8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 28, 2008

ENTRAVISION COMMUNICATIONS CORPORATION

(Exact name of registrant as specified in its charter)

Delaware	1-15997	95-4783236
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

2425 Olympic Boulevard, Suite 6000 West, Santa Monica, California	90404
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (310) 447-3870

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On February 28, 2008, Entravision Communications Corporation (the “Company”) issued a press release announcing its results of operations for the three-and twelve-month periods ended December 31, 2007. A copy of that press release is furnished herewith as Exhibit 99.1.

The information in this Current Report on Form 8-K, including the exhibit hereto, is being furnished under Item 2.02 and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed to be incorporated by reference into any future registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, regardless of the general incorporation language of such filing, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

99.1 Press release issued by Entravision Communications Corporation on February 28, 2008.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	ENTRAVISION COMMUNICATIONS CORPORATION
Date: February 28, 2008	By:	/s/ Walter F. Ulloa
		Walter F. Ulloa Chairman and Chief Executive Officer

- 3 -

EXHIBIT INDEX

Exhibit Number	Description of Exhibit
99.1	Press release issued by Entravision Communications Corporation on February 28, 2008.

- 4 -

EX-99.1

EXHIBIT 99.1

ENTRAVISION COMMUNICATIONS CORPORATION REPORTS

FOURTH QUARTER AND YEAR END 2007 RESULTS

-2007 Pro Forma Net Revenue Even with the Prior Year-

-Announces Sale of Outdoor Advertising Division for $100 million-

- Repurchases 7.2 Million Shares in 2007 –

SANTA MONICA, CALIFORNIA, February 28, 2008—Entravision Communications Corporation (NYSE: EVC) today reported financial results for the three- and twelve-month periods ended December 31, 2007. While net revenue decreased 2%, pro forma net revenue was even with the prior year and free cash flow increased 20% for the year ended December 31, 2007.

Historical results, which are attached, are in thousands of U.S. dollars (except share and per share data). 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 9. Unaudited financial highlights are as follows:

	Three Months Ended December 31,							Twelve Months Ended December 31,
	2007			2006		% Change		2007			2006			% Change
Net revenue	$	62,514		$	64,086	(2	)%	$	250,046		$	255,134		(2	)%
Operating expenses (1)		36,119			36,212	(0	)%		143,875			144,566		(0	)%
Corporate expenses (2)		4,668			4,623	1	%		17,353			17,520		(1	)%
Consolidated adjusted EBITDA (3)		22,987			25,645	(10	)%		94,110			100,081		(6	)%
Pro forma net revenue (4)		62,514			63,642	(2	)%		250,046			249,360		0	%
Free cash flow (5)	$	13,418		$	13,240	1	%	$	50,879		$	42,414		20	%
Free cash flow per share, basic and diluted (5)	$	0.14		$	0.13	8	%	$	0.50		$	0.40		25	%
Net income (loss)	$	(47,988	)	$	21,388	NM		$	(44,054	)	$	(134,599	)	(67	)%
Net income (loss) per share applicable to common stockholders, basic and diluted	$	(0.49	)	$	0.20	NM		$	(0.43	)	$	(1.27	)	(66	)%
Weighted average common shares outstanding, basic		98,806,107			104,725,252				102,382,307			106,078,486
Weighted average common shares outstanding, diluted		98,806,107			104,812,441				102,382,307			106,078,486

(1) Operating expenses include direct operating, selling, general and administrative expenses. Included in operating expenses are $0.2 million and $0.2 million of non-cash stock-based compensation for the three-month periods ended December 31, 2007 and 2006, respectively and $1.1 million and $1.2 million of non-cash stock-based compensation for the twelve-month periods ended December 31, 2007 and 2006, 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 December 31, 2007 and 2006, respectively and $1.9 million and $1.6 million of non-cash stock-based compensation for the twelve-month periods ended December 31, 2007 and 2006, respectively.

