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VSNT, Versant Media Group, Inc.
Versant 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 strong portfolio of brands comprised of television networks operating primarily in the United States, including MS NOW, CNBC, USA Network, Golf Channel, E!, SYFY and Oxygen, and our complementary digital platforms GolfNow, Fandango and Rotten Tomatoes.
We produce, license and acquire content that we distribute through a variety of outlets, including our networks and digital platforms, delivering value to key constituents: the viewing audience, paying subscribers, advertisers, distributors and licensing counterparties.
The business
What it sells, where the money comes from, the kind of company it is.
Next report By 11/13 · the 10-Q for the quarter ended late September · due within 45 days of period end · has filed ~44 days after · the wire records it on arrival
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What it is
- Revenue is led by Linear distribution (61%) and Advertising (24%), with 2 more lines behind.
- What moves the needle
- Operating margin has run about 26% through the cycle, a wide margin for the work it does — whether that reflects a durable edge or one that can fade is what the record weighs. That margin has stayed fairly steady relative to where it runs (19%–28% over the years), so unit growth and cost discipline, not a moving line, are the lever. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Return on capital has sat near the cost of capital (median 13%). By owner earnings: roughly 31% of revenue reaches owners as cash, consistently. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 10-K →Linear distribution is 61% of revenue, with Advertising the other meaningful line at 24%.
- Linear distribution61%$4.1B
- Advertising24%$1.6B
- Platforms12%$826M
- Content licensing and other3%$193M
From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2023–2025
realized figures from each filing · older years to the left| 2023’23 | 2024’24 | 2025’25 | TTMTTMJun 2026 | |
|---|---|---|---|---|
| Income statement | ||||
| $7.4B | $7.1B | $6.7B | $6.6B | RevenueRevenue |
| 17% | 17% | 22% | 23% | SG&A / revenueSG&A/rev |
| $2.1B | $1.8B | $1.3B | $1.2B | Operating incomeOp. inc. |
| 27.8% | 26.1% | 19.0% | 17.7% | Operating marginOp. mgn |
| $2.1B | $1.8B | $1.2B | — | Pretax incomePretax |
| $1.5B | $1.4B | $930M | $758M | Net incomeNet inc. |
| 26% | 26% | 24% | 27% | Effective tax rateTax rate |
| Cash flow & returns | ||||
| $2.4B | $2.2B | $2.0B | $1.9B | Operating cash flowOp. cash |
| $67M | $63M | $67M | — | DepreciationDeprec. |
| $807M | $769M | $996M | $1.1B | Working capital & otherWC & other |
| $56M | $54M | $167M | $163M | CapexCapex |
| 0.8% | 0.8% | 2.5% | 2.5% | Capex / revenueCapex/rev |
| $2.4B | $2.2B | $2.0B | $1.8B | Owner earningsOwner earn. |
| 31.9% | 30.5% | 29.2% | 27.5% | Owner earnings marginOE mgn |
| $2.4B | $2.2B | $1.9B | $1.7B | Free cash flowFCF |
| 31.9% | 30.5% | 27.7% | 25.9% | Free cash flow marginFCF mgn |
| $0 | $0 | $24M | $223M | AcquisitionsAcquis. |
| ($60M) | ($71M) | ($155M) | — | Investing cash flowInv. cash |
| ($2.4B) | ($2.2B) | ($782M) | — | Financing cash flowFin. cash |
| $13M | ($16M) | $1.1B | — | Change in cashΔ cash |
| 13% | 13% | 9% | 9% | ROICROIC |
| 13% | 13% | 9% | 9% | Return on equityROE |
| 13% | 13% | 9% | 9% | Retained to equityRetained/eq |
| Balance sheet | ||||
| $23M | $8M | $55M | $1.5B | Cash & investmentsCash+inv |
| — | $1.2B | $1.2B | $1.3B | ReceivablesReceiv. |
| — | $102M | $151M | $268M | Accounts payablePayables |
| — | $1.1B | $1.0B | $1.1B | Operating working capitalOper. WC |
| — | $1.3B | $2.5B | $2.9B | Current assetsCur. assets |
| — | $590M | $622M | $1.2B | Current liabilitiesCur. liab. |
| — | 2.2× | 4.0× | 2.4× | Current ratioCurr. ratio |
| — | $143M | $423M | — | Net PP&ENet PP&E |
| $7.7B | $7.7B | $7.6B | $7.8B | GoodwillGoodwill |
| — | $12.0B | $12.3B | $12.7B | Total assetsAssets |
| — | $0 | $983M | $3.0B | Total debtDebt |
| — | ($8M) | $928M | $1.5B | Net debt / (cash)Net debt |
| — | — | 97.8× | 9.9× | Interest coverageInt. cov. |
| — | $118M | $110M | — | Noncontrolling interestsNCI |
| $11.7B | $10.8B | $10.3B | $8.1B | Shareholders’ equityEquity |
| 0.2% | 0.2% | 0.4% | 0.7% | Stock comp / revenueSBC/rev |
The year, in the company's words
the filing →Verbatim from the 10-K's management discussion. Each sentence is shown only because its subject, direction, and stated figures check out against the filed numbers on this page. The words are the company's; the arithmetic is the record's.
