Univision Communications reported a third-quarter loss as revenue fell, programming cost rose and it wrote off English language digital assets.
The company lost $83.8 million compared to net income of $104 million a year ago. The results include a $96.1 million loss from discontinued operations, including digital assets that are being sold off as part of a strategic revenue.
Excluding the digital assets, adjusted operating income fell 33.7% to $231 million. Adjusted core operating income, excluding political advertising and content licensing revenue, fell 17% to $247.3 million.
Revenue down 17.3% to $628.2 million. Revenue was hurt by not having the World Cup soccer tournament and by being knocked off Dish Network .
“Third quarter financial results were impacted by headwinds including our dispute with Dish, the World Cup’s impact on advertising, lower ratings and the 2018 Televisa [programming] rate increase,” said CEO Vince Sadusky. “Longer term, our refocused mission is gaining momentum evidenced by Univision being on pace to win the November Sweeps in Spanish language even without carriage on Dish. Our teams are rededicated to the Company’s core mission of serving Hispanic America and with many structural and organizational changes now in place, I am optimistic about our strategy going forward.”
Operating income at Univision’s media networks business as down 34.9% to $228.8 million.
Revenue was down 19.1% to $561.8 million, with ad revenue down 19.5% to $315.8 million and non-advertising revenue down 18.7% to $246 million