(3) Consolidated adjusted EBITDA means net 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, non-cash corporate expense, net interest expense, income tax expense (benefit), equity in net income (loss) of nonconsolidated affiliate 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 non-cash stock-based compensation, non-cash corporate expense, non-cash impairment loss, (gain) loss on sale of assets, net interest expense, income tax expense (benefit), equity in net income (loss) of nonconsolidated affiliate and syndication programming amortization and does include syndication programming payments. 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 awards, non-cash corporate expense, net interest expense, income tax expense (benefit), equity in net income (loss) of nonconsolidated affiliate 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.

Entravision Communications

Page 2 of 11

(4) With the sale of the Company’s radio assets in the Dallas market in the fourth quarter of 2006, the Company no longer has any remaining broadcasting operations in that market. As a result, in accordance with Company policy, the Company has elected to present its segment information on a pro forma basis by eliminating its radio broadcasting results from that market for the prior period so that the results of operations between the periods will be more directly comparable. The Company believes that pro forma presentation is appropriate and useful to investors when the Company exits an entire market or enters a new market. This pro forma presentation consists of non-GAAP measures. A table reconciling each pro forma measure to its most directly comparable GAAP financial measure is included beginning on page 11.

(5) 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 fourth quarter we continued to execute our strategy and build our audience shares in a challenging environment. We faced difficult comps due to the absence of events that occurred in the prior year period, as well as continued softness in the advertising market. While our primary focus is on improving our operating performance, we have continued to review avenues to maximize our assets in the M&A market. The planned divestiture of our outdoor business and our pending acquisition of WNUE-FM in Orlando, reflect our strategy of building leading TV and radio clusters in the nation’s fastest growing Hispanic markets. The proceeds of the Outdoor sale will expand our financial flexibility and strengthen our ability to implement our business plan as we review all options for putting our cash to work, including strategic acquisitions and potentially returning capital to shareholders. Looking ahead, we remain well-positioned to capitalize on the expanding purchasing power of the Hispanic consumer.”

The Company also announced today that it repurchased 2.1 million shares of Class A common stock for approximately $15.5 million in the fourth quarter of 2007. The Company repurchased 7.2 million shares of Class A common stock for approximately $60.7 million in 2007. The Company’s Board of Directors had approved the repurchase of up to $100 million of its outstanding common stock on November 1, 2006. The Company has repurchased a total of 10.6 million shares of Class A common stock for approximately $84.2 million since the inception of this stock repurchase plan. Additionally, in February 2008 the Company repurchased 1.5 million shares for approximately $10.4 million from Univision Communications, Inc.

Sale of Outdoor Division and Impairment of Outdoor Intangibles

The Company announced today that it has entered into a definitive agreement to sell its outdoor advertising division to Lamar Advertising Company for $100 million. The transaction, which is subject to customary closing requirements, is expected to close in the second quarter of 2008. Upon closing of the transaction, the Company will no longer have outdoor operations. In accordance with SFAS 144, “Accounting for the Impairment or Disposal of Long-Lived Assets,” the Company reported the results of our outdoor operations in discontinued operations within the statements of operations. As part of the Company’s annual impairment testing and decision to sell the outdoor segment, the Company recorded an $80.5 million impairment charge of outdoor intangible assets in the fourth quarter of 2007 that is included in discontinued operations.

Entravision Communications

Page 3 of 11

Financial Results

Cautionary Note Regarding Preliminary Quarterly Results

In connection with the preparation of the our financial statements for the three and twelve-month periods ended December 31, 2007, we are currently in the process of finalizing discontinued operations and related income taxes. Accordingly, certain numbers presented herein are subject to change upon the conclusion of such assessment. Any change would only affect income tax (expense) benefit, net income (loss) before equity in net income (loss) of nonconsolidated affiliates, net income (loss) before discontinued operations, Income (loss from discontinued operations, net of tax and net income (loss), which does not affect operating income. We intend to complete the assessments described above in time to permit a timely filing of our annual report for the period ended December 31, 2007.

