Spanish-language media company Univision posted a $3.5 billion loss for the third quarter, the result of a $3.6 billion asset write-down.
Univision CFO Andrew Hobson told analysts Monday that the write-down was primarily due to the decreased value of TV and radio stations and the reduced cash flows that stations are expected to produce going forward.
Net revenue for the company was down 2.4 percent to $511.3 million for the quarter, but as company CEO Joe Uva noted, Univision’s revenue performance outpaced the industry, which he said was down roughly 9 percent in the same period.
But Hobson cautioned that the company is encountering a difficult fourth quarter, in which it will report substantially weaker results compared to the previous three quarters.
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