ENTRAVISION COMMUNICATIONS CORP
For the period ended Sep 30, 2025. Filed Nov 4, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 4, 2025
EVC$8.99+19.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-05.
0000950170-25-103037
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-04.
0001193125-25-264694
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 92 previous paragraphs and 98 current paragraphs.
30 unchanged; 56 reworded; 11 added; 5 removed; 1 previous and 1 current paragraphs rearranged.
Tables are not compared: 1 previous and 1 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (11)
Current report
we amended our 2023 Credit Agreement to provide more financial flexibility and accelerate debt reduction.
Current report
management began to implement an ongoing organization design plan (the "Plan") to support revenue growth and reduce expenses, primarily in our media operations. As management continues to implement the Plan, and evaluate its early results, further changes may be made if management believes that is appropriate. For more details see Note 2 to Notes to Condensed Consolidated Financial Statements.
Current report
Three- and Nine-Month Periods Ended September 30, 2025 and 2024
Current report
Corporate Expenses. Corporate expenses decreased to $6.3 million for the three-month period ended September 30, 2025 from $6.9 million for the three-month period ended September 30, 2024. This decrease was primarily due to a decrease of $0.3 million in audit fees, and a decrease of $0.3 million in rent expense.
Current report
Impairment. We recorded an impairment charge of $5.7 million for the nine-month period ended September 30, 2025, primarily related to assets held for sale.
Current report
Restructuring costs. During the third quarter of 2025 our management began to implement the Plan, intended to support revenue growth and reduce expenses, primarily in our media operations. As a result, we recorded $3.2 million in restructuring costs for the three- and nine-month periods ended September 30, 2025. See Note 2 to Notes to Condensed Consolidated Financial Statements.
Current report
We earn retransmission consent revenue on a paid subscriber basis. We are aware of a dispute between Alphabet and TelevisaUnivision regarding the decision by Alphabet to cease carrying Univision- and UniMás-affiliated television stations as part of the primary “bundle” on YouTube TV, which is owned by Alphabet. We derive retransmission consent revenue from this carriage, which could be adversely affected if Alphabet were not to restore TelevisaUnivision to the YouTube TV primary “bundle”.
Current report
Cost of revenue. Cost of revenue in our media segment increased to $5.0 million for the three-month period ended September 30, 2025 from $4.9 million for the three-month period ended September 30, 2024, primarily due to the increase in digital advertising revenue.
Current report
Direct Operating Expenses. Direct operating expenses in our media segment decreased to $28.6 million for the three-month period ended September 30, 2025 from $29.2 million for the three-month period ended September 30, 2024, primarily due to a decrease of $1.4 million in expenses associated with the decrease in revenue and a decrease of $1.0 million in non-cash stock-based compensation, partially offset by an increase of $1.6 million in music license fees and other items which were individually immaterial.
Current report
Selling, General and Administrative Expenses. Selling, general and administrative expenses in our media segment increased to $11.6 million for the three-month period ended September 30, 2025 from $10.9 million for the three-month period ended September 30, 2024, primarily due to an increase of $0.7 million in salaries and other employee benefits.
Current report
On July 15, 2025, our lenders and we entered into the Amended 2023 Credit Agreement.
Removed paragraphs (5)
Previous report
continued to reduce certain expenses, consisting primarily of a reduction in the base salary and cash bonus components of our three most senior executives' compensation; and
Previous report
Three- and Six-Month Periods Ended June 30, 2025 and 2024
Previous report
Cost of revenue. Cost of revenue in our media segment increased to $4.7 million for the three-month period ended June 30, 2025 from $4.1 million for the three-month period ended June 30, 2024, primarily due to the increase in digital advertising revenue and a decrease in gross margins.
Previous report
Direct operating expenses in our media segment increased to $53.4 million for the six-month period ended June 30, 2025 from $52.8 million for the six-month period ended June 30, 2024, primarily due toitems which were individually immaterial.
Previous report
Selling, General and Administrative Expenses. Selling, general and administrative expenses in our media segment increased to $11.0 million for the three-month period ended June 30, 2025 from $9.8 million for the three-month period ended June 30, 2024, primarily due to an increase of $0.6 million in expenses due to the realignment of our operations as noted aboveand other items which were individually immaterial.
