Hulu Lands E!'s Golden Life

Versant Media Group is skipping the cable buying spree and betting its future on digital growth, even as digital brings in less than a quarter of its revenue today. CEO Mark Lazarus made it clear: buying more cable assets like Skydance’s would bring in cash but drag them further into a declining market. Instead, Versant is doubling down on partnerships and licensing, using deals like Hulu streaming E!’s The Golden Life to reach new audiences without owning a streaming platform. The stakes are high, with Versant’s stock down nearly 30% since its spin-off and investors hungry for proof that digital can become the company’s main engine.

But here’s the catch: that digital leap means giving up control over crucial data and customer relationships, since Versant doesn’t own the platform where its content now lives. If Hulu decides not to promote their shows, Versant’s reach could stall. Meanwhile, the company faces a make-or-break choice on whether to keep NBCUniversal handling ad sales or bring that business in-house—a move that could either unify their revenue streams or leave them scrambling to replace the distribution muscle NBCU provides. The next few quarters will show whether Versant’s licensing and ad strategies can actually move the needle—or if sitting out the cable land grab leaves them shut out from the next phase of media consolidation.

Featuring sharp reporting from Axios and CNBC.

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