The news: Comcast cable TV spinoff network Versant reported rocky results in its first earnings release Tuesday.

By the numbers:

• Ad revenues: -8.9% to $1.58 billion for full-year 2025.
• Linear distribution revenues: -5.4% to $4.1 billion.
• Total revenues: -5.3% to $6.7 billion.
• Net income attributable to Versant: -31.8% to $930 million.
• Adjusted EBITDA: -14.5% to $2.4 billion.

Why it matters: The results reflect the broader decline of pay TV amid the rapid rise of digital consumption.