Entravision Communications, more than ever, is a publicly traded company reliant on digital advertising prowess. While its DNA is entwined in broadcast television and radio, it is Digital that dominates Entravision’s revenue today.
In Q2, the stark difference between Digital and Audio and Television, even when combined, is clear.
As shown below, Entravision’s Audio revenue, which includes its owned-and-operated radio stations and its radio programming syndication unit, fell 9% in Q2 2023, to $13.54 million from $14.94 million.
Television unit revenue dipped 8%, to $29.94 million from $32.37 million.
By comparison, digital revenue soared by 32%, to $229.9 million from $174.38 million.
Commenting on the results, Entravision Chief Financial Officer Chris Young commented, “We delivered another strong quarter at Entravision with record quarterly revenue of $273.4 million, increasing 23% year-over-year.”
While elevated operating expenses led to a decline in adjusted EBITDA, Young said Entravision remains focused on managing expenses and leveraging its balance sheet to ensure the company is well-positioned to grow in the current macroeconomic environment.
Young made the comments as new Chief Executive Officer Michael Christenson, appointed in July, is still settling in to his role.
For shareholders, there’s a reward coming, as the Entravision Board of Directors approved a quarterly cash dividend of $0.05 per share on the Company’s Class A and Class U common stock. The quarterly dividend will be payable on September 29 to shareholders of record as of the close of business on September 15.
