Spanish Broadcasting System Sees Revenues Rise In Third Quarter

Revenues Rise In Q3

SPANISH BROADCASTING SYSTEM's radio revenues rebounded from pandemic levels in third quarter 2021, up 43% year-over-year to $35.9 million and leading the company to a 30% increase in consolidated revenue to $39 million (7% ahead of 2019's $26.3 million). Television revenues lagged with a 38% drop to $3 million, blamed on lower local and national revenues due to a decrease in political sales. Adjusted OIBDA rose 19% to $10 million, driven by a 62% year-over-year increase on the radio side to $15.5 million, offset by a 301% decline for television to a loss of $2 million and a decrease in corporate OIBDA by 66% to a loss of $3.5 million.

“Our third quarter results evidenced continued solid financial performance as we again delivered double digit growth in both net revenue and Adjusted OIBDA, driven by the strong performance of our core radio business,” said Chairman/CEO RAÚL ALARCÓN. “Radio revenue and Adjusted OIBDA again exceeded 2019 pre-pandemic levels for the second consecutive quarter, a validation of the ability of our teams to effectively monetize the popularity of our branded content and the engagement we have established with the nationwide Latino consumer.  

“Our radio operating margins again led the industry, and we expect continued peak operating efficiency as we roll out our previously pandemic-postponed schedule of projected sold-out sponsored concerts in the NEW YORK, LOS ANGELES, MIAMI, LAS VEGAS and PUERTO RICO markets in the coming months.

“Likewise, our digital initiatives, and in particular our streaming revenue, have demonstrated impressive growth through the monetization of various exclusive derivatives, podcasts and playlists featuring our on-air talents and our proprietary programming, including flagship WSKQ-FM in NEW YORK CITY, the most-streamed-station in AMERICA in any language or format.

“In addition, our network division is also demonstrating solid year-over-year growth as new advertisers take note of our superior platform to tap into the strong and growing purchasing power of the Latino consumer. National revenue has also excelled since the Company entered into a new representation agreement with KATZ MEDIA earlier in 2021.”

“We will be debuting a fourth terrestrial/digital audio format in MIAMI during the fourth quarter as our audience capture and retention metrics reflect continued ratings strength among our weekly audience of over 25 million.  

“We continue to project positive momentum for the Company going forward.”

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