Versant has set compensation packages for three of its top executives: Versant CEO Mark Lazarus, COO/CFO Anand Kini and general counsel Jordan Fasbender.
Per a new filing with the U.S. Securities and Exchange Commission, Lazarus will receive a $2.5 million base salary. He is also eligible to receive an annual performance bonus with a target equal to 300% of his base salary, or $7.5 million. The exec will also receive a one-time founders grant of $12.5 million and an additional $12.5 million in equity awards annually. That would put his total pay package at $35 million for year one and $22.5 million in his second year.
Kini will receive a $2.27 million base salary. He is also eligible to receive an annual performance bonus with a target equal to 200% of his base salary, or $4.54 million. Kini will also receive a founders grant of $7.5 million and an additional $6.4 million in equity awards annually. That would put his total pay package at $20.71 million in his first year and $16.71 million in his second year.
Fasbender will receive a $1 million base salary. She is also eligible to receive an annual performance bonus with a target equal to 120% of her base salary, or $1,200,000. Fasbender will also receive a founders grant of $1 million and an additional $2 million in equity awards annually. That would put her total pay package at $5.2 million in her first year and $4 million in her second year.
The pay packages come as Versant saw revenue decline 2.9% to $1.66 billion and net income fall 56.4% to $80 million in its third quarter of 2025. For the first nine months of the year, Versant’s revenue tumbled 4.9% to $5.08 billion and slid 24.1% to $749 million.
Linear distribution revenue fell 4.5% to $992 million in the third quarter and 5.2% to $3.095 billion in the nine-month period, while advertising revenue grew 0.2% to $394 million in Q3 and fell 8.8% to $1.21 billion for the nine-month period.
Platforms revenue grew 0.9% to $224 million for the quarter and grew 5% to 622 million for the nine-month period, while content licensing and other revenue dropped 9.1% to $54 million during the quarter and 4.9% to $5.08 billion during the nine-month period.
Looking ahead, Versant said its programming would focus on core audiences in political news and opinion, business news and personal finance, golf and athletics participation and sports and genre entertainment. As of the end of 2024, news and sports content accounted for approximately 60% of its audience engagement
Versant also plans to expand its audience through ad-supported (AVOD), paid (SVOD) and free (FAST) streaming offerings, as well as over-the-air distribution and live events, and will look to “strategically grow and expand” its digital platforms business, which include GolfNow, Fandango, Rotten Tomatoes and SportsEngine.
Additionally, the company said it’s well-positioned to pursue “opportunistic and disciplined acquisitions” and other investments that align with its core strategy, improve its competitive positioning, enhance its portfolio with complementary brands and deliver attractive returns for its shareholders. TheWrap previously reported that Versant was exploring a potential sale of SportsEngine.
Versant’s portfolio of cable networks reached as many as 65 million households as of the end of 2024, per Nielsen data.
