Spanish Broadcasting Q3 Net Revs Fall 8% to $35 Million

RADIO ONLINE | Wednesday, November 29, 2023 | 4:23pm CT

Spanish Broadcasting System

Spanish Broadcasting System reported third quarter net revenue fell 8% to $35 million from $38 million in 2022. The decrease was primarily due to other revenue, network, local, and digital sales, partially offset by increases in barter and national sales. Operating expenses increased 4% to $24.9 million from $24 million. Station operating income (SOI) decreased 28% to $10 million from $14 million. Adjusted OIBDA totaled $6.7 million compared to $10.4 million representing a decrease 36%.

"During the third quarter, we continued to drive multi-platform audience growth while making additional progress in expanding our reach across key Hispanic markets," commented SBS Chairman and Chief Executive Officer Raul Alarcon. "We are furthering our relationship with Latino audiences through ongoing investments in our audio and digital businesses and our live concerts and events division. Importantly, our ability to connect leading brands and talent with the highly coveted Hispanic consumer is still growing daily - at a time when Hispanic purchasing power has never been stronger."

He added, "Our flagship WSKQ-FM in New York City has once again been rated the most-streamed-station in America in any language or format, according to Nielsen Research, and our national audio ratings remain at the very top of the rankings, delivering highly engaged audiences from among all key demographic groups. SBS enjoys a premier partnership with the Hispanic community - no other media entity can lay claim to the positioning, the commitment, the relationship or the trust we have established during these last four decades."