Entravision Communications Corporation announced that the Company has entered into a definitive agreement with Lamar Advertising Company for the sale of its outdoor advertising operations for a total consideration of $100 million in cash. Entravision’s outdoor advertising operations operate under the name Vista Media and primarily consist of approximately 10,600 advertising faces in New York and Los Angeles, the two largest advertising markets in the United States. The transaction is subject to customary closing requirements.
Walter F. Ulloa, Chairman and Chief Executive Officer of Entravision, commented, “The sale of our outdoor operations reflects our commitment to unlock value for our shareholders and our focus on operating Spanish-language television and radio stations in the nation’s fastest-growing and most densely populated U.S. Hispanic markets. The proceeds will strengthen our ability to invest in our core television and radio businesses, and will improve our financial flexibility as we review all options for putting our cash to work, including strategic acquisitions and potentially returning capital to shareholders.”