Versant Media Group, Inc. · NASDAQ:VSNT
Versant Media — Investor Day (December 2025)
183 slides from Versant Media's investor day presentation, Dec 4, 2025
Slide 1: Versant Investor Day
VERSANT INVESTOR DAY December 4, 2025
Slide 2: Welcome
ylie Collins VP Investor Relations and Treasury Welcome
Slide 3: Today's Agenda
Today's Agenda Welcome Wylie Collins – EVP Investor Relations and Treasury Our Vision Mark Lazarus – CEO Unlocking Our Full Potential Anand Kini – COO & CFO KC Sullivan – President, CNBC; David Cho – Editor in Chief of CNBC CNBC Andrew Ross Sorkin – CNBC Squawk Box Co-anchor MS NOW Rebecca Kutler –
Slide 4: Disclaimers
Disclaimers Caution Concerning Forward-looking Statements Non-GAAP Financial Measures This investor presentation includes statements that may constitute forward-looking statements, including This presentation includes financial information prepared in accordance with accounting principles generally
Slide 5: Our Vision
Viark Lazarus mEO Our Vision
Slide 6: 6
6
Slide 7: 7
7
Slide 8: Lineage
Lineage LINE
Slide 9: 9
9
Slide 10: 10
10
Slide 11: Our Vision
OUR VISION VERSANT is an industry-changing force in sports, news, and entertainment — home to iconic and trusted brands that inspire, inform, and delight audiences. Our unique combination of content and services enrich the cultural fabric, igniting passions, sparking conversations, and connecting pe
Slide 12: Versant at a Glance: Large, Highly Engaged Customer Base
VERSANT at a Glance Large, Highly Engaged Customer Base 14B HOURS 65M HOUSEHOLDS 140MTRANSACTIONS Watched Watched VERSANT Processed Annually in 2024 Monthly in 2024 for Consumers 12
Slide 13: Versant at a Glance: Strong, Profitable Business
VERSANT at a Glance Strong, Profitable Business (Estimated 2025 Standalone Financial Metrics) $6.6B $2.2B REVENUE ADJUSTED EBITDA $1.4B FREE CASH FLOW In 2025 33% Adjusted EBITDA Margin 64% FCF Conversion 13
Slide 14: Experienced Management Team
Experienced Management Team Mark Anand Val Matt Rebecca Will KC Lazarus Kini Boreland Hong Kutler McIntosh Sullivan Chief Executive Chief Operating Officer & President, President, President, President, Digital President, Officer Chief Financial Officer Entertainment Sports MS NOW Plaftorms & Venture
Slide 15: World Class Board of Directors
World Class Board of Directors David Mark Rebecca Creighton Michael Novak Lazarus Campbell Condon Conway Chairman, VERSANT CEO, Former Chairman of Int’l Of Counsel, Former CEO of Starbucks Former CEO of Yum! Brands VERSANT Content & Ops. at Disney A&O Shearman North America David Gerald L. Scott Mar
Slide 16: Versant Operates in Four Large, Growing, Dynamic Markets
VERSANT Operates in Four Large, Growing, Dynamic Markets Business News & Political News Golf & Athletics Sports & Genre Personal Finance & Opinion Participation Entertainment Iconic Very Large Financial Powerful Digital Strong Growth Brands Audience Scale Platforms Opportunity 16
Slide 17: Business News & Personal Finance
Business News & Personal Finance ~$20B MARKET 17
Slide 18: Business News & Personal Finance
Business News & Personal Finance US Market Fundamentals ~$20B 107M retail investors, +40% since 2019 Online business/financial news audience +25% since 2021 MARKET VERSANT Leadership #1 Global Business News Media Company #1 Business News Digital Site #1 CEO Media Outlet 18
Slide 19: Political News & Opinion
Political News & Opinion ~$20B MARKET 19
Slide 20: Political News & Opinion
Political News & Opinion US Market Fundamentals ~$20B 75M interested in political issues and current events, +35% since 2019 154M adults voted in 2024 election, +16% since 2012 MARKET VERSANT Leadership #2 Rated Cable Network (all genres) #1 Political News Digital Site #1 News Brand on YouTube 20
Slide 21: Golf & Athletics Participation
Golf & Athletics Participation ~$20B ~$45B MARKET MARKET 21
Slide 22: Golf & Athletics Participation
Golf & Athletics Participation US Market Fundamentals ~$20B ~$45B 28M on-course golfers, +16% since 2019 19M off-course golfers, nearly double from 2019 59M golf fans, +37% since 2023 MARKET MARKET VERSANT Leadership #1 Golf Media Outlet with 40% share of hours watched Leading Digital Tee Time Reser
Slide 23: Sports & Genre Entertainment
Sports & Genre Entertainment ~$200B MARKET 23
Slide 24: Sports & Genre Entertainment
Sports & Genre Entertainment US Market Fundamentals ~$200B 700B Sports & Ent. hours watched in 2024, +7% from 2019 Growth in streaming offsetting Pay TV declines MARKET VERSANT Leadership Top 5 Cable ent. network 30 consecutive years (USA) Leading Digital movie ticketing service (Fandango) #1 Pop Cu
Slide 25: Market Leading Brand Portfolio
Market Leading Brand Portfolio US Adult Awareness of Select VERSANT Brands 92% 93% 95% 91% 92% 92% of US adults consider brands important to purchase decisions 25
Slide 26: Versant Strength in Live Programming
VERSANT Strength in Live Programming 2024 VERSANT Audience Distribution 38% Entertainment Live TV audience share 62% continues to grow Live News 2019: 26% of hours watched & Sports 2024: 36% of hours watched 26
