Entravision Communications Corporation

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K
ANNUAL REPORT
PURSUANT TO SECTIONS 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Fiscal Year Ended December 31, 2024
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period from
to
Commission File Number 1-15997
ENTRAVISION COMMUNICATIONS CORPORATION
(Exact name of registrant as specified in its charter)
are
Delaware
95-4783236
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
1 Estrella Way
Burbank, California 91504
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code: (310) 447-3870
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange on which registered
Class A Common Stock
EVC
The New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act:
None
Indicate by check mark whether the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes ☐
No ☒
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
Yes ☐
No ☒
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90
days.
Yes ☒
No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☒
No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging
growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the
Exchange Act.
Large accelerated filer
☐
Accelerated filer
☒
Non-accelerated filer
☐
Emerging growth company
☐
Smaller reporting company
☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over
financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
☒
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect
the correction of an error to previously issued financial statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of
the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐
No ☒
The aggregate market value of the voting and non-voting common equity held by non-affiliates as of June 30, 2024 was approximately $144,167,961 (based upon
the closing price for shares of the registrant’s Class A common stock as reported by The New York Stock Exchange for the last trading date prior to that date).
As of March 3, 2025, there were 81,623,559 shares, $0.0001 par value per share, of the registrant’s Class A common stock outstanding, and 9,352,729 shares,
$0.0001 par value per share, of the registrant’s Class U common stock outstanding.
Portions of the registrant’s Proxy Statement for the 2025 Annual Meeting of Stockholders scheduled to be held on May 29, 2025 are incorporated by a reference in
Part III hereof.

2
ENTRAVISION COMMUNICATIONS CORPORATION
FORM 10-K FOR THE FISCAL YEAR ENDED DECEMBER 31, 2024
TABLE OF CONTENTS
Page
PART I
ITEM 1.
BUSINESS ......................................................................................................................................................................
4
ITEM 1A. RISK FACTORS .............................................................................................................................................................
12
ITEM 1B. UNRESOLVED STAFF COMMENTS..........................................................................................................................
19
ITEM 1C. CYBERSECURITY ........................................................................................................................................................
19
ITEM 2.
PROPERTIES..................................................................................................................................................................
20
ITEM 3.
LEGAL PROCEEDINGS................................................................................................................................................
20
ITEM 4.
MINE SAFETY DISCLOSURES...................................................................................................................................
20
PART II
ITEM 5.
MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER
PURCHASES OF EQUITY SECURITIES ....................................................................................................................
21
ITEM 6.
RESERVED.....................................................................................................................................................................
22
ITEM 7.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS ................................................................................................................................................................
23
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK ...............................................
33
ITEM 8.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA................................................................................
34
ITEM 9.
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
DISCLOSURE.................................................................................................................................................................
34
ITEM 9A. CONTROLS AND PROCEDURES ...............................................................................................................................
34
ITEM 9B. OTHER INFORMATION...............................................................................................................................................
35
ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS ..............................
35
PART III
ITEM 10.
DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE........................................................
36
ITEM 11.
EXECUTIVE COMPENSATION ..................................................................................................................................
36
ITEM 12.
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED
STOCKHOLDER MATTERS ........................................................................................................................................
36
ITEM 13.
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE.............
36
ITEM 14.
PRINCIPAL ACCOUNTANT FEES AND SERVICES ................................................................................................
36
PART IV
ITEM 15.
EXHIBITS AND FINANCIAL STATEMENT SCHEDULES......................................................................................
37
ITEM 16.
FORM 10-K SUMMARY...............................................................................................................................................
40
SIGNATURES....................................................................................................................................................................................
41
POWER OF ATTORNEY..................................................................................................................................................................
41

3
GENERAL NOTE
As discussed in more detail throughout this report, during the second quarter of 2024 we sold our Entravision Global Partners,
or EGP, business. Unless the context indicates otherwise, references throughout this report to discontinued operations refer to EGP
prior to its sale.
Effective July 1, 2024, we realigned our operating segments into two segments – media and advertising technology & services –
consistent with our current operational and management structure. Our reportable segments are the same as our operating segments.
Prior periods have been recast to conform to this presentation throughout this report. See “Management’s Discussion and Analysis of
Results of Operations” and Note 2 to Notes to Consolidated Financial Statements.
FORWARD-LOOKING STATEMENTS
This document contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of
1995, Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of
1934, as amended, or the Exchange Act. All statements other than statements of historical fact are “forward-looking statements” for
purposes of federal and state securities laws, including, but not limited to, any projections of earnings, revenue or other financial
items; any statements of the plans, strategies and objectives of management for future operations; any statements concerning proposed
new services or developments; any statements regarding future economic conditions or performance; any statements of belief; and any
statements of assumptions underlying any of the foregoing.
Forward-looking statements may include the words “may,” “could,” “will,” “estimate,” “intend,” “continue,” “believe,”
“expect”, “anticipate” or other similar words. These forward-looking statements present our estimates and assumptions only as of the
date of this report. Except for our ongoing obligation to disclose material information as required by the federal securities laws, we do
not intend, and undertake no obligation, to update any forward-looking statement.
Although we believe that the expectations reflected in any of our forward-looking statements are reasonable, actual results could
differ materially from those projected or assumed in any of our forward-looking statements. Our future financial condition and results
of operations, as well as any forward-looking statements, are subject to change and inherent risks and uncertainties. Some of the key
factors impacting these risks and uncertainties include, but are not limited to:
•
risks related to our substantial indebtedness and/or our ability to raise capital;
•
provisions of our debt instruments, including the agreement dated as of March 17, 2023, or the 2023 Credit Agreement,
which governs our current credit facility, or the 2023 Credit Facility, the terms of which restrict certain aspects of the
operation of our business;
•
our continued compliance with all of our obligations under the 2023 Credit Agreement, including compliance with
financial covenants and ratios thereunder;
•
the ability to compete effectively in the television and radio broadcast industries;
•
cancellations or reductions of advertising due to the then-current economic environment or otherwise;
•
changes in advertising rates due to the then-current economic environment or otherwise;
•
the impact of rigorous competition in Spanish-language media and in the advertising industry generally;
•
the impact of changing preferences among U.S. Latino audiences for Spanish-language programming, especially among
younger age groups;
•
the success of our emphasis on local news, including, but not limited to, the impact such effort may have in generating
advertising revenue;
•
the impact of changing preferences, if any, among audiences favoring newer forms of media, including digital and other
forms of such media, over traditional media, including television and radio;
•
maintaining our relationship, including our network affiliation agreement, with TelevisaUnivision, Inc., or
TelevisaUnivision;
•
the extent to which we continue to generate revenue under retransmission consent agreements and spectrum usage rights;
•
the ability to keep up with rapid technological and other changes, and compete effectively, in new forms of media,
including digital media;
•
the ability to keep up with rapid technological and other changes in advertising technology, including programmatic
platforms;
•
the impact of existing and possible additional legislative and/or regulatory action, as well as evolving industry standards
applying to our business, including but not limited to data use, data privacy and related matters;
•
the ability to hire and retain qualified personnel;
•
the risk of impairment of our assets; and/or
•
legal, political and other risks associated with our operations located outside the United States.

