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00:02Versant Media beat Wall Street's adjusted earnings expectations in the third quarter
00:07and reaffirmed its full-year guidance as digital platforms' revenue continued to grow,
00:12according to CNBC. Versant Media reported earnings of $0.34 per share, beating expectations of $0.05,
00:20while revenue reached $1.59 billion, compared with estimates of $1.57 billion.
00:27Adjusted EBITDA reached $353 million, topping estimates of $305 million.
00:35Revenue declined to $1.59 billion from $1.66 billion a year earlier.
00:42Digital platforms' revenue rose nearly 10% to $245 million,
00:47with Fandango reporting its strongest quarterly ticketing revenue since the pandemic.
00:52Meanwhile, linear television revenue fell 5.8% to $935 million amid cord-cutting and subscriber declines.
01:02Versant maintained its full-year revenue outlook of $6.2 billion to $6.45 billion
01:08and raised its free cash flow expectations.
01:12The company also announced an additional $100 million accelerated stock repurchase program.
01:18For all things money, visit Benzinga.com.
