QUARTERLY REPORT

AT&T Takes Hit, But Tops Rev Expectations

AT&T Inc on Thursday reported the coronavirus pandemic had taken a heavy toll on its media business, but quarterly results were offset by stronger than expected gains in new phone subscribers lifted by offers for its HBO Max streaming service for free on certain phone plans.

QUARTERLY REPORT

Netflix 3Q Sees Slump In Sub Growth

The drop-off disclosed Tuesday in Netflix’s latest earnings report was more dramatic than management had warned it might be. After picking up 2.2 million customers in the July-September period, Netflix finished the quarter with 195.2 million worldwide subscribers. Earlier, company had forecast an addition of 2.5 million subscribers during the quarter.

TVN FOCUS ON BUSINESS

TVN Focus On Business | 2Q Review: Ad Recovery Picking Up Steam

Broadcasters saw their ad revenues recovering strength in the second quarter with help from categories like pharmaceuticals, insurance and financial. Political ads are helping to offset the pandemic impact and new-to-television advertisers are also coming into the fold.

FuboTV Posts $100M 2Q Loss

Virtual MVPD fuboTV posted a net loss of $99.8 million during the second quarter as its subscriber count held mostly steady. The company’s 2Q revenues totaled $44.2 million, up 53% year over year on a pro forma basis. The company attributed the growth an increase in subscription Average Revenue Per User (ARPU), which rose 8% to $54.79, and growth of advertising sales. Subscription revenue rose 51% to $39.5 million and advertising revenue rose 71% to $4.3 million.

QUARTERLY REPORT

Meredith Station Quarterly Rev Falls 35%

Sequential improvement in digital and broadcast advertising couldn’t offset ad losses due to the coronavirus pandemic, sending Local Media revenue to $73.1 million for the company’s fiscal fourth quarter.

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Univision Swings To Second Quarter Loss

Univision executives said the Hispanic media giant is seeing steady improvement during the current third quarter as it looks to recover from spring’s COVID-19 doldrums. Speaking to Wall Street analysts on the company’s second-quarter earnings call, CFO Peter Lori said advertising revenue for the third quarter was on track for a 15% year-over-year decline in the third quarter. That’s an improvement from the second quarter’s 40% plunge.

QUARTERLY REPORT

Comscore 2Q Revenue Falls 8.6%

It reports a lower net loss for the second quarter of $10.4 million, or $(0.15) per share, compared to a net loss of $279.5 million, or $(4.61) per share reported in the year-ago quarter.

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Tegna Reports 8% 2Q Revenue Gain

The increase to $578 million is driven by acquisitions, continued growth in subscription revenue and political revenue, partially offset by advertising declines as a result of COVID-19.

Talking TV: The Politics Of O’Rielly’s FCC Firing

Michael Depp and Harry Jessell unpack the abrupt withdrawal of FCC Commissioner Michael O’Rielly’s renomination by President Trump this week and discuss the pandemic’s reckoning on broadcasters’ quarterly earnings.

QUARTERLY REPORT | UPDATED 2:08 PM ET

Scripps 2Q Adjusted Local Media Rev Down 12%

The decrease to $277 million was significantly impacted by the economic downturn, reflecting the impact of the COVID-19 pandemic, with the greatest impact in April. Scripps said it saw improvements in advertising revenue from April to May and from May to June.

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Graham 2Q TV Revenue Falls 13.6%

The decrease to $100.8 million is pegged to reduced advertising demand related to the COVID-19 pandemic, partially offset by a $3.7 million increase in political advertising revenue and a $3.5 million increase in retransmission revenues. It says that “while revenue and operating results were adversely impacted by the COVID-19 pandemic in the second quarter of 2020, both revenue and operating results improved steadily throughout the quarter.”

Harmonic Beats 2Q Revenue Estimates With $74M

QUARTERLY REPORT

ViacomCBS Takes 2Q Ad Hit, Tops Rev Forecast

ViacomCBS absorbed a blow to its advertising business from COVID-19 in the second quarter, beating Wall Street forecasts for earnings but clearing the bar for total revenue.

Roku Adds 43 Million New Accounts in 2Q

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Gray 2Q Revenue Shrinks 11%

It says the decrease to $451 million is due to the impact of the coronavirus pandemic, which it says “significantly impacted our revenues and results for the second quarter and first half of 2020. Nevertheless, despite these macroeconomic challenges, over the first half of this year, we increased our cash on hand by $167 million and repurchased $49 million of our common stock.”

QUARTERLY REPORT

AMC Networks Records 15% Decline In National TV Ad Rev

Nielsen Reports Loss For Second Quarter

Nielsen swung to a loss in the second quarter as revenue fell amid pandemic as the company continued preparation to split into separate entities. Nielsen had a net loss of $30 million, or 8 cents a share, in the second quarter, compared to net income of $123 million, or 23 cents a share, a year ago. Revenue fell 8.1% to $1.496 billion.

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NYT Digital Revenue Tops Print For First Time

The New York Times’ digital revenue surpassed its print revenue for the second quarter of 2020 for the first time in history. The Times added 669,000 net new digital subscribers during the quarter, according to Wednesday morning’s earnings release from the company. Overall in the quarter, the Times brought in $185.5 million in digital subscription and ad revenue and $175.4 million in print revenue.

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Sinclair 2Q Media Revenue Hits $1.3B

Distribution and political revenue push that total up 75%, while the company’s total revenue climbs 66% to $1.3 billion.

