TelevisaUnivision reported a profit in the first quarter, following a first-quarter loss, as ad revenues increased.
Net income at the Spanish-language media company was $14.1 million, up from $1.8 million a year ago, helped by a tax benefit in the quarter.
In Q1, TelevisaUnivision recorded a $52 million net loss.
Revenue increased 3% to $1.3 billion, with growth in both Mexico and the U.S.
Advertising revenue rose 6% to $785 million, boosted by the Copa America soccer tournament.
In the U.S. advertising revenue increased 2% to $452 million.
Subscription and licensing revenue was down 2% to $445 million. In the U.S., subscription and licensing revenue was down 1% to $320 million.
Operating expenses grew 6% to $896 million with investments continuing in ViX.
The company said two-year-old ViX’s audience is growing, with engagement surpassing 50 million global monthly active users in the quarter.
TelevisaUnivision has forecast that its direct-to-consumer business will turn profitable in the second half of the year.
“Q2 was an exciting quarter for us in which we saw building momentum in most areas of our business and delivered some historic milestones,” said Wade Davis, CEO of TelevisaUnivision.
He pointed to audiences bigger than the 2022 World Cup in the U.S. for the Copa America soccer tournament on linear and streaming and improvement in TelevisaUnivision’s direct-to-consumer business, as well as advertising growth.
“We are looking forward to the second half of the year where the benefits from DTC’s turn to profitability, the U.S. presidential election cycle, and execution across the rest of our business, should yield a great next couple of quarters,” Davis said.
The company said it refinanced $1 billion in debt. It has cut the amount of debt coming due in 2026 in half.