Reworded paragraphs (56)
Previous wording
We own and operate one of the largest groups of Spanish language television and radio stations in the United States. Our mission is to serve our Latino audience as a trusted provider of useful news, information and entertainment and to serve our advertisers by providing multi-channel marketing capabilities to engage our audience. We also own and operate a smaller group of television stations that broadcast English language programming and have operations that provide programmatic advertising technology and services.
Current wording
We own and operate one of the largest groups of Spanish language television and radio stations in the United States. Our mission is to serve our Latino audience as a trusted provider of useful news, information and entertainment and to serve our advertisers by providing multi-channel marketing capabilities to engage our audience. We also own and operate a smaller group of television stations that broadcast English language programming. In addition, we have operations that provide programmatic advertising technology and services.
Previous wording
We have organized our operations into two reportable segments. Our media segment includes our television, radio and digital marketing operations. Our advertising and technology services segment provides programmatic advertising and technology services through Smadex, our demand-side programmatic advertising purchasing platform, and Adwake, our performance-based media advertising agency.
Current wording
We have organized our operations into two reportable segments. Our media segment includes our television, radio and digital marketing operations. Our advertising technology & services segment provides programmatic advertising and technology services through Smadex, our demand-side programmatic advertising purchasing platform, and Adwake, our performance-based media advertising agency.
Previous wording
Our net revenue for the three-months period ended June 30, 2025 was $100.7 million. Of this amount, revenue generated by our media segment accounted for approximately 45%, and revenue generated by our advertising technology & services segment accounted for approximately 55% of total revenue.
Current wording
Our net revenue for the three-months period ended September 30, 2025 was $120.6 million. Of this amount, revenue generated by our media segment accounted for approximately 37%, and revenue generated by our advertising technology & services segment accounted for approximately 63% of total revenue.
Previous wording
During the second quarter of 2025, our revenue grew by double digits, driven primarily by revenue growth of 66% in our advertising technology & services segment, partially offset by a decrease in revenue in our media segment compared to the comparable period of 2024. In addition, during the second quarter of 2025 we:
Current wording
During the third quarter of 2025, our revenue grew by double digits, driven primarily by revenue growth of 104% in our advertising technology & services segment, partially offset by a decrease in revenue in our media segment compared to the comparable period of 2024. In addition, during the third quarter of 2025:
Previous wording
continued to reduce our debt by making a voluntary prepayment of $10 million under our Credit Facility.
Current wording
we continued to reduce our debt by making a scheduled amortization payment of $5 million under our Credit Facility.
Previous wording
The following table sets forth selected data from our operating results for the three- and six-month periods ended June 30, 2025 and 2024 (in thousands):
Current wording
The following table sets forth selected data from our operating results for the three- and nine-month periods ended September 30, 2025 and 2024 (in thousands):
Previous wording
Net Revenue. Net revenue increased to $100.7 million for the three-month period ended June 30, 2025 from $82.7 million for the three-month period ended June 30, 2024. This increase was primarily due to an increase of $21.9 million in net revenue from our advertising technology & services segment, partially offset by a decrease of $3.8 million in net revenue from our media segment.
Current wording
Net Revenue. Net revenue increased to $120.6 million for the three-month period ended September 30, 2025 from $97.2 million for the three-month period ended September 30, 2024. This increase was primarily due to an increase of $38.8 million in net revenue from our advertising technology & services segment, partially offset by a decrease of $15.3 million in net revenue from our media segment.
Previous wording
Net revenue increased to $192.6 million for the six-month period ended June 30, 2025 from $160.8 million for the six-month period ended June 30, 2024. This increase was primarily due to an increase of $40.4 million in net revenue from our advertising technology & services segment, partially offset by a decrease of $8.6 million in net revenue from our media segment.
Current wording
Net revenue increased to $313.2 million for the nine-month period ended September 30, 2025 from $258.0 million for the nine-month period ended September 30, 2024. This increase was primarily due to an increase of $79.1 million in net revenue from our advertising technology & services segment, partially offset by a decrease of $23.9 million in net revenue from our media segment.