4
For a detailed description of these and other factors that could cause actual results to differ materially from those expressed in
any forward-looking statement, please see “Risk Factors,” beginning at page 12 below.
ITEM 1.
BUSINESS
The discussion of the business of Entravision Communications Corporation and its wholly-owned subsidiaries, or Entravision
or the Company, is as of the date of filing this report, unless otherwise indicated.
Overview
Entravision owns and operates one of the largest groups of Spanish language television and radio stations in the United States.
Our mission is to serve our Latino audience as a trusted provider of useful news, information and entertainment and to serve our
advertisers by providing multi-channel marketing capabilities to engage our audience.
Entravision also owns and operates a smaller group of television stations that broadcast English language programming and has
operations that provide programmatic advertising technology and services. We have organized our operations into two reportable
segments. Our media segment includes our television, radio and digital marketing operations. Our advertising and technology services
segment provides programmatic advertising and technology services through Smadex, our demand-side programmatic advertising
purchasing platform, and Adwake, our performance-based media advertising agency.
In 2024 we discontinued and divested a significant portion of Entravision’s operations, which largely consisted of a collection
of acquisitions that had been completed prior to 2024.
Our net revenue for the year ended December 31, 2024 was $364.9 million. Of this amount, revenue generated by our media
segment accounted for approximately 61%, and revenue generated by our technology & services segment accounted for
approximately 39% of total revenue.
Our principal executive offices are located at 1 Estrella Way, Burbank, California, 91504, and our telephone number is (310)
447-3870. Our corporate website is www.entravision.com. We were organized as a Delaware limited liability company in January
1996 to combine the operations of our predecessor entities. On August 2, 2000, we completed a reorganization from a limited liability
company to a Delaware corporation. On August 2, 2000, we also completed an initial public offering of our Class A common stock,
which is listed on The New York Stock Exchange under the trading symbol “EVC".
Media
Our strategy is to reach Latino audiences in the United States. We own and/or operate media properties in 13 of the 20 highest-
density U.S. Latino markets
Television
We own and/or operate TelevisaUnivision-affiliated television stations in 21 markets, including 14 of the top 50 Latino markets
in the United States. Our television operations comprise the largest affiliate group of TelevisaUnivision's Spanish-language Univision
and UniMás networks. Univision is among the most-watched broadcast television networks among U.S. Latinos and, according to
TelevisaUnivision, Univision and UniMás collectively represent more than half of Spanish language broadcast prime time viewers.
Our Relationship with TelevisaUnivision
Our network affiliation agreement with TelevisaUnivision provides certain of our owned stations the exclusive right to
broadcast TelevisaUnivision’s primary Univision network and UniMás network programming in their respective markets. We also
generate revenue under a marketing and sales agreement with TelevisaUnivision, which gives us the right to manage the marketing
and sales operations of TelevisaUnivision-owned Univision affiliates in three markets – Albuquerque, Boston and Denver. Under our
proxy agreement with TelevisaUnivision, we grant TelevisaUnivision the right to negotiate the terms of retransmission consent
agreements with multichannel video programming distributors, or MVPDs, for our Univision- and UniMás-affiliated television station
signals. Revenue generated from retransmission consent agreements represents payments from MVPDs for access to our television
station signals so that they may rebroadcast our signals and charge their subscribers for this programming. The term of each of these
current agreements expires on December 31, 2026 for all of our Univision and UniMás network affiliate stations. TelevisaUnivision
also owns approximately 10% of our common stock on a fully-converted basis. For more information regarding these agreements and
the stock that TelevisaUnivision owns, see Note 16 to Notes to Consolidated Financial Statements.
Local News
We believe that providing local content, particularly local news, is an important part of serving our communities and capturing
advertising revenue. According to Pew Research Center, a majority of Americans believe local news is an accurate source of
information. We also believe that our local news helps us capitalize on U.S. political advertising revenue in election cycles,

5
particularly as such advertising targets our primarily U.S. Latino viewership, because of what is generally regarded as a more
competitive political environment among Latino voters.
In 2024 we significantly enhanced our local news programming. We also made substantial investments in our news operations
to capitalize on advertising inventory during our newscasts. We added early morning and midday news in all of our markets, whereas
previously we broadcast early evening and late-night news. We also added weekend news in San Diego, Las Vegas and Denver,
whereas previously we provided weekend news only in El Paso, Texas , McAllen, Texas and Palm Springs, California. We also
expanded our Las Vegas production facility.
As a result of implementing this strategy, we added 107 new weekly newscasts on our TelevisaUnivision- affiliated television
stations, delivering more than 400 hours of weekly news coverage across 415 newscasts. We now provide morning, midday, early
evening and late news in all of our markets. We believe that the advertising inventory we offer during these newscasts is valuable to
advertisers, including political advertisers in election years. According to The Nielsen Company (US), LLC, or Nielsen, our early
local news is ranked first or second among competing local newscasts regardless of language in its designated time slot in nine of our
television markets among adults 18-49 and 25-54 years of age, including ties.
Notwithstanding this, industry analysts estimate that local television advertising is declining. To address this industry trend,
particularly in a year when we will not generate significant political advertising revenue, we intend to deploy a variety of programs to
mitigate declines, increasing the capacity of our sales team, focusing on new account acquisition and selling bundles of television,
radio and digital multi-channel marketing. However, no assurance can be provided that such efforts will be successful.
We also intend to focus additional attention on further strengthening our sales team across our media segment. For example, In
late 2024 we increased the size of our media sales team and it is our current intention that this will continue in 2025. We also intend to
focus on enhancements to our operations and sales support, training and leadership functions.
We multicast network programming streams at most of our television stations, along with our primary network program
streams. We periodically evaluate these multicasting operations as well as the amount of bandwidth we must allocate to our primary
program streams. The Federal Communications Commission, or FCC, has promulgated regulations allowing broadcast stations to
offer, on a voluntary basis, next generation digital television services using the Advanced Television Systems Committee's 3.0
standard (“ATSC 3.0”), which the FCC has called Next Gen TV. In doing so, full power broadcast television stations must offer
ATSC 3.0 services alongside a standard ATSC 1.0 digital signal and there will not be a mandatory transition period. We are
considering how we will participate in the adoption of ATSC 3.0 technology and we are monitoring how ATSC 3.0 is being adopted
and accepted by viewers and advertisers.
Political Advertising Revenue
Over the last several election cycles, numerous pollsters and other sources have reported on both the increasing strength and
competitiveness of the Latino vote in the United States. According to Pew Research Center, an estimated 36.2 million U.S. Latinos
were eligible to vote in 2024, up from 32.3 million in 2020, representing 50% of the total growth in eligible voters during this time.
Latinos have grown at the second-fastest rate of any major racial and ethnic group in the U.S. electorate since the 2020 presidential
election and represented an estimated 14.7% of all eligible voters in 2024, an all-time high.
We have benefited from political advertising expenditures in the form of significant revenue from political advertising in
Presidential election years (2020, 2024, etc.) and Congressional election years (2018, 2022, etc.). We achieved record political
advertising revenue in 2024. In fact, 2024 marked the fifth election cycle in a row where we benefited from increased political
advertising revenue compared to the previous election cycle.
Retransmission Consent Revenue
We generate revenue from retransmission consent agreements that are entered into with MVPDs. We grant the MVPDs access
to our television signals so that they may rebroadcast the signals and charge their subscribers for this programming. Revenue is
recognized as the television signal is delivered to the MVPD. In addition, we generally pay either a per subscriber fee to or share
certain of the retransmission consent revenue received from MVPDs with the network providing the programming, which is known in
the television industry as reverse network compensation.
On October 2, 2017, we entered into the current proxy agreement with TelevisaUnivision, which superseded and replaced the
prior comparable agreement with TelevisaUnivision. The agreement expires on December 31, 2026 for all of the Company’s
Univision and UniMás network affiliate stations. Under this proxy agreement, we grant TelevisaUnivision the right to negotiate the
terms of retransmission consent agreements for our Univision- and UniMás-affiliated television station signals, which covers
substantially all of our retransmission consent revenue. Among other things, the proxy agreement provides terms relating to
compensation to be paid to us by TelevisaUnivision with respect to retransmission consent agreements entered into with MVPDs.
Revenue from Spectrum Usage Rights

