Entravision Q4 Net Revenues Rise 142% to $171.6 Million
| RADIO ONLINE | Thursday, March 11, 2021 | 5:17pm CT |
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 Entravision |
Entravision Communications reports fourth quarter net revenues rose 142% to $171.6 million from $70.8 million in 2019. Of the overall increase, $13.6 million was attributable to its television segment and $2.3 million from its radio segment, primarily driven by increases in political advertising revenue. Consolidated adjusted EBITDA grew 195% to $32.6 million from $11 million. The company posted net earnings of $22.8 million (24 cents per diluted share) as commpared to $7.3 million (9 cents) in the year-ago period.
"Entravision capped off a very challenging year with an exceptionally strong fourth quarter," said Chairman and CEO Walter F. Ulloa. "In addition to achieving record political revenues in the fourth quarter of 2020, our digital business expanded significantly and was up 424% over the prior-year period due in large part to our acquisition of a majority interest in Cisneros Interactive. Importantly, all three of our business segments grew in the fourth quarter of 2020 compared to the prior year, positioning us well for 2021."
He continued, "This past quarter, as we focused on streamlining our cost structure to maintain the stability of our business, we also made great progress in strengthening our digital segment. In November, we appointed industry veteran and member of our Board of Directors Juan SaldÃvar as our new Chief Digital, Strategy and Accountability Officer. Juan's appointment followed a number of strategic moves in 2020 to strengthen our portfolio of digital assets, including both the formation of Entravision Digital and our majority investment in Cisneros Interactive. We will continue to build upon our digital offerings, while also maintaining and strengthening our television and radio segments."
As previously announced, Entravision's board of directors approved a quarterly cash dividend to shareholders of $0.025 per share on the company's Class A, Class B and Class U common stock, in an aggregate amount of $2.1 million. The quarterly dividend will be payable on March 31 to shareholders of record as of the close of business on March 16, and the common stock will trade ex-dividend on March 15.
