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Univision Networks Ad Revenue Drop Narrows in Third Quarter

Wade Davis covid-19 reports record 2020 Drop

09.11.2020 - 19:41

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hollywoodreporter.com

hollywoodreporter.com:

Spanish-language media giant Univision Communications, which earlier this year agreed to sell a majority stake to an investor group led by former Viacom CFO Wade Davis, reported lower third-quarter financials amid the coronavirus pandemic, but advertising trends improved.

The company, which previously said it was targeting $125 million in cost reductions, posted third-quarter earnings of $30.9 million, compared with a year-ago profit of $77.4 million.

Quarterly adjusted operating income before depreciation and amortization (OIBDA), another profitability metric, fell 5 percent to $243.8 million.

Third-quarter revenue declined 8 percent to $627.6 million, with Univision's media networks unit recording an 11 percent advertising decline to.

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