LBI Media (Liberman Broadcasting) reported that net revenues increased 9.4% in Q2 to $30.7 million. The gain was all on the TV side, though, with radio revenues down 1.7% to $16.4 million. TV was up 25.7% to $14.3 million for the quarter.
“Our second quarter results represent our second consecutive quarter of year-over-year revenue growth, which was driven by improvement in our TV segment and by the performance of EstrellaTV, our national television network,” said CEO Lenard Liberman.
“We remain pleased with the performance and steady distribution gains of EstrellaTV. Over the last three months, we have signed agreements with three new affiliates in Wichita, Kansas, Reno, Nevada and Tulsa, Oklahoma. We also recently completed the purchase of television station KETD serving Denver, Colorado, the nation’s 15th largest Hispanic television market. Upon completion of our purchase of selected television station assets in Chicago, the nation’s 6th largest Hispanic television market, EstrellaTV will be distributed in 35 markets covering over 76% of U.S. Hispanic television households. We continue to be in active discussions with potential affiliation partners and are working to finalize a number of additional distribution platforms,” he said.
The radio revenue decline was attributed to lower ad revenues for LBI’s Los Angeles stations, partially offset by increases in Dallas and Houston. The TV growth came from the expansion of the EstrellaTV network and from ad sale gains for stations in California and Texas.
Adjusted EBITDA for the company was up 20.1% in Q2 to $9.8 million.