Slide 27: Versant Strength in Live Programming
VERSANT Strength in Live Programming 2024 VERSANT Audience Distribution 38% Entertainment 62% Live News & Sports 27
Slide 28: Expansive Versant Sports Portfolio
Expansive VERSANT Sports Portfolio Exclusive Rights to Premier Properties Established Professional Rapidly Growing Olympics and Leagues Women’s Sports College Sports 2,200 hours 675 hours 1,000 hours 28
Slide 29: Versant's Favorable Market Position
VERSANT’s Favorable Market Position % of Company’s Audience from Live News & Sports (2024) 94% 62% 57% 54% 25% 20% <1% 29
Slide 30: Versant's Audience Scale Rivals Largest Streamers
VERSANT’s Audience Scale Rivals Largest Streamers 2024 Total Hours Watched 2024 Accessible US Households (per Nielsen) Netflix 93M VERSANT 69M Hulu 66M Disney + 63M 40.5B Peacock 50M 14.4B 13.8B Paramount + 49M 10.4B HBO Max 49M Apple TV 28M 30
Slide 31: Audience Leadership with Live Events
Audience Leadership with Live Events Top Destination across News and Sports Top 5 Business Outlets by Top 5 Cable Networks by Top 5 TV Networks by Golf Global Monthly Reach (Q4 2024) US Audience (2024) Hours Watched (2024) Property Reach Network Avg Audience Network Hours CNBC 501M Fox News 1.4M Gol
Slide 32: Versant Strength in Live Programming
VERSANT Strength in Live Programming 2024 VERSANT Audience Distribution 38% Entertainment 62% Live News & Sports 32
Slide 33: Versant's Growth Strategy
VERSANT’s Growth Strategy 1. Win with 2. Reach New 3. Launch and Scale Premium Content Audiences Digital Platforms Strengthen Add non-Pay Grow GolfNow core businesses TV viewers and Fandango Deepen audience Expand experiences: Develop new connection live events, audio platforms Underpinned by relent
Slide 34: Progress on Executing our Strategy
Progress on Executing our Strategy 17% of 2024 Revenue from Platforms, Events and Other Non-Pay TV Businesses Non-Pay TV Revenue 17% Pay TV sourced 48% revenue 19% 12% 6% Business News & Political News Golf & Athletics Sports & Genre Personal Finance & Opinion Participation Entertainment 34
Slide 35: Business Model Evolution in Golf & Athletics Participation
Business Model Evolution in Golf & Athletics Participation 2014 Revenue Mix 2024 Revenue Mix 1995 launch of Golf Channel as preeminent destination for golf coverage 20% 2008 GolfNow launch for tee time reservations, attracting Golf Channel fans 48% 2014 expansion into software, benefiting from golf
Slide 36: Our Competitive Advantage: Why We Will Win
Our Competitive Advantage: Why We Will Win Leader in Iconic, Live Experienced Financial Large, Growing Beloved Programming Management Scale & Markets Brands Scale Team Flexibility 36
Slide 37: Unlocking Our Full Potential
Unlocking Our Anand Kini Full Potential COO & CFO
Slide 38: Versant's Growth Strategy and Business Model
VERSANT’s Growth Strategy and Business Model Win with 1. Strong Financials: Premium Content Robust Pay TV Economics Reach New 2. Growth: Audiences New Audiences & Digital Platforms Launch and Scale 3. Expected Investment Profile: Digital Platforms Immediate & Long-Term Returns 38
Slide 39: Versant's Growth Strategy and Business Model
VERSANT’s Growth Strategy and Business Model Win with 1. Strong Financials: Premium Content Robust Pay TV Economics Reach New 2. Growth: Audiences New Audiences & Digital Platforms Launch and Scale 3. Expected Investment Profile: Digital Platforms Immediate & Long-Term Returns 39
Slide 40: U.S. Pay TV Market
U.S. Pay TV Market ~380B 2024 Professional Video Hours Watched 34% Streaming 97% 66% of Sports & News Pay TV hours watched on Pay TV 40
Slide 41: Win with Premium Content
Win with Premium Content MS NOW During 2024 Election March August RIS-WALZ RALLY STATE OF #1 rated THE UNION V network Largest SOTU audience in network history #2 #3 #4 #5 41
Slide 42: Win with Premium Content
Win with Premium Content MS NOW During 2024 Election March August 1ST HARRIS-WALZ RALLY STATE OF THE UNION #1 rated TV network Largest SOTU audience in network history #1 #2 #3 #4 #5 42
Slide 43: Win with Premium Content
Win with Premium Content MS NOW During 2024 Election March August DEMOCRATIC NATIONAL CONVENTION STATE OF 1ST HARRIS-WALZ THE UNION #1 rated RALLY TV network Largest SOTU audience #1 rated in network history TV network #1 #2 #3 #4 #5 43
Slide 44: Win with Premium Content
Win with Premium Content MS NOW During 2024 Election March August August DEMOCRATIC NATIONAL CONVENTION STATE OF 1ST HARRIS-WALZ THE UNION RALLY #1 rated TV network Largest SOTU audience #1 rated in network history TV network #1 #2 #3 #4 #5 44
Slide 45: Win with Premium Content
Win with Premium Content MS NOW During 2024 Election March August August ELECTION NIGHT STATE OF 1ST HARRIS-WALZ #2 rated DEMOCRATIC THE UNION RALLY NATL CONVENTION TV network Largest SOTU audience #1 rated #1 rated in network history TV network TV network #1 #2 #3 #4 #5 45
Slide 46: Win with Premium Content
