities:
Accounts payable	283	151
Deferred revenue	77	163
Accrued content obligations	180	105
Accrued employee costs	84	62
Current portion of long-term debt	83	0
Accrued expenses and other current liabilities	434	141
Total current liabilities	1,140	622
Deferred income taxes	115	191
Noncurrent content obligations	74	72
Long-term debt	2,869	983
Other noncurrent liabilities	163	63
Commitments and contingencies
Equity:
Preferred stock, no par value — authorized 20 million shares; none issued as of March 31, 2026	0	0
Additional paid-in capital	7,806	0
Retained earnings	231	0
Net Comcast investment	0	10,299
Accumulated other comprehensive loss	(4)	(7)
Total equity attributable to Versant	8,034	10,292
Noncontrolling interests	110	110
Total equity	8,145	10,402
Total liabilities and equity	12,506	12,333
Class A Common Stock
Equity:
Common stock	1	0
Class B Common Stock
Equity:
Common stock	$ 0	$ 0

Goodwill - Schedule of Goodwill (Details) $ in Millions	3 Months Ended
Goodwill - Schedule of Goodwill (Details) $ in Millions	Mar. 31, 2026 USD ($)
Goodwill [Roll Forward]
Goodwill balance as of December 31, 2025	$ 7,611
Acquisition	96
Goodwill balance as of March 31, 2026	$ 7,707

- 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

Debt Obligations - Schedule of Long Term Debt (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Unamortized debt issuance costs and discounts, net	$ (48)	$ (17)
Total long-term debt	2,952	983
Less: current portion of long-term debt, net	83	0
Long-term debt, net of current portion	$ 2,869	983
7.250% Senior Secured Notes due 2031 (“Senior Notes”) \| Senior Notes
Debt Instrument [Line Items]
Interest rate	7.25%
Long-term debt, gross	$ 1,000	1,000
Term Loan A Facility \| Line of Credit \| Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross	1,000	0
Term Loan B Facility \| Line of Credit \| Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,000	$ 0

Costs of Revenue - Schedule of Programming and Production Cost (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cost of Revenue [Abstract]
Licensed, including sports rights	$ 302	$ 319
Owned	217	228
Total programming and production costs	$ 519	$ 547

Business, Basis of Presentation and Significant Accounting Policies (Details) $ in Millions		3 Months Ended
	Jan. 02, 2026 USD ($)	Mar. 31, 2026 market segment
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of core operating markets \| market		4
Aggregate principal amount \| $	$ 3,000
Number of reportable segments \| segment		1
Number of operating segments \| segment		1
Comcast Corporation
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Cash payment as consideration for contributed assets \| $	$ 2,250

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
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

Goodwill (Tables)

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill

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


	March 31, 2026
	(in millions)
Goodwill balance as of December 31, 2025	$	7,611
Acquisition	96
Goodwill balance as of March 31, 2026	$	7,707

- Definition

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

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+ Details

Stockholders’ Equity

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Stockholders’ Equity

Capitalization

The Separation from Comcast was completed on January 2, 2026 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 following the Separation, holders of Comcast’s common stock prior to the Separation owned 100% of our issued and outstanding shares.

Our Articles of Incorporation were amended and restated following the Separation to provide us 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. The number of votes that each share of Class A common stock has at any given time depends on the number of shares of Class A common stock and Class B common stock then outstanding, with each share of Class B common stock having 15 votes per share, and are entitled to any dividends when and as declared without regard to class. The Class B common stock represents 33 1/3% of the combined voting power of our common stock. On each matter to be voted on, the holders of Class A common stock and Class B common stock will vote together. Each share of Class B common stock is convertible at the option of the holder into one share of Class A common stock.

Dividends

On March 3, 2026, our Board of Directors declared our first quarter dividend of $0.375 per share, which was paid on April 22, 2026 to shareholders of record as of the close of business on April 1, 2026. On May 14, 2026, our Board of Directors declared our second quarter dividend of $0.375 per share, payable on July 22, 2026 to shareholders of record as of the close of business on July 1, 2026.

