Entertainment
Versant Raises 2026 Outlook Following Mixed Q2 Results
- Versant reported net income of $211 million, down 30% from $302 million a year earlier.
- Revenue fell 3.8% to $1.64 billion, topping analyst expectations.
- Versant posted earnings per share of $1.49, compared with $2.09 a year earlier and above the $1.42 per share analyst expectations, according to Yahoo Finance.
Versant beat Wall Street expectations in the second quarter and raised its full-year outlook Thursday, even as revenue and net income declined from a year earlier amid continued pressure on the traditional pay TV business.
Ad revenue declined just 0.6% — an improvement from the 13% drop in the prior year quarter — while platforms revenue excluding SportsEngine grew 9.3%, making it Versant’s fastest-growing business. Linear distribution revenue declined 6.3% as subscriber losses continued to weigh on the legacy pay TV business.
Versant said lower revenue, public company costs following its separation from Comcast, higher interest expense and increased tax expense related largely to the SportsEngine divestiture weighed on quarterly net income.
Versant raised its full-year 2026 outlook, now expecting revenue of $6.2 billion to $6.45 billion and adjusted earnings before interest, taxes, depreciation and amortization of $1.9 billion to $2.05 billion. The company maintained its free cash flow outlook of $1 billion to $1.2 billion, reflecting strong first-half execution and confidence in the second half of the year
“Versant’s brands once again demonstrated strength, durability and scale, reaching more than 120 million viewers each month during the quarter while reinforcing our leadership across news, sports and entertainment,” Versant CEO Mark Lazarus said in a statement.
Beyond the financial results, Versant highlighted continued audience momentum across several of its flagship brands. MS NOW posted its seventh consecutive month of year-over-year audience growth and ranked as the No. 1 news organization on YouTube in June, while CNBC delivered its highest-rated quarter in more than five years and remained among the top 10 cable networks during market hours for a fourth consecutive month. Golf Channel recorded its most-watched second quarter since 2020, and USA Network remained a top-five cable entertainment network among key demographics as live sports continued to drive viewership.
The moves are part of Versant’s broader effort to generate more revenue outside the shrinking pay TV bundle through subscription, platform and digital businesses. Following the quarter, Fandango launched its new ad-supported streaming service and Versant completed its acquisition of Full Swing, while continuing development of subscription products for CNBC and MS NOW. Executives said those businesses are central to Versant’s long-term goal of generating a more balanced revenue mix beyond linear TV.
Chief Financial Officer and Chief Operating Officer Anand Kini said the results reflected “the strength of our operating model, continued growth across Platforms and meaningful cash flow generation.” He added that the company remains focused on investing in strategic priorities while maintaining a disciplined approach to capital allocation.
Versant also continued returning capital to shareholders, announcing an additional $100 million accelerated share repurchase program after returning $305 million through dividends and share buybacks this year. The company also declared a quarterly cash dividend of 37.5 cents per share.
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movies
ITV Doc ‘Inside Iran: War & Revolution’ Goes Undercover In Iran
EXCLUSIVE: ITV has greenlit Inside Iran: War & Revolution. The one-off doc goes undercover and inside Iran, with testimony from journalists and civilians during the 2025-2026 protests and, more recently, the conflict with the U.S.
The film comes from UK-based doc studio Zandland. It marks another ITV-Zandland project following their BAFTA-nominated film Breaking Ranks: Inside Israel’s Army.
Inside Iran: War & Revolution is told from the perspective of an anonymous Iranian journalist. It has access to people living inside Iran and under its authoritarian regime. The doc chronicles the struggles and suffering of protestors in the uprising and shows the brutal crackdown by the authorities, including footage from the mass protests, and inside the hospitals where the injured were being treated and also faced arrest. It goes on to give an inside-Iran account of the hostilities with the U.S.
Capturing footage from inside Iran is perilous. The film spells out the risks the contributors took with an on-screen graphic that reads: “Almost all of the footage in this film was filmed inside Iran by citizens taking significant personal risks.” Given the risk of punishment or even execution, some contributions are anonymized or voices altered.