Win with Premium Content MS NOW During 2024 Election August August November ELECTION NIGHT 1ST HARRIS-WALZ DEMOCRATIC #2 rated RALLY NATL CONVENTION TV network #1 rated #1 rated TV network TV network #1 #2 #3 #4 #5 46
Slide 47: Win with Premium Content
Win with Premium Content MS NOW During 2024 Election March August August November STATE OF 1ST HARRIS-WALZ DEMOCRATIC ELECTION THE UNION RALLY NATL CONVENTION NIGHT Largest SOTU audience #1 rated #1 rated #2 rated in network history TV network TV network TV network 47
Slide 48: Versant Sports
VERSANT Sports Must Have Exclusive Portfolio for Sports Fans More Cup Series races than any other platform ~45% of all matches aired Only outlet with Largest network partner, airing 50+ games & playoffs events every week of the year ~2.5x more tournaments 475 hours from than any other network the Mi
Slide 49: Win with Premium Content: Broad, Varied Audiences
Win with Premium Content Broad, Varied Audiences Urban America’s Heartland Male Female Upper Income 49
Slide 50: Versant's Growth Strategy and Business Model
VERSANT’s Growth Strategy and Business Model Win with 1. Strong Financials: Premium Content Robust Pay TV Economics Reach New 2. Growth: Audiences New Audiences & Digital Platforms Launch and Scale 3. Expected Investment Profile: Digital Platforms Immediate & Long-Term Returns 50
Slide 51: Reaching New Audiences: Distribution Channels
Reaching New Audiences: Distribution Channels 126M Total US Households Video: AVOD, SVOD, Over The Air (OTA), Social Media Non-Pay TV Podcasts/Audio and Live Events Households Immersive branded digital and live experiences 59M Improving monetization Most VERSANT networks 90%+ penetration Pay TV High
Slide 52: Reaching New Audiences
Reaching New Audiences VERSANT Execution and Planning Accelerating Our New Avenues Current Momentum for Growth MS NOW Digital Publishing and on YouTube MS NOW Community-Based DTC Offering CNBC Plus, Pro MS NOW Podcasts Fandango AVOD Platform Live Events Oxygen Over-The-Air (OTA) Free TV Networks OTA
Slide 53: Reaching New Audiences: Free TV Networks
Reaching New Audiences Free TV Networks Led by Jonathan Katz Accessible by 123M 4 Digital Multicast Networks households Long-term distribution agreements with local stations Monetized via $4B Direct Response TV advertising market Veteran executive previously at Katz Networks (purchased by Scripps) a
Slide 54: Free TV Networks Market Dynamics
Reaching New Audiences Free TV Networks Market Dynamics % of TV Homes Accessing Video thru Over-The-Air Only 20M+ households accessing TV only through OTA 16% 2 of top 25 rated networks are digital multicast OTA 13% Competitor networks enjoying double-digit ratings growth Attractive margins and exte
Slide 55: Versant's Growth Strategy and Business Model
VERSANT’s Growth Strategy and Business Model Win with 1. Strong Financials: Premium Content Robust Pay TV Economics Reach New 2. Growth: Audiences New Audiences & Digital Platforms Launch and Scale 3. Expected Investment Profile: Digital Platforms Immediate & Long-Term Returns 55
Slide 56: Versant Digital Platforms: Significant Growth Potential
VERSANT Digital Platforms: Significant Growth Potential 37K Global Golf 545M US Golf 760M US Movie Course Facilities Rounds Tickets Sold ~25% Share ~7% Share ~10% Share 56
Slide 57: Planned New Digital Platform Launches
Planned New Digital Platform Launches Software platform Expanded European Subscription service for Cinemas presence in 2022 for retail investors Highly complementary Latin America, Asia Scale advantages with to Fandango ticketing opportunity CNBC brand, talent, editorial Indy Cinema Golf Now CNBC Ac
Slide 58: New Platform Launches: Indy Cinema
New Platform Launches: Indy Cinema Industry’s Only Full-Service Significant Expansion Opportunity: Film Cinema Operating System $50B+ market Software for ticketing, concessions, marketing, etc. Two-sided B2B, B2C Fandango platform 50K+ Customers in US, UK, APAC, LatAm and Caribbean Entertainment Ven
Slide 59: Versant's Growth Strategy and Business Model
VERSANT’s Growth Strategy and Business Model Win with 1. Strong Financials: Premium Content Robust Pay TV Economics Reach New 2. Growth: Audiences New Audiences & Digital Platforms Launch and Scale 3. Expected Investment Profile: Digital Platforms Immediate & Long-Term Returns 59
Slide 60: KC Sullivan, President, CNBC
KC Sullivan President, CNBC
Slide 61: 61
61
Slide 62: Global Business Media Brand
~¢ Global Business Media Brand
Slide 63: A Leading Financial News and Investor Brand
A Leading Financial News and Investor Brand Google Search Leader #1 Brand Favorability Finance Brand Search Index Finance Brand Favorability % CNBC 100 CNBC 68% WSJ 91 WSJ 65% Bloomberg 43 Forbes 63% The Economist 13 Bloomberg 60% Financial Times 9 63
Slide 64: 64
64
Slide 65: Attracting the Most Sought-After Audiences
Attracting the Most Sought-After Audiences % Audience Reached each Month through TV Finance Industry Upscale Retail High Net Worth Professionals Investors Individuals CNBC 25% 21% 30% Fox Business 12% 10% 19% Bloomberg TV 9% 5% 5% 65
