Spanish-language media giant Univision Communications, a couple of days after unveiling a deal that will see an investor group led by former Viacom CFOacquire a 64 percent stake in it, on Thursday said it swung to a fourth-quarter profit amid higher revenue and lower expenses.
During its latest quarter, Univision posted earnings of $94.4 million, compared with a year-ago loss of $72.7 million. Focusing on earnings from continuing operations, the latest figure reached $93.9 million, compared with a year-ago loss of $40.2 million. The latest figure included a non-cash impairment loss of $29.5 million, restructuring, severance and related charges of $8.4 million and losses primarily related to the investment in the El Rey network, of $52.2 million.
Quarterly adjusted operating income before depreciation and amortization , another profitability metric, edged up 1 percent to $230.4 million. Fourth-quarter revenue rose 1 percent to $$692.9 million, with core revenue down 1 percent to $676.6 million. Univision reported a 2 percent revenue increase at its media networks unit where advertising revenue climbed 1 percent to $340.3 million. Media networks unit non-advertising revenue, including carriage fees and content licensing, rose 2 percent to $286.5 million in the latest period, driven by higher subscriber fee revenue.
Quarterly direct operating expenses related to programming, excluding variable program license fees, decreased 8 percent to $161.0 million due to"decreases in sports programming costs of $18.9 million resulting from both a lower number of games in 2019 and favorable playoff economics, partially offset by increases in entertainment programming costs of $3.9 million and news programming costs of $0.5 million.
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