olivLaw · US equity research
Versant Media Group, Inc. VSNT
Television Broadcasting Stations · SIC 4833 · Vertical: Television Broadcasting Stations (SIC 4833)
Versant Media Group is a media and entertainment company spun off from Comcast in early 2026, operating news, sports and entertainment networks such as MS NOW, CNBC and USA Network alongside digital platforms such as GolfNow and Fandango. Revenue fell in 2025 as cable subscribers declined, and the company is shifting its focus toward digital platforms and acquisitions. Revenue in 2025 was 6.69 bn USD, and 2026 guidance points to between 6.2 and 6.45 bn USD.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Versant Media Group, Inc. (VSNT) stock was 33.98 USD (+3.95% on the day), with beta 0.41, 52-week range 27.42–47.45 USD. Latest reported quarter (Q3 2026): revenue of 1.6 bn USD (−4.1% YoY), net income of 47.0 m USD (−41.3% YoY), diluted EPS 0.34 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 62.1
- strong (55–70)
- Bollinger (20, 2)
- 29.87 – 33.13
- above the upper band · %B 1.26 · band width 10.4%
- SMA 50 / 200
- 34.12 / 36.37
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.26 / -0.71
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +9.5% | −1.1% | +10.6 pp | — |
| 3 months | −5.1% | −0.5% | −4.6 pp | — |
| 6 months | −17.1% | +4.4% | −21.5 pp | — |
| Year to date | −24.5% | +12.3% | −36.8 pp | — |
| 1 year | unavailable | +13.5% | unavailable | −2.8% |
| 3 years | unavailable | +76.4% | unavailable | +11.8% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|
| Revenue | 1.7 bn | 1.7 bn | 1.7 bn | 1.6 bn | 1.7 bn | 1.6 bn | 1.6 bn |
| Cost of revenue | 654.0 m | 700.0 m | 873.0 m | 710.0 m | 638.0 m | 650.0 m | 879.0 m |
| SG&A | 307.0 m | 355.0 m | 372.0 m | 435.0 m | 351.0 m | 369.0 m | 362.0 m |
| Operating income | 499.0 m | 410.0 m | 164.0 m | 199.0 m | 442.0 m | 367.0 m | 110.0 m |
| Interest expense | 0 | 0 | 0 | 13.0 m | 52.0 m | 52.0 m | 53.0 m |
| Pre-tax income | 499.0 m | 409.0 m | 124.0 m | 195.0 m | 398.0 m | 323.0 m | 66.0 m |
| Income tax | 132.0 m | 106.0 m | 45.0 m | 14.0 m | 112.0 m | 112.0 m | 19.0 m |
| Net income | 367.0 m | 302.0 m | 80.0 m | 181.0 m | 286.0 m | 211.0 m | 47.0 m |
| Diluted EPS | 2.55 | 2.09 | 0.56 | — | 1.99 | 1.49 | 0.34 |
| Operating cash flow | 478.0 m | 635.0 m ≈ | 433.0 m ≈ | 476.0 m | 585.0 m | 382.0 m ≈ | 346.0 m ≈ |
| Capex | 21.0 m | 42.0 m ≈ | 58.0 m ≈ | 46.0 m | 27.0 m | 32.0 m ≈ | 44.0 m ≈ |
| Dividends paid | — | — | 0 ≈ | — | — | — | 53.0 m ≈ |
| Share repurchases | 0 | 0 ≈ | 0 ≈ | — | 100.0 m | 100.0 m ≈ | 100.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 7.4 bn | 7.1 bn | 6.7 bn |
| Revenue YoY | unavailable | −5.1% | −5.3% |
| Net income | 1.5 bn | 1.4 bn | 930.0 m |
| Net income YoY | unavailable | −11.4% | −31.8% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 20.7% | 19.3% | 13.9% |
| Free cash flow | 2.4 bn | 2.2 bn | 1.9 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 55.0 m USD
- Financial debt
- 983.0 m USD
- Net debt
- 928.0 m USD
- Equity
- 10.4 bn USD
- Total assets
- 12.3 bn USD
- Debt / equity
- 0.09x
- Current ratio
- 4.02x
- ROE
- 8.7%
- ROA
- 7.6%
- FCF margin
- 27.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 7.4 bn | 7.1 bn | 6.7 bn | SEC (XBRL)· 03 Mar 2026verified |
| Cost of revenue | 3.2 bn | 3.1 bn | 2.9 bn | SEC (XBRL)· 03 Mar 2026verified |
| Gross profit | 4.3 bn ≈ | 4.0 bn ≈ | 3.8 bn ≈ | SEC (XBRL)· 03 Mar 2026derived |
| SG&A | 1.2 bn | 1.2 bn | 1.5 bn | SEC (XBRL)· 03 Mar 2026verified |
| Operating income | 2.1 bn | 1.8 bn | 1.3 bn | SEC (XBRL)· 03 Mar 2026verified |
| Interest expense | 0 | 0 | 13.0 m | SEC (XBRL)· 03 Mar 2026verified |
| Pre-tax income | 2.1 bn | 1.8 bn | 1.2 bn | SEC (XBRL)· 03 Mar 2026verified |
