News (Noticias) Tagged ‘Entravision’

Entravision
Communications Corporation (NYSE: EVC) today reported financial results for
the three- and nine-month periods ended September 30, 2008.

Historical results, which are attached, are in thousands of U.S. dollars
(except share and per share data).  The results of our outdoor operations are
presented in discontinued operations within the statements of operations in
accordance with SFAS 144, “Accounting for the Impairment or Disposal of
Long-Lived Assets”.  This press release contains certain non-GAAP financial
measures as defined by SEC Regulation G.  The GAAP financial measure most
directly comparable to each of these non-GAAP financial measures, and a table
reconciling each of these non-GAAP financial measures to its most directly
comparable GAAP financial measure, is included beginning on page 8.  Unaudited
financial highlights are as follows:

Three-Month Period
Ended September 30,
2008  2007   % Change
Net revenue$60,988   $64,101  (5)%
Operating expenses (1)  36,97735,938   3%
Corporate expenses (2)   3,772 3,682   2%

Consolidated adjusted EBITDA (3)21,12225,280 (16)%

Free cash flow (4)  $8,756   $14,176 (38)%
Free cash flow per share, basic and
diluted (4) $0.10 $0.14 (29)%

Net income (loss) from continuing
operations  $(354,491)   $1,246  NM
Net income (loss) applicable to common
stockholders$(354,491)  $(1,377) NM

Net income (loss) per share from
continuing operations applicable to
common stockholders, basic and diluted $(3.98)$0.01  NM
Net income (loss) per share applicable
to common stockholders, basic and
diluted$(3.98)   $(0.01) NM

Weighted average common shares
outstanding, basic 89,130,413   102,516,344
Weighted average common shares
outstanding, diluted   89,130,413   103,224,022

Nine-Month Period
Ended September 30,
2008  2007   % Change
Net revenue   $179,573  $187,532  (4)%
Operating expenses (1) 109,284   107,756   1%
Corporate expenses (2)  12,70312,684   0%

Consolidated adjusted EBITDA (3)60,15669,497 (13)%

Free cash flow (4) $23,042   $37,321 (38)%
Free cash flow per share, basic and
diluted (4) $0.25 $0.36 (31)%

Net income (loss) from continuing
operations  $(349,881)  $13,926  NM
Net income (loss) applicable to common
stockholders$(351,454)   $3,934  NM

Net income (loss) per share from
continuing operations applicable to
common stockholders, basic and diluted $(3.80)$0.13  NM
Net income (loss) per share applicable
to common stockholders, basic and
diluted$(3.82)$0.04  NM

Weighted average common shares
outstanding, basic 92,029,671   103,512,026
Weighted average common shares
outstanding, diluted   92,029,671   104,206,434

(1) Operating expenses include direct operating, selling, general and
administrative expenses. Included in operating expenses are $0.4
million and $0.2 million of non-cash stock-based compensation for the
three-month periods ended September 30, 2008 and 2007, respectively
and $1.0 million and $0.9 million of non-cash stock-based compensation
for the nine-month periods ended September 30, 2008 and 2007,
respectively.  Operating expenses do not include corporate expenses,
depreciation and amortization, impairment loss and gain (loss) on sale
of assets.
(2) Corporate expenses include $0.5 million and $0.4 million of non-cash
stock-based compensation for the three-month periods ended September
30, 2008 and 2007, respectively and $1.4 million and $1.4 million of
non-cash stock-based compensation for the nine-month periods ended
September 30, 2008 and 2007, respectively.
(3) Consolidated adjusted EBITDA means operating income (loss) plus (gain)
loss on sale of assets, depreciation and amortization, non-cash
impairment loss, non-cash stock-based compensation included in
operating and corporate expenses and syndication programming
amortization less syndication programming payments.  We use the term
consolidated adjusted EBITDA because that measure is defined in our
syndicated bank credit facility and does not include (gain) loss on
sale of assets, depreciation and amortization, non-cash impairment
loss, non-cash stock-based compensation, net interest expense, income
tax expense (benefit), equity in net income (loss) of nonconsolidated
affiliate, loss from discontinued operations and syndication
programming amortization and does include syndication programming
payments. The definition of operating income (loss), and thus
consolidated adjusted EBITDA, excludes (gain) loss on sale of assets,
depreciation and amortization, non-cash impairment loss, non-cash
stock-based compensation, net interest expense, income tax expense
(benefit), equity in net income (loss) of nonconsolidated affiliate,
loss from discontinued operations and syndication programming
amortization. While many in the financial community and we consider
consolidated adjusted EBITDA to be important, it should be considered
in addition to, but not as a substitute for or superior to, other
measures of liquidity and financial performance prepared in accordance
with accounting principles generally accepted in the United States of
America, such as cash flows from operating activities, operating
income and net income. As consolidated adjusted EBITDA excludes non-
cash (gain) loss of sales of assets, non-cash depreciation and
amortization, non-cash impairment loss, non-cash stock-based
compensation, net interest expense, income tax expense (benefit),
equity in net income (loss) of nonconsolidated affiliate, loss from
discontinued operations and syndication programming amortization and
includes syndication programming payments, consolidated adjusted
EBITDA has certain limitations because it excludes and includes
several important non-cash financial line items. Therefore, we
consider both non-GAAP and GAAP measures when evaluating our business.
Consolidated adjusted EBITDA is also used to make executive
compensation decisions.
(4) Free cash flow is defined as consolidated adjusted EBITDA less cash
paid for income taxes, net interest expense and capital expenditures.
Net interest expense is defined as interest expense, less non-cash
interest expense relating to amortization of debt finance costs, less
interest income less the change in the fair value of our interest rate
swaps. Free cash flow per share is defined as free cash flow divided
by the diluted weighted average common shares outstanding.

Commenting on the Company’s earnings results, Walter F. Ulloa, Chairman
and Chief Executive Officer, said, “Our third quarter financial results were
impacted by the economic environment and related advertising slowdown across
the majority of our markets.  We have taken steps to reduce our costs and
operate as efficiently as possible in an effort to maximize our cash flows,
without sacrificing the quality of our content or marketing efforts.  We have
also maintained a strong balance sheet and ample financial flexibility.  Our
audience shares remain strong and we remain focused on further growing our
presence in the nation’s fastest growing and most densely populated markets.
We believe we are in a solid position to capitalize on our market leadership
when the economy recovers.”

The Company also announced that it repurchased 3.1 million shares of Class
A common stock for approximately $10.1 million in the third quarter of 2008.
The Company announced that it repurchased an additional 0.9 million shares of
Class A common stock for approximately $1.9 million as of October 31, 2008.
The Company also announced that it has taken steps to reduce operating and
corporate expense throughout the company.

Impairment of Television and Radio Segment Intangibles

The company recorded an impairment charge of $440 million related to
television and radio FCC broadcasting licenses and goodwill as a result of an
appraisal recently conducted on certain television and radio assets.

Financial Results

Three Months Ended September 30, 2008 Compared to
Three Months Ended September 30, 2007
(Unaudited)

Three-Month Period
Ended September 30,
20082007 % Change
Net revenue$60,988 $64,101   (5)%
Operating expenses (1)  36,977  35,9383%
Corporate expenses (1)   3,772   3,6822%
Depreciation and amortization5,998   5,6706%
Impairment charge  440,020 -  NM

Operating income (loss)   (425,779) 18,811NM
Interest expense, net   (7,550)(16,979) (56)%

Income (loss) before income taxes (433,329)  1,832NM

Income tax (expense) benefit78,847(831)   NM
Income (loss) before equity in net
income (loss) of nonconsolidated
affiliates and discontinued operations   (354,482)  1,001NM
Equity in net income (loss) of
nonconsolidated affiliates (9)245NM

Income (loss) from continuing
operations   (354,491)  1,246NM
Loss from discontinued operations,
net of tax-(2,623)   NM

Net loss $(354,491)$(1,377)   NM

(1) Operating expenses and corporate expenses are defined on page 1.

Net revenue decreased to $61.0 million for the three-month period ended
September 30, 2008 from $64.1 million for the three-month period ended
September 30, 2007, a decrease of $3.1 million. Of the overall decrease, $2.4
million came from our television segment and was primarily attributable to a
decrease in national and local advertising sales and advertising rates, which
in turn was primarily due to the weak economy. Additionally, $0.7 million of
the decrease came from our radio segment and was primarily attributable to a
decrease in local advertising sales and local advertising rates, which in turn
was primarily due to the weak economy.

Operating expenses increased to $37.0 million for the three-month period
ended September 30, 2008 from $35.9 million for the three-month period ended
September 30, 2007, an increase of $1.1 million. The increase was primarily
attributable to an increase in third quarter expenses associated with moving
our annual Los Angeles promotional event from the second quarter to the third
quarter in 2008, as well as an increase in wages, rating services and rent
expense, partially offset by a decrease in expenses associated with the
decrease in net revenue.