Slide 66: With Leading Digital Audiences As Well
With Leading Digital Audiences As Well Monthly Digital Unique Visitors (M) Monthly Digital Minutes (M) 47 394 34 250 246 25 197 21 14 33 CNBC WSJ Bloomberg Fox Bus. Fortune CNBC Fox Bus. WSJ Bloomberg Fortune 66
Slide 67: Expanding Our Audience
Expanding Our Audience TV Podcasts Events Councils Digital Subscription Publishing Products YouTube Newsletters 67
Slide 68: Significant Competitive Advantage
Resulting in Significant Competitive Advantage CNBC with Highest Engagement and Brand Loyalty 70 CNBC 65 WSJ Forbes 60 Bloomberg % Favorability 55 Credit Karma Market Watch Fortune The Motley Fool Yahoo! Finance 50 Nerd Wallet Reddit Morningstar Robinhood Barrons Investor Business Daily 45 The Stree
Slide 69: 69
69
Slide 70: Multiple CNBC Growth Drivers
Multiple CNBC Growth Drivers Strategic Partnerships Platform Expansion Integrate third party offerings Develop new services to grow appealing to CNBC customers audience and monetization Prediction Retail Private Wealth AI Crypto Markets Investor Markets Advisory 70
Slide 71: Multiple CNBC Growth Drivers
Multiple CNBC Growth Drivers Strategic Partnerships Platform Expansion Integrate third party offerings Develop new services to grow appealing to CNBC customers audience and monetization Prediction Retail Private Wealth AI Crypto Markets Investor Markets Advisory 71
Slide 72: Multiple CNBC Growth Drivers
Multiple CNBC Growth Drivers Strategic Partnerships Platform Expansion Integrate third party offerings Develop new services to grow appealing to CNBC customers audience and monetization Prediction Retail Private Wealth AI Crypto Markets Investor Markets Advisory 72
Slide 73: Prediction Markets
Prediction Markets Leader in Trade on outcomes rapidly growing of world events - prediction elections, sports, markets economic indicators $2B weekly market - Provides real-time wide trading volume, insight into market with significant expectations growth expected 73
Slide 74: Kalshi and CNBC: Editorial Use
Kalshi and CNBC 1. Editorial Kalshi data insights incorporated across all platforms Use: Real time shifts in sentiment driving on-air debates 74
Slide 75: Kalshi and CNBC: Economic Relationship
Kalshi and CNBC 2. Economic Multi-year commercial relationship around Relationship advertising and customer acquisition 75
Slide 76: Kalshi and CNBC: Broadening Audience
Kalshi and CNBC 3. Broadening Brings younger audience to CNBC Audience CNBC branded page on Kalshi’s site 76
Slide 77: Multiple CNBC Growth Drivers
Multiple CNBC Growth Drivers Strategic Partnerships Platform Expansion Integrate third party offerings Develop new services to grow appealing to CNBC customers audience and monetization Prediction Retail Private Wealth AI Crypto Markets Investor Markets Advisory 77
Slide 78: Multiple CNBC Growth Drivers
Multiple CNBC Growth Drivers Strategic Partnerships Platform Expansion Integrate third party offerings Develop new services to grow appealing to CNBC customers audience and monetization Prediction Retail Private Wealth AI Crypto Markets Investor Markets Advisory 78
Slide 79: Opportunity for Retail Investor
Opportunity for Retail Investor Sizable US TAM Opportunity A multiple subscription category: 260M Total US Adults 3 2.6 Business News 107M Consumers Earn $25k+ annually and 2 are not CNBC rejecters HHI HHI HHI <$100K $100-$199K $200K+ Active Investor 18M Financial Business News Subscriber 79
Slide 80: Opportunity for Retail Investor
Opportunity for Retail Investor Sizable US TAM Opportunity A multiple subscription category: 260M Total US Adults 3 2.6 Business News 107M Consumers Earn $25k+ annually and 2 are not CNBC rejecters HHI HHI HHI <$100K $100-$199K $200K+ Active Investor 18M Financial Business News Subscriber 80
Slide 81: Retail Investor Consumer Feedback: What Doesn't Work
Retail Investor Consumer Feedback What Doesn’t Work Too Fragmented Sub-Scale Narrow in Focus Lack Trust & Depth 81
Slide 82: Retail Investor Consumer Feedback: What Do They Want?
Retail Investor Consumer Feedback What Do They Want? Stock Tools Recommendations and Data Real-Time Smart, Actionable Information Analysis 82
Slide 83: Retail Investor Consumer Feedback: Evolved Offering
Retail Investor Consumer Feedback What Do They Want? Evolved Offering Stock Tools Recommendations and Data Global Live Video Investment Analysis Stock Recommendations Data & Tools Real-Time Smart, Actionable Information Analysis Personalized Experience Community Voices 83
Slide 84: CNBC's Subscription Product for Retail Investors
CNBC’s Subscription Product for Retail Investors 84
Slide 85: 85
85
Slide 86: David Cho and Andrew Ross Sorkin
David Cho Editor in Chief of CNBC Andrew Ross Sorkin CNBC Squawk Box Co-anchor
Slide 87: 87
87
Slide 88: 88
88
Slide 89: Rebecca Kutler, President, MS NOW
Rebecca Kutler President, MS NOW
Slide 90: Same Mission. New Name.
