Univision reported lower first-quarter earnings because of impairment charges as revenue rose.
Net income fell to $11.7 million from $24.3 million. The results included a cash impairing loss of $75.1 million related to radio licenses and other intangibles. Adjusted operating income increased 23% to $251.1 million
Revenue rose 8% to $660.4 million. Advertising revenue was down 2% to $329.1 million.
At Univision’s Media Networks, revenue was up 8.7% to $609.3 million. Ad revenue was down 2.3% to $280.3 million. Television revenue was down 4.1% to $261.7 million and digital revenue was up 31.1% to $18.6 million. Non-advertising revenue rose to 20% to $329 million.
Programming expenses were down because of the suspension of sporting events due to COVID-19.
“As our company confronts the current global health crisis, our teams developed and executed a strong employee safety plan while continuing to provide an essential service of informing and entertaining our communities,” said CEO Vince Sadusky.
“Prior to the crisis, we achieved continued ratings momentum in the important February sweeps period, where we not only expanded our share lead over competitors but with an 18% portfolio ratings growth we also ranked as the fastest growing portfolio of networks in the country, regardless of language. This momentum has continued through the crisis driven by our strong news and entertainment content,” Sadusky said. “As our content strategy propelled our growth across platforms, Univision also enjoyed operational and financial momentum during the quarter with an eight percent increase in revenue and twenty-three percent increase in Adjusted OIBDA.”