Previous wording
Cost of revenue. Cost of revenue increased to $38.0 million for the three-month period ended June 30, 2025 from $24.4 million for the three-month period ended June 30, 2024. This increase was primarily due to an increase of $0.5 million in cost of revenue from our media segment, and an increase of $13.1 million in cost of revenue from our advertising technology & services segment.
Current wording
Cost of revenue. Cost of revenue increased to $51.0 million for the three-month period ended September 30, 2025 from $26.8 million for the three-month period ended September 30, 2024. This increase was primarily due to an increase of $0.1 million in cost of revenue from our media segment, and an increase of $24.1 million in cost of revenue from our advertising technology & services segment.
Previous wording
Cost of revenue increased to $71.5 million for the six-month period ended June 30, 2025 from $47.1 million for the six-month period ended June 30, 2024. This increase was primarily due to an increase of $0.9 million in cost of revenue from our media segment, and an increase of $23.5 million in cost of revenue from our advertising technology & services segment.
Current wording
Cost of revenue increased to $122.5 million for the nine-month period ended September 30, 2025 from $73.9 million for the nine-month period ended September 30, 2024. This increase was primarily due to an increase of $1.0 million in cost of revenue from our media segment, and an increase of $47.5 million in cost of revenue from our advertising technology & services segment.
Previous wording
Direct Operating Expenses. Direct operating expenses increased to $37.7 million for the three-month period ended June 30, 2025 from $31.8 million for the three-month period ended June 30, 2024. This increase was primarily due to an increase of $0.7 million in direct operating expenses in our media segment, and an increase of $5.3 million in direct operating expenses in our advertising technology & services segment.
Current wording
Direct Operating Expenses. Direct operating expenses increased to $41.2 million for the three-month period ended September 30, 2025 from $35.6 million for the three-month period ended September 30, 2024. This increase was primarily due to an increase of $6.2 million in direct operating expenses in our advertising technology & services segment, partially offset by a decrease of $0.6 million in direct operating expenses in our media segment.
Previous wording
Direct operating expenses increased to $73.2 million for the six-month period ended June 30, 2025 from $63.6 million for the six-month period ended June 30, 2024. This increase was primarily due to an increase of $0.6 million in direct operating expenses in our media segment, and an increase of $9.1 million in direct operating expenses in our advertising technology & services segment.
Current wording
Direct operating expenses increased to $114.5 million for the nine-month period ended September 30, 2025 from $99.2 million for the nine-month period ended September 30, 2024. This increase was primarily due to an increase of $15.8 million in direct operating expenses in our advertising technology & services segment, partially offset by a decrease of $0.5 million in direct operating expenses in our media segment.
Previous wording
Selling, General and Administrative Expenses. Selling, general and administrative expenses increased to $16.5 million for the three-month period ended June 30, 2025, from $14.4 million for the three-month period ended June 30, 2024. This increase was primarily due to an increase of $1.2 million in selling, general and administrative expenses in our media segment, and an increase of $0.8 million in selling, general and administrative expenses in our advertising technology & services segment.
Current wording
Selling, General and Administrative Expenses. Selling, general and administrative expenses increased to $19.0 million for the three-month period ended September 30, 2025, from $17.1 million for the three-month period ended September 30, 2024. This increase was primarily due to an increase of $0.7 million in selling, general and administrative expenses in our media segment, and an increase of $1.2 million in selling, general and administrative expenses in our advertising technology & services segment.
Previous wording
Selling, general and administrative expenses increased to $32.0 million for the six-month period ended June 30, 2025, from $28.7 million for the six-month period ended June 30, 2024. This increase was primarily due to an increase of $2.1 million in selling, general and administrative expenses in our media segment, and an increase of $1.2 million in selling, general and administrative expenses in our advertising technology & services segment.
Current wording
Selling, general and administrative expenses increased to $51.0 million for the nine-month period ended September 30, 2025, from $45.8 million for the nine-month period ended September 30, 2024. This increase was primarily due to an increase of $2.8 million in selling, general and administrative expenses in our media segment, and an increase of $2.4 million in selling, general and administrative expenses in our advertising technology & services segment.
