Hemisphere Media (HMTV) Reports Q4 Revenues Miss

Hemisphere Media (NASDAQ: HMTV) reported Q4 revenue for the quarter came in at $39.3 million versus the consensus estimate of $41.75 million.

President and Chief Executive Officer of Hemisphere, Alan Sokol, said, "We are pleased with our execution during the fourth quarter and full year, particularly in light of the macro headwinds we faced. WAPA expanded on its lead as the #1 television station in Puerto Rico, growing ratings across all key demographics. Our unique and dominant position was reinforced when we entered into a new multi-year retransmission agreement with DISH Network, ending a relatively short blackout. In conjunction with the retransmission agreement, we also entered into multi-year renewals with DISH Network for WAPA America, Centroamerica TV and Televisión Dominicana.

We are also pleased to have entered into a multi-year renewal of our distribution agreement with Comcast for all five of our U.S. cable networks, a further testament to the value of our content and our important audiences. In a world where most linear cable networks are seeing sharp ratings declines, we continue to defy those trends, with strong ratings growth in the fourth quarter across WAPA America, Pasiones and Centroamerica TV.

We also continue to see strong growth momentum for our joint venture with Lionsgate, Pantaya, the first-ever subscription streaming destination for world-class movies and series in Spanish, ending the year with over 600,000 subscribers, and cementing its position as the market leader with first mover advantage in the Spanish-language SVOD space.

Looking ahead, we believe our business is performing well and we are forecasting a low to mid-single digit percentage increase in Adjusted EBITDA for 2020."

For earnings history and earnings-related data on Hemisphere Media (HMTV) click here.

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