Univision, in the midst of management turnover, announced higher second-quarter earnings despite a drop in revenue.
Net income rose 8% to $114.3 million from $106.1 million a year ago because of lower interest and tax payments. Adjusted operating income fell 7.5% to $304.1 million.
Revenue dropped 2% to $749.8 million. Ad revenue was down 7.3% to $434 million.
In recent months, Univision’s CEO, head of content and chief revenue officer have all left the company as the once dominant Spanish-language media company has been under increased pressure from Comcast’s Telemundo.
Univision dropped plans to go public with an initial public offering and has been cutting costs and announced plans to sell off its recently acquired digital assets including The Onion and Gizomdo.
In a statement, Univision’s new CEO, Vince Sadusky said “Despite a rapidly evolving media landscape, the company has a lot to be optimistic about and an incredibly strong foundation to build from. We provide unparalleled access to a coveted and fast growing consumer group with increasing buying power. While our foundation is strong, Univision has gone through a significant amount of change over the last few months. We are starting an exciting new chapter with a singular focus on our core business and mission: to inform, entertain and empower Hispanic America.”
At Univision’s Media Networks group, operating income was down 8.7% to $306 million.
Revenue fell 1.9% to $685.1 million. Advertising revenue was down 7.9% to $372 million.
The lower ad sales reflected “overall softness in advertising spending including declines in the television networks’ packaged goods, retail and restaurant sectors and softness in the Company’s local television business including declines in the automotive sector,” the company said.