Univision posted a loss in the second quarter ad ad revenues fell amid the tough business conditions resulting from the coronavirus.
The company posted a loss of $27.3 million, compared to net income of $90.7 million a year ago.
Revenue fell 24% to $531 million.
Univision is in the process of being sold to a group led by former Viacom CFO Wade Davis.
At Univision’s media networks group, revenue fell 22% to $502 million. Ad revenue fell 40% to $210 million and core ad revenue (excluding political ads) was down 42% to $198.9 million. Political advertising was $11.1 million, up from $5 million.
Television ad revenue fell 40% to $195.7 million.
CEO Vince Sadusky cited Univision’s improved prime time ratings and record digital traffic.
“This momentum which was driven by our strong news and entertainment content underscores our commitment to our community and our partners,” said Sadusky. “While we are not immune to the economic fallout from COVID-19, with a solid pipeline of entertainment content, with Liga MX’s regular season now underway and with the UEFA Champions League Tournament about to begin, we hope to have turned a corner from the worst of the pandemic’s economic impact. In addition, despite the economic headwinds, we have accessed the capital markets and our successful series of debt refinancings have strengthened our balance sheet and validated our optimism.”
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