Raúl Alarcón is continuing to right the ship that is Spanish Broadcasting System, as revealed in the company’s financial outcomes for the second quarter of 2024 with a notable increase in net revenue and a reduction in net losses.
Overall, the total net loss for SBS in the second quarter shrank to $346,000, compared to $8.55 million year-over-year.
During the quarter ending June 30, SBS’s revenue from continuing operations rose to $38.5 million, up from $35.45 million year-over-year. The consolidated revenue from local, national, digital, and network sources modestly increased to $37.38 million from $37.12 million.
Total operational expenses from the Hispanic-focused broadcaster slightly decreased to $29.84 million from $30 million. Combined, this led to an operational income of $489,000, excluding Mega TV, which marks a turnaround from a net loss of $800,000 in 2023. Mega TV, still under the SBS umbrella following a failed sale to Voz Media, also reported lesser losses at $835,000, down substantially from $7.75 million.
Another notable driver of the revenue boost was the $3.69 million generated from Special Events, up from just $7,000 the previous year.
On the asset acquisition and divestment side, SBS remains optimistic about finding a buyer for its TV arm within the next 12 months. The purchase of KROI in Houston from Urban One, initially agreed upon for $7.5 million in April 2023, is now expected to close between October and December of this year.
SBS currently operates sixteen radio stations in New York, Florida, California, Illinois, and Puerto Rico as well as AIRE Radio Networks, which provides programming to more than 290 affiliates.