—mMS NOW Same Mission. New Nam
Slide 91: Political News is a Growth Category
Political News is a Growth Category 91
Slide 92: Political Media is a Growth Business
Political Media is a Growth Business And MS NOW is the place for politics News programming accounts for 25% of all hours viewed News 92
Slide 93: MS NOW is Growing
MS NOW is Growing x2 60% less likely Nearly doubled Highest revenue to ‘cut the cord’ our TV audience over last 5 years vs. avg. Pay TV sub since 2015 (in network history) 93
Slide 94: MS NOW Audience is Diversified and Growing
MS NOW Audience is Diversified and Growing MS NOW is seeing strong growth among independents and Republicans Audience Composition: Audience Growth by Political Affiliation Political Affiliation Republican 14% 16% +56% 31% 54% 36% Independent +36% +35% 55% 30% 48% 16% Democrat Independents and Republ
Slide 95: The Election Cycle's Impact on News Consumption
The Election Cycle’s Impact on News Consumption MS NOW Primetime Viewers MS NOW viewership patterns following elections 2009: -14% vs. prior year 2013: -21% 2017: +46% [exception] 2021: -27% 2025: -27% 95
Slide 96: Election Night 2025
On Election Night 2025
Slide 97: MS NOW Reaches Beyond Cable to Top Growth Platforms
MS NOW Reaches Beyond Cable to Top Growth Platforms 97
Slide 98: Our Audience Is Passionate and Deeply Engaged
Our Audience Is Passionate and Deeply Engaged Loyal, affluent audience underpins premium ad sales and pricing stability Network Digital Social 8 Hours #1 7.7 Billion Viewed on Average Per Week Competitive Set for Total Minutes Projected Views in 2025 Plus, Surpasses Monthly MS NOW has one of the mos
Slide 99: Building a Successful Podcast Business
Building a Successful Podcast Business Projected 135 million podcast downloads in 2025 99
Slide 100: Top of the Apple Podcast Charts
Top of the Apple Podcast Charts 100
Slide 101: MS NOW is starting from a position of strength
MS NOW is starting from a position of strength 101
Slide 102: The Power of Talent
The Power of Talent #1 Top of the Apple Podcast Charts For 3 Weeks 102
Slide 103: The Power of Talent
The Power of Talent 103
Slide 104: The Power of Talent
The Power of Talent #1 Morning Cable Recently Launched News Show in Newsletter Expands Washington, D.C. Digital Reach 104
Slide 105: A News Organization Powered by Award-Winning Journalists
A News Organization Powered by Emmy, Murrow, Pulitzer and Peabody Award-Winning Journalists 105
Slide 106: Essential Breaking News and Exclusive Reporting
Essential Breaking News and Exclusive Reporting EXCLUSIVE EXCLUSIVE EXCLUSIVE EXCLUSIVE EXCLUSIVE Kash Patel knowingly Tom Homan was Former FBI Director Grand jury indicts Trump strikes drug- investigated for accepting broke law when firing James Comey New York Attorney pricing deal with $50,000 fro
Slide 107: Our Plan has Multiple Potential Growth Levers
Our Plan has Multiple Potential Growth Levers 107
Slide 108: Plan to Dominate 2026 and 2028 Election Cycles
Plan to Dominate 2026 and 2028 Election Cycles The path to the presidential election will run through MS NOW Town Presidential Primary Election Halls Debates Nights Political General Inauguration Conventions Election 108
Slide 109: Unlocking the MS NOW Digital Opportunity
Unlocking the MS NOW Digital Opportunity First Launching Direct-To-Consumer 2026 Product Illustrative 109
Slide 110: New Destination for Our Loyal Superfans and Future Fans
New Destination for our Loyal Superfans and Future Fans Path to increasing share of time and share of wallet 260M Total U.S. Adults 130M Political News Consumers Democrats or Dem-Leaning 24M Independents Political News Subscribers 110
Slide 111: What We Can Learn From The Current Marketplace
What We Can Learn From The Current Marketplace 2M+ subscribers 11M+ subscribers Exclusive content for their News superfans Games Personalized & Cooking On-Demand Features Audio Wirecutter The Athletic 111
Slide 112: Next Phase of Growth: DTC Membership
Next Phase of Growth: DTC Membership Growing the MS NOW fanbase with a valuable membership community Illustrative 112
Slide 113: Next Phase of Growth: DTC Membership
Next Phase of Growth: DTC Membership Growing the MS NOW fanbase with a valuable membership community Access Curation Community 113
Slide 114: Illustrative DTC Membership
AMA with ra wottied Illustrative 14
Slide 115: Beyond Cable: An Expanded MS NOW Ecosystem
Beyond Cable: An Expanded MS NOW Ecosystem Cable Newsletters Network Expanded Podcast DTC Network Membership Non-News Live Verticals Events 115
Slide 116: MS NOW Plan Has Multiple Potential Growth Levers
MS NOW Plan Has Multiple Potential Growth Levers Gain market Dominate the Launch first-ever share across 2026 and 2028 MS NOW our ecosystem election cycles DTC product 116
Slide 117: Versant Sports and Entertainment
VERSANT Sports and Entertainment
Slide 118: Julia Boorstin
Julia Boorstin CNBC, Senior Media & Tech Reporter
Slide 119: Sports and Entertainment
Sports and Entertainment Val Boreland President, Entertainment Matt Hong President, Sports
Slide 120: Oxygen
OXYGEN E 8
Slide 121: 121
121
Slide 122: 122
122
Slide 123: Richard Lerner
Richard Lerner Golf Channel Anchor & Reporter
Slide 124: Fireside Chat: The Business of Sports
Fireside Chat The Business of Sports steve Phelps Commissioner - NASCAR Brian Rolapp CEO - PGA TOUR
Slide 125: NASCAR
Y JMINASCAR
Slide 126: Versant: Next Era of Business
VERSANT NEXT ERA OF BUSINESS
Slide 127: Growing Our Digital Platforms & Ventures
Growing Our Digital Will McIntosh President of Digital Platforms Platforms & Ventures
Slide 128: ace
