Univision reported lower second-quarter net income as revenue declined.
In July, Univision announced that its board had initiated a strategic review of the company’s operations, which could lead to the sale of all or part of the business.
Net income in the quarter fell 21% to $90.7 million from $114.3 million a year ago. Income from continuing operations was $92 million, down 24% from $121.3 million.
Revenue fell 4% to $701.7 million. What the company describes as core revenue dropped 3.5% to $694.5 million.
Revenue for Univision’s media networks decreased 3.9% to $640 million.
Ad revenue fell 2% to $347.2 million, with lower TV ad revenue partly offset by higher digital ad revenue. Core ad revenue was down 1.1% to $342.2 million.
Non-advertising revenue at the Media Networks segment, was down 6.2% to $292.8 million, with subscriber fee revenue down to $263.3 million from $279.6 million.
The company said it cut its debt by $68.5 million so far this year.
“While OIBDA decreased this quarter, we continue to see evidence of improved operational strength fueled by our investments in programming and sales which positioned us for growth. In the recently completed 2019/2020 upfront sales cycle Univision achieved the strongest growth in four years,” said CEO Vince Sadusky.
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