Zandland is run by British-Iranian filmmaker Ben Zand. Based in London and Liverpool, the doc studio has harnessed YouTube and digital distribution, as well as working with traditional broadcasters and platforms. Zand directed Inside Iran: War & Revolution.
“What this film captures is an impossible situation, and the full range of what it does to the people living through it,” Zand said. “Our contributors describe grief, fury, hope and heartbreak, often side by side, and rarely in the ways outside observers might expect. As a British-Iranian this is deeply personal to me, but the film belongs to the people inside Iran who risked everything to share their reality.”
ITV’s Controller of Current Affairs, Tom Giles, commissioned Breaking Ranks: Inside Israel’s Army and also greenlit Inside Iran: War & Revolution.
“This is a powerful and significant piece of work by people who have taken great risks to film and bear witness to events which have commanded the world’s attention all year, and which they themselves have directly experienced,” he said. “These are filmed voices we rarely hear from inside Iran: urgent, passionate, fearful and inspiring.”
The film bows on ITV1 and streaming service ITVX on August 9. Maya Rostowska is the Producer, and Josh Reynolds and Ben Zand are the Executive Producers.
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Entertainment
WBD Profit Falls 91% on Linear TV, Theatrical Revenue Declines
- Warner Bros. Discovery reported a profit of $149 million, or 6 cents per share, and revenue of $8.7 billion, compared to a loss of 1 cent per share and revenue of $9.21 billion expected by Wall Street
- The media giant’s pending $110 billion merger with Paramount is on hold as a lawsuit with state attorneys general and the WGA moves to a March 2027 antitrust trial
- WBD shares fell 0.5% in pre-market trading on Thursday following the release of the quarter’s results
Warner Bros. Discovery’s second-quarter profit fell 91% to $149 million, or 6 cents per share, and revenue declined 11% to $8.7 billion as the media giant’s continued progress in streaming was overshadowed by ongoing declines in the linear TV business and lower revenues in its studios business.
Weighing on the results was a 22% decline in ad revenue, driven by the absence of the NBA and continued pay TV subscriber declines, and a 26% drop in content revenue due to lower theatrical, TV and games revenues. WBD also incurred $1.1 billion in “pre-tax acquisition-related amortization of intangibles, content fair value step-up, and restructuring expenses.”
However, streaming was a bright spot, with direct-to-consumer revenue growing 10% to $3.08 billion and profits soaring 75% to $512 million, driven by HBO Max’s international expansion and growth in existing markets, an increased in ad-lite subscribers and content such as “Euphoria,” “House of the Dragon,” “The Pitt” and “Hacks. ”
WBD has joined Netflix and Disney in no longer breaking out streaming subscribers on a quarterly basis, but previously forecast it would exceed 150 million by year end.
Streaming stays strong
Streaming distribution revenue grew 12% to 2.7 billion, driven by HBO Max’s international expansion and growth in existing markets, including new distribution deals.
Ad revenue climbed 9% to $306 million, driven by an increase in ad-lite subscribers. But the company acknowledged the ad business was hurt by the absence of the NBA. Meanwhile, content revenue tumbled 18% to $84 million.
More than 50% of new subscribers selected ad-supported streaming plans during the quarter, bringing its overall global mix to 40%, an increase of 11% year over year.
Studios continue to struggle
Studios profit dropped 89% to $96 million and revenue fell 39% to $2.33 billion, which was primarily driven by a 41% decline in content revenue.
Theatrical revenue tumbled 46% on lower box office revenue compared to the performance of “A Minecraft Movie,” “Sinners,” and “Final Destination Bloodlines” in the prior year quarter. The only major releases this quarter were “Lee Cronin’s The Mummy” and “Mortal Kombat II.”
TV revenue plunged 45%, primarily driven by lower intercompany content licensing due to the timing of renewals. Games revenue slid 45% on the release of “LEGO Batman: Legacy of the Dark Knight.”
Linear networks feeling the pressure
Global linear network profits declined 4% to $1.45 billion and revenue fell 17% to $4 billion.
