$VSNT

Versant Media Group, Inc.

CIK:0002067876|SEC Filings

CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Statement of Comprehensive Income [Abstract]
Net income	$ 211	$ 303	$ 497	$ 670
Other comprehensive income, net of tax:
Currency translation adjustments, net of deferred taxes of $0 for each period	(1)	2	(2)	3
Gains on cash flow hedges, net of taxes of $2 million and $3 million, respectively, in the three months and six months ended June 30, 2026 and $0 in 2025	6	0	10	0
Comprehensive income	216	305	505	673
Less: Net income attributable to noncontrolling interests	0	1	0	1
Less: Other comprehensive income attributable to noncontrolling interests	0	0	0	0
Comprehensive income attributable to Versant	$ 216	$ 304	$ 505	$ 672

CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Activities
Net income	$ 497	$ 670
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	514	489
Share-based compensation	33	14
Noncash interest expense	5	0
Net loss on investment activity and other	2	2
Deferred income taxes	(110)	(67)
Changes in operating assets and liabilities:
Current and noncurrent receivables, net	(523)	(22)
Content costs, net	68	64
Accounts payable	105	(13)
Other operating assets and liabilities	376	(24)
Net cash provided by operating activities	967	1,113
Investing Activities
Capital expenditures	(59)	(63)
Acquisitions of businesses and investments	(199)	0
Proceeds from sale of business	140	0
Other	0	(14)
Net cash used in investing activities	(119)	(77)
Financing Activities
Proceeds from borrowings	1,973	0
Repurchases of common stock under repurchase program and employee plans	(200)	0
Dividends paid	(53)	0
Net transfers to Comcast	(2,250)	(1,028)
Settlement payment from NBCUniversal	70	0
Other	(2)	(12)
Net cash used in financing activities	(462)	(1,040)
Increase (decrease) in cash, cash equivalents and restricted cash	386	(4)
Cash and cash equivalents and restricted cash, beginning of year	1,092	8
Cash and cash equivalents, end of period	$ 1,478	$ 4

CONDENSED CONSOLIDATED AND COMBINED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current Assets:
Cash and cash equivalents	$ 1,478	$ 55
Restricted cash	0	1,034
Receivables, net	1,326	1,151
Assets held for sale	0	196
Other current assets	133	66
Total current assets	2,937	2,502
Content costs	587	539
Investments	248	214
Property and equipment, net of accumulated depreciation of $632 million and $615 million	441	423
Intangible assets, net of accumulated amortization of $9,163 million and $8,848 million	499	924
Goodwill	7,804	7,611
Other noncurrent assets, net	224	120
Total assets	12,740	12,333
Current Liabilities:
Accounts payable	268	151
Deferred revenue	83	163
Accrued content obligations	245	105
Accrued employee costs	100	62
Current portion of long-term debt	113	0
Accrued expenses and other current liabilities	425	141
Total current liabilities	1,234	622
Deferred income taxes	110	191
Noncurrent content obligations	68	72
Long-term debt	2,841	983
Other noncurrent liabilities	263	63
Commitments and contingencies
Equity:
Preferred stock, no par value — authorized 20 million shares; none issued as of June 30, 2026	0	0
Additional paid-in capital	7,723	0
Retained earnings	388	0
Net Comcast investment	0	10,299
Accumulated other comprehensive income (loss)	1	(7)
Total equity attributable to Versant	8,114	10,292
Noncontrolling interests	111	110
Total equity	8,224	10,402
Total liabilities and equity	12,740	12,333
Class A Common Stock
Equity:
Common stock	1	0
Class B Common Stock
Equity:
Common stock	$ 0	$ 0