Spanish-language US broadcaster Univision Communications blamed the soft TV ad market as it posted lower-than-expected Q2 results. It also warned it would not meet full-year sales and earnings targets, due to the protracted downturn in the US economy.
The company’s revenue increased 2% to $235 million, slightly less than some analysts’ expectations of $240m. Including the internet and other losses, total EBITDA (earnings before interest, taxes, depreciation and amortization) increased 7% to $94m, with an 11% rise in its core television EBITDA to $106m.
“Our increased revenue in a soft advertising market is indicative of the demand by advertisers to reach the Hispanic audience and provides a solid base for the anticipated recovery in advertising spending,” declared chief financial officer George Blank.
News source: Financial Times