Accumulated Other Comprehensive Income (loss)

Changes in accumulated other comprehensive loss (“AOCI”) by component, net of income taxes, for the three months ended March 31, 2026 were as follows:


	Currency Translation Adjustments		Cash Flow Hedges		Total AOCI
	(in millions)
Balance as of December 31, 2025	$	(7)	$	—	$	(7)
Accumulated other comprehensive income before reclasses, net of taxes	—		4		4
Reclasses from accumulated other comprehensive income, net of taxes	—		(1)		(1)
Balance as of March 31, 2026	$	(7)	$	3	$	(4)

Weighted-Average Common Shares Outstanding


	Three Months Ended March 31,
	2026	2025 (a)
	(in thousands)
Weighted-average number of common shares outstanding - basic (b)	143,378	144,169
Effect of dilutive securities	30	—
Weighted-average number of common shares outstanding - diluted (b)	143,409	144,169

Weighted average antidilutive securities	2,018	—

__________________________________

(b) Includes Class A and Class B common stock.

Diluted earnings per share is calculated using the treasury stock method and includes the impact of unvested share-based compensation awards (see Note 8) to the extent dilutive. Antidilutive securities represent the number of potential common shares related to share-based compensation awards that were excluded from diluted earnings per share because their effect would have been antidilutive.

- Definition

The entire disclosure for equity.

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+ Details

Revenue (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Disaggregation of revenue


	Three months ended March 31,
	2026		2025
	(in millions)
Linear distribution	$	1,006	$	1,085
Advertising	368		388
Platforms	192		176
Content licensing and other	121		57
Total revenue	$	1,687	$	1,706

Schedule of receivables, net


	March 31,		December 31,
	2026		2025
	(in millions)
Receivables, gross	$	1,195	$	1,161
Less: Allowance for credit losses	2		10
Receivables, net	$	1,193	$	1,151

Stockholders’ Equity - Schedule of Accumulated Other Comprehensive Income (Loss) (Details)
$ in Millions

3 Months Ended

Mar. 31, 2026

USD ($)

AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]

Beginning balance

$ 10,402

Ending balance

8,145

Total AOCI

AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]

Beginning balance

(7)

^[1]

Accumulated other comprehensive income before reclasses, net of taxes

Reclasses from accumulated other comprehensive income, net of taxes

(1)

Ending balance

(4)

^[1]

Currency Translation Adjustments

AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]

Beginning balance

(7)

Accumulated other comprehensive income before reclasses, net of taxes

Reclasses from accumulated other comprehensive income, net of taxes

Ending balance

(7)

Cash Flow Hedges

AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]

Beginning balance

Accumulated other comprehensive income before reclasses, net of taxes

Reclasses from accumulated other comprehensive income, net of taxes

(1)

Ending balance

$ 3

[1]	Accumulated other comprehensive income (loss)

- Definition

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

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+ Details

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

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Disaggregation of Revenue [Line Items]

Revenue

^[1]

$ 1,687

$ 1,706

Linear distribution

Disaggregation of Revenue [Line Items]

Revenue

1,006

1,085

Advertising

Disaggregation of Revenue [Line Items]

Revenue

368

388

Platforms

Disaggregation of Revenue [Line Items]

Revenue

192

176

Content licensing and other

Disaggregation of Revenue [Line Items]

Revenue

$ 121

$ 57

[1]	Includes related party revenues and costs of revenue totaling $297 million and $234 million, respectively for the three months ended March 31, 2025.