Three Months Ended December 31, 2007 Compared to Three Months Ended December 31, 2006

(Unaudited)

	Three Months Ended December 31,
	2007			2006			% Change
Net revenue	$	62,514		$	64,086		(2	)%
Operating expenses (1)		36,119			36,212		(0	)%
Corporate expenses (1)		4,668			4,623		1	%
Gain on sale of assets		—			(7,099	)	NM
Depreciation and amortization		5,572			5,265		6	%
Operating income		16,155			25,085		(36	)%
Interest expense, net		(17,266	)		(7,417	)	133	%
Income (loss) before income taxes		(1,111	)		17,668		NM
Income tax benefit		21,507			1,393		312	%
Net income before equity in net income of nonconsolidated affiliates and discontinued operations		20,396			19,061		7	%
Equity in net loss of nonconsolidated affiliates		(69	)		(132	)	(48	)%
Net income before discontinued operations		20,327			18,929		8	%
Income (loss) from discontinued operations, net of tax		(68,315	)		2,459		NM
Net income (loss)	$	(47,988	)	$	21,388		NM

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

Net revenue decreased to $62.5 million for the three-month period ended December 31, 2007 from $64.1 million for the three-month period ended December 31, 2006, a decrease of $1.6 million. Of the overall decrease, $0.9 million came from our television segment and was primarily attributable to a decrease in national advertising sales, primarily due to a decrease in advertising rates on a comparative basis, and a decrease in political revenue. Additionally, $0.7 million of the overall decrease came from our radio segment and was primarily attributable to a decrease in net revenue from our Tucson and Dallas radio stations that we sold in 2006.

Operating expenses decreased to $36.1 million for the three-month period ended December 31, 2007 from $36.2 million for the three-month period ended December 31, 2006, a decrease of $0.1 million. Of the overall decrease, $0.3 million came from our radio segment and was primarily attributable to a decrease in operating expenses from our Tucson and Dallas radio stations that we sold in 2006, partially offset by an increase in wages and bad debt expense. The overall decrease was partially offset by a $0.2 million increase in our television segment, which was primarily attributable to an increase in wages, bad debt expense and news costs related to the addition or expansion of our newscast operations, partially offset by a decrease in rating service expense.

Corporate expenses increased to $4.7 million for the three-month period ended December 31, 2007 from $4.6 million for the three-month period ended December 31, 2006, an increase of $0.1 million. The increase was primarily attributable to an increase in wages.

The Company recorded an $80.5 million impairment charge of outdoor intangible assets that is included in loss from discontinued operations.

Entravision Communications

Page 4 of 11

Twelve Months Ended December 31, 2007 Compared to Twelve Months Ended December 31, 2006

(Unaudited)

	Twelve Months Ended December 31,
	2007			2006			% Change
Net revenue	$	250,046		$	255,134		(2	)%
Operating expenses (1)		143,875			144,566		(0	)%
Corporate expenses (1)		17,353			17,520		(1	)%
Gain on sale of assets		—			(26,160	)	NM
Depreciation and amortization		22,565			21,769		4	%
Impairment charge		—			189,661		NM
Operating income (loss)		66,253			(92,222	)	NM
Interest expense, net		(44,596	)		(27,829	)	60	%
Income (loss) before income taxes		21,657			(120,051	)	NM
Income tax (expense) benefit		18,085			(2,273	)	NM
Net income (loss) before equity in net income (loss) of nonconsolidated affiliates		39,742			(122,324	)	NM
Equity in net income (loss) of nonconsolidated affiliates and discontinued operations		336			(152	)	NM
Net income (loss) before discontinued operations		40,078			(122,476	)	NM
Loss from discontinued operations, net of tax		(84,132	)		(12,123	)	NM
Net income (loss)	$	(44,054	)	$	(134,599	)	(67	)%

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

Net revenue decreased to $250.0 million for the year ended December 31, 2007 from $255.1 million for the year ended December 31, 2006, a decrease of $5.1 million. Of the overall decrease, $3.0 million came from our radio segment and was primarily attributable to a decrease in net revenue from our Tucson and Dallas radio stations that we sold in 2006, partially offset by an increase in local advertising sales despite difficult World Cup comparisons. Additionally, $2.1 million of the overall decrease came from our television segment and was primarily attributable to a decrease in national advertising sales due to a decrease in advertising rates, as well as strong 2006 non-recurring revenue from major events, such as World Cup and political activity.