ace ace 3248, “o- Mowe or neater Los Angel. ‘$B FANDANGO ase 128
Slide 129: GolfNow + GolfPass
GolfNow + GolfPass The largest online tee time marketplace in the world, fueled by the most comprehensive digital membership Find Purchase A tee time via A golf course GolfNow 40M+ via GolfNow Total Annual Rounds Golfers 3.9M+ Course Relationships 9K+ Review A course on GolfPass Payments $4B+ Watch
Slide 130: GolfNow Platform Overview
GolfNow Platform Overview GolfNow offers best-in-class platforms, software, services and content to both the golf course and the golfer Value Proposition Value Proposition GolfNow Marketplace Technology Course Info, Reviews and Tee Times Web, App, CRM, Tee Sheet, Point-of-Sale Pricing Incentives B2C
Slide 131: GolfNow Growth
GolfNow Growth GolfNow has been established as a strong, multi-faceted growth platform. Our focus is on utilizing technology and data to expand our global reach and own the full golf experience. Grow Monetize Expand The Scale The Core The Golfer Surface Area Internationally 131
Slide 132: GolfNow Growth
GolfNow Growth <10% 25% How We Will Grow: Salesforce Expansion GolfNow has been established as a strong, multi-faceted growth Product platform. Our focus Enhancements is on utilizing technology and data to expand Public Course our global reach and own the full golf experience. Global Share of Course
Slide 133: GolfNow Growth
GolfNow Growth 3.9M+ <10% How We Will Grow: Increase Conversion GolfNow has been established as a strong, multi-faceted growth platform. Our focus is Personalization on utilizing technology and data to expand Annual GolfNow our global reach and own the full golf experience. Of Bookers Are Bookers Ne
Slide 134: GolfNow Growth
GolfNow Growth 500+ +3,000 How We Will Grow: Expands Usage GolfNow has been established as a strong, multi-faceted growth platform. Our focus isNew Audiences on utilizing technology and data to expand New Off-Course Partners our global reach and own the full golf experience. Total Off-Course added t
Slide 135: GolfNow International Spotlight
GolfNow International Spotlight GolfNow currently serves 15 countries outside of North America with over 2,400 golf courses relationships and growing GOLFNOW TOTAL MARKET Current Opportunity Per Course REGION CUSTOMERS COURSE TAM PENETRATION x5 US / Canada 5,980 18,397 32% UK / Ireland 1,752 3,330 5
Slide 136: Fandango + Rotten Tomatoes
Fandango + Rotten Tomatoes The ultimate digital network for all things movie & TV – tickets, streaming and ratings/reviews Find Purchase Fandango Tickets 70M A theater, movie or TV series A theater ticket, a movie/TV series, or a rental At Home Transactions 30M Movie Screens 30K+ Review A movie or T
Slide 137: Fandango Growth
Fandango Growth The platform that connects every screen to every seat.. uniting fans, theaters, and content through data, tech & experience. Grow International B2B Operations TVOD & The Core Expansion & POS AVOD Market Share Net New Powering The Closing The Expansion Growth Industry Backbone Monetiz
Slide 138: Fandango Growth
Fandango Growth <10% How We Will Grow: New Partnerships The platform that connects every screen to every seat.. uniting fans, Grow Membership theaters, and content through data, tech & experience. Domestic Tickets Sold by Fandango (70M of 760M Market) Versant Promotion Grow International B2B Operati
Slide 139: Fandango Growth
Fandango Growth +10K How We Will Grow: Indy’s capabilities The platform that connects every screen to every seat.. uniting fans, theaters, and content through data, tech & experience.Marketplace Cinema Locations Outside of the US We Don’t Work With GolfNow playbook Grow International B2B Operations
Slide 140: Fandango Growth
3K Fandango Growth How We Will Grow: Best-in-class integration w/ Indy <5% The platform that connects every screen to every seat.. uniting fans, Cinema Relationships theaters, and contentBundling through data, tech & experience. Cinemas on Fandango in the US via our Marketplace use the Fandango Mark
Slide 141: AVOD Opportunity
AVOD Opportunity Free streaming is mainstream and growing Streaming Platform Rank Consumers embracing a 70%+ of TV viewing now mix of free and paid options 1 Netflix includes ads; Free Services 4 of the top 10 streaming 2 Hulu/ Disney/ ESPN+ are mainstream (Nielsen) platforms are free 3 Amazon 4 The
Slide 142: Fandango Market Opportunity
Market Leaders Fandango Market Opportunity Fandango’s unique assets and access to Versant portfolio cross promotion provides advantages Emerging Players 142
Slide 143: Why We Can Win
Why We Can Win Our right to win — and what makes us different. Audience Choice Experience User Base 143
Slide 144: Fandango
v at ih « $i FANDANGO’
Slide 145: Financial Review & Transforming for the Future
Financial Review & Transforming for the Future Anand Kini BOO & CFO
Slide 146: Our Financial Strategy
Our Financial Strategy 1. 2. 3. 4. Continue delivering Transform business Provide attractive Maintain strong strong Adjusted through disciplined shareholder returns balance sheet EBITDA and Free organic and while transitioning and liquidity for Cash Flow inorganic growth business model strategic fle
Slide 147: Building from a Stable, Secure Business
Building from a Stable, Secure Business Pay TV Distribution Sports Balance Sheet Ad Sales News Operations/Admin Majority Major league Low target 1.25x net NBCU reps for Independent news Management team contracted relationships directly leverage with ~2 yrs, continuing operations and infrastructure u
Slide 148: Long-Term Agreements Provide Strong Foundation