Corporate expenses increased to $3.8 million for the three-month period
ended September 30, 2008 from $3.7 million for the three-month period ended
September 30, 2007, an increase of $0.1 million. The increase was attributable
to an increase in non-cash stock-based compensation of $0.1 million.

The Company recorded an impairment charge of $440 million related to
television and radio FCC broadcasting licenses and goodwill as a result of an
appraisal recently conducted on certain television and radio assets.

Nine Months Ended September 30, 2008 Compared to
Nine Months Ended September 30, 2007
(Unaudited)

Nine-Month Period
Ended September 30,
2008 2007% Change
Net revenue   $179,573 $187,532   (4)%
Operating expenses (1) 109,284  107,7561%
Corporate expenses (1)  12,703   12,6840%
Depreciation and amortization   17,185   16,9931%
Impairment charge  440,020  -  NM

Operating income (loss)   (399,619)  50,099NM
Interest expense, net  (26,256) (27,330)  (4)%

Income (loss) before income taxes (425,875)  22,769NM

Income tax (expense) benefit76,167   (9,248)   NM
Income (loss) before equity in net
income (loss) of nonconsolidated
affiliates and discontinued operations   (349,708)  13,521NM
Equity in net income (loss) of
nonconsolidated affiliates   (173) 405NM

Income (loss) from continuing
operations   (349,881)  13,926NM
Loss from discontinued operations,
net of tax (1,573)  (9,992) (84)%

Net income (loss)$(351,454)  $3,934NM

(1) Operating expenses and corporate expenses are defined on page 1.

Net revenue decreased to $179.5 million for the nine-month period ended
September 30, 2008 from $187.5 million for the nine-month period ended
September 30, 2007, a decrease of $8.0 million. Of the overall decrease, $4.5
million came from our television segment and was primarily attributable to a
decrease in national advertising rates, which in turn was primarily due to the
weak economy. Additionally, $3.5 million of the decrease came from our radio
segment and was primarily attributable to a decrease in local advertising
sales and local advertising rates, which in turn was primarily due to the weak
economy.

Operating expenses increased to $109.3 million for the nine-month period
ended September 30, 2008 from $107.8 million for the nine-month period ended
September 30, 2007, an increase of $1.5 million. The increase was primarily
attributable to an increase in wages, rating services and syndication expense,
partially offset by a decrease in expenses associated with the decrease in net
revenue.

Corporate expenses were $12.7 million for each the nine-month periods
ended September 30, 2008 and 2007.

The Company recorded an impairment charge of $440 million related to
television and radio FCC broadcasting licenses and goodwill as a result of an
appraisal recently conducted on certain television and radio assets.

Segment Results
The following represents selected unaudited segment information:

Three-Month Period
Ended September 30,
2008 2007  % Change
Net Revenue
Television$37,479  $39,917(6)%
Radio  23,509   24,184(3)%
Total $60,988  $64,101(5)%

Operating Expenses (1)
Television$21,908  $22,103(1)%
Radio  15,069   13,835 9%
Total $36,977  $35,938 3%

Corporate Expenses (1) $3,772   $3,682 2%

Consolidated adjusted EBITDA (1)  $21,122  $25,280   (16)%

(1) Operating expenses, Corporate expenses, and Consolidated adjusted
EBITDA are defined on page 1.

Commencing with the fourth quarter of 2008, the company will no longer be
providing forward-looking guidance.

Entravision Communications Corporation will hold a conference call to
discuss its 2008 third quarter results on November 5, 2008 at 5 p.m. Eastern
Time.  To access the conference call, please dial 412-858-4600 ten minutes
prior to the start time.  The call will be webcast live and archived for
replay at www.entravision.com.

Entravision Communications Corporation is a diversified Spanish-language
media company utilizing a combination of television and radio operations to
reach Hispanic consumers across the United States, as well as the border
markets of Mexico.  Entravision is the largest affiliate group of both the
top-ranked Univision television network and Univision’s TeleFutura network,
with television stations in 20 of the nation’s top 50 Hispanic markets.  The
company also operates one of the nation’s largest groups of primarily
Spanish-language radio stations, consisting of 48 owned and operated radio
stations.  Entravision shares of Class A Common Stock are traded on The New
York Stock Exchange under the symbol: EVC.

This press release contains certain forward-looking statements.  These
forward-looking statements, which are included in accordance with the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995, may
involve known and unknown risks, uncertainties and other factors that may
cause the Company’s actual results and performance in future periods to be
materially different from any future results or performance suggested by the
forward-looking statements in this press release.  Although the Company
believes the expectations reflected in such forward-looking statements are
based upon reasonable assumptions, it can give no assurance that actual
results will not differ materially from these expectations, and the Company
disclaims any duty to update any forward-looking statements made by the
Company. From time to time, these risks, uncertainties and other factors are
discussed in the Company’s filings with the Securities and Exchange
Commission.

(Financial Table Follows)

Entravision Communications Corporation
Consolidated Statements of Operations
(In thousands, except share and per share data)
(Unaudited)

Three-Month PeriodNine-Month Period
Ended September 30,  Ended September 30,
2008200720082007

Net revenue (including
related parties of $0,
$150, $182 and $450)  $60,988 $64,101   $179,573$187,532

Expenses:
Direct operating expenses
(including related parties
of $3,010, $3,203, $8,582
and $9,132) (including
non-cash stock-based
compensation of $173, $105,
$462 and $356)   25,583  25,204 76,258  74,429
Selling, general and
administrative expenses
(including non-cash stock-
based compensation of $217,
$135, $579 and $535) 11,394  10,734 33,026  33,327
Corporate expenses
(including non-cash stock-
based compensation of $506,
$397, $1,409 and $1,415)  3,772   3,682 12,703  12,684
Depreciation and amortization
(includes direct operating
of $4,706, $4,448, $13,432
and $13,338; selling,
general and administrative
of $1,006, $1,003, $2,991
and $3,005; and corporate of
$286, $219, $762 and $650)
(including related parties
of $580, $580, $1,740 and
$1,740)   5,998   5,670 17,185  16,993
Impairment charge440,020 -  440,020 -
486,767  45,290579,192 137,433
Operating income (loss)   (425,779) 18,811   (399,619) 50,099
Interest expense (including
related parties of $44,
$58, $156 and $199)(8,172)(18,304)   (27,595)(31,221)
Interest income622   1,325  1,339   3,891
Income (loss) before income
taxes   (433,329)  1,832   (425,875) 22,769
Income tax (expense) benefit78,847(831)76,167  (9,248)
Income (loss) before equity
in net income (loss) of
nonconsolidated affiliate
and discontinued
operations (354,482)  1,001   (349,708) 13,521
Equity in net income
(loss) of nonconsolidated
affiliate  (9)245   (173)405
Income (loss) from continuing
operations   (354,491)  1,246   (349,881) 13,926
Loss from discontinued
operations, net of tax
benefit of $0, $1,666,
$604 and $5,826   -(2,623)(1,573) (9,992)
Net income (loss) applicable
to common stockholders  $(354,491)$(1,377) $(351,454) $3,934

Basic and diluted earnings
per share:
Net income (loss) per share
from continuing operations
applicable to common
stockholders, basic and
diluted$(3.98)  $0.01 $(3.80)  $0.13
Net loss per share from
discontinued operations,
basic and diluted$-$(0.02)$(0.02) $(0.09)
Net income (loss) per share
applicable to common
stockholders, basic and
diluted$(3.98) $(0.01)$(3.82)  $0.04

Weighted average common
shares outstanding, basic  89,130,413 102,516,344 92,029,671 103,512,026
Weighted average common
shares outstanding,
diluted89,130,413 103,224,022 92,029,671 104,206,434

Entravision Communications Corporation
Consolidated Statements of Cash Flows
(Unaudited; in thousands)

Three-Month Period Nine-Month Period
Ended September 30,   Ended September 30,
2008   2007  2008   2007