- Linear distribution-5.4%
“Linear distribution revenue decreased in 2025 and 2024, primarily due to declines in the number of subscribers of 8% in each of these periods, respectively, partially offset by contractual rate increases.”
✓ direction matches the filed record - Advertising-8.9%
“Advertising revenue decreased in 2025 and 2024, as compared to the corresponding prior year periods, primarily due to decreases at our networks as a result of ratings declines of 17% and 8%, respectively.”
✓ figure matches the filed record - Platforms+3.9%
“Platforms revenue increased in 2025 and 2024, primarily due to increased transactional volumes related to services provided to golf courses, including an increased number of courses using our on-site payment facilitation services.”
✓ direction matches the filed record - Content licensing and other-8.5%
“Content licensing and other revenue decreased in 2025, primarily due to timing of content licensing agreements.”
✓ direction matches the filed record
Where the cash went
ReinvestBuybacksDividendsAcquisitionsRetainedEach year's operating cash, by what management did with it: the mix, and how it drifts.
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2025 the business earned $2.0B of owner earnings, the operating cash left after the $67M it takes just to hold its position. It put $100M more into growth; free cash flow, after that spending, was $1.9B.
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Reported net income | $930M | $1.4B | $1.5B |
| Depreciationnon-cash charge added back | +$67M | +$63M | +$67M |
| Amortization of intangible assetsnon-cash charge added back; the purchase price of past acquisitions, expensed over time | +$943M | +$926M | +$924M |
| Stock-based compensationreal costnon-cash, but a real cost | +$29M | +$16M | +$15M |
| Working capital & othertiming of cash in and out, other non-cash items | +$53M | −$157M | −$117M |
| Cash from operations | $2.0B | $2.2B | $2.4B |
| Maintenance capital expenditurethe spending needed just to hold position and volume | −$67M | −$54M | −$56M |
| Owner earnings | $2.0B | $2.2B | $2.4B |
| Growth capital expenditurediscretionary; spent to get bigger, not to stand still | −$100M | — | — |
| Free cash flow | $1.9B | $2.2B | $2.4B |
| Owner-earnings marginowner earnings ÷ revenue | 29% | 31% | 32% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about $67M, roughly its depreciation, the rate its assets wear out). The other $100M of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows. The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $29M), owner earnings is nearer $1.9B.
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
Will it survive?
- Can it pay its interest? 97.8×ComfortableOperating income $1.3B ÷ interest expense $13M
What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
- How heavy is the debt, net of cash? $928M · 0.7× operating profitModest net debtCash $55M − debt $983M
What this means
Netting $55M of cash and short-term investments against $983M of debt leaves $928M owed, about 0.7× a year's operating profit (0.8× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- Not enough data
What this means
The filing data didn't include the inputs for this check.
Is it a good business?
- Solid through the cycle3-yr median, range 9%–13%; 9% latest = NOPAT $964M ÷ invested capital $11.2BIndustry peers: median 10%
What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 3 years (it ran 9% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
- High through the cycle3-yr median margin, range 29%–32%; latest $2.0B = operating cash $2.0B − maintenance capex $67MIndustry peers: median 18%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 29% of revenue this year, a 31% median across 3 years. Treating stock comp as the real expense it is (less $29M of SBC) leaves $1.9B.
- Cash-backedCash from ops $2.0B ÷ net income $930M
What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.
How is the cash used?
- Not enough data
What this means
The filing data didn't include the inputs for this check.