Operating expenses decreased to $143.9 million for the twelve-month period ended December 31, 2007 from $144.6 million for the twelve-month period ended December 31, 2006, a decrease of $0.7 million. Of the overall decrease, $2.5 million came from our radio segment and was primarily attributable to a decrease in operating expenses from our Tucson and Dallas radio stations that we sold in 2006, partially offset by an increase in wages and bad debt expense. The overall decrease was partially offset by a $1.8 million increase in our television operating expenses. The increase from this segment was primarily attributable to an increase in wages, bad debt expense and news costs related to the addition or expansion of our newscast operations, partially offset by a decrease in rating service expense.

Corporate expenses decreased to $17.4 million for the year ended December 31, 2007 from $17.5 million for the year ended December 31, 2006, a decrease of $0.1 million. The decrease was primarily attributable to a decrease in bonuses.

The Company recorded an $80.5 million impairment charge of outdoor intangible assets that is included in loss from discontinued operations.

Entravision Communications

Page 5 of 11

Pro Forma Segment Results

With the sale of the Company’s radio assets in the Dallas market in the fourth quarter of 2006, the Company no longer has any remaining broadcasting operations in that market. As a result, in accordance with Company policy, the Company has elected to present its segment information on a pro forma basis by eliminating its radio broadcasting results from that market for the prior period so that the results of operations between the periods will be more directly comparable. The Company believes that pro forma presentation is appropriate and useful to investors when the Company exits an entire market or enters a new market. This pro forma presentation consists of non-GAAP measures. A table reconciling each pro forma measure to its most directly comparable GAAP financial measure is included beginning on page 11.

The following is the Company’s selected unaudited pro forma segment information for the fourth quarter of 2007 and 2006:

	Three Months Ended December 31,
	2007		2006		% Change
Net Revenue
Television	$	39,380	$	40,291	(2	)%
Radio		23,134		23,351	(1	)%
Total	$	62,514	$	63,642	(2	)%
Operating Expenses (1)
Television	$	22,112	$	21,879	1	%
Radio (2)		14,007		13,928	1	%
Total	$	36,119	$	35,807	1	%
Corporate Expenses (1)	$	4,668	$	4,623	1	%
Consolidated adjusted EBITDA (1)	$	22,987	$	25,606	(10	)%

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

(2) Radio pro forma operating expenses include only direct operating expenses. It does not include expense allocations for the centralized radio network, programming, production and management of the market.

Segment Results

The following represents selected unaudited segment information:

	Three Months Ended December 31,
	2007		2006		% Change
Net Revenue
Television	$	39,380	$	40,291	(2	)%
Radio		23,134		23,795	(3	)%
Total	$	62,514	$	64,086	(2	)%
Operating Expenses (1)
Television	$	22,112	$	21,879	1	%
Radio		14,007		14,333	(2	)%
Total	$	36,119	$	36,212	(0	)%
Corporate Expenses (1)	$	4,668	$	4,623	1	%
Consolidated adjusted EBITDA (1)	$	22,987	$	25,645	(10	)%

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

Entravision Communications

Page 6 of 11

Guidance

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

For the first 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 first quarter of 2007. Excluding non-cash stock-based compensation, corporate expenses are expected to be approximately flat as compared to the first quarter of 2007.

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 $0.2 million in operating expenses and $0.4 million in corporate expenses related to equity compensation in the first quarter of 2008.

Entravision Communications Corporation will hold a conference call to discuss its 2007 fourth quarter results on February 28, 2008 at 5 p.m. Eastern Time. To access the conference call, please dial 212-231-2939 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/or 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)

For more information, please contact:
John DeLorenzo	Mike Smargiassi/Dan Harris
Chief Financial Officer	Brainerd Communicators, Inc.
Entravision Communications Corporation	212-986-6667
310-447-3870

Entravision Communications

Page 7 of 11

Entravision Communications Corporation

Consolidated Statements of Operations

(In thousands, except share and per share data)

(Unaudited)