Cash flows from operating
activities:
Net income (loss)$(354,491)  $(1,377)$(351,454)   $3,934
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation and amortization  5,998 5,67017,18516,993
Impairment charge440,020   - 440,020   -
Deferred income taxes(79,198)  330   (77,537)7,563
Amortization of debt issue
costs   100   101   302   303
Amortization of syndication
contracts   700   663 2,255 1,078
Payments on syndication
contracts  (713) (501)   (2,135) (979)
Equity in net (income) loss
of nonconsolidated affiliate  9  (245)  173  (405)
Non-cash stock-based
compensation896   637 2,450 2,306
Change in fair value of interest
rate swap agreements43610,263 3,647 7,467
Changes in assets and
liabilities, net of effect of
acquisitions and dispositions:
(Increase) decrease in
accounts receivable3,490(1,130)3,648(7,113)
Increase in prepaid
expenses and other assets   (178)   (1,112) (100)   (1,243)
Increase (decrease) in
accounts payable, accrued
expenses and other
liabilities   (1,445)  398(3,205)   (1,058)
Effect of discontinued
operations-2,722(2,230)   11,540
Net cash provided by
operating activities15,62416,41933,01940,386
Cash flows from investing
activities:
Proceeds from sale of property
and equipment and intangibles- - 101,49820
Purchases of property and
equipment and intangibles (5,007)   (4,087)  (13,415)  (13,490)
Purchase of a business- - (22,885)  -
Deposits on acquisitions (200)  -(200)  -
Effect of discontinued
operations   - (81) (194)   (1,263)
Net cash provided by
(used in) investing
activities  (5,207)   (4,168)   64,804   (14,733)
Cash flows from financing
activities:
Proceeds from issuance of
common stock 299 1,315   785 6,792
Payments on long-term debt (2)   (1,276)  (11,036)   (2,420)
Repurchase of Class U common
stock- - (10,380)  -
Repurchase of Class A common
stock(10,245)  (42,605)  (46,538)  (45,445)
Change in excess tax benefits
from exercise of stock options   -  97   (25)  573
Net cash used in
financing activities(9,948)  (42,469)  (67,194)  (40,500)
Net increase (decrease)
in cash and cash
equivalents469   (30,218)   30,629   (14,847)
Cash and cash equivalents:
Beginning 117,105   133,89686,945   118,525
Ending   $117,574  $103,678  $117,574  $103,678

Entravision Communications Corporation
Reconciliation of Consolidated Adjusted EBITDA to Cash Flows
From Operating Activities
(Unaudited; in thousands)

The most directly comparable GAAP financial measure is operating cash
flow. A reconciliation of this non-GAAP measure to cash flows from operating
activities for each of the periods presented is as follows:

Three-Month Period   Nine-Month Period
Ended September 30,  Ended September 30,
2008 2007   2008 2007
Consolidated adjusted EBITDA (1)   $21,122  $25,280$60,156  $69,497

Interest expense(8,172) (18,304)   (27,595) (31,221)
Interest income6221,325  1,3393,891
Income tax (expense) benefit78,847 (831)76,167   (9,248)
Amortization of syndication
contracts(700)(663)(2,255)  (1,078)
Payments on syndication contracts  713  501  2,135  979
Non-cash stock-based compensation
included in direct operating
expenses (173)(105)  (462)(356)
Non-cash stock-based compensation
included in selling, general
and administrative expenses  (217)(135)  (579)(535)
Non-cash stock-based compensation
included in corporate expenses   (506)(397)(1,409)  (1,415)
Depreciation and amortization   (5,998)  (5,670)   (17,185) (16,993)
Impairment charge (440,020)   -   (440,020)   -
Equity in net income (loss) of
nonconsolidated affiliates (9) 245   (173) 405
Loss from discontinued operations-   (2,623)(1,573)  (9,992)
Net income (loss) (354,491)  (1,377)  (351,454)   3,934

Depreciation and amortization5,9985,670 17,185   16,993
Impairment charge  440,020-440,020-
Deferred income taxes  (79,198) 330(77,537)   7,563
Amortization of debt issue costs   100  101302  303
Amortization of syndication
contracts 700  663  2,2551,078
Payments on syndication contracts (713)(501)(2,135)(979)
Equity in net (income) loss of
nonconsolidated affiliate   9 (245)   173 (405)
Non-cash stock-based compensation  896  637  2,4502,306
Change in fair value of interest
rate swap agreements  436   10,263  3,6477,467
Changes in assets and liabilities,
net of effect of acquisitions and
dispositions:
(Increase) decrease in accounts
receivable   3,490   (1,130) 3,648   (7,113)
Increase in prepaid expenses
and other assets  (178)  (1,112)  (100)  (1,243)
Increase (decrease) in accounts
payable, accrued expenses and
other liabilities   (1,445) 398 (3,205)  (1,058)
Effect of discontinued operations-2,722 (2,230)  11,540
Cash flows from operating
activities$15,624  $16,419$33,019  $40,386

(1) Consolidated adjusted EBITDA is defined on page 1.

Entravision Communications Corporation
Reconciliation of Free Cash Flow to Net Income (Loss)
(Unaudited; in thousands)

The most directly comparable GAAP financial measure is net income. A
reconciliation of this non-GAAP measure to net income for each of the periods
presented is as follows:

Three-Month Period   Nine-Month Period
Ended September 30,  Ended September 30,
2008  2007  2008  2007
Consolidated adjusted EBITDA (1)$21,122  $25,280$60,156  $69,497

Net interest expense (1)  7,0136,615 22,306   19,560
Cash paid for income taxes  350  403  1,3941,111
Capital expenditures (2)  5,0034,086 13,414   11,505
Free cash flow (1)8,756   14,176 23,042   37,321

Capital expenditures (2)  5,0034,086 13,414   11,505
Non-cash interest (expense)
income relating to amortization
of debt finance costs and interest
rate swap agreements  (537) (10,364)(3,950)  (7,770)
Non-cash income tax (expense)
benefit 79,197 (428)77,561   (8,137)
Amortization of syndication
contracts (700)(663)(2,255)  (1,078)
Payments on syndication contracts   713  501  2,135  979
Non-cash stock-based compensation
included in direct operating
expenses  (173)(105)  (462)(356)
Non-cash stock-based compensation
included in selling, general
and administrative expenses   (217)(135)  (579)(535)
Non-cash stock-based compensation
included in corporate expenses(506)(397)(1,409)  (1,415)
Depreciation and amortization(5,998)  (5,670)   (17,185) (16,993)
Impairment charge  (440,020)   -   (440,020)   -
Equity in net income (loss) of
nonconsolidated affiliates  (9) 245   (173) 405
Loss from discontinued operations -   (2,623)(1,573)  (9,992)
Net income (loss) $(354,491) $(1,377) $(351,454)  $3,934

(1) Consolidated adjusted EBITDA, net interest expense and free cash flow
are defined on page 1.
(2) Capital expenditures is not part of the consolidated statement of
operations.
“

Today, the ya es hora, ¡Ve Y Vota! (It’s Time, Go Vote!) campaign, which includes Entravision Communications, impreMedia, Mi Familia Vota Educational Fund, NALEO Educational Fund, National Council of La Raza and Univision Communications Inc., announced its plan to distribute nearly 1 million voter registration cards in communities across the country, making this the largest Latino voter registration effort of its kind in the nation’s history.

Between Friday, September 26th and Sunday, September 29th, impreMedia, the campaign’s print media partner, will insert voter registration cards into the company’s high-circulation Spanish-language newspapers in seven states: Arizona, California, Colorado, Florida, Illinois, New York, and Texas.  In all, about 990,500 voter registration cards will be inserted and distributed across the country.

“Inserting voter registration cards into community newspapers will help us reach the 17 million Latinos eligible to vote this November by making the process more accessible,” said Monica Lozano, Senior Vice President of Newspapers for impreMedia.  “This is a service we are willing to provide to our readers knowing that they trust us to deliver the news and information they need to participate and make informed decisions related to this year’s critical election,” she concluded.

The voter registration card effort is being launched at the same time the campaign’s other media partners, Entravision and Univision Communications, are both aggressively promoting voter registration to their audiences on radio and television.

“During the first phase of the campaign we saw the significant impact that a multi-platform campaign can have in mobilizing the Hispanic community,” said Cesar Conde, Executive Vice President and Chief Strategy Officer for Univision Communications Inc.  “For Univision this effort is part of our more than 40 year legacy of working with organizations such as NALEO, NCLR and the other corporate partners to inform our audiences on the issues of most importance to our viewers. We know that because of Ya Es Hora Hispanics will be a deciding factor in electing the next president of the United States.”

Providing voter registration cards is the latest phase in a multi-faceted strategy being deployed to engage Latinos in the electoral process as part of the ya es hora, ¡Ve y Vota! (It’s Time, Go Vote!) campaign.  The campaign is a non-partisan national voter mobilization effort targeting millions of Latinos in 2008.  The effort seeks to significantly increase Latino voter registration turnout in the 2008 general election through an unprecedented multi-media campaign that encompasses grassroots, print and broadcast outreach.

The new campaign builds on the success of the ya es hora ¡Ciudadanía! campaign of 2007 in which 1.2 million Legal Permanent Residents (LPRs) became U.S. citizens.  The ya es hora, ¡Ve Y Vota! campaign seeks to mobilize these new citizen voters and the Latino community to become full participants in the American political process.

