Versant Media Group (NASDAQ:VSNT) shares surged more than 8% in premarket trading Thursday after the company reported first-quarter results supported by strong platform growth and improving audience engagement.
The media group posted adjusted earnings per share of $1.99 on revenue of $1.69 billion
Revenue declined 1.1% from $1.71 billion in the same period last year. Platforms Segment Delivers Strong Growth Versant’s Platforms division was a major contributor to quarterly momentum, with revenue rising 9.5% year-on-year to $192 million. The company said growth was driven by stronger movie ticket sales at Fandango and higher bookings through GolfNow.
Content licensing revenue also posted significant gains, more than doubling to $121 million following a major licensing agreement involving Keeping Up with the Kardashians and other library content. Traditional Media Revenue Faces Pressure Despite growth in digital and platform-related businesses, some legacy segments remained under pressure. Linear distribution revenue fell 7.3% to $1.01 billion as subscriber numbers continued to decline.