6
We generate revenue from agreements associated with our television stations’ spectrum usage rights from a variety of sources,
including but not limited to entering into agreements with third parties to utilize spectrum for the broadcast of their multicast
networks, charging fees to accommodate the operations of third parties, including moving channel positions or accepting interference
from our broadcasting operations and modifying and/or relinquishing spectrum usage rights while continuing to broadcast through
channel sharing or other arrangements. Revenue from such agreements is recognized over the period of the programming agreements
or when we have relinquished all or a portion of our spectrum usage rights for a station or have relinquished our rights to operate a
station on the existing channel free from interference.
Audio
We own and operate 44 radio stations (37 FM and 7 AM), 39 of which are located in the top 50 Latino markets in the United
States. According to Nielsen, our radio stations broadcast into markets with a total population of approximately 19 million U.S.
Latinos, which is approximately 31% of the Latino population in the United States.
Our radio operations combine network and local programming with local time slots available for advertising, news, traffic,
weather, promotions and community events. This strategy allows us to provide quality programming with significantly lower costs of
operations than we could otherwise deliver solely with all locally produced programming. Our stations primarily target Latino
listeners and appeal to different preferences, demographics and age groups, including the following formats:
•
“La Suavecita” features Spanish-language adult contemporary music that targets Latinas 25-54 years of age;
•
"La Tricolor” features Mexican regional music that targets Latinos 18-49 years of age;
•
“Fuego” is a Latin urban hit station that targets bilingual and bicultural Latinos 18-34 years of age;
•
"José" is a personality-driven format in the Los Angeles market that features a mix of Spanish-language adult
contemporary and Mexican regional hits, and targets Latinos 25-54 years of age; and
•
“TUDN” is a Spanish-language sports talk format that targets primarily Latinos 18-54 years of age and is provided to us
by TelevisaUnivision.
We also broadcast and stream, on an exclusive national basis, National Football League ("NFL") games in Spanish through the
2026-27 season, including Sunday Night Football, Monday Night Football, and the NFL playoffs, on 15 radio stations. Through our
partnership with Fútbol de Primera, we will also broadcast the 2025 Concacaf Nations League semifinal and final matches, the 2025
Concacaf Gold Cup, and the 2026 FIFA World Cup on our radio stations.
U.S. Digital Marketing Solutions
U.S. advertisers spend nearly four times more money advertising on digital channels than they spend on television and radio,
according to Emarketer. Search, social, streaming video and retail media have grown dramatically over the last two decades and are
expected to continue to grow. According to Emarketer, U.S. digital ad spending is expected to reach $461 billion by 2028, which
represents nearly 50 percent growth over 2024.
Our objective in our U.S. digital marketing solutions business is to sell digital advertising to our local advertising customers in
addition to their broadcast advertising purchases. We sell search, social, streaming video and streaming audio advertising solutions
primarily to our television and radio advertising customers.
Among the U.S. digital marketing solutions we offer is AudioEngage, an audio network with over 200 premium publishers.
Audio Engage serves as a digital audio advertising marketplace that allows advertisers to reach audiences across music, radio and
podcast environments. Advertisers can place orders through AudioEngage programmatically or through our local or national sales
teams. The streaming audio inventory consists of streams from our stations and our El Botón app, as well as Spanish-language audio
inventory.
The largest amount of our U.S. digital marketing solutions revenue comes from Audio Engage and the majority of our U.S.
digital marketing solutions revenue comes from audio clients.
Other digital marketing solutions we offer include Entravision Plus, through which we resell streaming video inventory on a
third-party platform, and Entravision Digital, which consists of inventory on our websites.

7
Our Television and Radio Station Portfolios
The following table lists information concerning each of our owned and/or operated television and radio stations in order of market
rank and its respective market:
Market and Market Rank by Latino Households
Television
Station
Television
Programming
Radio
Station
Radio
Programming
Los Angeles-San Diego-Ventura, CA
1
KLYY-FM
KDLD-FM
KDLE-FM
KSSD-FM
KSSE-FM
KSSC-FM
José
Viva Cumbia
Viva Cumbia
José
José
La Suavecita
Miami-Ft. Lauderdale-Hollywood, FL
3
WLQY-AM
Other
Phoenix, Arizona
8
KLNZ-FM
KFUE-FM
KVVA-FM
La Tricolor
Fuego
La Suavecita
Orlando-Daytona Beach-Melbourne, FL
10
WOTF-TV
Other
Tampa-St. Petersburg (Sarasota), FL
11
WFTT-TV
Other
Harlingen-Weslaco-Brownsville-McAllen, TX
12
KNVO-TV
KTFV-CD(1)
KMBH-LD(1)
KXFX-CD (1)
KFXV-TV
KCWT-CD(1)
Univision
UniMás
Fox
Fox
Fox
CW
KFRQ-FM
KKPS-FM
KNVO-FM
KVLY-FM
Other
Fuego
La Suavecita
Other
Sacramento-Stockton-Modesto, CA
13
KRCX-FM
KHHM-FM
KNTY-FM
KXSE-FM
KMIX-FM
KTSE-FM
KCVR-FM
La Tricolor
Fuego
Other
La Suavecita
La Tricolor
La Suavecita
Fuego
Washington, D.C.
16
WMDO-CD(1)(4)
WJAL-TV(4)
LATV
Other
Denver-Boulder, CO
17
KCEC-TV(2)
KTFD-TV
Univision
UniMás
KJMN-FM
KXPK-FM
KMXA-AM
KPVW-FM
La Suavecita
La Tricolor
TUDN
La Tricolor
San Diego, CA
18
KBNT-CD(1)
KHAX-LD(1)
KDTF-LD(1)
Univision
Univision
UniMás
El Paso, TX
19
KINT-TV
KTFN-TV
Univision
UniMás
KOFX-FM
KINT-FM
KYSE-FM
KSVE-AM
KHRO-AM
Other
La Suavecita
Fuego
TUDN
La Suavecita
Albuquerque-Santa Fe, NM
20
KLUZ-TV(2)
KTFQ-TV
Univision
UniMás
KRZY-FM
KRZY-AM
La Suavecita
TUDN
Boston, MA
23
WUNI-TV(2)
WUTF-TV
Univision
UniMás
Las Vegas, NV
24
KINC-TV
KNTL-LD(1)
KELV-LD(1)
Univision
Univision
UniMás
KRRN-FM
KQRT-FM
Fuego
La Tricolor
Hartford-New Haven,CT,
29
WUVN-TV(4)
WUTH-CD(1)(4)
Univision
UniMás