| Income tax | 530.0 m | 478.0 m | 297.0 m | SEC (XBRL)· 03 Mar 2026verified |
| Net income | 1.5 bn | 1.4 bn | 930.0 m | SEC (XBRL)· 03 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 23.0 m | 8.0 m | 55.0 m | SEC (XBRL)· 03 Mar 2026verified |
| Receivables | — | 1.2 bn | 1.2 bn | SEC (XBRL)· 03 Mar 2026verified |
| Current assets | — | 1.3 bn | 2.5 bn | SEC (XBRL)· 03 Mar 2026verified |
| Property, plant & equipment, net | — | 143.0 m | 423.0 m | SEC (XBRL)· 03 Mar 2026verified |
| Goodwill | 7.7 bn | 7.7 bn | 7.6 bn | SEC (XBRL)· 03 Mar 2026verified |
| Intangibles (excl. goodwill) | — | 1.9 bn | 924.0 m | SEC (XBRL)· 03 Mar 2026verified |
| Total assets | — | 12.0 bn | 12.3 bn | SEC (XBRL)· 03 Mar 2026verified |
| Accounts payable | — | 102.0 m | 151.0 m | SEC (XBRL)· 03 Mar 2026verified |
| Short-term debt | — | — | 0 | SEC (XBRL)· 14 May 2026verified |
| Long-term debt | — | 0 | 983.0 m | SEC (XBRL)· 03 Mar 2026verified |
| Current liabilities | — | 590.0 m | 622.0 m | SEC (XBRL)· 03 Mar 2026verified |
| Equity | 11.7 bn | 10.9 bn | 10.4 bn | SEC (XBRL)· 03 Mar 2026verified |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 2.4 bn | 2.2 bn | 2.0 bn | SEC (XBRL)· 03 Mar 2026verified |
| Capex | 56.0 m | 54.0 m | 167.0 m | SEC (XBRL)· 03 Mar 2026verified |
| Free cash flow | 2.4 bn ≈ | 2.2 bn ≈ | 1.9 bn ≈ | SEC (XBRL)· 03 Mar 2026derived |
| Investing cash flow | -60.0 m | -71.0 m | -155.0 m | SEC (XBRL)· 03 Mar 2026verified |
| Financing cash flow | -2.4 bn | -2.2 bn | -782.0 m | SEC (XBRL)· 03 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)unavailable · input data missing
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 8.2% | 100 (vs peers) | 31% |
| Net margin · Quality | 11.1% | 80 (vs peers) | 19% |
| FCF conversion · Quality | 226.2% | 100 (on a fixed band) | 19% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 6.6x | 78 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 2.1x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet87/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality95/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Versant Media Group, Inc. (VSNT). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 6.7 bn USD in 2025; YoY growth -5.3%; net margin 11.1%; ROE 9.0%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 8.2%
- Net margin: 11.1%
- FCF conversion: 226.2%
- Interest coverage: 6.6x
- Current ratio: 2.1x
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Television Broadcasting Stations (SIC 4833) · same industry (4-digit SIC) · compared with 11 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| PSKYSkydance Corp | 10.5 bn | — | — | — | −1.5% | unavailable / unavailable |
| NXSTNexstar Media Group, Inc. | 5.7 bn | 34.0 | 8.3% | 3.2% | −8.5% | −4% / +30% |
| FOXFox Corporation | 62 | 13.0 | 16.8% | 11.6% | +5.1% | +6% / +123% |
| GTNGray Media, Inc. | — | — | -1.2% | -0.8% | −15.1% | +1% / −36% |
| SSPThe E.w. Scripps Company | — | — | -174.7% | -58.0% | −14.3% | −9% / −45% |
| FWONALiberty Media Corporation | — | — | 5.4% | 9.4% | +22.7% | +4% / +59% |
| VSNTVersant Media Group, Inc. | — | — | 9.0% | 11.1% | −5.3% | unavailable / unavailable |
| EVCEntravision Communications Corporation | — | 710.6 | 4.8% | 0.6% | +22.6% | +162% / +83% |
| NMAXNewsmax Inc. | — | — | -5.8% | -3.2% | +10.7% | −2% / unavailable |
| SBGISinclair, Inc. | — | 10.2 | 25.4% | 2.8% | −10.7% | −11% / +12% |
| TVGrupo Televisa, S.A.B. | — | — | -7.5% | -13.3% | −6.0% | −15% / −29% |
| FENGPhoenix New Media Limited | — | — | 15.4% | 30.2% | −15.8% | −34% / −5% |
1- and 3-year price returns: for VSNT from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (03 Nov 2026 · results), 10-Q (03 Nov 2026).
