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Versant Media Group vs Gray Media: VSNT and GTN compared
Versant Media Group is the larger company: $1.6B of revenue in its latest quarter (Q3 2026) against $972M for Gray Media (Q3 2026). Gray Media is growing faster (+30% against -4% a year earlier). Gray Media is more profitable, with an operating margin of 27.4% against 6.9%.
Where the money goes: VSNT and GTN
Versant Media Group (VSNT) · Q3 2026
Versant Media Group, Q3 2026: revenue $1.6B (-4% year over year), operating margin 6.9%, net earnings $47.0M, operating cash flow $346M. The chart follows the revenue to costs, profit and cash.
Gray Media (GTN) · Q3 2026
Gray Media, Q3 2026: revenue $972M (+30% year over year), operating margin 27.4%, net earnings $78.0M, operating cash flow $134M. The chart follows the revenue to costs, profit and cash.
| Versant Media Group (VSNT) | Gray Media (GTN) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $1.6B | $972M |
| Revenue growth, Y/Y | -4% | +30% |
| Operating margin | 6.9% | 27.4% |
| Net earnings | $47.0M | $78.0M |
| Net margin | 2.9% | 8.0% |
| Operating cash flow | $346M | $134M |
| Free cash flow | $302M | $99.0M |
| Market value | $4.8B | $492M |
| P/E | 6.6× | 7.9× |
| Analysts’ mean target | $43.00 | $6.50 |
Where the revenue comes from
Versant Media Group
- Linear distribution: $935M (59%)
- Advertising: $373M (23%)
- Platforms: $245M (15%)
- Content licensing and other: $41.0M (3%)
Gray Media
- Advertising: $556M (57%)
- Retransmission Consent: $366M (38%)
- Production Companies: $34.0M (3%)
- Service, Other: $16.0M (2%)
Questions
Which is bigger, Versant Media Group or Gray Media?
Versant Media Group is the larger company: $1.6B of revenue in its latest quarter (Q3 2026) against $972M for Gray Media (Q3 2026).
Is Versant Media Group or Gray Media growing faster?
Gray Media is growing faster (+30% against -4% a year earlier).
Which is more profitable, Versant Media Group or Gray Media?
Gray Media is more profitable, with an operating margin of 27.4% against 6.9%.
More: Versant Media Group earnings · how Versant Media Group makes money · Gray Media earnings · how Gray Media makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 3, 2026; 10-Q filed Nov 6, 2026). Fiscal quarters can end on different dates. Not investment advice.