Previous wording
Corporate expenses decreased to $14.2 million for the six-month period ended June 30, 2025 from $23.1 million for the six-month period ended June 30, 2024. This decrease was primarily due to a decrease of $2.6 million in salaries, including a reduction in the base salary and cash bonus components of our three most senior executives' compensation, a decrease of $3.2 million in non-cash stock-based compensation, a decrease of $0.6 million in audit fees, a decrease of $0.3 million in rent expense, a decrease of $1.5 million in corporate expenses due to the realignment of our operations as noted above, and other items which were individually immaterial.
Current wording
Corporate expenses decreased to $20.5 million for the nine-month period ended September 30, 2025 from $30.0 million for the nine-month period ended September 30, 2024. This decrease was primarily due to a decrease of $2.6 million in salaries, including a reduction in the base salary and cash bonus components of our three most senior executives' compensation, a decrease of $3.0 million in non-cash stock-based compensation, a decrease of $1.1 million in severance expense, a decrease of $0.9 million in audit fees, a decrease of $0.6 million in rent expense, a decrease of $1.5 million in corporate expenses due to the realignment of our operations as noted above, and other items which were individually immaterial.
Previous wording
Depreciation and amortization. Depreciation and amortization decreased to $3.0 million for the three-month period ended June 30, 2025 compared to $4.4 million for the three-month period ended June 30, 2024, primarily due to fully depreciated assets and fully amortized intangible assets.
Current wording
Depreciation and amortization. Depreciation and amortization decreased to $3.1 million for the three-month period ended September 30, 2025 compared to $3.9 million for the three-month period ended September 30, 2024, primarily due to fully depreciated assets and fully amortized intangible assets.
Previous wording
Depreciation and amortization decreased to $6.5 million for the six-month period ended June 30, 2025 compared to $9.2 million for the six-month period ended June 30, 2024, primarily due to fully depreciated assets and fully amortized intangible assets.
Current wording
Depreciation and amortization decreased to $9.6 million for the nine-month period ended September 30, 2025 compared to $13.0 million for the nine-month period ended September 30, 2024, primarily due to fully depreciated assets and fully amortized intangible assets.
Previous wording
Change in fair value of contingent consideration. As a result of the change in fair value of the contingent consideration, primarily related to earnouts of certain past acquisitions, we recognized income of $0.2 million and a de minimis amount for the three- and six-month periods ended June 30, 2024, respectively.
Current wording
Change in fair value of contingent consideration. As a result of the change in fair value of the contingent consideration, primarily related to earnouts of certain past acquisitions, we recognized income of $0.7 million and $0.6 million for the three- and nine-month periods ended September 30, 2024, respectively.
Previous wording
Impairment. During the first quarter of 2025, we incurred an impairment charge of $23.7 million related to broadcast licenses and fixed assets of the two television stations in Mexico that are held for sale. See Note 2 to Notes to Condensed Consolidated Financial Statements.
Current wording
We recorded an impairment charge of $29.4 million for the nine-month period ended September 30, 2025, primarily related to assets held for sale. See Note 2 to Notes to Condensed Consolidated Financial Statements.
Previous wording
Foreign currency (gain) loss. We had a de minimis foreign currency loss for the three-month period ended June 30, 2025 compared to a de minimis foreign currency gain for the three-month period ended June 30, 2024. Foreign currency gains and losses are primarily due to currency fluctuations that affect our operations located outside the United States.
Current wording
Foreign currency (gain) loss. Foreign currency gains and losses are primarily due to currency fluctuations that affect our operations located outside the United States.
Previous wording
We had a de minimis foreign currency loss for the six-month period ended June 30, 2025 compared to a foreign currency loss of $0.2 million for the six-month period ended June 30, 2024. Foreign currency gains and losses are primarily due to currency fluctuations that affect our operations located outside the United States.
Current wording
We had a foreign currency loss of $0.1 million for the three-month period ended September 30, 2025 compared to a foreign currency gain of $0.1 million for the three-month period ended September 30, 2024.
