Entravision posted a net revenue increase of 25% in the third quarter, primarily due to growth in political advertising and the company’s advertising technology and services segment.
“During the third quarter, we realigned our operating segments into two segments: Media and Advertising Technology & Services. Our media segment consists of sales of advertising through various media, including television, radio, and digital. Our advertising technology & services segment consists of Smadex, our programmatic ad purchasing platform, and Adwake, our mobile growth solutions business,” CEO Michael Christenson said in a news release.
Net revenue increased to $97.1 million in Q3 2024, compared to $77.4 million in Q3 2023.
Christenson says the Q3 net revenue increase was “driven primarily by growth in political advertising revenue and Smadex. Our balance sheet remains strong, and we are focused on providing highly-rated news and content to our audiences, strengthening our digital marketing solutions in combination with our television and radio offerings, and continuing to grow Smadex.”
Operating expenses went from $40.6 million in 2023 to $52.7 this year, a 30% increase. The increase was primarily due to salaries associated with the expansion of the company’s news programming in its media segment, and increases in salaries and cloud infrastructure expenses associated with the increase in revenue in Entravision’s advertising technology and services segment.
Additionally, effective July 1, with the realignment of operations and reassignment of certain responsibilities, certain costs that were previously included as corporate expenses, primarily salaries, are now included in operating expenses, the company said.
Additionally, Entravision’s Board of Directors approved a quarterly cash dividend to shareholders of $0.05 per share on the Company’s Class A and Class U common stock, in an aggregate amount of $4.5 million. The quarterly dividend will be payable on Dec. 31 to shareholders of record as of the close of business on Dec. 16.
Entravision owns and/or operates 49 primary television stations and 44 radio stations (37 FM and 7 AM). The advertising technology & services segment consists of programmatic ad services through Smadex, our demand side programmatic ad platform, and Adwake, our mobile growth solutions business.