Throughout the fall, there will be continuous election-related promotional activities and information from the campaign’s media partners as well as grassroots efforts with local partner organizations across the country led by Mi Familia Vota Educational Fund and the National Council of La Raza (NCLR). Additionally, voters needing assistance with any aspect of the electoral process will have access to resources from the NALEO Educational Fund that not only provide voters with news and information through the www.veyvota.org website.  The organization has also launched a toll-free 1-888-VE-Y-VOTA bilingual hotline to connect voters with trained volunteers who can help answer questions, from registering to vote, to finding polling place locations, to assistance with Election Day problems and more.

“With its success in helping over 1.2 million legal permanent residents apply for citizenship, the ya es hora campaign is playing an important role in weaving these new citizens into the fabric of American society,” said Arturo Vargas, Executive Director of the NALEO Educational Fund.  “Through our combined efforts again this fall, the ya es hora campaign partners are ensuring that these new citizens and the Latino community will be full participants in the American political process,” he concluded.

About the Ya Es Hora Campaign

The ya es hora campaign is an historic non-partisan campaign that was launched as the Latino community’s action-oriented follow-up to the mobilizations of 2006.  It is the largest and most comprehensive effort to incorporate Latinos as full participants in the American political process.”

Entravision Communications Corporation (NYSE: EVC) today reported financial results for the three- and six-month periods ended June 30, 2008.
Historical results, which are attached, are in thousands of U.S. dollars (except share and per share data). The results of our outdoor operations are presented in discontinued operations within the statements of operations in accordance with SFAS 144, “Accounting for the Impairment or Disposal of Long-Lived Assets”. This press release contains certain non-GAAP financial measures as defined by SEC Regulation G. The GAAP financial measure most directly comparable to each of these non-GAAP financial measures, and a table reconciling each of these non-GAAP financial measures to its most directly comparable GAAP financial measure, is included beginning on page 8. Unaudited financial highlights are as follows:

Three-Month Period
Ended June 30,
2008  2007  % Change

Net revenue$62,932   $66,536 (5)%
Operating expenses (1)  36,89836,773  0%
Corporate expenses (2)   4,477 4,373  2%

Consolidated adjusted EBITDA (3)22,37125,932(14)%

Free cash flow (4)  $9,871   $15,086(35)%
Free cash flow per share, basic and
diluted (4) $0.11 $0.14(21)%

Net income from continuing operations  $11,661   $11,771 (1)%
Net income applicable to common
stockholders  $10,742$8,598 25%

Net income per share from continuing
operations applicable to common
stockholders, basic and diluted $0.13 $0.11 18%
Net income per share applicable
to common stockholders, basic and
diluted $0.12 $0.08 50%

Weighted average common shares
outstanding, basic 91,573,187   104,174,725
Weighted average common shares
outstanding, diluted   91,835,027   105,124,162

Six-Month Period
Ended June 30,
2008  2007% Change

Net revenue   $118,585  $123,431 (4)%
Operating expenses (1)  72,30771,818  1%
Corporate expenses (2)   8,931 9,002 (1)%

Consolidated adjusted EBITDA (3)39,03444,217(12)%

Free cash flow (4) $14,289   $23,145(38)%
Free cash flow per share, basic and
diluted (4) $0.15 $0.22(32)%

Net income from continuing operations   $4,611   $12,680(64)%
Net income applicable to common
stockholders   $3,038$5,311(43)%

Net income per share from continuing
operations applicable to common
stockholders, basic and diluted $0.05 $0.12(58)%
Net income per share applicable
to common stockholders, basic and
diluted $0.03 $0.05(40)%

Weighted average common shares
outstanding, basic 93,495,230   104,018,118
Weighted average common shares
outstanding, diluted   93,811,980   104,705,891

(1) Operating expenses include direct operating, selling, general and
administrative expenses. Included in operating expenses are $0.4 million and
$0.2 million of non-cash stock-based compensation for the three-month periods
ended June 30, 2008 and 2007, respectively and $0.7 million and $0.7 million
of non-cash stock-based compensation for the six-month periods ended June 30,
2008 and 2007, respectively. Operating expenses do not include corporate
expenses, depreciation and amortization and gain (loss) on sale of assets.

(2) Corporate expenses include $0.5 million and $0.4 million of non-cash
stock-based compensation for the three-month periods ended June 30, 2008 and
2007, respectively and $0.9 million and $1.0 million of non-cash stock-based
compensation for the six-month periods ended June 30, 2008 and 2007,
respectively.

(3) Consolidated adjusted EBITDA means operating income (loss) plus (gain)
loss on sale of assets, depreciation and amortization, non-cash stock-based
compensation included in operating and corporate expenses and syndication
programming amortization less syndication programming payments. We use the
term consolidated adjusted EBITDA because that measure is defined in our
syndicated bank credit facility and does not include (gain) loss on sale of
assets, depreciation and amortization, non-cash stock-based compensation, net
interest expense, income tax expense (benefit), equity in net income (loss) of
nonconsolidated affiliate, loss from discontinued operations and syndication
programming amortization and does include syndication programming payments.
The definition of operating income (loss), and thus consolidated adjusted
EBITDA, excludes (gain) loss on sale of assets, depreciation and amortization,
non-cash stock-based compensation, net interest expense, income tax expense
(benefit), equity in net income (loss) of nonconsolidated affiliate, loss from
discontinued operations and syndication programming amortization. While many
in the financial community and we consider consolidated adjusted EBITDA to be
important, it should be considered in addition to, but not as a substitute for
or superior to, other measures of liquidity and financial performance prepared
in accordance with accounting principles generally accepted in the United
States of America, such as cash flows from operating activities, operating
income and net income. As consolidated adjusted EBITDA excludes non-cash
(gain) loss of sales of assets, non-cash depreciation and amortization, non-
cash stock-based compensation, net interest expense, income tax expense
(benefit), equity in net income (loss) of nonconsolidated affiliate, loss from
discontinued operations and syndication programming amortization and includes
syndication programming payments, consolidated adjusted EBITDA has certain
limitations because it excludes and includes several important non-cash
financial line items. Therefore, we consider both non-GAAP and GAAP measures
when evaluating our business. Consolidated adjusted EBITDA is also used to
make executive compensation decisions.

(4) Free cash flow is defined as consolidated adjusted EBITDA less cash
paid for income taxes, net interest expense and capital expenditures. Net
interest expense is defined as interest expense, less non-cash interest
expense relating to amortization of debt finance costs, less interest income
less the change in the fair value of our interest rate swaps. Free cash flow
per share is defined as free cash flow divided by the diluted weighted average
common shares outstanding.

Commenting on the Company’s earnings results, Walter Ulloa, Chairman and
Chief Executive Officer, said, “During the second quarter we continued to
drive audience growth and strengthen the position of our TV and radio stations
in an advertising market that remains weak due to general economic conditions.
We are taking additional steps to control our costs while continuing to make
prudent investments in our content, marketing and sales capabilities. In
addition, our balance sheet remains strong and we have ample financial
flexibility. The nation’s Hispanic population continues to grow and we remain
optimally positioned to capitalize on this opportunity over the long-term.”

The Company also announced that it repurchased 2.3 million shares of Class
A common stock for approximately $13.7 million in the second quarter of 2008.
The Company announced that it repurchased an additional 1.0 million shares of
Class A common stock for approximately $3.4 million so far in the third
quarter of 2008.

Financial Results

Three Months Ended June 30, 2008 Compared to Three Months Ended June 30, 2007

 (Unaudited)

Three-Month Period
Ended June 30,
2008 2007 % Change

Net revenue   $62,932  $66,536(5)%
Operating expenses (1) 36,898   36,773 0%
Corporate expenses (1)  4,4774,373 2%
Depreciation and amortization   5,6425,603 1%

Operating income   15,915   19,787   (20)%
Interest expense, net   3,458 (505)   NM

Income before income taxes 19,373   19,282 0%

Income tax expense (7,674)  (7,671)0%
Income before equity in net income
(loss) of nonconsolidated
affiliates and discontinued operations11,699   11,611 1%
Equity in net income (loss) of
nonconsolidated affiliates   (38) 160NM

Income from continuing operations  11,661   11,771(1)%
Loss from discontinued operations,
net of tax  (919)  (3,173)  (71)%

Net income$10,742   $8,59825%

(1) Operating expenses and corporate expenses are defined on page 1.

Net revenue decreased to $62.9 million for the three-month period ended
June 30, 2008 from $66.5 million for the three-month period ended June 30,
2007, a decrease of $3.6 million. Of the overall decrease, $2.3 million came
from our radio segment and was primarily attributable to a decrease in second
quarter revenue of $1.2 million associated with moving our annual Los Angeles
promotional event from the second quarter to the third quarter in 2008, as
well as a decrease in local advertising sales and local advertising rates,
which in turn was primarily due to the weak economy. Additionally, $1.3
million of the decrease came from our television segment and was primarily
attributable to a decrease in national advertising sales and national
advertising rates, which in turn was primarily due to the weak economy.

