Comcast spin-off Versant beats estimates on platforms growth

(Sharecast News) - Comcast spin-off Versant saw shares jump on Thursday after the media group beat expectations with its first-quarter revenues and profits, helped by strong growth in its Platforms business.

The CNBC and Rotten Tomatoes owner, which was spun off in January and consists mainly of Comcast's former cable networks and digital brands, reported revenues of $1.69bn for the first three months of 2026, down 1.1% year-on-year.

The larger linear distribution division saw revenues fall 7.3% to $1.01bn on the back of subscriber declines, while ad revenues were down 5.2% at $368m due to lower ratings.

However, Platforms revenues grew 9.5% to $192m due to strong movie ticket and streaming sales at American ticketing site Fandango, as well as higher bookings, payments and subscription revenue at GolfNow. Meanwhile, Versant's content licensing and other revenues surged 113.5% to $121m.

"Our first quarter as an independent company marks an important milestone for Versant and reflects a solid start to the year," said chief executive Mark Lazarus.

"We are executing our strategy by extending the reach of our brands, deepening our connection with audiences, and scaling our digital platforms. This performance across Platforms and our core brands reinforces our confidence in evolving the business over time and delivering long-term shareholder value." Lazarus said.

Versant shares were 3.5% higher at $41.85 by 1605 BST.