Previous wording
Interest Expense, net. Interest expense, net decreased to $3.4 million for the three-month period ended June 30, 2025 from $3.5 million for three-month period ended June 30, 2024. This decrease was primarily due to lower interest rate on our debt and a lower principal balance due to prepayments on our Credit Facility totaling $20.0 million, which were made in the first half of 2024, and a prepayment of $10.0 million which was made in the second quarter of 2025.
Current wording
Interest Expense, net. Interest expense, net decreased to $3.2 million for the three-month period ended September 30, 2025 from $3.4 million for three-month period ended September 30, 2024. This decrease was primarily due to lower interest rate on our debt and a lower principal balance due to prepayments on our Credit Facility totaling $20.0 million, which were made in the first half of 2024, and a prepayment of $10.0 million which was made in the second quarter of 2025.
Previous wording
Interest expense, net decreased to $6.5 million for the six-month period ended June 30, 2025 from $7.4 million for six-month period ended June 30, 2024. This decrease was primarily due to lower interest rate on our debt and a lower principal balance due to prepayments totaling $20 million, which were made in the first half of 2024, and a prepayment of $10 million which was made in the second quarter of 2025.
Current wording
Interest expense, net decreased to $9.7 million for the nine-month period ended September 30, 2025 from $10.8 million for nine-month period ended September 30, 2024. This decrease was primarily due to lower interest rate on our debt and a lower principal balance due to prepayments totaling $20 million, which were made in the first half of 2024, and a prepayment of $10 million which was made in the second quarter of 2025.
Previous wording
Realized gain (loss) on marketable securities. For each of the three-month periods ended June 30, 2025 and 2024 we recorded a de minimis amount of realized gain, related to our available for sale securities.
Current wording
Realized gain (loss) on marketable securities. For each of the three-month periods ended September 30, 2025 and 2024 we recorded a de minimis amount of realized gain and loss, respectively, related to our available for sale securities.
Previous wording
For the six-month period ended June 30, 2025 we recorded a de minimis amount of realized gain, related to our available for sale securities. For the six-month period ended June 30, 2024 we recorded $0.1 million of realized loss, related to our available for sale securities.
Current wording
For the nine-month period ended September 30, 2025 we recorded a de minimis amount of realized gain, related to our available for sale securities. For the nine-month period ended September 30, 2024 we recorded $0.1 million of realized loss, related to our available for sale securities.
Previous wording
Gain (loss) on debt extinguishment. We recorded a de minimis amount of a loss on debt extinguishment for the three-and six-month periods ended June 30, 2025 due to a prepayment of $10.0 million of our Credit Facility.
Current wording
Gain (loss) on debt extinguishment. We recorded a loss on debt extinguishment of $0.2 million for each of the three-and nine-month periods ended September 30, 2025 due to a prepayment of $10.0 million of our Credit Facility made in the second quarter of 2025 and the amendment of our Credit Agreement in the third quarter of 2025.
Previous wording
We recorded a loss on debt extinguishment of $0.1 million for the three- and six-month periods ended June 30, 2024 due to prepayments of $10.0 million and $20.0 million, respectively, of our Credit Facility.
Current wording
We recorded a loss on debt extinguishment of $0.1 million for the nine-month period ended September 30, 2024 due to prepayments totaling $20.0 million of our Credit Facility.
Previous wording
Income Tax Expense or Benefit. Income tax benefit for the three-month period ended June 30, 2025 was $0.8 million. The effective tax rate for the three-month period ended June 30, 2025 was different from our statutory rate due to foreign and state taxes, changes in valuation allowances on deferred tax assets, non-deductible executive compensation, share-based compensation from foreign employees, and transaction costs. Income tax benefit for the three-month period ended June 30, 2024 was $10.7 million. The effective tax rate for the three-month period ended June 30, 2024 was different from our statutory rate due to foreign and state taxes, change in valuation allowances on deferred tax assets, non-deductible executive compensation, changes in the fair value of the contingent consideration liability, goodwill impairment, and non-taxable non-territorial income.
