Shares of Versant Media Group Inc (VSNT) surged 11.93% during intraday trading on Thursday, driven by the company's raised annual revenue forecast and stronger-than-expected second-quarter results.

The company lifted its 2026 revenue outlook to a range of $6.2 billion to $6.45 billion, up from the prior estimate of $6.15 billion to $6.4 billion. The upgrade was fueled by robust digital platform growth, with the Platforms segment—which includes Fandango, Rotten Tomatoes, and GolfNow—expanding 9.3% after excluding the divested SportsEngine business. This digital momentum helped offset ongoing weakness in the legacy pay-TV distribution business, where revenue fell 6.3%.

Versant also reported quarterly earnings of $1.49 per share, handily beating the analyst consensus of $1.34. Revenue for the quarter reached $1.64 billion, exceeding the $1.618 billion estimate. The strong performance was underpinned by high ratings at CNBC, including coverage of the SpaceX IPO and a widely viewed interview with Jeff Bezos, as well as a strong sports programming lineup. A newly announced $100 million accelerated share repurchase program added to the positive investor sentiment.