8
Ranked by Latino Households
Rank
Television
Station
Television
Programming
Radio
Station
Radio
Programming
Corpus Christi, TX
34
KORO-TV
KCRP-CD(1)
Univision
UniMás
Monterey-Salinas-Santa Cruz, CA
36
KSMS-TV(4)
KDJT-CD(1)(4)
Univision
UniMás
KLOK-FM
KSES-FM
KMBX-AM
La Tricolor
La Suavecita
La Suavecita
Odessa-Midland, TX
39
KUPB-TV
Univision
Yuma, Arizona-El Centro, CA
44
KVYE-TV
KAJB-TV(2)
Univision
UniMás
KSEH-FM
KMXX-FM
La Suavecita
La Tricolor
Laredo, TX
48
KLDO-TV
KETF-CD(1)
KXOF-CD(1)
Univision
UniMás
Fox
Colorado Springs-Pueblo, CO
50
KVSN-DT
KGHB-CD(1)
Univision
UniMás
Santa Barbara-Santa Maria-
San Luis Obispo, CA
53
KPMR-TV
K17GD-D(1)
Univision
Univision
K32LT-D(1)
Univision
KTSB-CD(1)
UniMás
K10OG-D(1)
UniMás
Palm Springs, CA
54
KVER-CD(1)
Univision
KLOB-FM
La Suavecita
KVES-LD(1)
Univision
KPST-FM
Fuego
KEVC-CD(1)
UniMás
KMIR-TV
NBC
KPSE-LD(1)
Other
Lubbock, TX
56
KBZO-LD(1)
Univision
KAIQ-FM
KBZO-AM
La Tricolor
TUDN
Wichita-Hutchinson, KS
62
KDCU-DT
Univision
Reno, NV
63
KREN-TV
KRNS-CD(1)
Univision
UniMás
KRNV-FM
La Tricolor
Springfield-Holyoke, MA
66
WHTX-LD(1)
Univision
San Angelo, TX
110
KEUS-LD(1)
KANG-LD(1)
Univision
UniMás
Tecate, Baja California, Mexico (San Diego)
(—)
XHDTV-TV(3)
Other
Tijuana, Baja California, Mexico (San Diego)
(—)
XHAS-TV(3)
Other
Matamoros, Tamaulipas, Mexico (Harlingen-
Weslaco-Brownsville- McAllen)
(—)
XHRIO-TV(3)
Not currently
broadcasting
(1)
“CD” in call signs indicates that a station is operated as a Class A digital television service. Certain stations without this “CD” designation are also Class A stations. “LD” in
call signs indicates that a station is operated as a low-power digital television service.
(2)
We provide the sales and marketing function of this station under a marketing and sales arrangement.
(3)
We hold a minority, limited voting interest in the entity that directly or indirectly holds the broadcast license for this station. Through that entity, we provide solely the
programming and related services under a time brokerage arrangement.
(4)
In a “channel sharing” arrangement, two broadcast television stations, each holding its own broadcast authorization, agree to share the bandwidth of a single broadcast
channel, with the two stations transmitting separate program streams on that channel.
Media Competition
We face intense competition in the broadcasting business. In each television market, we typically compete with the local
affiliates of the five principal English-language television networks, NBC, ABC, CBS, Fox and the CW Network. In certain markets,
we also compete with the local affiliates of Telemundo as well as other Spanish-language networks, including Estrella Media. Most of
the companies with which we compete have significantly greater resources and some have longer operating histories than we do. We

9
also directly or indirectly compete with all other forms of media. Advertisers allocate finite advertising budgets across different media.
We believe that the advent of new technologies and services, including digital advertising, may result in continued emphasis by
certain advertisers on these new technologies and services as compared to legacy media, such as television and radio.
Each of our radio stations competes for audience share and advertising revenue directly with both Spanish-language and
English-language radio stations in its market, and with other media. Our primary competitors in our markets in Spanish-language radio
are TelevisaUnivision, iHeartMedia Inc. (formerly Clear Channel Communications Inc.), Audacy (formerly Entercom, Inc.) and
Spanish Broadcasting System, Inc. These and many of the other companies with which we compete are companies that have
significantly greater resources and longer operating histories than we do. We also directly or indirectly compete with all other forms of
media. Advertisers allocate finite advertising budgets across different media. We believe that the advent of new technologies and
services, including digital advertising on digital platforms owned and operated by media companies, may result in continued emphasis
by certain advertisers on these new technologies and services as compared to legacy media, such as television and radio.
Advertising Technology & Services
In our advertising technology & services segment, we provide our advertisers a full suite of managed services to drive both
local server messaging and brand success. Our focus is to create campaigns that optimize a brand's goals through a variety of
strategies.
Smadex
Smadex is our proprietary programmatic ad purchasing platform, which is also known in our industry as a "demand-side”
platform. Driven by artificial intelligence (“AI”), it provides advertising solutions to customers, primarily mobile app developers, who
are located in 54 countries. Smadex works with hundreds of advertisers globally and manages more than three million mobile ad
requests per second from over 8 billion devices.
A demand-side platform enables advertisers to purchase advertising electronically and manage data-driven advertising
campaigns via global online marketplaces where media companies aggregate their advertising inventory. Programmatic advertising, in
addition to being automated, is intended to enable more precise audience targeting of online users in advertising campaigns because of
the aggregation, analysis and use of data about the online users who are the targets of the advertising campaigns. Smadex has focused
its business on mobile app developers. The services we offer with Smadex are primarily managed, which means our knowledgeable
operations team implements the advertising campaign.
The Smadex platform utilizes proprietary technology, including AI, on a cloud-based infrastructure. Smadex employs software
engineers who design hundreds of algorithms that rapidly process millions of data points from previous and current ad campaigns,
together with data and ad campaign details from our advertisers, to programmatically acquire advertising inventory from online
marketplaces for advertising inventory. The resulting analytics allow advertisers to bid on and instantaneously acquire the advertising
inventory that they value the most, pay less for advertising inventory they value less and refrain from bidding on advertising inventory
that does not fit their ad campaign parameters.
In 2024, we increased our investment in Smadex, including increases in our sales force, technology team and cloud
infrastructure. Going forward, we intend to focus on further building AI into our Smadex platform and expanding our sales team to
increase the number of customers we serve, among other things.
Adwake
Adwake provides managed services similar to those provided by Smadex, except that our sales team uses third-party
programmatic platforms for ad purchases. We are paid when a specific action is completed—such as an app install, a purchase or a
registration. Adwake makes a profit between what the app developer pays Adwake to acquire a mobile app user and what it costs
Adwake to find and deliver that user.
Data Use
Our ability to optimize performance of advertising campaigns and help advertisers determine the effectiveness of those
advertising campaigns depends on our ability to successfully aggregate and leverage data, including data that we collect from
advertisers, platforms, technology companies and third parties, as well as data we access from our own operating history. Using
cookies and non-cookie-based software, we collect information about the interactions of online users with advertisers and digital
platforms owned and operated by media companies. Through data analytics, we also enable advertisers to gain insights into the
performance of their advertising campaigns and manage those campaigns with a view toward maximizing return on their advertising
investment. Key to our ability to aggregate such data is using certain tracking software in our business. Programmatic advertising
companies use unique identifiers to track online user activity across the Internet and apps. It is this tracking ability that allows
advertisers to both send an online user who meets the parameters of an advertising campaign targeted advertisements and determine

