Daniel Alegre, CEO of TelevisaUnivision
TelevisaUnivision announced financial results for the third quarter ended September 30, 2024.
“I am honored to be able to lead this company into its next chapter as we build on the foundations that have been solidified,” said Daniel Alegre, CEO of TelevisaUnivision. “We are at a critical juncture in our evolution, and we will be laser-focused on integrating our legacy companies into a unified global entity. Our goal is to evolve into a content-first, platform-agnostic organization that connects with audiences wherever they engage. Additionally, we will leverage our unique insights into the Hispanic consumer to drive growth and innovation. Together, we are poised to redefine our future and achieve new heights.”
Financial and operational highlights
•Total revenue growth of 2%, or 6% excluding FX, to US$1.3 billion
•US advertising revenue growth of 5% driven by record-setting Q3 political ad revenue
•Mexico advertising revenue growth of 10% excluding FX
•DTC business achieved profitability after just two full years in the marketplace
•Adjusted OIBDA growth of 4%, or 7% excluding FX, to US$427 million
•Leverage ratio ended the quarter at 5.9X, down from 6.1X at the end of the prior quarter
•Reduced outstanding debt by US$150 million, utilizing net proceeds from the non-core tower portfolio sale
•Refinanced US$2.1 billion of debt thus far in 2024, eliminating all maturities through the end of 2026.
VIX’S PREMIUM TIER GROWS
Consolidated total revenue grew 2% to US$1.3 billion. Foreign exchange rates produced a 400bps headwind to consolidated total revenue growth. In the U.S., total revenue grew 6% to US$852 million.
In Mexico, total revenue declined 5% to US$452 million. Excluding the impact of FX rates, Mexico revenue grew 5%.
Advertising revenue increased 3% to US$799 million. In the U.S., advertising revenue grew 5% to US$483 million driven by growth in DTC and political advertising.
In Mexico, advertising revenue declined 1% to US$316 million. Excluding the impact of FX rates, Mexico advertising revenue grew 10%, reflecting the acquisition of third-party ad inventory and popular sports content including Copa America and the Olympics.
Subscription and licensing revenue increased 1% to US$478 million. In the U.S. it grew 6% to US$351 million. In Mexico, it declined 12% to US$127 million. In local currency, it declined 4%, reflecting a decline in content licensing and linear platform subscribers, partially offset by growth in ViX’s premium tier.
Operating expenses grew 1% to US$878 million, or 5% excluding FX, driven by continued investments in ViX, investments in the expansion of our third-party advertising sales business in Mexico, and higher sports-related costs with Copa America in both U.S. and Mexico and the Olympics in Mexico. Adjusted OIBDA grew 4% to US$427 million, reflecting growth and profitability in DTC.
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