	Three-Month Period Ended December 31,						Twelve-Month Period Ended December 31,
	2007			2006			2007			2006
Net revenue (including related parties of $165, $150, $615 and $600)	$	62,514		$	64,086		$	250,046		$	255,134
Expenses:
Direct operating expenses (including related parties of $3,048, $3,086, $12,180 and $12,422) (including non-cash stock-based compensation of $75, $87, $431 and $267)		25,179			25,262			99,608			98,306
Selling, general and administrative expenses (including non-cash stock-based compensation of $143, $142, $678 and $911)		10,940			10,950			44,267			46,260
Corporate expenses (including non-cash stock-based compensation of $469, $431, $1,884 and $1,576)		4,668			4,623			17,353			17,520
Gain on sale of assets		—			(7,099	)		—			(26,160	)
Depreciation and amortization (includes direct operating of $4,362, $4,369, $17,700 and $17,288; selling, general and administrative of $1,003, $1,013, $4,007 and $3,975; and corporate of $207, $(117), $858 and $506) (including related parties of $580, $580, $2,320 and $2,320)		5,572			5,265			22,565			21,769
Impairment charge		—			—			—			189,661
		46,359			39,001			183,793			347,356
Operating income (loss)		16,155			25,085			66,253			(92,222	)
Interest expense (including related parties of $58, $73, $257 and $315)		(18,184	)		(8,201	)		(49,405	)		(29,431	)
Interest income		918			784			4,809			1,602
Income (loss) before income taxes		(1,111	)		17,668			21,657			(120,051	)
Income tax (expense) benefit		21,507			1,393			18,085			(2,273	)
Income (loss) before equity in net income (loss) of nonconsolidated affiliate and discontinued operations		20,396			19,061			39,742			(122,324	)
Equity in net income (loss) of nonconsolidated affiliate (including non-cashstock-based compensation of $0, $1, $3 and $90)		(69	)		(132	)		336			(152	)
Income (loss) before discontinued operations		20,327			18,929			40,078			(122,476	)
Income loss from discontinued operations, net of tax		(68,315	)		2,459			(84,132	)		(12,123	)
Net income (loss) applicable to common stockholders	$	(47,988	)	$	21,388		$	(44,054	)	$	(134,599	)
Basic and diluted earnings per share:
Net income (loss) per share from continuing operations applicable to common stockholders	$	0.21		$	0.18		$	0.39		$	(1.15	)
Net loss per share from discontinued operations	$	(0.69	)	$	0.02		$	(0.82	)	$	(0.11	)
Net income (loss) per share applicable to common stockholders, basic and diluted	$	(0.49	)	$	0.20		$	(0.43	)	$	(1.27	)
Weighted average common shares outstanding, basic		98,806,107			104,725,252			102,382,307			106,078,486
Weighted average common shares outstanding, diluted		98,806,107			104,812,441			102,382,307			106,078,486

Entravision Communications

Page 8 of 11

Entravision Communications Corporation

Consolidated Statements of Cash Flows

(In thousands, except share and per share data)

(Unaudited)

	Three-Month Period Ended December 31,						Twelve-Month Period Ended December 31,
	2007			2006			2007			2006
Cash flows from operating activities:
Net income (loss)	$	(47,988	)	$	21,388		$	(44,054	)	$	(134,599	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		5,572			5,265			22,565			21,769
Impairment charge		—			—			—			189,661
Deferred income taxes		(20,365	)		(8,921	)		(18,628	)		(8,882	)
Amortization of debt issue costs		101			105			404			406
Amortization of syndication contracts		720			15			1,798			87
Payments on syndication contracts		(851	)		(17	)		(1,830	)		(83	)
Equity in net (income) loss of nonconsolidated affiliate		69			132			(336	)		152
Non-cash stock-based compensation		687			660			2,993			2,754
Gain on sale of media properties and other assets		—			(7,099	)		—			(26,160	)
Change in fair value of interest rate swap agreements		10,200			313			17,667			(2,359	)
Changes in assets and liabilities, net of effect of acquisitions and dispositions:
(Increase) decrease in accounts receivable		3,098			6,681			(4,015	)		482
Decrease in prepaid expenses and other assets		1,327			1,103			84			1,390
Increase (decrease) in accounts payable, accrued expenses and other liabilities		121			(1,205	)		(937	)		(4,454	)
Effect of discontinued operations		70,189			6,244			87,554			21,865
Net cash provided by operating activities		22,880			24,664			63,265			62,029
Cash flows from investing activities:
Proceeds from sale of property and equipment and intangibles		17			91,504			37			96,242
Purchases of property and equipment and intangibles		(12,687	)		(4,196	)		(26,177	)		(38,545	)
Deposits on acquisitions		—			—			—			106
Proceeds from collection of note receivable		—			—			—			1,288
Distribution from nonconsolidated affiliate		250			—			250			—
Effect of discontinued operations		(347	)		(412	)		(1,610	)		(2,001	)
Net cash provided by (used in) investing activities		(12,767	)		86,896			(27,500	)		57,090
Cash flows from financing activities:
Proceeds from issuance of common stock		561			503			7,353			3,760
Payments on long-term debt		(11,272	)		(5,826	)		(13,692	)		(24,795	)
Repurchase of Class U common stock		—			—			—			(52,514	)
Repurchase of Class A common stock		(15,561	)		(8,772	)		(61,006	)		(8,772	)
Proceeds from borrowings on long-term debt		—			—			—			16,000
Excess tax benefits from exercise of stock options		(573	)		8			—			117
Net cash used in financing activities		(26,845	)		(14,087	)		(67,345	)		(66,204	)
Net increase (decrease) in cash and cash equivalents		(16,732	)		97,473			(31,580	)		52,915
Cash and cash equivalents:
Beginning		103,677			21,052			118,525			65,610
Ending	$	86,945		$	118,525		$	86,945		$	118,525

