Univision Communications had lower revenue and operating income from its media networks but recorded higher fourth quarter profits because of benefits from the new corporate tax law.
Net income rose to $386.7 million from $108 million. Univision got a benefit of $246.7 million from the new tax law. Also included in net income was a non-cash writedown on radio broadcast licenses and a $167.2 million gain from spectrum sales.
Operating income fell 11% to $347 million. The company said it reduced its debt by $155.7 million during the quarter.
Revenue fell 8% to $780.7 million.
Related: Tax Gains Lift Viacom Net Despite Lower Revenue
Advertising revenue fell 16.9% to $448 .5 million. Excluding political advertising, core advertising revenue fell 14.7% to $435.4 million.
Adjusted operating income at Univision’s media networks segment fell 13.1% to $335.3 million. Revenue fell 9.3% to 701.7 million, including an 18.5% drop in ad revenue to $385 million.
Television advertising revenue was down 20.3% to $340 million and digital ad revenue was down 2.2% to $44.8 million.
Related: Disney Profits Jump Because of Tax Benefits
“Our portfolio continues to draw larger audiences than our competitors, due in no small part to our unique engagements and powerful relationships with the U.S. Hispanic community that differentiate Univision from any other media company,” said CEO Randy Falco. “Time after time in 2017, I was proud of how our team brought to life the enduring power of our brand when our audience needed us the most.”
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