Equity Media Holdings Corp., the second-largest affiliate group of the Univision and TeleFutura networks, is in big trouble.
In an SEC filing on Tuesday, Equity reported a net loss of $ 40. 7 million in 2007, compared to $3. 2 million the year before. The company also had a drop in its broadcast revenue to $ 28. 3 million from $ 30. 4 million in 2007.
According to Arkansasbusiness.com, the Little Rock-based publicly-traded company, which has 121 television stations, licenses and permits, does not have enough cash to operate and is considering filing for bankruptcy protection.
Equity reported $25.3 million in assets, but $84 million in current liabilities as well as an additional $13.7 million in with long-term liabilities.
Univision owns approximately 8% of Equity Media, with which it has a 15–year affiliation agreement.