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Page 9 of 11

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 Ended December 31,						Twelve-Month Period Ended December 31,
	2007			2006			2007			2006
Consolidated adjusted EBITDA (1)	$	22,987		$	25,645		$	94,110		$	100,081
Interest expense		(18,184	)		(8,201	)		(49,405	)		(29,431	)
Interest income		918			784			4,809			1,602
Income tax (expense) benefit		21,507			1,393			18,085			(2,273	)
Income tax benefit in discontinued operations		15,323			6,736			15,323			6,736
Amortization of syndication contracts		(720	)		(15	)		(1,798	)		(87	)
Payments on syndication contracts		851			17			1,830			83
Gain on sale of assets		—			7,099			—			26,160
Non-cash expense included in corporate expenses		—			(213	)		—			(213	)
Non-cash stock-based compensation included in direct operating expenses		(75	)		(87	)		(431	)		(267	)
Non-cash stock-based compensation included in selling, general and administrative expenses		(143	)		(142	)		(678	)		(911	)
Non-cash stock-based compensation included in corporate expenses		(469	)		(431	)		(1,884	)		(1,576	)
Depreciation and amortization		(5,572	)		(5,265	)		(22,565	)		(21,769	)
Depreciation and amortization in discontinued operations		(3,892	)		(5,800	)		(21,336	)		(22,921	)
Impairment charge		—			—			—			(189,661	)
Impairment charge in discontinued operations		(80,450	)		—			(80,450	)		—
Equity in net income (loss) of nonconsolidated affiliates		(69	)		(132	)		336			(152	)
Net income (loss)		(47,988	)		21,388			(44,054	)		(134,599	)
Depreciation and amortization		5,572			5,265			22,565			21,769
Impairment charge		—			—			—			189,661
Deferred income taxes		(20,365	)		(8,921	)		(18,628	)		(8,882	)
Amortization of debt issue costs		101			105			404			406
Amortization of syndication contracts		720			15			1,798			87
Payments on syndication contracts		(851	)		(17	)		(1,830	)		(83	)
Equity in net (income) loss of nonconsolidated affiliate		69			132			(336	)		152
Non-cash stock-based compensation		687			660			2,993			2,754
Gain on sale of media properties and other assets		—			(7,099	)		—			(26,160	)
Change in fair value of interest rate swap agreements		10,200			313			17,667			(2,359	)
Changes in assets and liabilities, net of effect of acquisitions and dispositions:
(Increase) decrease in accounts receivable		3,098			6,681			(4,015	)		482
Decrease in prepaid expenses and other assets		1,327			1,103			84			1,390
Increase (decrease) in accounts payable, accrued expenses and other liabilities		121			(1,205	)		(937	)		(4,454	)
Effect of discontinued operations		70,189			6,244			87,554			21,865
Cash flows from operating activities	$	22,880		$	24,659		$	63,265		$	62,029

