Dade Hayes Finance EditorUnivision swung to a loss of $27.3 million in the second quarter compared with income of $92 million in the same period a year ago.The main source of red ink was a 40% plunge in advertising, which reflected the extent of COVID-19’s onslaught, especially on sports broadcasts.The privately held Hispanic media company’s total revenue fell 24% to $531.
In its Media Networks division, ad revenue dropped to $210 million from $347.2 million a year ago.The long-awaited sale of a majority stake of Univision, announced in February, is still pending.
A consortium led by former Viacom CFO Wade Davis said it was buying 64% of the company for about $526 million. Mexico-based Grupo Televisa plans to retain the remaining 36%.
Read more on deadline.com
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