The continuing erosion of the overall advertising market took a bit of a toll on Los Angeles-based Univision Communications during the third quarter. Univision, a giant in the world of Spanish-language radio and television operations, said revenues for its significant radio division were off 3% to $102.6 million, while TV was down 2% to $397.2 million. In a filing submitted to the SEC on Friday (Nov. 14), the privately held operation reported its overall net revenue had declined 2.4% to $511.3 million. Net loss soared from $26.8 million to $2.9 billion; the company took a $3.7 billion impairment charge due to "adverse market conditions."

Univision owns and/or operates 70 stations in 16 of the top 25 U.S. Hispanic markets, including Los Angeles, New York, Miami, San Francisco-San Jose, Chicago, Houston, San Antonio and Dallas.

In its SEC filing, Univision noted that it has a $500 million bank second-lien asset bridge loan that is due March 29, 2009, and that it intends to pay the balance remaining "with the proceeds from the sale of certain non-core television and radio stations, investments, real estate, cash on hand and a potential borrowing under its bank senior secured revolving credit facility." No specific properties were identified as potential sale items.

"Despite continuing pressure on the advertising market as a result of the current economic conditions, Univision's net revenue excluding incremental revenue from major soccer and political increased 0.3% in the third quarter, whereas the television industry decreased 9.4% and the radio industry decreased by 8.6%," said Univision CEO Joe Uva.

Additional reporting by Julie Gidlow.