Entravision Communications Corporation announced 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."
Entravision announced in February 2008 the agreement to sell its outdoor advertising operations, which operates under the name Vista Media and consists of approximately 10,600 advertising faces concentrated
primarily in New York and Los Angeles. Citigroup and Moelis & Company acted as financial advisors to Entravision on the sale.