10
how successful their advertising campaigns are. This tracking ability is restricted by a number of factors. This is a dynamic and
rapidly evolving area. See Item 1A, “Risk Factors”.
Technology Competition
The advertising technology & services business is dynamic, rapidly changing and highly competitive, influenced by frequent
technological advances, trends in both the overall advertising and digital advertising markets, changing customer perceptions and
expectations, and governmental or regulatory oversight and action in the areas of data use, data privacy and other matters.
Smadex and Adwake compete with other advertising technology and services companies such as AppLovin Corporation, The
Trade Desk, Inc., Criteo Corp., Liftoff, Inc. and Moloco, Inc., which also have a global presence selling advertisements through their
ad purchasing platforms. Many of our competitors in the advertising technology & services business have significantly larger financial
resources and/or longer operating histories than we have in this space.
Entravision Global Partners
Prior to the sale of our EGP business in June 2024, for financial reporting purposes we reported in three segments – digital,
television and audio - based on the type of medium in which we sold advertising. Our digital segment was the largest segment in
terms of revenue and our EGP business was the largest component of our digital segment.
In our former EGP business, we acted as an intermediary between primarily global media companies and advertisers, which
consisted of either the enterprise or its ad agency running the advertisement. Our customers were both these primarily global media
companies and advertisers. On March 4, 2024, we received a communication from Meta Platforms, Inc. (“Meta”) that it intended to
wind down its Authorized Sales Partners ("ASP") program globally and end its relationship with all of its ASPs, including us, by July
1, 2024. As a result of this communication from Meta, our CEO, who is also our chief operating decision maker ("CODM"), led a
thorough review of our operations, cost structure, digital strategy and organization of our business. This review led to the decision to
sell the enterprises comprising our EGP business -- the largest business unit of what was then our digital segment. Following this
decision, during the second quarter of 2024, we entered into a definitive agreement to sell substantially all of our EGP business to IMS
Internet Media Services, Inc. ("IMS"). The transaction was completed on June 28, 2024. The remaining parts of our EGP business,
Jack of Digital ("Jack of Digital") and Adsmurai, S.L. ("Adsmurai"), were each sold back to their respective founders in separate
transactions during the second quarter of 2024.
As a result of the sale of our EGP business, effective July 1, 2024, we have realigned our operating segments into two segments
– media and advertising technology & services – based on the products and services we sell, consistent with our current operational
and management structure, the basis that is now used for internal management reporting and how our CEO evaluates our business.
Seasonality
Seasonal net revenue fluctuations are common in television and radio broadcasting, and are due primarily to fluctuations in
advertising expenditures by local and national advertisers. In our media segment, our first fiscal quarter generally produces the lowest
net revenue for the year, and our second and third fiscal quarters generally produce the highest net revenue for the year. In addition,
advertising revenue across our segments is generally higher during presidential election years (2020, 2024, etc.) and, to a lesser
degree, Congressional mid-term election years (2018, 2022, etc.), resulting from increased political advertising in those years
compared to other years. Advertising revenue in our audio operations is also generally higher during years when we broadcast the
FIFA World Cup on our radio stations (2018, 2022, etc.).
Our advertising technology & services operations are not significantly subject to seasonality, although net revenue in this
segment generally is expected to increase in each fiscal quarter over the course of the year.
Regulation of Television and Radio Broadcasting
General. The FCC regulates television and radio broadcast stations pursuant to the Communications Act of 1934, as amended
(the “Communications Act”). Among other things, the FCC determines the particular frequencies, locations and operating power of
stations; issues, renews, revokes and modifies station licenses; regulates equipment used by stations; and adopts and implements
regulations and policies that directly or indirectly affect the ownership, changes in ownership, control, operation, programming,
MVPD carriage and employment practices of stations.
A licensee’s failure to observe current and future requirements of the Communications Act or FCC rules and policies may
result in the imposition of various sanctions, including admonishment, fines, the grant of renewal terms of less than eight years, the
grant of a license renewal with conditions or, in the case of particularly egregious violations, the denial of a license renewal
application, the revocation of an FCC license or the denial of FCC consent to acquire additional broadcast properties.

11
FCC Licenses. Television and radio stations operate pursuant to licenses that are granted by the FCC for a term of eight years,
subject to renewal upon application to the FCC. We carefully monitor our stations’ compliance with the various regulatory
requirements that are necessary for the FCC renewal process.
License renewal applications for certain of our stations remain pending. The affected stations are authorized to continue
operations until the FCC acts upon those applications. We have no reason to believe that our licenses will not be renewed in the
ordinary course, although there can be no assurance to that effect.
Ownership Matters. The FCC applies a series of broadcast ownership rules that, among other things, limit the amount of
foreign ownership, capitalization structures and cross-ownership with other broadcasters by shareholders, directors and officers in
companies such as ours. We monitor these rules carefully to assure compliance.
The Communications Act requires prior consent of the FCC for the assignment of a broadcast license or the transfer of control
of an entity holding a license. In determining whether to approve an assignment of a television or radio broadcast license or a transfer
of control of a broadcast licensee, the FCC considers a number of factors pertaining to the assignee or transferee including compliance
with various rules limiting common ownership of media properties, the “character” of the licensee and those persons holding
“attributable” interests therein, and the Communications Act’s limitations on foreign ownership and compliance with the FCC rules
and regulations.
Under the Communications Act, a broadcast license may not, absent a public interest determination by the FCC, be granted to
or held by persons who are not U.S. citizens, by any corporation that has more than 20% of its capital stock owned or voted by non-
U.S. citizens or entities or their representatives, by foreign governments or their representatives or by non-U.S. corporations. Our
certificate of incorporation restricts the ownership and voting of our capital stock to enable us to comply with these foreign ownership
limitations.
With regard to the national television ownership limit, a company can own full-power television stations collectively reaching
up to a 39% share of U.S. television households. Limits on ownership of multiple television stations in the same local market still
apply, even if the 39% limit is not reached on a national level. The FCC has an open proceeding to determine whether and how to
apply the UHF discount policy, whereby UHF stations are deemed to serve only one-half of the population in their television markets
for purposes of the national television ownership limit.
The FCC has previously decided that TelevisaUnivision holds an attributable interest in certain of our television stations
affiliated with its broadcast networks, which it must count for local and national multiple ownership purposes. Should the UHF
discount be eliminated or the nationwide cap be interpreted to treat all stations on an equal basis, TelevisaUnivision may, in the
absence of retroactive applicability, which the FCC customarily does not apply, have to divest certain stations or be limited in its
ability to acquire certain additional television stations.
“Retransmission Consent” and “Must Carry” Rules. FCC regulations implementing the Cable Television Consumer Protection
and Competition Act of 1992 (the "Cable Act"), require each full-power television broadcaster to elect, at three-year intervals
beginning October 1, 1993, to either:
•
require carriage of its signal by MVPDs in the station’s market, which is referred to as “must carry” rules; or
•
negotiate the terms on which such broadcast station would permit transmission of its signal by the MVPDs within its
market, which is referred to as “retransmission consent.”
For the three-year period that commenced on January 1, 2024, we elected “retransmission consent” with most of the MVPDs
that carry our full-power television programming in our television markets. We have arrangements or have entered into agreements
with nearly all of our MVPDs as to the terms of the carriage of our television stations and the compensation we will receive for
granting such carriage rights.

