SBS Posts Lower Q3 Revs, Sees 2025 Strong Sequential Gains

RADIO ONLINE | Wednesday, December 3, 2025 | 4:01pm CT

Spanish Broadcasting System (SBS)

Spanish Broadcasting System (SBS) reported third-quarter 2025 financial results on Wednesday, highlighting improved performance compared to earlier this year despite continued softness in the broader advertising market. The company said sequential gains in revenue, Station Operating Income, and Adjusted OIBDA point to progress in its cost-reduction and digital-expansion strategies.

SBS posted Q3 net revenue of $31.3 million, down 13% from the same period in 2024, with declines in local, national, and network advertising partly offset by increases in digital and barter sales. Operating expenses fell 12% year-over-year to $21.4 million, driven by lower compensation, programming costs, commissions, and affiliate payments. Station Operating Income totaled $9.8 million, a 14% drop from last year, while Adjusted OIBDA declined 15% to $7.9 million.

Chairman and CEO Raul Alarcon said the company's long-term initiatives are beginning to show results. "Despite the very challenging economic environment impacting our industry this year, we believe the strategic steps underway will position us to deliver significantly improved results as the overall economy regains its footing," he said. Sequentially, SBS reported gains from the first quarter with net revenue up 5%, Station Operating Income up 35%, and Adjusted OIBDA up 61%.

Digital growth continues to be a key focus, with LaMusica's Monthly Active Uniques up 13.4% year-over-year. Recent distribution partnerships-including a ROKU rollout that contributed a 34% quarter-to-quarter increase in new users-have expanded the company's streaming footprint. SBS now produces nearly 70 hours of daily live video content across digital platforms at minimal incremental cost.

For the first nine months of 2025, SBS reported net revenue of $93.3 million, down 15% from the prior year, reflecting declines in special events and core advertising categories and the impact of non-cash impairment charges tied to uncertain market conditions and earlier wildfires in Los Angeles. Adjusted OIBDA for the nine-month period fell 32% to $15.1 million.

SBS completed the sale of its Puerto Rico television stations on August 15, generating $5.7 million in proceeds and a $2.8 million gain on the transaction. The company continues to pursue a broader sale of its remaining television and real estate assets.

SBS will hold a conference call to discuss its quarterly results on December 22 at 11am ET. A webcast and replay will be available on the company's website.