MS NOW Parent Versant Kicks Off Election Day By Posting Better-Than-Expected Q3 Results

In the wake of comments Monday by Fox Corp. CEO Lachlan Murdoch about viewer “fatigue” hampering Fox News ratings, MS NOW parent Versant Media’s chief exec, Mark Lazarus, was asked about trends at his network.

“We’re not seeing currently not seeing any fatigue with our audiences,” Lazarus said during the company’s quarterly earnings call Tuesday. “
Our audiences are active and vibrant and growing for MS NOW, and for that matter, with CNBC. I think it’s a testament to the quality of our product, to the voices that we have on there, and to the trust that our viewers have in our brands and our talent.”

The comments came after Versant kicked off Election Day with better-than-expected results for the third quarter. Revenue drifted down 4% from year-ago levels to settle at $1.59 billion but that still topped the consensus forecast of Wall Street analysts. Earnings per share of 34 cents also beat estimates.

Versant, whose assets include a string of former NBCUniversal cable networks as well as digital properties like Fandango, spun off from Comcast last January.

MS NOW ranked as the second-most-watched cable network during the quarter, Versant said, with viewership growing by double digits as coverage of midterm elections ramped up. September marked the 11th straight month of audience growth, and MS NOW was the No. 1 news organization on YouTube during the quarter and also generated more than 105 million podcast downloads year to date.

Lazarus also noted that key carriage deals have been set, ensuring that 75% of Versant’s video subscriber base is under contract into 2028 and beyond.

“We understood the questions raised at the time of the spin about our ability to secure attractive carriage renewals,” the exec said. “We’ve now answered that question. … So we have clear visibility going forward.”

Over the longer term, Versant expects to derive a majority of its revenue from non-linear TV sources, but for now the traditional cable business is a key financial engine.

Advertising revenue dipped 5% in the quarter compared with year-ago results due to comparisons to the Ryder Cup in the prior year.