- 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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Costs of Revenue - Schedule of Capitalized Content Costs (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Cost of Revenue [Abstract]
Licensed, including sports advances	$ 492	$ 436
Owned:
In production and in development	18	30
Released, less amortization	74	73
Total capitalized content costs, owned	92	103
Content costs	$ 584	$ 539

Revenue

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Revenue


	Three months ended March 31,
	2026		2025
	(in millions)
Linear distribution	$	1,006	$	1,085
Advertising	368		388
Platforms	192		176
Content licensing and other	121		57
Total revenue	$	1,687	$	1,706

Pursuant to the terms of a commercial agreement entered into with Comcast in connection with the Separation, NBCUniversal Media, LLC (“NBCUniversal”) sells domestic linear and related digital advertising inventory on our behalf. We continue to recognize revenue for the amount earned from advertisers as advertisements are aired or delivered, net of agency commissions. Under the commercial agreement, Versant is generally paid based on impressions delivered and is not responsible for guaranteed audience ratings. Fees owed to NBCUniversal for the services under this arrangement are presented within selling, general and administrative expenses in our condensed consolidated statement of income for the periods following the Separation.

The amount of future revenue to be earned related to fixed price contracts with advertisers in excess of one year totaled $256 million as of March 31, 2026, which will be recognized over the next 5 years.

Balance Sheets


	March 31,		December 31,
	2026		2025
	(in millions)
Receivables, gross	$	1,195	$	1,161
Less: Allowance for credit losses	2		10
Receivables, net	$	1,193	$	1,151

Our most significant accounts receivable balances relate to our linear distribution agreements with large multichannel video providers. As of March 31, 2026 and December 31, 2025, our ten largest multichannel video provider customers accounted for approximately 60% and 56% of our total accounts receivable, respectively.

As of March 31, 2026 and December 31, 2025, the gift card liability for our movie ticket platform was $47 million and $51 million, respectively, including $32 million and $36 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 $4 million and $6 million for the three months ended March 31, 2026 and 2025, respectively.

- 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.

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+ Details

Share-based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Share-based Compensation

In January 2026, in connection with the Separation, our Board of Directors adopted our Omnibus Equity Incentive Plan (the “Plan”). A total of 19 million shares of the Company’s Class A common stock were initially reserved for issuance under the Plan, subject to certain adjustments. The Plan may be used to grant awards in the form of restricted stock, restricted stock units, stock options, stock appreciation right awards or other share-based awards. As of March 31, 2026, 16,138,578 shares were available for future issuances.

Restricted Stock Units

In connection with the Separation, restricted stock units (“RSUs”) originally granted to our employees under Comcast’s equity incentive plans were converted into Versant RSUs in accordance with the employee matters agreement.

During the three months ended March 31, 2026, we granted RSUs to eligible employees, which vest ratably over a three-year service period. In addition, we granted RSUs to our board of directors, which will vest on the annual meeting date. The fair value of RSUs is measured based on the closing price of our Class A common stock on the date of grant and the associated expense is recognized on a straight-line basis over the requisite service period.

Performance Stock Units

During the three months ended March 31, 2026, we also granted performance stock units (“PSUs”) to certain of our senior executives, which vest at the end of a three-year service period, and the number of shares that ultimately vest are subject to either market conditions or a combination of market and performance conditions. We estimate the fair value of PSUs using a Monte Carlo simulation and the fair values of PSUs granted during the three months ended March 31, 2026 were estimated using a weighted average expected volatility of 33.3% and a weighted average risk-free interest rate of 3.5%. Compensation expense for awards subject only to market conditions is recognized based on the grant date fair value on a straight-line basis over the requisite service period. Our PSUs with performance conditions include provisions whereby performance targets are not yet approved or are subject to adjustment, and as such compensation expense is recognized over the requisite service period based on fair value determined at the end of each reporting period and the probable outcome of the performance conditions.

Each of our unvested RSU and PSU awards that is held as of a dividend record date is entitled to a dividend equivalent equal to the amount paid with respect to one share of Class A Common Stock, which will be paid upon vesting of the underlying awards. Certain equity awards also contain accelerated vesting provisions upon meeting certain retirement eligibility provisions, based on age and service. We recognize forfeitures as they occur.