12
Regulation of Digital Advertising
We are subject to many U.S. federal and state laws and regulations, as well as laws and regulations of other jurisdictions,
applicable to businesses engaged in providing digital advertising services. The United States and certain foreign governments have
enacted, considered or are currently considering legislation or regulations that relate to digital advertising activities and the use of
consumer data and personally identifying information, or PII, in digital advertising. In general, these laws limit the use of PII, impose
substantial information security obligations, limit our ability to transfer data across national borders, provide consumers with
expanded rights to access and delete their data and PII, limit the retention and use of that information, and provide consumers with the
right to opt out of or opt in to the sharing of personal data for retargeting and certain customized advertising purposes. Examples of
these laws include several U.S. state privacy laws and regulations, such as the California Consumer Privacy Act of 2018, as amended
by the California Privacy Rights Act, or the Delete Act, and regulations promulgated thereunder, the General Data Protection
Regulation, or GPDR, which applies to activities conducted from an establishment in the European Union, or the E.U., as well as the
United Kingdom Data Protections and the U.K. GDPR, which apply to activities conducted by businesses processing data in the U.K.
These privacy and data-protection related laws and regulations are evolving rapidly, with new or modified laws and regulations
proposed and implemented frequently, and existing laws and regulations subject to new or different interpretations.
Compliance with general consumer data privacy practices is enforced by the Federal Trade Commission, or the FTC, and state
Attorneys General in the United States. The FTC may bring enforcement actions under its enforcement authority under Section 5 of
the Federal Trade Commission Act of 1914, as amended, to challenge allegedly unfair and deceptive trade practices, including the
violation of privacy policies, data security, consumer tracking and data aggregation.
We also participate in industry self-regulatory programs, including the Interactive Advertising Bureau, or IAB, under which, in
addition to other compliance obligations, we provide consumers with notice about our use of cookies and our collection and use of
data in connection with the delivery of targeted advertising, and allow them to opt out from the use of data we collect for the delivery
of targeted advertising. Certain industry standard technology solutions seek to facilitate compliance with various U.S. and foreign
laws. These include the IAB’s Transparency and Control Framework, which manages compliance for digital advertising under the
GDPR and other E.U. and U.K. privacy laws; and the IAB’s Multi-State Privacy Agreement, which assists advertising agencies,
marketers, publishers and ad-tech companies to comply with state privacy laws. Use of these solutions can create additional costs and
complexity for us in engaging with customers, and will require effort to monitor the impact of proposed changes, all of which may
increase operating costs, or limit our ability to operate or expand our business. Some self-regulatory bodies have the ability to
discipline members or participants. Additionally, they could refer violations of their requirements to the FTC or other regulators.
Human Capital Management
As of December 31, 2024, we had approximately 990 employees in approximately 20 countries worldwide.
Approximately 684 employees were employed in the United States and approximately 306 employees were employed in foreign
countries. While we do not employ specific human capital measures in our business, we are committed to the overall health, safety and
wellness of our employees. We offer our employees various health and wellness benefits that are tailored to the countries in which
they are located, which we believe provide a sense of security. We also offer career growth and development opportunities. For
example, we make available to our sales team, on a global basis, training to enhance their job-related skills.
We are committed to providing a work environment that is free of unlawful harassment, discrimination and retaliation. We have
a strict policy prohibiting sexual harassment, as well as harassment or discrimination based on race, gender and other specified
statuses and conditions. Unlawful harassment in any form, including verbal, physical and visual conduct, threats, demands and
retaliation, is prohibited. We have established hotline and anonymous complaint processes for any employee who believes that these
policies have been violated.
ITEM 1A.
RISK FACTORS
Risks in our Media Operations
We operate in highly competitive industries subject to changing technologies, and we may not be able to compete successfully.
We operate in highly competitive industries. Our television and radio stations compete for audiences and advertising with other
television stations, radio stations and digital media platforms, as well as with other forms of media and content delivery. Advances in
technologies and alternative methods of content delivery, as well as changes in audience or advertiser expectations driven by changes
in these or other technologies and methods of content delivery across our segments, could have a material adverse effect on our
business and results of operations.
New technologies and methods of buying advertising present an additional competitive challenge, as competitors offer products
and services such as the ability to purchase advertising programmatically or bundled offline and online advertising, aimed at capturing
advertising spend that previously went to broadcasters. Our inability, for technological, business or other reasons, to adapt to changes
in program offerings and technology on a timely and effective basis, exploit new sources of revenue from these changes, or to

13
enhance, develop, introduce and deliver compelling advertising solutions in response to changing market conditions and technologies
or evolving expectations of advertisers may have a material adverse effect on our business and results of operations.
We do not have long-term commitments from our advertisers, and we may not be able to retain or attract new advertisers.
Our success depends, in part, upon our ability to secure repeat business from existing advertisers, while expanding the number
of advertisers for which we provide services. Because we do not have long-term agreements with advertisers, and because advertising
insertion orders may be cancelled prior to the completion of the campaign without penalty, subject to payment for advertisements that
have already been delivered, we cannot guarantee that our current advertisers will continue to use our services, or that we will be able
to replace advertisers who cease using our services with new advertising customers. These events, were they to occur, would have a
material adverse effect on our business and results of operations, especially if we are unable to replace such advertising purchases.
While our revenue is variable based on many factors, many of our operating expenses are fixed.
Many of our operating expenses are based, at least in part, on our expectations of future revenue and are therefore relatively
fixed once budgeted. Weakness in advertising sales or our inability to change some of our fixed operating costs to variable operating
costs could narrow profit margins and have a material adverse effect on our business and results of operations.
Our business is exposed to risks associated with the creditworthiness of our key advertisers and other strategic business partners.
Periodic economic downturns may result in financial instability or other adverse effects for many of our advertisers and other
strategic business partners. Disruption of the credit markets, a prolonged recession and/or sluggish economic growth in future periods
could adversely affect our customers’ ability to access credit which supports the continuation and expansion of their businesses and
could result in advertising or broadcast cancellations or suspensions, payment delays or defaults by our customers.
We are a party to various retransmission consent agreements that may be terminated or not extended following their current
termination dates.
If our retransmission consent agreements are terminated or not extended following their current termination dates, our ability to
reach MVPD subscribers and, thereby, compete effectively, may be adversely affected, which could have a material adverse effect on
our business and results of operations.
Retransmission consent revenue may decline.
Revenues generated from our retransmission consent agreements may decline and may be adversely affected by a variety of
factors. The principal factor is the reduction in subscribers as existing subscribers elect to terminate service, thereby reducing the
subscriber base on which retransmission consent payments are determined. Other factors that may have an adverse effect on such
revenues are network program suppliers seeking reverse network compensation, the growing concentration in the MVPD industry, and
the resistance of MVPDs to continue to compensate broadcasters adequately for the programming that they deliver. All of these
factors may result in the amounts that MVPDs are willing or able to pay for our programming being materially adversely affected.
Changes in the competitive landscape or technology may impact our ability to monetize our spectrum assets.
We rely on the demand to broadcast multicast networks and demand from telecommunications operators to operate interference
free in our markets in order to monetize our spectrum. There are no assurances that this demand will continue in future periods. If we
are not able, for technological, business or other reasons, to adapt to these changes in technology on a timely and effective basis, our
ability to monetize our spectrum assets could be impacted and have a material adverse effect on our business and results of operations.
We face declining audiences in our television and audio operations.
In general, our television and audio operations face declining audiences, which we believe is present across the broadcast
industry, competition with the other major Spanish-language broadcasters, and changing demographics and preferences of audiences
in terms of the media they prefer to view, including streaming and social media, as well as other digital and innovative outlets. We
anticipate that these changes in viewer habits will persist and may accelerate for at least the foreseeable future and possibly
permanently. Additionally, we have previously noted a trend for advertising to move increasingly from traditional media, such as
television, to new media, such as digital media, and we expect this trend to continue. As a result of these trends, our business and
results of operations could be materially adversely affected.
Our television stations compete for audiences and advertising revenue primarily on the basis of programming content and
advertising rates. Audience ratings are a key factor in determining our television advertising rates and the revenue that we generate. If
our network partners’ programming success or ratings were to decline, it could lead to a reduction in our advertising rates and
advertising revenue on which our television business depends. Additionally, by aligning ourselves closely with TelevisaUnivision, we
might forego other opportunities that could diversify our television programming and avoid dependence on TelevisaUnivision’s
television networks. Decreases in audience ratings, with potential resulting decreases in advertising rates and revenue, could have a
material adverse effect on our business and results of operations.