Long-Term Agreements Provide Strong Foundation % of VERSANT Pay TV Subscribers Subject Sports Rights to Distribution Agreement Renewal Contractual Terms Sport Expiration Year 2028 55% 2029 2029 27% 2028-2032 16% 2031 2031 2026 2027 2028 or later 2036 148
Slide 149: Spin Logistics
Spin Logistics Distribution Date January 2nd Regular Way Trading Begins January 5th Distribution Ratio 1 VERSANT Share for every 25 Comcast Shares Expected Class A Shares Outstanding Approximately 144 Million VERSANT Class A Shares Expected Tax Treatment Tax-free to Comcast and to shareholders for U
Slide 150: Versant Financial Snapshot
VERSANT Financial Snapshot Estimated 2025 Standalone Financial Metrics Revenue Scale $6.62B Strong Adjusted EBITDA $2.15B/33% Margin Healthy FCF $1.38B/64% Conversion Robust Liquidity $1.5B (Cash + Revolver) Low Target Leverage 1.25x Net Leverage Positions VERSANT for long-term growth and strong sha
Slide 151: 2024 and 2025E Financials
2024 and 2025E Financials Estimated Standalone Financial Metrics, $ in Millions 2024 2025E Change % Revenue 7,062 6,615 (6%) Adjusted Costs of Revenue and SG&A Expenses (4,664) (4,465) (4%) Adjusted EBITDA 2,399 2,150 (10%) % Margin 34% 33% (1 p.p.) FCF 1,612 1,375 (15%) 151
Slide 152: Diversified Revenue Model
Diversified Revenue Model $6.6B 2025E Revenue Evolving Revenue Model 2025E Annual Change 23% Advertising Linear Distribution (6%) 13% 62% Advertising (13%) Platforms Linear Distribution Platforms 6% Content Lic & Other (7%) Total (6%) 3% Content Licensing & Other 152
Slide 153: Adjusted Costs of Revenue and SG&A Expenses Profile
Adjusted Costs of Revenue and SG&A Expenses Profile Estimated 2025 Standalone Financial Metrics Expense Composition Programming Composition ~20% ~35% Entertainment SG&A ~50% ~55% ~10% Programming ~30% Sports Platform News COR 153
Slide 154: Disciplined Cost Management
Disciplined Cost Management Organization Technology Adaptable Structure & AI Cost Base Efficient Shared Services Automated video, event Majority of VERSANT cost base model for admin functions production reducing labor needs addressable in the short-term Brand specific resources AI agents within Golf
Slide 155: Creating An Enduring Growth Platform
Creating An Enduring Growth Platform Expect Substantial Revenue Contribution from Digital and other Non-Pay TV Businesses Over Time 2024 Goal 3-5 Years Long-Term Goal 17% ~33% ~50% Revenue Generated by Pay TV Revenue from Non-Pay TV (Platforms, Digital Advertising, Other) 155
Slide 156: Strong Balance Sheet Provides Strategic Flexibility
Strong Balance Sheet Provides Strategic Flexibility Day 1 Estimated Capital Structure ($ Millions) Bank Term Loan A 1,000 5-year term, ~5.6% cost of debt Senior Notes and Term Loan B 2,000 5-year term, Rated Ba2/BB/BB+, ~7.4% avg cost Total Gross Debt 3,000 Cash & Equivalents 750 Estimated balance s
Slide 157: Capital Allocation Principles
Capital Allocation Principles 1. Invest to Transition Business Model Disciplined organic and inorganic investments 2. Maintain Strong Balance Sheet Target 1.25x net leverage Allocate 20% of FCF for dividend pay-out, 3. Provide Attractive Dividend subject to Board Approval Seek Board Authorization fo
Slide 158: Investment Prioritization Criteria
Investment Prioritization Criteria Aligned with Contributes Builds and 4 core markets to business strengthens or close model VERSANT’s adjacencies transition brand portfolio Enables Generates Maintains meaningful strong VERSANT’s synergies, costs economics strong balance and revenue and returns shee
Slide 159: 2025 Estimate and 2026 Forecast
2025 Estimate and 2026 Forecast 2025 Estimate Represents Standalone Financial Metrics; $ in Millions 2025E 2026F Revenue 6,615 6,150-6,400 Annual Change (6%) (3%)-(7%) Adjusted EBITDA 2,150 1,850-2,000 Annual Change (10%) (7%)-(14%) Free Cash Flow 1,375 1,000-1,200 Annual Change (15%) (13%)-(27%) 15
Slide 160: Closing & Thank You
Closing & ark Lazarus Thank You
Slide 161: Versant: A Compelling Opportunity
VERSANT: A Compelling Opportunity Portfolio of Iconic Brands Leadership in Large, Dynamic Markets Opportunity to Grow and Evolve Business Highly Profitable Economics Financial Visibility Well Capitalized with Strategic Flexibility Experienced Leadership with Track Record 161
Slide 162: Versant Investor Day
VERSANT INVESTOR DAY
Slide 163: Notes
Notes The historical financial information included herein was prepared on a carve-out basis as we did not operate as a standalone entity for the periods presented. Accordingly, such financial statements reflect allocations related to shared services and assets (including expenses primarily related
Slide 164: Supplemental Reconciliation of 2024 Versant Adjusted EBITDA
Supplemental Reconciliation of 2024 VERSANT Adjusted EBITDA $ In Millions 2024 VERSANT Adjusted EBITDA 2,837 Pro-Forma Adjustments (largely fees from NBCU relative to prior cost allocations) (197) One-Time Transaction and Transaction Related Costs 31 2024 VERSANT Pro-Forma Adjusted EBITDA 2,672 Incr
Slide 165: Non-GAAP Reconciliations
Non-GAAP Reconciliations $ In Millions Reconciliations from Net Income Attributable to Versant to Adjusted EBITDA and Pro Forma Net Income Attributable to Versant to Standalone Adjusted EBITDA Year Ended December 31 2024A(1) 2024 Pro Forma(2) Net income attributable to Versant 1,363 1,045 Net income
Slide 166: Non-GAAP Reconciliations (continued)
Non-GAAP Reconciliations (continued) $ In Millions Reconciliation from Pro Forma Costs of Revenue and Selling, General and Administrative Expenses to Standalone Adjusted Costs of Revenue and SG&A Expenses Year Ended December 31 2024 Pro Forma(1) Costs of revenue 3,069 Selling, general and administra