Current wording
Income Tax Expense or Benefit. Income tax benefit for the three-month period ended September 30, 2025 was $2.8 million. The effective tax rate for the three-month period ended September 30, 2025 was different from our statutory rate due to foreign and state taxes, changes in valuation allowances on deferred tax assets, non-deductible executive compensation, share-based compensation from foreign employees, Global Intangible Low-Taxed Income, and transaction costs. Income tax expense for the three-month period ended September 30, 2024 was $15.0 million. The effective tax rate for the three-month period ended September 30, 2024 was different from our statutory rate due to foreign and state taxes, change in valuation allowances on deferred tax assets, non-deductible executive compensation, changes in the fair value of the contingent consideration liability, goodwill impairment, and non-taxable non-territorial income.
Previous wording
Income tax benefit for the six-month period ended June 30, 2025 was $8.9 million. The effective tax rate for the six-month period ended June 30, 2025 was different from our statutory rate due to foreign and state taxes, changes in valuation allowances on deferred tax assets, non-deductible executive compensation, share-based compensation from foreign employees, and transaction costs. Income tax benefit for the six-month period ended June 30, 2024 was $14.8 million. The effective tax rate for the six-month period ended June 30, 2024 was different from our statutory rate due to foreign and state taxes, change in valuation allowances on deferred tax assets, non-deductible executive compensation, changes in the fair value of the contingent consideration liability, goodwill impairment, and non-taxable non-territorial income.
Current wording
Income tax benefit for the nine-month period ended September 30, 2025 was $11.7 million. The effective tax rate for the nine-month period ended September 30, 2025 was different from our statutory rate due to foreign and state taxes, changes in valuation allowances on deferred tax assets, non-deductible executive compensation, share-based compensation from foreign employees, and transaction costs. Income tax expense for the nine-month period ended September 30, 2024 was $0.2 million. The effective tax rate for the nine-month period ended September 30, 2024 was different from our statutory rate due to foreign and state taxes, change in valuation allowances on deferred tax assets, non-deductible executive compensation, changes in the fair value of the contingent consideration liability, goodwill impairment, and non-taxable non-territorial income.
Previous wording
Based on our analysis, we determined that it was more likely than not that our deferred tax assets would be realized for all jurisdictions with the exception of certain of our digital operations, certain U.S. Foreign Tax Credit carryoversand certain states deferred tax assets. As a result of historical losses from our digital operations primarily in Uruguay, Mexico and Argentina, certain U.S. Foreign Tax Credit carryovers, and capital loss, management has determined that it is more likely than not that deferred tax assets of $17.9 million at June 30, 2025 will not be realized and therefore we have established a valuation allowance in that amount on those assets.
Current wording
Based on our analysis, we determined that it was more likely than not that our deferred tax assets would be realized for all jurisdictions with the exception of certain of our digital operations, certain U.S. Foreign Tax Credit carryoversand certain states deferred tax assets. As a result of historical losses from our digital operations primarily in Uruguay, Mexico and Argentina, certain U.S. Foreign Tax Credit carryovers, and capital loss, management has determined that it is more likely than not that deferred tax assets of $18.2 million at September 30, 2025 will not be realized and therefore we have established a valuation allowance in that amount on those assets.
Previous wording
The One Big Beautiful Bill Act (the “OBBBA”) was signed into law on July 4, 2025. The OBBBA introduced certain changes to the U.S. tax code. Since the OBBBA was enacted after the end of the period ended June 30, 2025, our financial statements for the period ended June 30, 2025 do not reflect the impact of the tax law changes as a result of the OBBBA. We are evaluating the impact of the OBBBA on our business and financial condition. Our preliminary assessment of the OBBBA’s impact on our business and financial condition is that it is not expected to be material.
Current wording
The One Big Beautiful Bill Act (the “OBBBA”) was signed into law on July 4, 2025. The OBBBA introduced certain changes to the U.S. tax code. We recognized the tax effects of the OBBBA in the third quarter of 2025. We determined that the OBBBA does not have a material impact on our business and financial condition, and therefore, no material discrete tax adjustment was recorded in the third quarter of 2025. In addition, the impact of the OBBBA did not result in a material change to the Company’s annual effective tax rate for 2025.