The results were driven by a 10% decrease in domestic linear pay TV
subscribers, which was offset by a 1% increase in domestic affiliate rates, and a 9% drop in content revenue due to the timing of third party licensing deals.
The segment was also weighed down by a 27% drop in ad revenue, largely due to a 17% decline in domestic audiences from the absence of the NBA. That was offset by the broadcast of the NCAA March Madness Final Four and Championship
in the current year, as well as the absence of the NHL Stanley Cup Finals broadcast.
Paramount deal in limbo
The latest quarterly results come as the company’s pending $110 billion merger with Paramount Skydance has been put on hold after a group of 12 state attorneys successfully pushed the company to delay the deal until the conclusion of its antitrust trial.
A 12-day trial has been scheduled to start March 2, 2027, which will put Paramount on the hook for over $1 billion in ticking fees. The 25 cent per share fee, which takes effect starting Oct. 1, translates to to a payout of roughly $650 million per quarter, or $7 million per day, until closing.
Paramount said it would push the closing of the merger back until five days after the outcome of a trial, or June 1, 2027, whichever comes earliest. Per the terms of the merger, the outside date is March 4, 2027, though it includes an automatic one-time extension that would push back the deal’s deadline to June 4, 2027, if all closing conditions except for regulatory approvals and governmental orders have been satisfied or waived.
In the event that the deal does not close at all due to regulatory matters, Paramount will pay WBD a $7 billion termination fee.
In addition to the state AGs and WGA, a Paramount shareholder and a group of consumers filed separate lawsuits to block the merger, though the latter was dismissed by a judge.
Despite the lawsuits, the deal already received approval from the U.S. Department of Justice and Warner Bros. shareholders. The European Commission also cleared the deal with conditions, including Paramount’s exit from United International Pictures.
Other countries where the deal has received clearance or where relevant waiting periods have expired include Australia, Austria, Brazil, Canada, China, Kuwait, Saudi Arabia, Serbia, South Africa, Ukraine, Montenegro, New Zealand, and North Macedonia. Foreign direct investment authorities in Spain, Germany, Slovenia, Belgium, Czechia, Italy, France and Romania have also signed off.
However, the United Kingdom’s Secretary of Culture, Media and Sport Lisa Nandy previously said she is “minded to intervene”. The U.K. Competition and Markets Authority will decide whether to clear the merger or refer it for a more in-depth Phase 2 investigation by Friday.
In addition to the UK, the U.S. Federal Communications Commission is reviewing the foreign investment in the deal, though a specific timeline for completion has not been publicly announced.
More to come…
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movies
‘Mission’ Clip: George MacKay & Rosy McEwen Lead Edinburgh Comp Title
EXCLUSIVE: Paul Wright’s latest feature Mission, starring George MacKay and Rosy McEwen, debuts in competition at this year’s Edinburgh Film Festival and Deadline can unveil a first look clip.
The film’s official synopsis reads: “Dylan (MacKay) has reached the end of his tether with his dead-end job and lonely, unfulfilling existence. Over the course of a week, he blows his life up, pushing boundaries and seeking meaning in the wake of extreme chaos as he wrestles with trying to feel alive and finding a reason to go on. Paul Wright’s immersive, expressionistic portrait of a young man’s existential angst and directionless fury is vividly composed, frenetically paced and fraught with tension.”
Blue Finch is handling sales on the film, which was produced by Linn Waite, Kate Byers, Alex Thiele, Marie-Elena Dych and Lowri Roberts.
Wright and MacKay previously worked together on For Those in Peril (2013), which screened as part of the Critics Week sidebar at Cannes and was later BAFTA nominated. That film followed Aaron, a young misfit living in a remote Scottish fishing community, who is the lone survivor of a strange fishing accident that claimed the lives of five men, including his older brother.
The exec producers on Mission are Kristin Irving, Kiah Simpson and Kieran Hannigan. The production companies are Early Day Films, 65 Wilding and Rapt. Wright directed the feature from a screenplay he wrote. The film will debut on August 15 at Edinburgh.
Check out the clip above.
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