Operating expenses increased to $36.9 million for the three-month period
ended June 30, 2008 from $36.8 million for the three-month period ended June
30, 2007, an increase of $0.1 million. The increase was primarily attributable
to an increase in wages, utility and rent expense, partially offset by a
decrease in second quarter expenses associated with moving our annual Los
Angeles promotional event from the second quarter to the third quarter in 2008
and a decrease in expenses associated with the decrease in net revenue.

Corporate expenses increased to $4.5 million for three-month period ended
June 30, 2008 from $4.4 million for the three-month period ended June 30,
2007, an increase of $0.1 million. The increase was attributable to an
increase in non-cash stock-based compensation of $0.1 million.

Six Months Ended June 30, 2008 Compared to Six Months Ended June 30, 2007
(Unaudited)

Six-Month Period
Ended June 30,
2008 2007  % Change

Net revenue  $118,585 $123,431   (4)%
Operating expenses (1) 72,307   71,8181%
Corporate expenses (1)  8,9319,002   (1)%
Depreciation and amortization  11,187   11,323   (1)%

Operating income   26,160   31,288  (16)%
Interest expense, net (18,706) (10,351)  81%

Income before income taxes  7,454   20,937  (64)%

Income tax expense (2,679)  (8,417) (68)%
Income before equity in net income
(loss) of nonconsolidated affiliates
and discontinued operations4,775   12,520  (62)%
Equity in net income (loss) of
nonconsolidated affiliates  (164) 160   NM

Income from continuing operations   4,611   12,680  (64)%
Loss from discontinued operations,
net of tax(1,573)  (7,369) (79)%

Net income $3,038   $5,311  (43)%

Net revenue decreased to $118.6 million for the six-month period ended
June 30, 2008 from $123.4 million for the six-month period ended June 30,
2007, a decrease of $4.8 million. Of the overall decrease, $2.8 million came
from our radio segment and was primarily attributable to a decrease in revenue
of $1.2 million associated with moving our annual Los Angeles promotional
event from the second quarter to the third quarter in 2008, as well as a
decrease in local advertising sales and local advertising rates, which in turn
was primarily due to the weak economy. Additionally, $2.0 million of the
decrease came from our television segment and was primarily attributable to a
decrease in national advertising rates, which in turn was primarily due to the
weak economy.

Operating expenses increased to $72.3 million for the six-month period
ended June 30, 2008 from $71.8 million for the six-month period ended June 30,
2007, an increase of $0.5 million. The increase was primarily attributable to
an increase in wages, utility and rent expense, partially offset by a decrease
in second quarter expenses associated with moving our annual Los Angeles
promotional event from the second quarter to the third quarter in 2008 and a
decrease in expenses associated with the decrease in net revenue.

Corporate expenses decreased to $8.9 million for six-month period ended
June 30, 2008 from $9.0 million for the six-month period ended June 30, 2007,
a decrease of $0.1 million. The decrease was attributable to a decrease in
non-cash stock-based compensation of $0.1 million.

Segment Results
The following represents selected unaudited segment information:

Three-Month Period
Ended June 30,
2008 2007  % Change
Net Revenue
Television   $38,944  $40,287   (3)%
Radio 23,988   26,249   (9)%
Total$62,932  $66,536   (5)%

Operating Expenses (1)
Television   $21,712  $21,6050%
Radio 15,186   15,1680%
Total$36,898  $36,7730%

Corporate Expenses (1)$4,477   $4,3732%

Consolidated adjusted EBITDA (1) $22,371  $25,932  (14)%

(1) Operating expenses, Corporate expenses, and Consolidated adjusted
EBITDA are defined on page 1.

Guidance

The following is the Company’s guidance for the third quarter of 2008.
Guidance constitutes a “forward-looking statement.” Please see below regarding
statements that are forward-looking.

Operating expenses and corporate expenses include non-cash stock-based
compensation to comply with Statement of Financial Accounting Standards
(”SFAS”) No. 123 (Revised 2004), “Share-Based Payment” (”SFAS 123R”). The
Company expects approximately $0.4 million in operating expenses and $0.5
million in corporate expenses related to equity compensation in the third
quarter of 2008.

For the third quarter of 2008, the Company expects net revenues to
decrease by low- to mid-single digit percentages and operating expenses to
increase by low-single digit percentages as compared to the third quarter of
2007. Excluding the non-cash stock-based compensation, corporate expenses are
expected to be approximately the same as compared to the third quarter of
2007.

Entravision Communications Corporation will hold a conference call to
discuss its 2008 second quarter results on August 6, 2008 at 5 p.m. Eastern
Time. To access the conference call, please dial 412-858-4600 ten minutes
prior to the start time. The call will be webcast live and archived for
replay at www.entravision.com.

Entravision Communications Corporation is a diversified Spanish-language
media company utilizing a combination of television and radio operations to
reach Hispanic consumers across the United States, as well as the border
markets of Mexico. Entravision is the largest affiliate group of both the
top-ranked Univision television network and Univision’s TeleFutura network,
with television stations in 20 of the nation’s top 50 Hispanic markets. The
company also operates one of the nation’s largest groups of primarily Spanish-
language radio stations, consisting of 48 owned and operated radio stations.
Entravision shares of Class A Common Stock are traded on The New York Stock
Exchange under the symbol: EVC.

This press release contains certain forward-looking statements. These
forward-looking statements, which are included in accordance with the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995, may
involve known and unknown risks, uncertainties and other factors that may
cause the Company’s actual results and performance in future periods to be
materially different from any future results or performance suggested by the
forward-looking statements in this press release. Although the Company
believes the expectations reflected in such forward-looking statements are
based upon reasonable assumptions, it can give no assurance that actual
results will not differ materially from these expectations, and the Company
disclaims any duty to update any forward-looking statements made by the
Company. From time to time, these risks, uncertainties and other factors are
discussed in the Company’s filings with the Securities and Exchange
Commission.

  (Financial Table Follows)

Entravision Communications Corporation
Consolidated Statements of Operations
(In thousands, except share and per share data)
(Unaudited)

Three-Month PeriodSix-Month Period
Ended June 30,   Ended June 30,
20082007 20082007

Net revenue (including
related parties of $32,
$150, $182 and $300)   $62,932  $66,536$118,585 $123,431

Expenses:
Direct operating
expenses (including
related parties of
$3,079, $3,202, $5,572
and $5,929)(including
non-cash stock-based
compensation of $165,
$97, $289 and $251)   25,942   25,009  50,676   49,225
Selling, general and
administrative
expenses (including
non-cash stock-based
compensation of $207,
$135, $362 and $400)  10,956   11,764  21,631   22,593
Corporate expenses
(including non-cash
stock-based
compensation of $468,
$370, $903 and $1,018) 4,4774,373   8,9319,002
Depreciation and
amortization
(includes direct
operating of $4,382,
$4,412, $8,726 and
$8,891; selling,
general and
administrative of
$983, $975, $1,985
and $2,001; and corporate
of $277, $216, $476
and $431)(including
related parties of $580,
$580, $1,160 and $1,160)   5,6425,603  11,187   11,323
47,017   46,749  92,425   92,143
Operating income 15,915   19,787  26,160   31,288
Interest expense
(including related
parties of $54, $68,
$112 and $141)   3,172   (1,807)(19,423) (12,917)
Interest income 2861,302 7172,566
Income before income
taxes   19,373   19,282   7,454   20,937
Income tax expense   (7,674)  (7,671) (2,679)  (8,417)
Income before equity
in net income
(loss) of
nonconsolidated
affiliate and
discontinued
operations  11,699   11,611   4,775   12,520
Equity in net income
(loss) of
nonconsolidated
affiliate  (38) 160(164) 160
Income from continuing
operations  11,661   11,771   4,611   12,680
Loss from discontinued
operations, net of tax
(expense) benefit of
($369), $1,514, $604 and
$4,160(919)  (3,173) (1,573)  (7,369)
Net income applicable to
common stockholders$10,742   $8,598  $3,038   $5,311

Basic and diluted
earnings per share:
Net income per share
from continuing
operations applicable
to common stockholders,
basic and diluted$0.13$0.11   $0.05$0.12
Net loss per share from
discontinued
operations, basic and
diluted $(0.01)  $(0.03) $(0.02)  $(0.07)
Net income per share
applicable to common
stockholders,
basic and diluted$0.12$0.08   $0.03$0.05

Weighted average common
shares outstanding,
basic   91,573,187  104,174,725  93,495,230  104,018,118
Weighted average common
shares outstanding,
diluted 91,835,027  105,124,162  93,811,980  104,705,891

Entravision Communications Corporation
Consolidated Statements of Cash Flows
(In thousands, except share and per share data)
(Unaudited)

Three-Month Period   Six-Month Period
Ended June 30,  Ended June 30,
2008 2007   2008 2007

