Spanish-language media giant Univision Communications, which earlier this year agreed to sell a majority stake to an investor group led by former Viacom CFO Wade Davis, reported lower first-quarter financials on Friday as the novel coronavirus pandemic started impacting advertising revenue in March.
The company said it is targeting $125 million in cost reductions as it predicted a bigger hit in the current second quarter. "COVID-19 has, and will continue, to impact the company, due to, among other things, the negative impact on advertising trends and its advertising revenue, suspension of sporting events and curtailment or suspension of other programming production that the company has broadcast rights to, reductions or delays in the