Entravision Communications Corp. (EVC, Financial) filed Quarterly Report for the period ended 2009-09-30.
Entravision is a diversified media company utilizing a combination oftelevisionradiooutdoor and publishing operations to reach Hispanicconsumers in the United States. The company is the largest Univision-affiliated television group in the United States. It owns Univision-affiliated stations in 17 of the top 50 Hispanic markets in the United States. Alsothe company operates the largest centrally programmed Spanish-language radio network. The company produces seven formats to appeal to the diverse musical tastes of the listeners. Entravision Communications Corp. has a market cap of $188.15 million; its shares were traded at around $2.25 with and P/S ratio of 0.81. Entravision Communications Corp. had an annual average earning growth of 7.4% over the past 5 years.
Net revenue for our radio segment decreased to $18.7 million in the third quarter of 2009, from $23.5 million in the third quarter of 2008. This decrease of $4.8 million, or 20%, in net revenue was primarily due to a decrease in local and national advertising sales and advertising rates, which in turn was primarily due to the continuing weak economy. Nevertheless, we continued to concentrate our efforts on local sales, which accounted for 75% of total radio segment sales in the third quarter of 2009.
In April 2009, we acquired the assets of television station KREN-TV in the Reno, Nevada market for approximately $4.3 million. We reduced the carrying value of the assets of television station KREN-TV to its fair value of $1.6 million by recording a carrying value adjustment of $2.7 million. This charge is included in our consolidated statements of operations for continuing operations.
In February 2008, we repurchased 1.5 million shares of Class U common stock held by Univision for $10.4 million. In May 2009, we repurchased an additional 0.9 million shares of Class A common stock held by Univision for $0.5 million.
Univision acts as our exclusive sales representative for the sale of all national advertising aired on Univision-affiliate television stations. During the three-month periods ended September 30, 2009 and 2008, the amount we paid to Univision in this capacity was $1.7 million and $2.5 million, respectively. During the nine-month periods ended September 30, 2009 and 2008, the amount we paid to Univision in this capacity was $4.8 million and $7.1 million, respectively.
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Entravision is a diversified media company utilizing a combination oftelevisionradiooutdoor and publishing operations to reach Hispanicconsumers in the United States. The company is the largest Univision-affiliated television group in the United States. It owns Univision-affiliated stations in 17 of the top 50 Hispanic markets in the United States. Alsothe company operates the largest centrally programmed Spanish-language radio network. The company produces seven formats to appeal to the diverse musical tastes of the listeners. Entravision Communications Corp. has a market cap of $188.15 million; its shares were traded at around $2.25 with and P/S ratio of 0.81. Entravision Communications Corp. had an annual average earning growth of 7.4% over the past 5 years.
Highlight of Business Operations:
Net revenue for our television segment decreased to $32.0 million in the third quarter of 2009, from $37.5 million in the third quarter of 2008. This decrease of $5.5 million, or 15%, in net revenue was primarily due to a decrease in local and national advertising rates, which in turn was primarily due to the continuing weak economy. On the other hand, we generated $2.4 million of revenue from retransmission consent agreements, or retransmission consent revenue, that have been entered into for the carriage of our television station signals by cable, satellite and internet-based television service providers. See “Consolidated Operations – Net Revenue” below.Net revenue for our radio segment decreased to $18.7 million in the third quarter of 2009, from $23.5 million in the third quarter of 2008. This decrease of $4.8 million, or 20%, in net revenue was primarily due to a decrease in local and national advertising sales and advertising rates, which in turn was primarily due to the continuing weak economy. Nevertheless, we continued to concentrate our efforts on local sales, which accounted for 75% of total radio segment sales in the third quarter of 2009.
In April 2009, we acquired the assets of television station KREN-TV in the Reno, Nevada market for approximately $4.3 million. We reduced the carrying value of the assets of television station KREN-TV to its fair value of $1.6 million by recording a carrying value adjustment of $2.7 million. This charge is included in our consolidated statements of operations for continuing operations.
In February 2008, we repurchased 1.5 million shares of Class U common stock held by Univision for $10.4 million. In May 2009, we repurchased an additional 0.9 million shares of Class A common stock held by Univision for $0.5 million.
Univision acts as our exclusive sales representative for the sale of all national advertising aired on Univision-affiliate television stations. During the three-month periods ended September 30, 2009 and 2008, the amount we paid to Univision in this capacity was $1.7 million and $2.5 million, respectively. During the nine-month periods ended September 30, 2009 and 2008, the amount we paid to Univision in this capacity was $4.8 million and $7.1 million, respectively.
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