Entravision Communication Corp. reported nearly a six-fold gain in profit after the Univision Communications Corp. affiliate sold some of its Texas broadcast assets.
Entravision reported fourth quarter net income of $21.4 million (20 cents per share), a 526 percent leap from $3.42 million (3 cents) for the same period a year earlier. The company credited the sale of its broadcasting assets in Dallas, which netted the company $95 million, for the surge in profit.
Chief Executive Office Walter Ulloa said the company would use some of the proceeds from the asset sale to buy back up to $100 million of the company’s stock.
Shares in Entravision were up slightly to $8.89 in afternoon trading Friday.