Cash flows from operating activities:
Net income $10,742$8,598$3,038$5,311
Adjustments to reconcile net
income to net cash provided by
operating activities:
Depreciation and amortization  5,642 5,60311,18711,323
Deferred income taxes  6,877 9,598 1,660 7,233
Amortization of debt issue costs 101   101   202   202
Amortization of syndication
contracts   689   399 1,555  415
Payments on syndication contracts   (715) (459)   (1,422)(478)
Equity in net (income) loss of
nonconsolidated affiliate38  (160)  164 (160)
Non-cash stock-based compensation840   602 1,5541,669
Change in fair value of
interest rate swap agreements   (10,832)   (6,082)3,211   (2,796)
Changes in assets and
liabilities, net of effect of
acquisitions and dispositions:
(Increase) decrease in
accounts receivable(6,317)   (8,699)  158   (5,983)
(Increase) decrease in
prepaid expenses and other
assets733   32278 (131)
Increase (decrease) in
accounts payable, accrued
expenses and other
liabilities  (659)1,806(1,760)  (1,456)
Effect of discontinued
operations   (1,569)  712(2,230)   8,818
Net cash provided by
operating activities  5,57012,34117,395   23,967
Cash flows from investing activities:
Proceeds from sale of property
and equipment and intangibles 101,40720   101,498   20
Purchases of property and
equipment and intangibles  (4,404)   (5,978)   (8,408)  (9,403)
Purchase of a business - - (22,885)  -
Effect of discontinued operations  (64) (823) (194)  (1,182)
Net cash provided by (used
in) investing activities 96,939(6,781)   70,011  (10,565)
Cash flows from financing activities:
Proceeds from issuance of common
stock -   2,925   4865,477
Payments on long-term debt  (1,007)   (1,068)  (11,034)  (1,144)
Repurchase of Class U common
stock - - (10,380)  -
Repurchase of Class A common
stock (13,793)  - (36,293)  (2,840)
Change in excess tax benefits
from exercise of stock options(25)  353   (25) 476
Net cash provided by (used
in) financing activities(14,825)2,210   (57,246)   1,969
Net increase in cash and
cash equivalents 87,684 7,77030,160   15,371
Cash and cash equivalents:
Beginning   29,421   126,12686,945  118,525
Ending$117,105  $133,896  $117,105 $133,896

Entravision Communications Corporation

 Reconciliation of Consolidated Adjusted EBITDA to Cash Flows From Operating
Activities
(Unaudited; in thousands)

The most directly comparable GAAP financial measure is operating cash
flow. A reconciliation of this non-GAAP measure to cash flows from operating
activities for each of the periods presented is as follows:

Three-Month Period   Six-Month Period
Ended June 30,  Ended June 30,
2008  2007  2008  2007

Consolidated adjusted EBITDA (1)$22,371   $25,932   $39,034   $44,217

Interest expense  3,172(1,807)  (19,423)  (12,917)
Interest income 286 1,302   717 2,566
Income tax expense   (7,674)   (7,671)   (2,679)   (8,417)
Amortization of syndication
contracts (689) (399)   (1,555) (415)
Payments on syndication contracts   715   459 1,422   478
Non-cash stock-based compensation
included in direct operating
expenses   (165)  (97) (289) (251)
Non-cash stock-based compensation
included in selling, general
and administrative expenses (207) (135) (362) (400)
Non-cash stock-based compensation
included in corporate expenses(468) (370) (903)   (1,018)
Depreciation and amortization(5,642)   (5,603)  (11,187)  (11,323)
Equity in net income (loss) of
nonconsolidated affiliates (38)  160  (164)  160
Loss from discontinued operations  (919)   (3,173)   (1,573)   (7,369)
Net income   10,742 8,598 3,038 5,311

Depreciation and amortization 5,642 5,60311,18711,323
Deferred income taxes 6,877 9,598 1,660 7,233
Amortization of debt issue costs101   101   202   202
Amortization of syndication
contracts  689   399 1,555   415
Payments on syndication contracts  (715) (459)   (1,422) (478)
Equity in net (income) loss of
nonconsolidated affiliate   38  (160)  164  (160)
Non-cash stock-based compensation   840   602 1,554 1,669
Change in fair value of interest
rate swap agreements   (10,832)   (6,082)3,211(2,796)
Changes in assets and liabilities,
net of effect of acquisitions and
dispositions:
(Increase) decrease in accounts
receivable   (6,317)   (8,699)  158(5,983)
(Increase) decrease in prepaid
expenses and other assets   733   32278  (131)
Increase (decrease) in accounts
payable, accrued expenses and
other liabilities  (659)1,806(1,760)   (1,456)
Effect of discontinued operations(1,569)  712(2,230)8,818
Cash flows from operating
activities  $5,570   $12,341   $17,395   $23,967

(1)  Consolidated adjusted EBITDA is defined on page 1.

Entravision Communications Corporation
Reconciliation of Free Cash Flow to Net Income
(Unaudited; in thousands)

The most directly comparable GAAP financial measure is net income. A
reconciliation of this non-GAAP measure to net income for each of the periods
presented is as follows:

Three-Month Period Six-Month Period
Ended June 30,Ended June 30,
2008 2007 2008 2007

Consolidated adjusted EBITDA (1)  $22,371  $25,932  $39,034  $44,217

Net interest expense (1)7,2746,486   15,293   12,945
Cash paid for income taxes822  3661,044  708
Capital expenditures (2)4,4043,9948,4087,419
Free cash flow (1)  9,871   15,086   14,289   23,145

Capital expenditures (2)4,4043,9948,4087,419
Non-cash interest (expense) income
relating to amortization of debt
finance costs and interest rate
swap agreements   10,7325,981   (3,413)   2,594
Non-cash income tax expense(6,852)  (7,305)  (1,635)  (7,709)
Amortization of syndication contracts(689)(399)  (1,555)(415)
Payments on syndication contracts 715  4591,422  478
Non-cash stock-based compensation
included in direct operating
expenses (165) (97)(289)(251)
Non-cash stock-based compensation
included in selling, general
and administrative expenses   (207)(135)(362)(400)
Non-cash stock-based compensation
included in corporate expenses  (468)(370)(903)  (1,018)
Depreciation and amortization  (5,642)  (5,603) (11,187) (11,323)
Equity in net income (loss) of
nonconsolidated affiliates   (38) 160 (164) 160
Loss from discontinued operations(919)  (3,173)  (1,573)  (7,369)
Net income$10,742   $8,598   $3,038   $5,311

(1) Consolidated adjusted EBITDA, net interest expense and free cash flow
are defined on page 1.

(2) Capital expenditures is not part of the consolidated statement of
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Comcast Corporation, the nation’s leading provider of entertainment, information and communications products and services, and Entravision Communications Corporation have teamed-up to deliver Spanish-language content for the upcoming 2008 Democratic National Convention.

As part of the partnership, Comcast will provide Spanish-language translation services for content and programming from the Democratic National Convention, which will give Entravision up to eight hours of content per day to air across its network of radio and television stations and stream on its websites.

In addition, Comcast Latino, the online destination for Latinos, will stream video content of the Democratic National Convention on its popular site, Comcast.terra.com, which is powered by Terra.com. Terra is the largest original digital content producer for U.S. Hispanics and includes 29 channels in Spanish featuring News, Music, Entertainment, Sports and Terra TV, as well as community areas, blogs and services. Terra.com has 2.6 million unique viewers in the U.S. per month.

“We are excited about this partnership with Entravision and Comcast Latino to provide this important content in Spanish to Latinos across the country,” said David L. Cohen, Executive Vice President, Comcast Corporation. “Many more Latinos will now have the opportunity to be a part of the electoral process and experience the messages conveyed during the Democratic National Convention.”

“The translation and technology services offered by Comcast and Entravision will play an important role in equipping our citizens with the tools to more fully participate in the Convention,” said U.S. Senator Ken Salazar. “For communities who have not engaged in the political process due to language barriers, this partnership provides a tremendous community service.”

“Entravision is pleased to be partnering with Comcast to provide this valuable content to the Latino community,” said Walter F. Ulloa, Chairman and Chief Executive Officer of Entravision. “We are committed to encouraging the Latino community to become engaged in the political process and providing information from the Democratic National Convention through our outlets will allow the messages to reach hundreds of thousands of Spanish-language radio listeners and TV viewers.”

Last month, the Democratic National Convention Committee (DNCC) announced that Comcast Corporation will produce simultaneous, online streaming coverage of the Convention in Spanish at DemConvention.com and make available a broad range of Convention content through its signature video on demand service. The DNCC also announced that Comcast has been named the Convention’s Official Cable Television and Video-On-Demand (VOD) provider. The 2008 Democratic National Convention will run from Monday, August 25, until Thursday, August 28, in Denver, Colorado.

