Bold headline: A name change is pulling in viewers, but revenue is slipping. And this tension reveals the tricky reality behind media rebrands.
MS NOW, the US’s largest liberal-leaning network, has seen double-digit increases in total viewers since rebranding from MSNBC, according to its CEO. Since the fourth-quarter switch to MS NOW, the audience momentum has not only persisted but accelerated, with double-digit growth in total viewers since November. The network, home to flagship programs like Morning Joe and The Rachel Maddow Show, was formerly known as MSNBC, a brand dating back to its 1996 launch. Early viewer polling had raised concerns about the name change, but early data now paint a more optimistic picture.
CEO Mark Lazarus emphasized that MS NOW’s most engaged viewers are tuning in heavily—watching eight to nine hours per week—which he said ranks as the second-highest engagement across the entire TV landscape.
Versant, the parent company formed earlier this year after NBCUniversal spun off most of its cable networks, announced that its total 2025 revenue would be $6.69 billion, about 5.3% lower than the previous year. Versant’s portfolio includes MS NOW, CNBC, the Golf Channel, and the USA Network, among others. Like much of the industry, these networks have faced pressure from cord-cutting. Cable subscription revenue fell 5.4% from 2024 to 2025, a decline the company called slow and manageable relative to bleaker forecasts. Advertising revenue took the sharpest hit, totaling $1.58 billion in 2025 versus $1.73 billion in 2024. The company presented results as if they operated over the last two years.
If you look at the last quarter of 2025 alone, Versant would have posted 6.5% lower revenue than the final quarter of 2024. In full-year terms, Versant reported net income attributable to the parent of $930 million for 2025. The stock has fallen roughly 27% since the start of the year, trading around $33 per share on the referenced Tuesday.
Lazarus underscored the centrality of news and sports to Versant’s strategy, noting that these genres account for about 60% of television viewership. He described early results as encouraging for investor confidence, saying, “Our live news, live sports, and premium entertainment programming continue to attract large, engaged audiences and generate robust advertiser demand.”
For 2026, Versant expects advertising tied to midterm elections to bolster revenue, along with new products including a direct-to-consumer MS NOW service. The company projects 2026 revenue in a range of $6.15 billion to $6.4 billion.
Asked about the still-pending Paramount Skydance and Warner Bros. Discovery merger—unrelated to NBCUniversal’s spin-off plans—Lazarus reiterated Versant’s intent to remain independent. “We have our plan to go as an independent company,” he stated, adding that Versant possesses a strong, diverse asset base.
Bottom line: Rebranding can spark audience growth and brand refresh, but translating that momentum into sustainable revenue is a separate challenge that depends on ad markets, subscriptions, and strategic product bets.
