MS NOW Reports Growth as Fox Cites Viewer Fatigue

On November 3, Versant Media CEO Mark Lazarus said MS NOW was not experiencing the audience weariness Fox Corp. CEO Lachlan Murdoch had cited a day earlier. Lazarus spoke during Versant’s third-quarter earnings call, as the United States held its midterm elections. He said MS NOW’s audience was growing and suggested viewers were spending more time with the channel after leaving other networks.

Versant said MS NOW was cable’s second-most-watched network in the quarter and had recorded audience growth for 11 consecutive months through September. Its primetime audience rose 16% year over year, and viewership among people ages 25 to 54 increased 27.3%.

Fox News remained substantially larger: it averaged 2.06 million primetime viewers, compared with 930,000 for MS NOW. But Fox’s primetime audience fell 17%, and its audience ages 25 to 54 dropped nearly 25%. Murdoch attributed weaker viewing to fatigue after an intense news cycle, saying those viewers were watching less television rather than switching to another news channel.

Versant’s quarterly revenue fell 4% year over year to $1.59 billion, beating analyst expectations. Earnings per share were 34 cents, also above estimates. Advertising revenue was down 5%, partly reflecting a comparison with the previous year’s Ryder Cup.

Lazarus said Versant had secured carriage agreements covering 75% of its video subscribers into 2028 or later. The company expects non-linear television to provide most of its revenue over time, while cable remains an important source of income for now.

MS NOW Grows as Fox Blames Fatigue for Ratings Slide

MS NOW is gaining viewers while Fox News’ audience shrinks, and Versant CEO Mark Lazarus rejected the idea that audiences are simply tired of the news. Speaking to investors on November 3, he said MS NOW’s audience was active and growing, with some viewers apparently trying the network after leaving other outlets.

The numbers show contrasting trends. MS NOW’s primetime audience rose 16% in the third quarter, while its viewership among people ages 25 to 54 grew 27.3%. Fox News’ corresponding audiences fell 17% and nearly 25%. MS NOW also notched 11 straight months of audience growth through September.

Fox News still drew more than twice MS NOW’s primetime audience, averaging 2.06 million viewers against MS NOW’s 930,000. But Murdoch said fatigued viewers were watching less television, not switching to rivals. That explanation stands in contrast to Lazarus’ claim that some viewers are spending more time with MS NOW—and leaves the growth of a competing news outlet as a pointed rebuttal to Fox’s account.

Versant’s revenue declined 4% to $1.59 billion in the quarter, though it exceeded analyst expectations. The company said carriage contracts now cover 75% of its video subscribers into 2028 or beyond, while cable remains a key financial engine even as Versant expects non-linear sources to become its largest revenue stream over time.

Fox Still Dominates Despite MS NOW’s Faster Audience Growth

MS NOW’s audience gains do not erase the vast gap separating it from Fox News. Fox averaged 2.06 million primetime viewers in the third quarter, more than double MS NOW’s 930,000, even as Versant CEO Mark Lazarus touted the smaller network’s growth on November 3.

Lazarus dismissed viewer fatigue at MS NOW and suggested that some people were leaving other outlets for his network. But Fox’s audience remains much larger, and the comparison matters: a 16% primetime increase for MS NOW still leaves it well behind the cable news leader. Fox also continued to draw more viewers ages 25 to 54, averaging 183,000 against MS NOW’s 84,000.

Fox’s ratings did fall: primetime viewership declined 17% overall and nearly 25% among viewers ages 25 to 54. Lachlan Murdoch said fatigued viewers were watching less television, rather than moving to another news channel. Lazarus offered a more favorable interpretation of MS NOW’s growth, but the figures show that Fox’s lead remains substantial.

Versant reported $1.59 billion in third-quarter revenue, down 4% from a year earlier but above analyst expectations. It also said carriage agreements cover 75% of its video subscribers into 2028 or later. The company sees non-linear television as a future majority revenue source, though traditional cable remains an important financial contributor.