- Investing or harvesting? 2.49×ExpandingCapex $167M ÷ property depreciation $67M
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
The promise and the pay packet
- Is the buyback buying ownership, or mopping up? 0.4%Stock pay, share count unreadStock compensation $29M (fiscal 2025), 0.4% of revenue · no repurchases
What this means
Stock handed to employees is a real cost paid in the owner's own currency: it is charged against profit, but the shares it creates are permanent. Many companies repurchase stock at the same time, which looks like a return of capital and often is not — if the count barely moves, the cash merely cancelled the pay packet and bought the owner nothing. The three states worth telling apart are a count genuinely shrinking, a count standing still despite large repurchases, and a count rising because the issuance was never offset at all.
Graham’s defensive tests · 3 of 3 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size PassRevenue ≥ $2B · $6.7B
What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
- Strong liquidity PassCurrent ratio ≥ 2× · 4.02×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Conservative debt PassDebt ≤ working capital · $983M vs $1.9B WC
What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $8.98/share (latest year $6.54), the averaged base the calculator's gate runs on, and book value is $72.37/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
All figures as filed; the source filing is linked above.
Current Position
as of the latest quarter, Jun 30, 2026Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
- Cash & short-term investments$1.5B
- Receivables$1.3B
- Other current assets$133M
- Debt due within a year$113M
- Accounts payable$268M
- Other current liabilities$853M
From the company's latest filing.
Acquisitions & goodwill
from the balance sheet & the 3-year cash-flow recordGoodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.
None written down over the record; the goodwill is still carried at full cost. That is the deals holding their value on the books so far; whether they keep doing so is the test an owner watches, since the write-down, when it comes, is the admission the price was too high.
Beside that spending sits $2.8B of cumulative amortization of acquired intangibles charged against earnings since fiscal 2023 — the purchase price of past deals, expensed over time. The cash figure above counts only cash consideration: goodwill of $7.6B against it says much of the buying was paid for in stock, which never passes through the cash-flow statement.
Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and amortization summed across the company's full tagged history, write-downs across the 3-year record, from the company's own filings.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid.
- Insider ownership<1%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
- Stock-based compensation$29M
The slice of the business handed to employees in shares in fiscal 2025, 0.4% of revenue, equal to 2.3% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
What an owner would ask, FY2025
read the 10-K →- Which reported numbers are a judgment call?Management names Acquisitions as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Media & Broadcasting
The same industry, side by side on owner economics. Each column names the period it is read over, and a median resting on fewer than three years carries that count beside it; the group median at the foot is the line to read each figure against.
| Company | Revenuelatest FY, USD | Gross marginmedian over the record | Op. marginmedian over the record | ROICmedian over the record | Owner earn. marginmedian over the record |
|---|---|---|---|---|---|
| FOXFox Corporation | $17.1B | — | 19.2% | 14% | 13% |
| SIRISiriusXM Holdings Inc. | $8.6B | 55% | 21.2% | 16% | 20% |
| VSNTVersant Media Group, Inc. | $6.7B | — | 26.1% | 13% | 31% |
| NXSTNexstar Media Group Inc. | $4.9B | — | 24.3% | 9% | 22% |
| FWONALiberty Media Corporation | $4.5B | 84%1y | 13.6% | 4% | 18% |
| TMETencent Music Entertainment Group | $4.2B | 34% | 15.7% | 10% | 24% |
| SBGISinclair Inc. | $3.2B | — | 5.5% | 11% | 4% |
| GTNGray Media Inc. | $3.1B | — | 25.1% | 8% | 15% |
| Group median | — | — | 20.2% | 10% | 19% |
The price
What a price has to assume.
What the price implies
reverse-DCFType today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Versant Media Group, Inc. has delivered.
—
9.0% = the 4.71% 10-year Treasury (Aug 18, 2026) + 4.29 points of equity premium. The rate you require is yours to set.
Enter a price above to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.
Prefilled with the 10-year Treasury (4.71%, as of Aug 18, 2026). Edit it for today’s exact figure, or a AAA corporate yield.
Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.
Free cash flow $1.7B on 142M shares outstanding (a weighted basic average, the only count this filer tags); net debt $1.5B. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. Capex ($163M) runs well above depreciation (—), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $1.8B, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Manual order: ← VSH its page in the Manual VST →
Industry order: ← TV the Media & Broadcasting chapter WBD →