Previous wording
Prior to the sale of the EGP business, for financial reporting purposes we reported in three segments – digital, television and audio, based on the type of medium in which we sold advertising. The sale of the EGP business has allowed us to focus our operations on the products and services we sell instead of the type of advertising medium in which we sell them, which had been our historic operational approach. As a result of the sale of our EGP business, effective July 1, 2024, we have realigned our operating segments into two segments – media and advertising technology & services – consistent with our current operational and management structure, as well as the basis that is now used for internal management reporting and how our CEO evaluates our business. Our reportable segments are the same as our operating segments. Prior periods have been recast to conform to this presentation.
Current wording
Prior to the sale of the EGP business, for financial reporting purposes we reported in three segments – digital, television and audio, based on the type of medium in which we sold advertising. The sale of the EGP business has allowed us to focus our operations on the products and services we sell instead of the type of advertising medium in which we sell them, which had been our historic operational approach. As a result of the sale of our EGP business, effective July 1, 2024, we have realigned our operating segments into two segments – media and advertising technology & services – consistent with our current operational and management structure, as well as the basis that is now used for internal management reporting and how our CEO evaluates our business. Our reportable segments are the same as our operating segments.
Previous wording
Our media segment consists of sales of advertising through various media, including television, radio and digital. We own and/or operate 49 primary television stations and 44 radio stations (37 FM and 7 AM), reaching and engaging Latinos in the United States. Our television operations comprise the largest affiliate group of both the top-ranked Univision television network and TelevisaUnivision’s UniMás network, with TelevisaUnivision-affiliated stations in 15 of the nation’s top 50 U.S. Latino markets. We own and operate one of the largest groups of primarily Spanish-language radio stations in the United States. We provide digital marketing operations in all of the U.S. markets where we have broadcast operations.
Current wording
Our media segment consists of sales of advertising through various media, including television, radio and digital. We own and operate one of the largest groups of primarily Spanish-language radio stations in the United States. We own and/or operate 49 primary television stations and 44 radio stations (37 FM and 7 AM), reaching and engaging Latinos in the United States. Our television operations comprise the largest affiliate group of both the top-ranked Univision television network and TelevisaUnivision’s UniMás network, with TelevisaUnivision-affiliated stations in 15 of the nation’s top 50 U.S. Latino markets. We provide digital marketing operations in all of the U.S. markets where we have broadcast operations.
Previous wording
Net Revenue. Net revenue in our media segment decreased to $45.4 million for the three-month period ended June 30, 2025 from $49.2 million for the three-month period ended June 30, 2024. This decrease was primarily due to a decrease of $3.2 million in broadcast advertising revenue, and a decrease of $1.1 million in retransmission consent revenue, partially offset by an increase of $0.3 million in digital advertising revenue, and an increase of $0.2 million in spectrum usage rights revenue.
Current wording
Net Revenue. Net revenue in our media segment decreased to $44.5 million for the three-month period ended September 30, 2025 from $59.8 million for the three-month period ended September 30, 2024. This decrease was primarily due to a decrease of $14.5 million in broadcast advertising revenue, a decrease of $0.6 million in retransmission consent revenue, a decrease of $0.4 million in spectrum usage rights revenue, and a decrease of $0.3 million in other revenue, partially offset by an increase of $0.6 million in digital advertising revenue.
Previous wording
Net revenue in our media segment decreased to $86.4 million for the six-month period ended June 30, 2025 from $95.0 million for the six-month period ended June 30, 2024. This decrease was primarily due to a decrease of $7.0 million in broadcast advertising revenue, and a decrease of $2.2 million in retransmission consent revenue, partially offset by an increase of $0.4 million in digital advertising revenue and an increase of $0.2 million in spectrum usage rights revenue.
Current wording
Net revenue in our media segment decreased to $130.9 million for the nine-month period ended September 30, 2025 from $154.8 million for the nine-month period ended September 30, 2024. This decrease was primarily due to a decrease of $21.5 million in broadcast advertising revenue, a decrease of $2.8 million in retransmission consent revenue, a decrease of $0.2 million in spectrum usage rights revenue, and a decrease of $0.3 million in other revenue, partially offset by an increase of $1.0 million in digital advertising revenue.
Previous wording
Cost of revenue in our media segment increased to $7.9 million for the six-month period ended June 30, 2025 from $7.0 million for the six-month period ended June 30, 2024, primarily due to the increase in digital advertising revenue and a decrease in gross margins.