Nexstar 2Q Revenue Climbs To $914.6M

That represents a 40.9% jump from 2Q 2019, boosted by its purchase of Tribune Media. Looking ahead, CEO Core ad revenue grew 11.4% and political ad money shot up 583% to $21.6 million.

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Fox Quarterly Sales Down Sharply

Fox Corp. Tuesday reported total sales of $2.42 billion last quarter, in line with expectations, down slightly (4%) from a year ago but off $1 billion from the previous three months as COVID-19 hit advertising.

QUARTERLY REPORTS

Disney Quarterly Revenue Falls 42%

For quarter that ended June 27, the Walt Disney Co. posted a loss of $4.84 billion, or $2.61 per share, compared to a profit of 79 cents in the prior year quarter. Revenue fell 42% to $11.78 billion, missing analyst expectations of $12.39 billion, according to FactSet.

Ford’s 2Q Results Not As Grim As Expected

Ford reported a $1.12 billion second-quarter net profit, pushed into the black by a $3.5 billion gain on the value of its stake in the Argo AI autonomous vehicle operation. Without the one-time gain, the company lost $1.9 billion, or a 35 cents per share. But that was far better than the $1.17 a share loss Wall Street had expected, according to FactSet.

QUARTERLY REPORTS

Amid Pandemic, Mixed Earnings For Big Tech

The staggering economic fallout caused by the coronavirus pandemic was reflected in reports released Thursday from Amazon, Facebook, Apple and Google’s corporate parent, Alphabet.

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Comcast 2Q Takes A Hit From Pandemic

Advertising revenue for NBC’s broadcast networks NBC and Telemundo dropped 28% to $959 million while its cable networks, like Bravo and USA Network, fell 27% to $679 million.

GM Posts 2Q Loss Pegged To Pandemic

The Detroit automaker had to close its plants from March 18 to May 18 due to the coronavirus, but production didn’t resume fast enough to hold off a net loss.

QUARTERLY REPORT

A Surge Of New Users For Twitter

Average daily user growth spiked 34% in the second quarter, the company said Thursday, the largest jump in users ever recorded by the company.

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Snap Net Loss Balloons, Rev Up 17%

Snap’s stock price initially plunged more than 11% after hours then moderated to a smaller decline as investors digested positive user and revenue growth on Tuesday after the company reported its second-quarter earnings.

Streamer FuboTV Discloses $48M 1Q Loss

FuboTV, the streaming service acquired by Facebank on April 1, disclosed that the combined companies registered a pro-forma net loss of $48.4 million in the first quarter. In a filing with the Securities & Exchange Commission Wednesday, FuboTV alone had a loss of $36 million in the quarter and Facebank lost $4.5 million. Adjustments to earnings totaled $8 million.

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Meredith Station Quarterly Revenue Dips 1.6%

Increased political revenue couldn’t offset advertising losses due to the coronavirus pandemic, sending Local Media revenue to $99.7 million for the company’s fiscal third quarter.

Cable Reports Best Quarter In 13 Years

Despite the hemming and hawing over cord cutting, top operators added more than 1.2 million high-speed internet customers in 1Q, according to Leichtman Research Group.

QUARTERLY REPORT

Sony Pictures Full-Year Profit Rises

Revenues at Sony’s film and TV division climbed to $9.32 billion from $8.87 billion in the previous fiscal year. Overall profit at Sony Corp. fell 36%.

JESSELL AT LARGE

Jessell | For Local TV, Flat Would Be A Victory Now

As 1Q earnings come to a close, it’s clear that 2020 will no longer be a year of double-digit ad growth driven by record political spending. On the plus side, local TV has proved once more that the business is fundamentally sound and resilient. Also, Dennis Wharton has had enough.

Meredith Reschedules Quarterly Report

Meredith Corp. is delaying the filing of its report for the quarter ended March 31. It told the SEC that the coronavirus pandemic resulted in “significant disruption of aspects of our business, including advertising cancellations and delays, reduced demand, loss or disruption of manufacturing and distribution capability, and quarantines and other government actions.” The quarterly report is now scheduled for this Thursday, May 14.

1Q EARNINGS RECAP

TVN Focus On Business | For Local TV, Optimism Amid The Pandemic

An unprecedented first quarter saw local TV’s ad sales go off a cliff with some broadcasters declining to give guidance for what’s ahead, but a bright spot was the double- and triple-digit ratings gains for local newscasts.

QUARTERLY REPORT

Scripps 1Q Adjusted Local Media Rev Up 9%

The increase to $322 million was aided by a jump in retrans revenue. When factoring in the acquisition of 23 stations last year, that local media revenue percent gain climbs to 58%.

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Comscore Reports Smaller Loss For 1Q

Comscore registered a net loss of $13.2 million, or 19 cents a share, compared to a loss of $27.5 million, or 46 cents a share, a year ago.

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Tegna Reports 32% 1Q Revenue Gain

The increase to $684 million is driven by strength in subscription and political revenues. Net income increased 17% and adjusted EBITDA rose 39%, benefiting from high-margin political revenues and recent acquisitions.

QUARTERLY REPORT

ViacomCBS Rev, Profit Dip, But Top Expectations

ViacomCBS reported dips in revenue and profit but its numbers beat expectations sending the stock up more than 10% in early trade. The company said revenue dipped 6% to $6.7 billion.

Gray 1Q Broadcast Rev Grows 7%

The increase to $515 million is due to higher retrans and political advertising money. It says the effects of the coronavirus has resulted in “reduction in demand for advertising across our television stations and digital platforms [and] a very significant reduction in demand in the market for the video production of sporting and other events by our production companies.”