Versant Media Group reported lower revenue and profit in its first quarter on Thursday, the company’s second earnings report since being spun off from Comcast earlier this year.
Versant, which is home to cable networks including CNBC, MS NOW and E!, reported $1.69 billion in revenue, down 1.1% from a year earlier. Net income declined 22% to $286 million. The company’s revenue and profit beat expectations of analysts polled by FactSet.
Versant shares rose as much as 16% in premarket trading before retreating to around a 10% gain.
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