Entravision Q1 2024 Net Revenue Up 16% to $277.4 Million

RADIO ONLINE | Thursday, May 2, 2024 | 4:07pm CT

Entravision Communications

Entravision Communications reported first quarter net revenues rose 16% to $277.4 million from $239 million in 2023. The increase was primarily due to rises in ad revenue from its digital business units and political ad revenue in its audio & TV segments. Consolidated EBITDA fell to $4.5 million from $23.2 million, while operating expenses grew 18% to $62.2 million from $52.6 million. The company posted a net loss of $51.6 million (55 cents per diluted share) as compared to a net income of $1.6 million (2 cents) in the year-ago period.

"On March 4, 2024, we received a communication from Meta that it intends to wind down its authorized sales partner, or ASP, program globally and end its relationship with all of its ASPs, including us, by July 1, 2024. While we are disappointed in Meta's decision, we have a solid balance sheet and a strong cash position, and we are confident in Entravision's long-term opportunities. We have initiated a thorough review of our current digital strategy, operations and cost structure," said CEO Michael Christenson.

He added, "We remain focused on our 2024 priorities: maximize our political revenue in a year in which our audience will be critical to determining the outcome of the 2024 U.S. elections, provide highly-rated news and content to our audience, and build Smadex, our programmatic ad purchasing platform."

The company's board of directors approved a quarterly cash dividend of $0.05 per share on the company's Class A and Class U common stock, in an aggregate amount of $4.5 million. The quarterly dividend will be payable on June 28, 2024 to shareholders of record as of the close of business on June 14, 2024.