SBS had a tough Q1, with net revenues of $32.8 million compared to $39.1 million for Q1 2013–a decrease of $6.3 million or 16%. SBS’s radio segment revenues decreased $3.5 million or 11%, due to a decrease in special events revenue, which was offset by increases in local and network sales. The special events revenue decrease occurred throughout most of its markets, with the exception of San Francisco market.
An increase in local sales was mainly in the Los Angeles, New York and Puerto Rico markets. An increase in network sales occurred throughout all markets.
Television segment (MegaTV network) net revenues decreased $2.8 million or 46% in the quarter, due to the decreases in special events revenue, paid-programming, local and national spot sales.
“Advertising sales at our radio division got off to a healthy start in 2014 with growth in both local and network sales, reflecting the consistent strength of our station brands in the nation’s largest Hispanic markets,” said Raul
Alarcón, Jr., SBS CEO. “Our overall results were primarily impacted by a reduction in special events revenue during the quarter, as our special events initiatives vary from quarter-to-quarter. Special events remain a key component of our promotion strategy and we expect increased activity in the year ahead. We are continuing to invest in our multi-media platform and sales efforts, in an effort to expand our revenue profile and the breadth of marketing opportunities we provide to our advertising partners. We believe we are well positioned to generate improved results in the year ahead as we focus on leveraging our strong audience shares to attract new advertisers seeking to reach the rapidly growing Hispanic population.”