The news: Comcast spinoff company Versant reported mixed Q1 earnings that reflected the broader state of the modern media landscape.

By the numbers:

• Total revenues: $1.69 billion, -1.1% YoY
• Advertising: $368 million, -5.2% YoY
• Linear distribution: $1.00 billion, -7.3% YoY
• Net income attributable to Versant: $286 million, -22.1% YoY
• Platforms: $192 million, +9.5% YoY
• Content licensing and other: $121 million, +113.5% YoY

Versant stock increased 10% in early trading on the news of strong platform and licensing growth.

Why it matters: Versant’s earnings show the continued decline of the traditional pay TV model as consumers and advertisers continue shifting their attention to digital platforms and CTV.