Slide 167: Non-GAAP Reconciliations (continued)
Non-GAAP Reconciliations (continued) $ In Millions Reconciliation from Net Cash Provided by Operating Activities to Standalone Free Cash Flow Year Ended December 31 2024A Net cash provided by operating activities 2,211 Capital expenditures (54) Incremental capital expenditures(1) (98) Cash payments
Slide 168: Sources
Sources Page Page Headline Statistic Source Versant at a Glance - Large, Highly 12 14B Hours Watched in 2024 Nielsen, Panel, L7, P2+, Total Day, 2024 (01/01/2024 - 12/29/2024) Engaged Customer Base Versant at a Glance - Large, Highly 65M HH Watched VERSANT Nielsen, Panel, L7, P2+, Total Day, Reach I
Slide 169: Sources (continued)
Sources (continued) Page Page Headline Statistic Source Rational360. Among media figures followed on social media by Fortune 500 CEOs, CNBC 18 Business News & Personal Finance #1 Fortune 500 CEO Media Outlet boasts 6 of the top 10, more than any other news outlet Figures derived from bottoms-up buil
Slide 170: Sources (continued)
Sources (continued) Page Page Headline Statistic Source 28M on-course golfers, +16% since National Golf Foundation. "Golf in 2025: 5 Things to Know About the State of the Game" - 22 Golf & Athletics Participation 2019 LINKS Magazine (more NGF data summaries) 19M off-course golfers, nearly 22 Golf &
Slide 171: Sources
Sources Page Page Headline Statistic Source Top 5 Cable ent. network 30 24 Sports & Genre Entertainment Nielsen Cable Entertainment ranker. 1/2/95 – 9/14/25. Excludes sports and news nets consecutive years (USA) Leading Digital movie ticketing 24 Sports & Genre Entertainment Comscore. Total visits b
Slide 172: Sources (continued)
Sources (continued) Page Page Headline Statistic Source % of Company’s Audience from Live 29 Versant’s Favorable Market Position Nielsen, 2024 Total Day L7. 1/1/2024-12/29/2024. Broadcast and cable portfolios Sports & News (2024) Versant Audience Scale Rivals Largest Nielsen, Streaming Meter Panel,
Slide 173: Sources (continued)
Sources (continued) Page Page Headline Statistic Source Business Model Evolution in Golf & 2014 and 2024 Total Golf & Athletics 35 Internal financial data Athletics Participation Participation Revenue Mix ~380B 2024 Professional Video Hours Nielsen Gauge. P2+. 1/1/24 – 12/31/24. Total watched across
Slide 174: Sources (continued)
Sources (continued) Page Page Headline Statistic Source Largest WWE network partner, airing 48 Versant Sports Internal Versant data events every week of the year 48 Versant Sports 475 hours from the Milan games Internal Versant data Nielsen, Panel Only. Live+SD, based on P2+ average minute audience,
Slide 175: Sources (continued)
Sources (continued) Page Page Headline Statistic Source Reaching New Audiences / Free TV % of TV Homes Accessing https://www.tvb.org/research-measurement-analytics/measurement/over-the-air- 54 Networks Market Dynamics Video thru Over-The-Air Only broadcast-television-ota/ Reaching New Audiences / Fr
Slide 176: Sources (continued)
Sources (continued) Page Page Headline Statistic Source Significant Expansion Opportunity: FRED Personal Consumption Expenditures: Admissions to specified spectator amusements: 58 New Platform Launches: Indy Cinema $50B+ market Live entertainment, excluding sports. 2024 (data as of 9/23/2025) 58 New
Slide 177: Sources (continued)
Sources (continued) Page Page Headline Statistic Source Resulting in Significant Competitive CNBC with Highest Engagement and 68 SmithGeiger Spring 2025 study Advantage Brand Loyalty 79-80 Opportunity for Retail Investor Sizable US TAM Opportunity SmithGeiger CNBC Research Households with Multiple 7
Slide 178: Sources (continued)
Sources (continued) Page Page Headline Statistic Source MRI-Simmons Doublebase Survey, Summer 2024, n=50,000. Political Affiliation and Television Channel (“watched in the past 7 days”). “Independents” includes a small MS NOW Audience is Diversified and Audience Composition: Political percentage of
Slide 179: Sources (continued)
Sources (continued) Page Page Headline Statistic Source YouTube data based on YouTube Studio Analytics, January 1 – September 28, 2025. Our Audience Is Passionate and 98 7.7B Projected Social Views in 2025 YouTube video views. TikTok data based on ListenFirst, January 1 – September 28, 2025. Deeply
Slide 180: Sources (continued)
Sources (continued) Page Page Headline Statistic Source 129 GolfNow + GolfPass 40M+ GolfNow Total Annual Rounds Internal Versant data 129 GolfNow + GolfPass 3.9M+ GolfNow Annual Golfers Internal Versant data 129 GolfNow + GolfPass 9K+ GolfNow Course Relationships Internal Versant data $4B+ GolfNow /
Slide 181: Sources (continued)
Sources (continued) Page Page Headline Statistic Source 500+ New Off-Course Partners 134 How We Will Grow Internal Versant data Added to Our Marketplace 134 How We Will Grow 3,000+ Total Off-Course Locations National Golf Foundation Facility Database GolfNow Serves 15 Countries Outside 135 GolfNow I
Slide 182: Sources (continued)
Sources (continued) Page Page Headline Statistic Source 136 Fandango + Rotten Tomatoes 14M Fandango Movie-Goers Internal Versant data 136 Fandango + Rotten Tomatoes 5M Fandango At Home Users Internal Versant data <10% Tickets Sold by Fandango (70M 70M: Internal Versant data 138 How We Will Grow of 7
Slide 183: Sources (continued)
Sources (continued) Page Page Headline Statistic Source % of VERSANT Pay TV Subscribers Long-Term Agreements Provide 148 Subject to Distribution Agreement Internal Versant data (as of October 2025) Strong Foundation Renewal