Here’s a shocking truth: even as MS NOW, the U.S.’s leading liberal-leaning network, celebrates a surge in viewers following its bold name change from MSNBC, the company’s revenue is telling a very different story. But here’s where it gets controversial—while the rebrand has undeniably attracted more eyes, the financial numbers paint a picture of decline, leaving many to wonder: is this a temporary setback or a sign of deeper industry troubles?
Since the rebranding in the fourth quarter, MS NOW has seen double-digit growth in viewership, according to Mark Lazarus, CEO of Versant, the network’s parent company. “The momentum hasn’t just held—it’s accelerated,” Lazarus stated, highlighting the network’s resurgence since November. Home to popular shows like Morning Joe and The Rachel Maddow Show, the channel has managed to captivate audiences despite initial viewer concerns about the name change, which dates back to its 1996 launch as MSNBC.
And this is the part most people miss—while MS NOW’s most dedicated viewers are tuning in for an impressive eight to nine hours per week (the second-highest engagement in the TV landscape), the company’s overall financial health is under scrutiny. Versant, formed earlier this year after NBCUniversal spun off its cable networks, reported a 5.3% decline in total revenue for 2025, dropping to $6.69 billion. The biggest hit? Advertising revenue, which plummeted from $1.73 billion in 2024 to $1.58 billion in 2025—a trend that raises questions about the sustainability of traditional media models.
The decline isn’t isolated to advertising. Cable television subscription revenue fell by 5.4% year-over-year, a reflection of the industry-wide cord-cutting phenomenon. While Versant describes this as a “slow and manageable decline,” the company’s stock price tells a starker story, dropping 27% since the start of the year to around $33 per share.
Despite these challenges, Lazarus remains optimistic, emphasizing the enduring appeal of news and sports programming, which he says drives 60% of viewership. “Our live news, live sports, and premium entertainment continue to draw large, engaged audiences and strong advertiser interest,” he assured investors.
Looking ahead to 2026, Versant is banking on midterm election-related advertising and the launch of a direct-to-consumer MS NOW streaming service to boost revenue to between $6.15 billion and $6.4 billion. But here’s the bold question—in an era of streaming dominance, can traditional networks like MS NOW truly adapt, or are they fighting an uphill battle against shifting consumer habits?
When asked about the pending merger of Paramount Skydance and Warner Bros. Discovery, Lazarus remained steadfast, asserting that Versant’s strategy as an independent company won’t change. “We have a strong set of assets and a clear plan,” he stated. Yet, as the media landscape continues to evolve, one can’t help but wonder: is independence enough to thrive in an increasingly consolidated industry?
What do you think? Is MS NOW’s viewership surge a sign of resilience, or is the revenue decline a harbinger of deeper challenges? Share your thoughts in the comments—let’s spark a conversation about the future of traditional media in a digital age.