14
Our emphasis on enhancing our local news programming as a means to increase advertising revenue may not produce the results
we hope.
We have made a substantial investment in enhancing our sales teams and local news programming as a strategy to capitalize on
what we hope to be increased avenues to advertising revenue. We may not be successful in such efforts, because our local news
programming and/or sales efforts may not be, or may not be perceived to be, effective or attractive to advertisers.
If our network affiliation and/or other contractual relationships with broadcast networks, including but not limited to
TelevisaUnivision, terminate or otherwise change in an adverse manner, it could negatively affect our television ratings, business,
results of operations and financial condition.
Our network affiliations and other contractual relationships with television networks, particularly TelevisaUnivision, are
essential to our business, results of operations and financial condition. If our network affiliation and/or other agreements or contractual
relationship with a network, especially in the case of the Univision network, were terminated, in whole or in part, or if a network, such
as Univision, were to stop providing programming to us for any reason and we were unable to obtain replacement programming of
comparable quality, it would have a material adverse effect on our business, results of operations and financial condition.
TelevisaUnivision’s ownership of our Class U common stock may make some transactions difficult or impossible to complete
without TelevisaUnivision’s consent.
TelevisaUnivision is the holder of all of our issued and outstanding Class U common stock. Although the Class U common
stock has limited voting rights and does not include the right to elect directors, we may not, without the consent of TelevisaUnivision,
merge, consolidate or enter into a business combination, dissolve or liquidate or dispose of any interest in any FCC license with
respect to television stations which are affiliates of TelevisaUnivision, among other things. TelevisaUnivision’s ownership interest
may have the effect of delaying, deterring or preventing a change in control and may make some transactions more difficult or
impossible to complete without TelevisaUnivision’s support or due to TelevisaUnivision’s then-existing media interests in applicable
markets.
Risks in Our Advertising Technology & Services Operations
If we fail to maintain and grow our relationships with our advertisers, our business, results of operations and financial condition
could be adversely affected.
The agreements we typically have with advertisers do not require them to use our services exclusively. Because they may
conduct business with digital platforms with which we do not have commercial agreements, we cannot assure you that we will be able
to maintain our existing relationships with advertisers, or develop new relationships with them. If we fail to retain or expand our
existing advertiser base or increase the amount of advertising purchases they make through us, our revenues and results of operations
could be materially adversely affected.
Reduced advertising inventory or advertising channels or changes in the attractiveness of certain advertising channels could have
a material adverse effect on our business, results of operations and financial condition.
The amount, quality, type and cost of advertising inventory available through Smadex and Adwake are subject to fluctuation.
Any decrease in the availability of advertising inventory could reduce the services we offer to advertisers and decrease the perceived
value or effectiveness of those services.
Changes in the attractiveness of advertising inventory that we access, due to events outside our control, may reduce demand for
the inventory we sell. If we fail to maintain a diversified mix or consistent supply of quality inventory for any reason, a possible
decrease in the demand for our services could have a material adverse effect on our business and results of operations.
New and existing technologies and changes in third party platforms that modify the digital advertising marketplace and how
advertising is conducted online could have a material adverse effect on our business and results of operations.
Our industry is subject to rapid and frequent changes in technology, including the introduction of privacy-forward technologies
aimed at limiting or blocking digital advertising and customized or targeted advertising. Such actions could reduce the value of our
services, and have a material adverse effect on our business, results of operations and financial condition. Further restrictions by third
party platforms could adversely affect our ability to use data in our advertising technology & solutions business, which could have a
material adverse effect on our business and results of operations.
If we fail to respond to changes in the digital advertising industry, our business may become less competitive.
Our business depends not only on our ability to effectively service the advertisers with which we have relationships, but to
develop new solutions in order to meet the changing needs of advertisers. Digital platforms are quickly evolving, while both media
companies and advertisers are learning more about the digital advertising industry. As advertisers further develop their own
technological knowledge that would allow them to navigate the digital advertising market themselves, and to the degree that digital
platforms become more directly accessible to advertisers, our role as an intermediary between media companies selling their