“From day one, we set out to make this year’s Convention different – one that is more accessible to the American people and more inclusive of our Party’s ‘big tent,’” said Leah D. Daughtry, CEO of the Democratic National Convention Committee. “Working with Comcast to expand the reach of our unprecedented Spanish language simulcast is yet another example of how we are throwing open the doors of this Convention and bringing all Americans into this historic experience.”

About Comcast Corporation

Comcast Corporation (Nasdaq:CMCSA, CMCSK) (www.comcast.com) is the nation’s leading provider of entertainment, information and communications products and services. With 24.7 million cable customers, 14.1 million high-speed Internet customers, and 5.2 million voice customers, Comcast is principally involved in the development, management and operation of broadband cable systems and in the delivery of programming content.

Comcast’s content networks and investments include E! Entertainment Television, Style Network, The Golf Channel, VERSUS, G4, PBS KIDS Sprout, TV One, ten Comcast SportsNet networks and Comcast Interactive Media, which develops and operates Comcast’s Internet business. Comcast also has a majority ownership in Comcast-Spectacor, whose major holdings include the Philadelphia Flyers NHL hockey team, the Philadelphia 76ers NBA basketball team and two large multipurpose arenas in Philadelphia.

About Entravision Communications Corporation

Entravision Communications Corporation (NYSE:EVC) is a diversified Spanish-language media company utilizing a combination of television and radio operations to reach Hispanic consumers across the United States, as well as the border markets of Mexico. Entravision is the largest affiliate group of both the top-ranked Univision television network and Univision’s TeleFutura network, with television stations in 20 of the nation’s top 50 Hispanic markets. The company also operates one of the nation’s largest groups of primarily Spanish-language radio stations, consisting of 48 owned and operated radio stations. Entravision shares of Class A Common Stock are traded on The New York Stock Exchange under the symbol: EVC. “

“It seems everyone knows it’s going to happen — they’re just not sure what to do about it,” said Rudy Guernica, general manager of Entravision Communications (NYSE:EVC), which operates the affiliates of Univision and TeleFutura in the Washington market. “We’re going to get a lot of phone calls, and then it will get sorted out.”"*

nivision Communications Inc., the nation’s leading Spanish-language media company, and the “Ya es Hora” (It’s Time) national partners, announced the expansion of this award-winning civic engagement campaign through new local efforts in partnership with mayors in the top Hispanic cities to register and mobilize voters. Mayors partnering in this effort include New York Mayor Michael R. Bloomberg, Miami Mayor Manny Diaz, Dallas Mayor Tom Leppert, San Francisco Mayor Gavin Newsom, Los Angeles Mayor Antonio Villaraigosa and Houston Mayor Bill White.

As part of the partnership, the mayors will participate in public service announcements (PSAs) to run on Univision, Univision Radio and Univision.com (Keyword: Ya es Hora), which will support local grassroots activities taking place in their communities. In addition, Univision will also launch new PSAs focused on informing its audiences about absentee voting.

“The fact that today we are able to engage the mayors of cities with large Hispanic populations in this effort means that we will be able to further enhance our reach and mobilize our community,” said Cesar Conde, executive vice president and chief strategy officer, Univision Communications Inc. “Hispanics will be instrumental in electing the next president of the United States and we are committed to doing our part to empower this important constituency.”

”Our ability to ensure our constituents are informed and able to participate in local, state and national elections is critical,” said Mayor Diaz. ”One of our priorities at the U.S. Conference of Mayors is promoting civic engagement which makes the partnership between the mayors of these Hispanic cities, Univision and the ‘Ya es Hora’ partnership crucial to our efforts.”

“We have seen unprecedented engagement by Hispanics in the primaries because of the ‘Ya es Hora’ campaign,” said Arturo Vargas, executive director of the NALEO Educational Fund, a national “Ya es Hora” partner. “This speaks to the power of ongoing outreach and information efforts. Most importantly, it once again highlights the commitment of Hispanics across the country to become active, and have a voice, in their communities.”

“In the last few months we have had thousands of Hispanics become naturalized citizens in the Los Angeles area because of the ‘Ya Es Hora’ campaign,” said Mayor Villaraigosa. “By helping these new citizens, as well as any other eligible voters to register to vote, we will increase participation at the polls and enhance civic participation, which is vital in a thriving democracy.”

“Latinos comprise a powerful and growing segment of voters in America,” said San Francisco Mayor Gavin Newsom. “In this day and age, candidates for the most powerful offices in the country know that to win, they must appeal to Latinos. Thanks to the great work of Univision and NALEO on the ‘Ya es Hora’ campaign, I expect Latinos to flood the polls this November and play a major role in deciding who becomes the next President of the United States.”

The Peabody award-winning “Ya es Hora” initiative is a national civic engagement campaign developed to inform, educate and motivate Hispanics to participate in the American political dialogue by leveraging the power of a coalition of the nation’s largest and most established Hispanic organizations and the country’s largest Spanish-language media companies. Since January 2007, the campaign has mobilized close to 1.4 million eligible immigrants to apply for citizenship, secured more than 400 local community based organizations as partners, generated more than 40,000 calls to the 888-Ve-Y-Vota toll free number, driven more than 94,000 unique visits to www.yaeshora.info, distributed more than 110,000 brochures and conducted more than 200 citizenship workshops. Univision, the NALEO Educational Fund, the Service Employees International Union (SEIU), National Council of La Raza, ImpreMedia, Entravision Communications, Mi Familia Vota Educational Fund and more than 400 organizations are partners in this effort.

About the NALEO Educational Fund:

The NALEO Educational Fund is the leading nonprofit organization that facilitates the full participation of Latinos in the American political process, from citizenship to public service.

About Univision Communications Inc.:

Univision Communications Inc. is the premier Spanish-language media company in the United States. Its operations include Univision Network, the most-watched Spanish-language broadcast television network in the U.S. reaching 97% of U.S. Hispanic Households; TeleFutura Network, a general-interest Spanish-language broadcast television network, which was launched in 2002 and now reaches 85% of U.S. Hispanic Households; Galavisión, the country’s leading Spanish-language cable network; Univision Television Group, which owns and operates 63 television stations in major U.S. Hispanic markets and Puerto Rico; Univision Radio, the leading Spanish-language radio group which owns and/or operates 70 radio stations in 16 of the top 25 U.S. Hispanic markets and 5 stations in Puerto Rico; and Univision Online, the premier Spanish-language Internet destination in the U.S. located at http://www.univision.com. Univision Communications also has a 50% interest in TuTv, a joint venture formed to broadcast Televisa’s pay television channels in the U.S. Univision Communications has television network operations in Miami and television and radio stations and sales offices in major cities throughout the United States.

For more information, please visit www.univision.net.

Contacts

Univision Communications Inc., New York
Mónica Talán, 212-455-5331 or 917-331-9327
marketingcomm@univision.net

“*

The leading Spanish-language radio broadcasters in the U.S., including Spanish Broadcasting System (Nasdaq: SBSA), Entravision Communications Corporation (EVC), Univision Communications Inc. and Border Media Partners, have formed an industry-focused coalition to voice concerns about Arbitron’s proposed rollout of the flawed Portable People Meter (PPM) and the potentially harmful impact it could have in the industry as it relates to measuring Spanish-language media. The newly created group has been named the Spanish Radio Association (”SRA”).

The group held a meeting with Arbitron on June 6, 2008 during which they advocated the importance of properly evaluating the Hispanic audience measurement capabilities and effectiveness of Arbitron’s PPM before its full-scale implementation.

Representing the major Spanish-language broadcasters were Raul Alarcon, Jr., chief executive officer and president of Spanish Broadcasting Systems; Gary Stone, president and chief operating officer of Univision Radio; Jeffery Liberman, president of Entravision’s radio division; and Jeff Hinson, president and chief executive officer of Border Media Partners. Senator Robert Menendez (D-New Jersey) also attended the meeting to support the group’s strong concerns, and he reminded Arbitron’s chief executive officer Steve Morris that PPM will not only affect Spanish-language broadcasters but every Hispanic in the country.

“Ensuring that the next generation of audience measurement is accurately developed, tested, accredited, and ultimately accepted by the entire radio industry, is of critical importance,” said Alarcon. “The Hispanic population in the U.S. is growing rapidly and becoming more influential, while Spanish-language radio is becoming one of the most popular formats in the country. With that in mind, Arbitron must take the necessary steps towards understanding the impact this audience measurement tool will have on one of the industry’s most important constituencies.”

“Hispanic buying power is growing substantially and was estimated to be in excess of $840 billion dollars in the United States in 2007. Based on this growth, it is extremely important that Arbitron ensures sound methodology and representation of Hispanics,” added Liberman. “We urge Arbitron not to move forward with the rollout of PPM until all ethnic broadcasters are satisfied that the principles of fair market representation are being fulfilled.”

