Univision Has $1.3 Billion In Cash Available, Says Subscriber Fees Boosted Q1 Revenue An Estimated 8% As Advertising Fell 2%

Univision Communications, the privately held Spanish-language broadcaster that recently changed hands, said it has close to $1.3 billion in available cash, $7.8 billion in debt and posted estimated revenue up 8% last quarter to $612 million.

The Miami-based company said it was unveiling financial metrics and preliminary quarterly results as it considers potential refinancing transactions and market opportunities.

Local broadcaster Tegna also announced preliminary earnings today ahead of its official report on May 7. An increasing number of companies are doing that in the current uncertain climate for various reasons – to reassure or update investors, announce financing measures and discuss or forgo guidance.

Univision was acquired in late February by two private investment firms, ForgeLight and  Searchlight Capital Partners. It’s now being led by Wade Davis, a longtime media executive, former Viacom CFO and ForgeLight founder-CEO, and has tightened its ties to core programming partner and third major  shareholder Television of Mexico.

It said revenue grew by an estimated 8% from a year ago to $612 million last quarter, driven by 19% growth in subscriber fees that were offset by a 2% dip in advertising. Adjusted OIBDA, a kind of operating income, of approximately $251 million, was up 23% from the year before.

As of the end of March, Univision said it had cash and cash equivalents of approximately $650 million and additional available cash under a credit facility for $638 million – for total available liquidity of $1.288 billion.

Debt stood at $7.8 billion.

Univision said it expects to take a COVID-19-related write-down of $65 to $85 million related to certain radio broadcast licenses and intangibles.

The company’s media portfolio includes the Univision and UniMás broadcast networks, cable nets Galavisión and sports network TUDN. It owns or operations 65 local television stations in major U.S. Hispanic markets and Puerto Rico.

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