In brief
Versant Media Group is a media and entertainment company spun off from Comcast in early 2026, operating news, sports and entertainment networks such as MS NOW, CNBC and USA Network alongside digital platforms such as GolfNow and Fandango. Revenue fell in 2025 as cable subscribers declined, and the company is shifting its focus toward digital platforms and acquisitions. Revenue in 2025 was 6.69 bn USD 1, and 2026 guidance points to between 6.2 and 6.45 bn USD 3.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Decline of cable subscribershigh
If subscribers keep leaving the MVPD ecosystem, distribution revenue could fall faster than the company expects 1.
- Renegotiation of distribution contractshigh
Distribution contracts could be renewed on less favorable terms, particularly after the separation from Comcast 1.
- Volatile advertisingmedium
Advertising revenue depends on ratings and on political and sporting cycles, which makes it hard to predict 1.
- Cost of sports rightsmedium
The price of sports rights could rise beyond what the company can absorb without hurting margins 1.
- Debt after separationmedium
The company took on significant debt at separation, which limits financial flexibility if revenue falls 2.
Investment thesis
What would need to be true (bull case)
- If digital platforms keep growing, they could offset linear declines and support revenue over the long term 13.
- Guidance for 2026 was raised for revenue and adjusted EBITDA, which could point to stabilization in operations 3.
- News and sports audiences remain large, and long-term sports rights could support advertising 13.
What to watch
- Delivery of the revenue and adjusted EBITDA guidance2026
- Trend in linear distribution subscribers and contract renewals2027
- Integration of Full Swing and its effect on platform revenueQ4 2026
- Results after the SportsEngine sale and revenue excluding that divisionQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (03 Nov 2026 · results), 10-Q (03 Nov 2026).
The business
Versant is a media and entertainment company active in four core markets: political news and opinion, business news and personal finance, golf and athletics, and sports and genre entertainment. Its television brands include MS NOW, CNBC, USA Network, Golf Channel, E!, SYFY and Oxygen True Crime, and its digital platforms include GolfNow, Fandango and Rotten Tomatoes 1. The company separated from Comcast on January 2, 2026 and trades on Nasdaq as VSNT 1. It reports one operating segment 1.
Revenue comes from four sources: linear distribution to multichannel video distributors, advertising across networks and digital platforms, transaction-based platform services, and content licensing 1. Linear distribution remains the largest source but declines with subscribers 1. Digital platforms are growing and are treated as an important growth direction 1.
In August 2026 the company announced the acquisition of Full Swing, a sports technology company, and added Bundesliga rights for USA Network and Fandango 23. It also sold its SportsEngine division in the second quarter of 2026 2. These moves show a tilt toward sports and digital platforms rather than linear television alone 3.
Segments
Market context
The US cable television market is contracting as subscribers move toward streaming, which reduces distribution and advertising revenue for traditional networks 1. Live sports is becoming more competitive and expensive, and sports rights are increasingly contested 1. Digital advertising is growing at the expense of linear advertising 1.
Digital platforms operate in consumer markets such as golf and cinema ticketing that can grow independently of linear television 1. Company revenue also depends on advertising cycles such as election campaigns and major sporting events 1.