“We are 100% committed to ensuring accountability to advertisers, viewers and partners,” said Ceril Shagrin, executive vice president, Corporate Research Division, Univision Communications Inc. “However, this means we need to have accurate and actionable data. It is imperative that Arbitron ensures PPM effectively measures all audience segments before implementation. Any inaccuracy will impact the entire industry as it will not be reliable or credible.”

As part of the meeting, the SRA highlighted several key issues with PPM that need to be addressed before moving forward with the rollout, including panel sample size, the increased response rates, accurately identifying and tracking panelists’ country of origin, improved language weighting, accurate cell phone-only representation, fair measurement when it comes to high-density Hispanic areas and sharing of more detailed sample information including meter placement according to zip codes, among others.

The group intends to meet regularly with Arbitron in an effort to ensure any sample includes accurate measurement of Hispanic audiences in all markets that will be launching PPM as currency.

About Spanish Broadcasting System, Inc.

Spanish Broadcasting System, Inc. is the largest publicly traded Hispanic-controlled media and entertainment company in the United States. SBS owns and/or operates 21 radio stations located in the top Hispanic markets of New York, Los Angeles, Miami, Chicago, San Francisco and Puerto Rico, including the #1 Spanish-language radio station in America, WSKQ-FM in New York City, as well as 4 of the Top 7 rated radio stations airing the Tropical, Mexican Regional, Spanish Adult Contemporary and Urban format genres. The Company also owns and operates Mega TV, a television operation serving the South Florida market with national distribution through DirecTV Mas. SBS also produces live concerts and events throughout the U.S. and Puerto Rico. In addition, the Company operates www.LaMusica.com, a bilingual Spanish-English online site providing content related to Latin music, entertainment, news and culture. The Company’s corporate Web site can be accessed at www.spanishbroadcasting.com

About Univision Radio

Univision Communications Inc. is the premier Spanish-language media company in the United States. Its operations include Univision Network, the most-watched Spanish-language broadcast television network in the U.S. reaching 97% of U.S. Hispanic Households; TeleFutura Network, a general-interest Spanish-language broadcast television network, which was launched in 2002 and now reaches 85% of U.S. Hispanic Households; Galavision, the country’s leading Spanish-language cable network; Univision Television Group, which owns and operates 63 television stations in major U.S. Hispanic markets and Puerto Rico; Univision Radio, the leading Spanish-language radio group which owns and/or operates 70 radio stations in 16 of the top 25 U.S. Hispanic markets and 5 stations in Puerto Rico; and Univision Online, the premier Spanish-language Internet destination in the U.S. located at http://www.univision.com. Univision Communications also has a 50% interest in TuTv, a joint venture formed to broadcast Televisa’s pay television channels in the U.S. Univision Communications has television network operations in Miami and television and radio stations and sales offices in major cities throughout the United States.

About Entravision Communications Corporation

Entravision Communications Corporation is a diversified Spanish-language media company utilizing a combination of television and radio operations to reach Hispanic consumers across the United States, as well as the border markets of Mexico. Entravision is the largest affiliate group of both the top-ranked Univision television network and Univision’s TeleFutura network, with television stations in 20 of the nation’s top 50 Hispanic markets. The company also operates one of the nation’s largest groups of primarily Spanish-language radio stations, consisting of 48 owned and operated radio stations. Entravision shares of Class A Common Stock are traded on The New York Stock Exchange under the symbol: EVC. The company’s corporate website can be found at www.entravision.com.

About Border Media Partners

Border Media Partners owns and/or operates 30 radio stations in five Texas markets including San Antonio, Austin, the Rio Grande Valley, Laredo, and Waco.”

Entravision Communications Corporation (NYSE: EVC) announced today that Christopher T. Young, Executive Vice President, Treasurer and Chief Financial Officer, will be presenting at Wachovia’s 18th Annual Nantucket Equity Conference being held June 23-26, 2008 at the White Elephant hotel in Nantucket, MA.

Mr. Young is scheduled to present on Monday, June 23 at 11:45 A.M. Eastern Daylight Time.

A live webcast and slides from the presentation will be available on the company’s Web site, located at www.entravision.com and will be archived for 30 days.”*

Shares of Spanish-language media company Entravision Communications Corp. sank to a new year low Friday after a Citi analyst downgraded the stock, citing concerns over lower ad revenue and a legal dispute.

Shares dropped $1.07, or 19 percent, to $4.71, as Citi analyst Tony Wible cut his rating to “Hold” from “Buy.” and the broader markets sold off on a bigger-than-expected rise in unemployment and a surge in crude oil prices. Earlier in the session, the stock hit a new annual low of $4.46.”*

he Association of Hispanic Advertising Agencies is creating a new advisory council that will work with Arbitron on both problems and opportunities related to the new Portable People Meter, a passive electronic device for measuring radio listening.

The advisory council, formally announced Monday at a Hispanic radio conference organized by trade pub Radio Ink, includes broadcasters Univision, Entravision, Spanish Broadcasting System and ABC Radio Networks, top Hispanic ad agencies and two Arbitron executives: Stacie de Armas, its director of multicultural business affairs, and Bob Patchen, chief research officer.”*

AHAA Chairman Jose Lopez-Varela Announces Members of PPM Council

In the wake of swirling opinions and concerns over the preliminary ratings of Hispanic radio audiences using Portable People Meters (PPM: 13.01, +0.02, +0.15%), the Chairman of the Association of Hispanic Advertising Agencies (AHAA) Jose Lopez-Varela announced today the members of the newly formed AHAA Council on PPM. These industry leaders, representing Hispanic radio broadcasters and Hispanic-specialized agencies and led by Isabella Sanchez, vice president and managing director of Tapestry, will assess the issues and opportunities with the new electronic measurement system. The Council is tasked with ensuring that the methodology and design of the Hispanic sample accurately represents the Hispanic population and their listening behavior.

Members of the AHAA Council on PPM were announced, and those present recognized, at the Radio Ink Hispanic Radio Conference in Miami today. Members include:

Gloria Constanza

Partner, Chief Contact Strategist - d. Exposito & Partners

Jim Irvine

Sr. Director of Media Strategies - Lopez Negrete Communications

Tracy Decker

EVP, Media Director - GlobalHue

Tomas Ruiz

Director of Media Buying - Bromley Communications

Nancy Tellet

VP, Director of Media & Strategic Planning - Siboney

Oswald Mendez

Managing Partner, Integrated Communications - The Vidal Partnership

Jeanette Millan

Activation Director - MV 42��

Lula Olmedo

Media Director - Zubi Advertising

Raul Lopez

President - Phoenix Multicultural

Jeff Lieberman

President, Radio Division -Entravision

Ceril Shagrin

Senior Vice President, Corporate Research - Univision

Belia Jimenez

Director, Multicultural Research - ABC Radio Networks

Kathleen Bohan

VP, Research & Marketing - Univision Radio

Pio Ferro

National Program Director - Spanish Broadcasting System (SBS: 54.85, -1.05, -1.87%)

Stacie de Armas

Director, Office of Multicultural Business Affairs - Arbitron

Bob Patchen

Chief Research Officer - Arbitron

“We’ve assembled a team of Hispanic advertising and media heavy hitters that understand the critical importance of moving to electronic measurement while maintaining the integrity of our market,” says Lopez-Varela. “The preliminary launch of PPM resulted in enormous declines in Hispanic radio audience size, station rankings, and time Hispanics spent listening to their favorite stations. Members of our industry have cited multiple flaws in the methodology, measurement (exposure to radio signal versus preference), design and implementation which all will be addressed by the AHAA Council on PPM.”

Next steps for the Council will be a meeting of all representatives to lay out the concerns in-depth and begin developing a path to effective adoption of the new rating system. “Without reform, PPM implementation could have serious consequences for the Hispanic advertising and media industry,” says Sanchez. “The Council will be a forum to unite our issues, identify problem areas and try to create resolution that will benefit everyone.”

Lopez-Varela chose to make the announcement at The Radio Ink Hispanic Radio Conference following a panel discussion in which both he and Sanchez participated. The Radio Ink Hispanic Radio Conference is the only conference dedicated solely to Hispanic radio and focuses on the issues, challenges and opportunities that Hispanic radio broadcasters face in serving their communities and their advertisers. “PPM is a hot topic at the conference and we want to ensure our media partners that AHAA is taking bold steps to ensure we are connected on this issue.”"

Entravision Communications Corporation (NYSE: EVC) announced today that it completed the sale of its outdoor advertising operations to Lamar Advertising Company on May 16, 2008 for $100 million in cash. Entravision’s Chairman and Chief Executive Officer, Walter F. Ulloa, said, “The proceeds from the sale of our outdoor division will strengthen our balance sheet, improve our financial flexibility and reinforce our ability to execute on our strategic plan to the benefit of our shareholders.”"*