The Media Odyssey THE SIGNAL FROM EUROPE: Q4 EARNINGS
Versant spins out with $2B free cash flow, ITV faces Sky acquisition, Banijay grows experiential 18%, and Canal+ hits 42.3M subscribers. Welcome to The Media Odyssey Podcast live!
In this earnings coverage episode, Marion Ranchet and Evan Shapiro break down results from four companies undergoing major transformations: Versant's spinout from Comcast, ITV's potential acquisition by Sky/Comcast, Banijay's post-Endemol Shine merger performance, and Canal+'s global expansion strategy. The conversation reveals the challenges traditional media companies face as cable declines, the strategic missteps in corporate separations, and how European companies are diversifying revenue streams to survive.
Rather than celebrating growth, the hosts examine whether these transformations make strategic sense or simply expose dying businesses. The episode is a reality check on how media consolidation and spinouts are reshaping the industry, with some companies finding success through diversification while others struggle to justify their existence as standalone entities.
Key Takeaways:
1. Versant (spun out from Comcast)
Versant generated $2 billion in free cash flow despite total revenue down 5% and net income down 32% year-over-year in 2025. Overall, distribution was down, advertising down, licensing business down but growth came from platforms (Fandango, Rotten Tomatoes, Golf Now, CNBC streaming). Interestingly, Comcast kept Bravo (the most valuable programming brand) with Peacock instead of spinning it out with Versant, showing a lack of strategic thinking.
2. ITV
ITV saw subscriptions flat year-over-year with no growth, but digital ad revenue up 12% year-over-year, preventing a worse outcome. Sky + ITV combined would become the #2 TV outlet in the UK, second only to BBC, jumping over YouTube and far surpassing Netflix as the largest ad platform. ITV Studios is a profitable powerhouse with Love Island (the #1 streamed show last year on Peacock) and a growing US arm, yet the acquisition would potentially leave Studios behind.
3. Banijay
Experiential business grew 18%+ (still under €400 million but growing fast) and the gaming/sports betting business generated €1.6 billion out of €4.9 billion total revenue (nearly one-third of total revenue), growing 9.5% year-over-year and surprising the hosts. Banijay is now planning €50 million in cost synergies through integration, which means layoffs that will take time in European markets due to labor regulations
4. Canal+
Where other platforms saw flat subscriptions, Canal+ grew total subscribers by 8% year-over-year to 42.3 million subscribers with the Multichoice acquisition. Now, the company operates in close to 50 countries across Africa, Asia, and multiple European territories. Their strategy paid off when subscribers under the age of 26 grew 17x since 2019 by building a €20/month package (half the typical price) with no commitment to address the "too expensive" problem.
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Connect with us on Linkedin:
Evan Shapiro - https://www.linkedin.com/in/eshap-media-cartographer/
Marion Ranchet - https://www.linkedin.com/in/marionranchet/
The Media Odyssey Podcast - https://www.linkedin.com/company/the-media-odyssey-podcast
- (00:00) - Live Show Kickoff
- (00:30) - Earnings Agenda Setup
- (01:01) - Comcast Spinout Overview
- (02:29) - Why Spin It Out
- (04:30) - Streaming Pivot Debate
- (07:31) - What Brands Matter
- (09:37) - Europe Shift to ITV
- (12:11) - ITV Deal and Studios Split
- (19:45) - Banjay and All3 Media
- (23:41) - Scaling Little Dot Playbook
- (24:30) - Gaming Revenue Surprise
- (25:32) - Betting and Experiential Growth
- (26:47) - Cost Synergies and Layoffs
- (27:33) - Will Regulators Approve
- (28:32) - Canal Plus Name Debate
- (30:15) - Canal Plus Strategy and Growth
- (34:12) - MultiChoice Deal and Africa
- (37:47) - Wrap Up Next Episode and Events