Net revenues were down 5% to $62.9 million in Q2 for Spanish specialist Entravision, with EBITDA off 14% to $22.4 million. The decline was across both radio and television. TV revenues declined 3%, with local down 1% and national 5%. The auto category was noted to be particularly soft, down 18%. Radio revenues were down 9% for the quarter.
"During the second quarter we continued to drive audience growth and strengthen the position of our TV and radio stations in an advertising market that remains weak due to general economic conditions. We are taking additional steps to control our costs while continuing to make prudent investments in our content, marketing and sales capabilities. In addition, our balance sheet remains strong and we have ample financial flexibility. The nation’s Hispanic population continues to grow and we remain optimally positioned to capitalize on this opportunity over the long-term," said CEO Walter Ulloa.
For Q3, Entravision said it expects net revenues to decrease by low- to mid-single digit percentages and operating expenses to increase by low-single digit percentages from a year earlier.
Ulloa reaffirmed Entravision’s interest in helping Sirius XM fulfill its FCC requirement to designate a portion of its spectrum to minority programming. “We’ve indicated to the new company that we would certainly be available for an opportunity to operate some of that spectrum. We think that we have the infrastructure to certainly add national Spanish language radio channels to our current radio business,” he said.