Spanish-language media giant Univision reported lower second-quarter financials as the coronavirus pandemic hit its business. Media networks unit ad revenue fell 40 percent. Details:
led by former Viacom CFO Wade Davis, reported lower second-quarter financials amid the novel coronavirus pandemic.in cost reductions, confirmed its forecast that advertising would materially weaken from the first quarter due to further postponements of live sports and lower demand from advertisers.that the cost cuts would result in a restructuring charge of approximately $15 million in the second quarter and “possible other restructuring charges throughout the remainder of 2020.
Second-quarter revenue declined 24 percent to $531 million, with its media networks unit recording a 40 percent advertising decline to $210.0 million. Media networks core advertising revenue, which adjusts for political andto declines in our networks and local television businesses due to live sports cancellations and lower volumeMedia networks unit non-advertising revenue, including carriage fees and content licensing, was virtually unchanged at $292.
"This quarter’s ratings momentum, illustrated by the Univision Network as the #1 network regardless of language among adults 18-34 in primetime for a record 10 consecutive weeks and our Spanish-language viewing share at twice that of our closest Spanish-language competitor, demonstrate that Univision is the #1 destination for Hispanics during the COVID-19 pandemic," said Univision CEO Vincent Sadusky. "Our digital platforms similarly saw record high traffic.
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