Current wording
Cost of revenue in our media segment increased to $12.9 million for the nine-month period ended September 30, 2025 from $11.9 million for the nine-month period ended September 30, 2024, primarily due to the increase in digital advertising revenue and a decrease in gross margins.
Previous wording
Direct Operating Expenses. Direct operating expenses in our media segment increased to $26.8 million for the three-month period ended June 30, 2025 from $26.1 million for the three-month period ended June 30, 2024, primarily due to an increase of $0.3 million in salaries and other employee benefits, an increase of $0.1 million due to the realignment of our operations as noted above, and other items which were individually immaterial.
Current wording
Direct operating expenses in our media segment decreased to $81.9 million for the nine-month period ended September 30, 2025 from $82.4 million for the nine-month period ended September 30, 2024, primarily due to a decrease of $1.5 million in expenses associated with the decrease in revenue and a decrease of $1.1 million in non-cash stock-based compensation, partially offset by an increase of $1.0 million in salaries and other employee benefits, an increase of $0.2 million in expenses due to the realignment of our operations as noted above, and an increase of $0.8 million in other items which were individually immaterial.
Previous wording
Selling, general and administrative expenses in our media segment increased to $21.8 million for the six-month period ended June 30, 2025 from $19.7 million for the six-month period ended June 30, 2024, primarily due to an increase of $1.0 million in salaries and other employee benefits, and an increase of $1.3 million in expenses due to the realignment of our operations as noted above. The increase was offset bya decrease of $0.5 million in bad debt expense and other items which were individually immaterial.
Current wording
Selling, general and administrative expenses in our media segment increased to $33.4 million for the nine-month period ended September 30, 2025 from $30.6 million for the nine-month period ended September 30, 2024, primarily due to an increase of $1.7 million in salaries and other employee benefits, and an increase of $1.3 million in expenses due to the realignment of our operations as noted above. The increase was offset bya decrease of $0.3 million in bad debt expense.
Previous wording
Net Revenue. Net revenue in our advertising technology & services segment increased to $55.3 million for the three-month period ended June 30, 2025 from $33.4 million for the three-month period ended June 30, 2024. The increase was primarily due to increases in advertising revenue from Smadex and Adwake.
Current wording
Net Revenue. Net revenue in our advertising technology & services segment increased to $76.1 million for the three-month period ended September 30, 2025 from $37.4 million for the three-month period ended September 30, 2024. The increase was primarily due to an increase in advertising revenue from Smadex, including a large new customer that was acquired recently; investments in the AI capabilities of our platform; and increased sales capacity, which enabled increased monthly active advertisers and revenue per monthly active advertiser.
Previous wording
Net revenue in our advertising technology & services segment increased to $106.2 million for the six-month period ended June 30, 2025 from $65.8 million for the six-month period ended June 30, 2024. The increase was primarily due to increases in advertising revenue from Smadex and Adwake.
Current wording
Net revenue in our advertising technology & services segment increased to $182.3 million for the nine-month period ended September 30, 2025 from $103.2 million for the nine-month period ended September 30, 2024. The increase was primarily due to increase in advertising revenue from Smadex, including a large new customer that was acquired recently; investments in the AI capabilities of our platform; and increased sales capacity, which enabled increased monthly active advertisers and revenue per monthly active advertiser, and increase in advertising revenue from Adwake.
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Current report — wording carried from elsewhere
We had a foreign currency loss of $0.1 million for each of the nine-month periods ended September 30, 2025 and 2024.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Corporate Expenses. Corporate expenses decreased to $6.4 million for the three-month period ended June 30, 2025 from $10.8 million for the three-month period ended June 30, 2024. This decrease was primarily due to a decrease of $1.3 million in salaries, including a reduction in the base salary and cash bonus components of our three most senior executives' compensation, a decrease of $1.1 million in severance expenses that did not recur in the three-month period ended June 30, 2025, a decrease of $1.1 million in non-cash stock-based compensation, a decrease of $0.3 million in rent expense, and a decrease of $0.7 million in corporate expenses due to the realignment of our operations as noted above.