Trends
- Decline of cable televisionheadwind
Cable subscribers are falling, which reduces distribution and advertising revenue 1. If the decline continues, linear revenue could fall further 1.
- Growth of digital platformstailwind
Digital platforms grew in 2025 and in the first half of 2026, and the company treats them as an important growth direction 13. If this growth holds, it could partly offset linear declines 3.
- Cost of sports rightsmixed
Sports rights are becoming more expensive and more competitive, and the company is taking on long-term commitments 1. The Bundesliga and Full Swing deals show these costs remain a priority 23.
- Advertising and audiencesmixed
Ratings fell in 2025, but in the second quarter of 2026 the news networks showed signs of improvement 13. Advertising could recover if audiences stabilize 3.
Competitive position
Versant networks compete with other channels for carriage on multichannel distributors and for viewers 1. They also compete with other programming licensors, streaming platforms, social media, radio and newspapers for advertising 1. Competition has intensified, and competitors with greater resources can offer more attractive services 1.
In digital platforms the company competes with other online booking and ticketing services and with streaming platforms that sell advertising 1. Competitors could benefit from better data and new technologies such as generative AI 1.
- Comcast (NBCUniversal)CMCSA
Versant's former parent, which operates broadcast networks and Peacock and competes for distribution and advertising 1.
- Streaming platforms
Ad-supported and subscription streaming services that draw audiences from cable and compete for advertising budgets 1.
- Social media and video platforms
Platforms that compete for viewers' time and advertisers' budgets 1.
- Golf and ticketing technology operators
Services that compete with GolfNow for golf bookings and with Fandango for cinema tickets 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- „Asia Express” 4 noiembrie 2026. Echipele află cine merge în etapa finală a sezonului 9Libertatea.ro · 04 Nov 2026 · RO
- Electori americani, surprinși: Scenariul care a adus SUA în aliatul Israelului pe linia moartă - www.goldring.roSurge — Google News · 04 Nov 2026 · RO
- Versant earnings beat expectations as digital platforms drive growthCNBC — Top News · 03 Nov 2026 · EN
- „Autostrada Meșterului Manole, varianta turcească”. Un versant consolidat de constructorii autostrăzii Sibiu-Pitești a luat-o la valeAntena 3 CNN · 03 Nov 2026 · RO
- Why Peacock is making a huge bet on YouTubeThe Verge · 02 Nov 2026 · EN
- Versant's MS NOW brings streaming membership to Roku, Apple TV and Fire TVCNA (Channel NewsAsia) · 02 Nov 2026 · EN
- Versant Media (VSNT): Media Company Just Told Two Different Stories At OnceYahoo Finance — News · 04 Sept 2026 · EN
- Versant raises 2026 outlook on strength of platforms segment and advertising momentumCNBC World · 06 Aug 2026 · EN
- DSU: Trafic blocat pe DN 1, la Breaza, din cauza aluviunilor; un versant s-a prăbușit la CornuAgerpres · 20 Jul 2026 · RO
- Trafic blocat pe DN1, în Prahova, după surparea unui versant și scurgeri de aluviuni. O autoutilitară a fost avariatăAdevărul · 20 Jul 2026 · RO
- Trafic blocat pe DN 1, la Breaza, din cauza aluviunilor; un versant s-a prăbuşit la CornuG4Media · 20 Jul 2026 · RO
- FOTO Firmă amendată cu 80.000 de lei de Apele Române Jiu pentru că a afectat cursul pârâului Porcu prin detonarea unei porțiuni a unui versant din apropierea cursului de apăG4Media · 17 Jul 2026 · RO
- Versant agrees to buy golf simulator company Full Swing for $530 millionCNBC World · 06 Jul 2026 · EN
- Versant stock jumps 10% after company's Q1 report shows bright spots in licensing, platformsCNBC World · 14 May 2026 · EN
- Un „megatsunami” de 500 de metri a măturat totul în cale după prăbușirea unui versant în AlaskaLibertatea.ro · 10 May 2026 · RO
SEC filings
- Quarterly report03 Nov 2026
- Current report03 Nov 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report06 Jul 2026Regulation FD disclosure · Financial statements and exhibits
- Current report26 Jun 2026Shareholder vote
- Quarterly report14 May 2026
- Current report14 May 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Proxy statement23 Apr 2026
- Annual report03 Mar 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Versant Media Group, Inc. · 03 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Versant Media Group, Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Versant Media Group, Inc. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.