	Three months ended March 31,
	2026		2025
	(in millions)
Share-based compensation expense	$	17	$	3

The following table presents our share-based compensation activity for the three months ended March 31, 2026:


	RSUs			PSUs (a)
	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Converted at Separation (b)	1,561,168	$	55.68	—	$	—
Granted	1,976,261	$	36.10	892,018	$	38.36
Vested	11,812	$	60.27	—	$	—
Forfeited	15,638	$	45.52	—	$	—
Outstanding - March 31, 2026	3,509,979	$	44.68	892,018	$	42.05

_________________________________________

As of March 31, 2026, unrecognized compensation expense related to unvested RSUs was $128 million, and is expected to be recognized over a weighted-average period of approximately 2.9 years. As of March 31, 2026, unrecognized compensation expense related to unvested PSUs is based on the number of PSUs presented in the table above and was $35 million, which is expected to be recognized over a weighted-average period of approximately 2.8 years.

Additional Financial Information - Schedule of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 1,193	$ 55
Restricted cash	0	1,034
Assets held for sale	3	3
Total cash and cash equivalents and restricted cash on statement of cash flows	$ 1,196	$ 1,092	$ 5	$ 8

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2026
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In May 2026, we entered into a new lease agreement for corporate offices in New York City, New York. The lease is expected to commence in the third quarter of 2026, with an initial term of 18 years and includes options to extend the term for up to an additional 10 years. Total minimum lease payments under the agreement are approximately $286 million over the initial lease term. In April 2026, our Board of Directors approved an Employee Stock Purchase Plan, authorizing approximately 2,000,000 shares of our Class A common for future issuances, subject to shareholder approval.

CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Net income	$ 286	$ 367
Other comprehensive income, net of tax:
Currency translation adjustments, net of deferred taxes of $0 for each period	0	1
Gains on cash flow hedges, net of taxes of $1 million and $0	3	0
Comprehensive income attributable to Versant	$ 289	$ 367

- 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

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

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+ Details

Related Parties	3 Months Ended
Related Parties	Mar. 31, 2026
Related Party Transactions [Abstract]
Related Parties	Related Parties Prior to the Separation, our transactions with Comcast and its subsidiaries were considered related party transactions. Following separation, transactions with Comcast are not considered related party transactions. Transactions Prior to the Separation, Comcast provided us with significant corporate, infrastructure and shared services, 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 was 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 were directly charged to us based on usage. The following disclosures summarize related party activity between us and Comcast, which occurred prior to our Separation, and are included in the condensed combined financial statements for the three months ended March 31, 2025 and as of December 31, 2025. Sales to related parties were $297 million for the three months ended March 31, 2025. Accounts receivable due for these transactions were $123 million as of December 31, 2025. Costs of revenue from related parties were $161 million for the three months ended March 31, 2025. Capitalized content costs related to these costs were $302 million as of December 31, 2025. Content obligations related to these costs were $94 million as of December 31, 2025. Costs of advertising purchased from related parties were $3 million for the three months ended March 31, 2025, and are presented in selling, general and administrative expenses. Prior to the third quarter of 2025, we had related party loan balances associated with the participation of certain of our subsidiaries in Comcast’s centralized cash management programs. 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 condensed combined financial statements for the three months ended March 31, 2025 and as of December 31, 2025 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. For the three months ended March 31, 2025, amounts recorded in cost of revenue and selling, general and administrative expenses for these services were $73 million and $236 million, 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.

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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONDENSED CONSOLIDATED AND COMBINED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Accumulated depreciation	$ 611	$ 615
Accumulated amortization	$ 8,949	$ 8,848
Preferred stock, authorized (in shares)	20,000,000
Preferred stock, issued (in shares)	0
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.01
Common stock, authorized (in shares)	7,500,000,000
Common stock, issued (in shares)	141,103,811
Common stock, outstanding (shares)	141,103,811
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.01
Common stock, authorized (in shares)	75,000,000
Common stock, issued (in shares)	377,775
Common stock, outstanding (shares)	377,775

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies 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.