Univision Posts Q2 Results, 'Explores' Sale of Gizmodo and The Onion
Univision Communications reported a decrease of total revenue and an increase in net income as part of its 2018 second quarter financial results.
Total revenue for the company, which includes the Univision television network, Univision Radio and Univision.com, decreased 2.0% to $749.8 million from $764.9 million while total core revenue decreased 3.1% to $730.3 million from $753.5 million.
At the same time, the company’s interest expense decreased 8.8% to $98 million and reduced total indebtedness by $256.1 million for the six months ending June 30, 2018.
"Despite a rapidly evolving media landscape, the company has a lot to be optimistic about and an incredibly strong foundation to build from," said Vince Sadusky, CEO of Univision. "While our foundation is strong, Univision has gone through a significant amount of change over the last few months. We are starting an exciting new chapter with a singular focus on our core business and mission: to inform, entertain and empower Hispanic America."
Univision has indeed gone through major changes in those six months, hiring a new CEO and seeing top executives -- including chief content officer Isaac Lee -- leave the company. In June, it was announced that over 40 staffers would leave Gizmodo Media Group, the division that includes Gawker Media sites Jezebel and Gizmodo.
In its financial results report, Univision states that “during the third quarter of 2018, as part of an overall strategic review, the company initiated a process to explore the sale of the Gizmodo Media Group and The Onion.”