Spanish-language media giant Univision Communications, which earlier this year agreed to sell a majority stake to an investor group led by former Viacom CFO Wade Davis, reported lower second-quarter financials amid the novel coronavirus pandemic.
In its earnings update on Monday, the company, which previously said it was targeting $125 million in cost reductions, confirmed its forecast that advertising would materially weaken from the first quarter due to further postponements of live sports and lower demand from advertisers.