Univision Revenue Down 4%

Retrans cash fuels fair quarter

Univision Communications reported net revenue of $519.5 million in the second quarter, a 4% decline from the same quarter last year. Television revenue was $414.4 million, a tiny gain from last year's $414.2 million in the second quarter. Adjusted operating income before depreciation and amortization increased 2.3% to $226.6 million in the second quarter.

Univision reported $95.1 million in radio revenue, down from $117 million last year, and $10 million in interactive media.

CEO Joe Uva said retransmission consent agreements bolstered the Spanish-language media company in the quarter. "In the first half of 2009 we built a strong foundation from which to grow for the remainder of the year, including completing 140 multi-year retransmission agreements and generating revenues in excess of our expectations," he said. "In addition, the continuing loyalty of our audience made Univision the #3 television network in the U.S. during primetime among Adults 18-34 during the second quarter."

Uva said the company has experienced a strong upfront season. "We have seen positive signals from new and existing clients, and are very pleased to be trending towards outperforming the English-language networks," he said. "However, to insulate
Univision from the widespread downward pressure on the advertising market, we recently took some prudent steps to solidify the company's financial position. Having secured an amendment to our senior secured credit facility to relax our financial covenant and refinanced a portion of our capital structure, we believe we have an extremely strong financial profile, an enhanced ability to weather the current environment and are well-positioned to thrive in a market recovery."

Univision's holdings include the TeleFutura and Galavision networks, 64 TV stations and 68 radio stations. The company announced last week that president/COO Ray Rodriquez will retire, with Cesar Conde heading up Univision Networks and Uva adding president to his title.