Univision Communications Inc. on Thursday said its second-quarter profit fell 57 percent as a result of a charge related to its investment in Entravision Communications Corp.

The L.A.-based Spanish-language broadcaster reported net income of $36.1 million (10 cents per diluted share) for the second quarter ended June 30, compared with a loss of $83.7 million (24 cents) for the like period a year earlier. Revenue rose 3 percent to $508.5 million from $495.3 million in the year-ago period.

Second-quarter net income included a $48.3 million (14 cents per diluted share) charge resulting from a decline in the fair value of Univision's investment in Entravision.

Excluding the charge, net income was $84.4 million (24 cents per diluted share).

On average, analysts were expecting a profit of 25 cents a share on revenue of $522.8 million.

Univision's television unit had revenues of 354.7 million, versus $349.7 million in the year-ago quarter. Its radio unit had the largest gain, with revenues of $99.3 million, compared with $91 million in the year-earlier period.

The company said it expects second-quarter earnings of 21 cents to 22 cents per diluted share, and for revenues to increase by low single-digit percentages.

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