Spanish Broadcasting Posts Profit After Losses
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Spanish Broadcasting System Inc. posted a profit after a string of losses as revenue rose 12.6% boosted by higher ratings and growing interest from advertisers in reaching the Latino audience.
The company, the second-largest U.S. Spanish-language radio broadcaster, earned $12.82 million, or 20 cents a share, in the second quarter, compared with a loss of $2.4 million, or 4 cents, a year ago.
Spanish Broadcasting is in a legal battle with Clear Channel Communications Inc., which it accuses of scuttling a merger with Hispanic Broadcasting Corp.
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