Univision Communications Inc., the Spanish-language media company owned by Los Angeles billionaire Haim Saban, reported third-quarter revenue rose by 10 percent compared to the same period a year before.
Univision reported revenue of more than $801million, compared to nearly $729 million for the quarter ending Sept. 30, 2014. It attributed gains to increases in non-advertising revenue from subscriber fees, content licensing and spectrum leasing.
Randy Falco, chief executive of Univision, praised the company’s performance ahead of its expected initial public offering later this year.
“Our strategy of providing a Univision branded experience to our audience everywhere continues to differentiate Univision Communications’ position in a very competitive and rapidly changing media environment,” Falco said in a statement, adding that the company was positioned for further growth.
Advertising revenue, however, fell 2.7 percent to roughly $518 million last quarter compared to nearly $532 million a year earlier. Univision Radio unit was the hardest hit division with an 8.3 percent drop in ad revenue to about $74 million.
Saban Capital Group Inc., a private equity firm in Los Angeles, has recently made investments in Asian media and communications companies including Taomee Holdings Limited, Celestial Tiger Entertainment, and Media Nusantara Citra, among others. The group completed its $14 billion acquisition of Univision in 2007.
Drug Prices Drive Amgen Higher
Amgen Inc. beat Wall Street expectations with its third-quarter financial results on Wednesday.
The Thousand Oaks biopharmaceutical company reported net income of $1.86 billion ($2.44 a share) in the quarter ended Sept. 30, compared to $1.24 billion ($2.72 a share) for the same period a year earlier. Revenue rose 14 percent to $5.72 billion.
Adjusted net income for the quarter was $2.08 billion compared to $1.77 billion from a year ago.
Analysts on average expected earnings of $2.38 on revenue of $5.32 billion, according to Thomson Financial Network.
The company partially attributed its performance to a 30 percent surge in sales of rheumatoid arthritis drug Enbrel, which was driven by higher prices and lower inventory levels. Neulasta, which increases white blood cell counts, and anemia drug Aranesp, drove sales growth as well.
However, Amgen cited unfavorable foreign exchange rates as a reason for 2 percent lower earnings in regard to gross revenue and product sales growth. The company has also begun to feel the effects of the first U.S. biosimilar Zarxio that is in direct competition with Neupogen. That drug’s sales declined 5 percent to $284 million.
Shares closed up 69 cents, or less than 1 percent, to $162.67 on the Nasdaq.