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

Entravision Communications

Page 10 of 11

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 (loss). A reconciliation of this non-GAAP measure to net income (loss) for each period presented is as follows:

	Three-Month Period Ended December 31,						Twelve-Month Period Ended December 31,
	2007			2006			2007			2006
Consolidated adjusted EBITDA (1)	$	22,987		$	25,645		$	94,110		$	100,081
Net interest expense (1)		6,965			6,997			26,526			29,782
Cash paid for income taxes		(568	)		785			543			4,298
Capital expenditures (2)		3,172			4,623			16,162			23,587
Free cash flow (1)		13,418			13,240			50,879			42,414
Capital expenditures (2)		3,172			4,623			16,162			23,587
Non-cash interest (expense) income relating to amortization of debt finance costs and interest rate swap agreements		(10,301	)		(420	)		(18,071	)		1,953
Non-cash income tax benefit		36,262			8,914			33,952			8,761
Amortization of syndication contracts		(720	)		(15	)		(1,798	)		(87	)
Payments on syndication contracts		851			17			1,830			83
Gain on sale of assets		—			7,099			—			26,160
Non-cash expense included in corporate expenses		—			(213	)		—			(213	)
Non-cash stock-based compensation included in direct operating expenses		(75	)		(87	)		(431	)		(267	)
Non-cash stock-based compensation included in selling, general and administrative expenses		(143	)		(142	)		(678	)		(911	)
Non-cash stock-based compensation included in corporate expenses		(469	)		(431	)		(1,884	)		(1,576	)
Depreciation and amortization		(5,572	)		(5,265	)		(22,565	)		(21,769	)
Depreciation and amortization in discontinued operations		(3,892	)		(5,800	)		(21,336	)		(22,921	)
Impairment charge		—			—			—			(189,661	)
Impairment charge in discontinued operations		(80,450	)		—			(80,450	)		—
Equity in net income (loss) of nonconsolidated affiliates		(69	)		(132	)		336			(152	)
Net income (loss)	$	(47,988	)	$	21,388		$	(44,054	)	$	(134,599	)

(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.

Entravision Communications

Page 11 of 11

Entravision Communications Corporation

Reconciliation of Pro Forma to GAAP

(Unaudited; in thousands)

The following table reconciles each of the pro forma measures used in this press release—radio net revenue, total net revenue, radio operating expenses, total operating expenses and consolidated adjusted EBITDA—to its respective GAAP financial measure. The reconciliation of consolidated adjusted EBITDA to net incomes is set forth above.

	Three-Month Period Ended December 31,					Twelve-Month Period Ended December 31,
	2007		2006			2007		2006
Radio net revenue	$	23,134	$	23,795		$	93,671	$	96,668
Less: Tucson and Dallas markets		—		(444	)		—		(5,774	)
Pro forma radio net revenue	$	23,134	$	23,351		$	93,671	$	90,894
Total net revenue	$	62,514	$	64,086		$	250,046	$	255,134
Less: Tucson and Dallas markets		—		(444	)		—		(5,774	)
Pro forma total net revenue	$	62,514	$	63,642		$	250,046	$	249,360
Radio operating expenses (1)	$	14,007	$	14,333		$	56,561	$	59,044
Less: Tucson and Dallas markets		—		(405	)		—		(4,056	)
Pro forma radio operating expenses (1)	$	14,007	$	13,928		$	56,561	$	54,988
Total operating expenses (1)	$	36,119	$	36,212		$	143,875	$	144,566
Less: Tucson and Dallas markets		—		(405	)		—		(4,056	)
Pro forma total operating expenses (1)	$	36,119	$	35,807		$	143,875	$	140,510
Consolidated adjusted EBITDA (1)	$	22,987	$	25,645		$	94,110	$	100,081
Less: Tucson and Dallas markets		—		(39	)		—		(1,718	)
Pro forma Consolidated adjusted EBITDA (1)	$	22,987	$	25,606		$	94,110	$	98,363

(1) Operating expenses and consolidated adjusted EBITDA are defined on page 1.