15
advertising inventory through various platforms and advertisers could become less attractive, resulting in a material adverse effect on
our business and results of operations.
We compete with media companies themselves, as well as with other digital advertising companies.
We compete both with other digital advertising companies and with large media companies themselves that sell their own
advertising inventory directly to advertisers. The decision of such media companies to compete with us may be unrelated to the results
we achieve by our own efforts and could materially adversely affect our business and results of operations.
Our systems and IT infrastructure may be subject to security breaches and other cybersecurity incidents.
We rely on the accuracy, capacity and security of our IT systems, some of which are managed or hosted by third parties.
Maintaining the security of computers, computer networks and data storage resources is a critical issue for us and our counterparties,
as security breaches, including computer viruses and malware, denial of service actions, misappropriation of data and similar events
through the Internet (including via devices and apps connected to the Internet), and through email attachments and persons with access
to these information systems, could result in vulnerabilities and loss of and/or unauthorized access to proprietary or confidential
information, including but not limited to PII. We may face attempts by hackers, cybercriminals or others with or without authorized
access to our systems to misappropriate proprietary information, confidential information, including but not limited to PII, and
technology, interrupt our business and/or gain unauthorized access to confidential information, including but not limited to PII. To the
extent that any disruptions or security breaches result in a loss or damage to our data, it could cause harm to our reputation, potentially
impair our advertisers’ access to Smadex and could potentially cause operational delays and other adverse impacts on our operations.
In addition, we could face enforcement actions by governments in the jurisdictions in which we operate, which could result in fines,
penalties and/or other liabilities, which may cause us to incur legal fees and costs and/or additional costs associated with responding to
a cyberattack.
Increased regulation regarding cybersecurity may increase our costs of compliance, including fines and penalties, as well as
costs of cybersecurity audits and associated repairs or updates to infrastructure, physical systems or data processing systems. Any of
these actions could have a material adverse effect on our business and results of operations. Although we maintain insurance coverage
to protect us against some of these risks, such coverage may be insufficient to cover all losses or types of claims that may arise in the
event we experience a cybersecurity incident, data breach or disruption, unauthorized access or failure of systems.
Our international operations subject us to significant costs and risks.
Our international operations subject us to many risks associated with supporting a business across many cultures, customs,
monetary, legal and regulatory systems. Such general risks include but are not limited to geopolitical concerns, local politics,
governmental instability, socioeconomic disparities, fiscal policies, high inflation and hyper-inflation, currency fluctuations, currency
exchange controls, restrictions on repatriating foreign-derived profits to the United States, local regulatory compliance, punitive
tariffs, different local tax policies, trade embargoes, import and export license requirements, trade restrictions, greater difficulty
collecting accounts receivable, unfamiliarity with local laws and regulations, differing legal standards in enforcing or defending our
rights in courts or otherwise, changes in labor conditions, difficulties in staffing and managing international operations, difficulties in
finding personnel locally who are capable of complying with the financial and reporting requirements of U.S. reporting companies,
actions taken by foreign governments to respond to localized public health and other emergencies, and other cultural differences.
Foreign economies may differ favorably or unfavorably from the U.S. economy in growth of gross domestic product, rate of inflation,
market development, rate of savings, capital investment, resource self-sufficiency and balance of payments positions, and in many
other respects.
Some of the key specific risks to which we are subject as a result of our international operations in those markets where we
currently operate, and those markets where we may expand our operations in the future, include, but are not limited to:
•
increased financial accounting and reporting burdens and complexities, including risks of maintaining internal controls
and procedures, which we have experienced in the past and might experience in the future;
•
difficulties in invoicing and collecting in foreign currencies and associated foreign currency exposure;
•
difficulties in repatriating or transferring funds from or converting currencies; and
•
varied labor and employment laws, including those relating to termination of employees.
We may be exposed to certain risks enforcing our legal rights generally in some of the countries in which we operate.
Unlike the United States, most of the countries in which we operate have a civil law system based on written statutes in which
judicial decisions have limited precedential value. While we believe that most or all the countries in which we operate have enacted
laws and regulations to deal with economic matters such as corporate organization and governance, foreign investment, intellectual
property, commerce, enforcement of contractual rights, taxation and trade, our experience in interpreting and enforcing our rights
under these laws and regulations is limited, and our future ability to enforce commercial claims or to resolve commercial disputes in
any of these countries is therefore unpredictable. These matters may be subject to the exercise of considerable discretion by national,

16
provincial or municipal governments, agencies and/or courts, and forces and factors unrelated to the legal merits of a particular matter
or dispute may influence their determination.
The technology on which we rely may not be protectable, which could result in competition from others who may utilize the same,
or similar technology.
We rely on various technologies in our business, including but not limited to our Smadex ad purchasing platform, and the
aggregation and analysis of data collected about online users in our advertising technology & services business. While much of this
technology is proprietary, we have not determined the extent to which this technology is protectable. To the extent that such
technology is not protectable, others could use the same, or similar, technology in competition with us. Such competition could have a
material adverse effect on our business, revenue and results of operations.
In the past we have experienced, and we may in the future experience, difficulty establishing adequate management and financial
controls in some of the countries in which we operate.
Certain of the countries in which we operate historically have been deficient in U.S.-style local management and concepts of
internal control over financial reporting, or ICFR, as well as in modern banking and other control systems. We have experienced these
problems in the past and may experience them in the future. We have had, and we may have, difficulty in hiring and retaining a
sufficient number of locally-qualified employees to work in such countries who are capable of satisfying all the obligations of a U.S.
public reporting company, including ICFR. As a result of these factors, we may experience difficulty in establishing adequate
management and financial controls (including ICFR), collecting financial data and preparing financial statements, books of account
and corporate records and instituting business practices in such countries in order to meet the requirements of generally accepted
accounting principles in the United States, or U.S. GAAP, and the rules and regulations of the SEC as in effect from time to time that
are applicable to reporting companies.
Financial Risks
Our substantial level of debt could limit our ability to grow and compete.
Our total indebtedness, net of unamortized debt issuance costs, was $187.0 million as of December 31, 2024. Our substantial
indebtedness could have important consequences to our business, including without limitation:
•
preventing us from obtaining additional financing to grow our business and compete effectively;
•
limiting our ability, as a practical matter, to borrow additional amounts;
•
limiting management’s discretion in the operation of our business through restrictive covenants that could limit our ability
to grow and compete; and
•
placing us at a disadvantage compared to those of our competitors who have less debt or fewer restrictions under the terms
of the agreements governing their debt.
The 2023 Credit Agreement contains various covenants that limit management’s discretion in the operation of our business.
The 2023 Credit Agreement contains certain covenants and ratios that limit the ability of us to, among other things:
•
incur certain liens on our property or assets;
•
make certain investments or acquisitions;
•
incur certain additional indebtedness;
•
consummate any merger, dissolution, liquidation, consolidation or sale of substantially all assets;
•
acquire or dispose of certain assets; or
•
enter into certain transactions with affiliates.
If we fail to comply with any of the covenants or ratios under the 2023 Credit Agreement, or if we are unable to meet our debt
service obligations, our lenders could elect to declare all amounts borrowed to be immediately due and payable, together with accrued
and unpaid interest; and/or terminate their commitments, if any, to make further extensions of credit. Any such action by our lenders
would have a material adverse effect on our overall business and financial condition.
The failure to comply with the financial covenants under the 2023 Credit Agreement could have a material adverse effect on our
operations and financial condition.
The 2023 Credit Agreement contains various financial covenants. Our failure to meet these covenants would constitute an event
of default under the 2023 Credit Agreement.
As a result of the sale of the EGP business, consolidated EBITDA (as defined in the 2023 Credit Agreement) has been
significantly reduced. Due to this and other risks and uncertainties regarding forecasts and projections about our operations, industry,

17
financial condition, performance, operating results and liquidity, we may not maintain compliance with the financial covenants in the
2023 Credit Agreement.
If an event of default were to occur and if we are unable to obtain waivers or amendments to the 2023 Credit Agreement, our
lenders, among other actions, could elect to declare all amounts borrowed to be immediately due and payable, together with accrued
and unpaid interest; and/or terminate their commitments, if any, to make further extensions of credit. Additionally, if an event of
default were to occur, our lenders would have the right to proceed against the collateral granted to them to secure that debt, which
consists of substantially all of our assets.
If the debt under the 2023 Credit Agreement were to be accelerated, among other things we could seek to mitigate the default
by refinancing our debt or raising additional capital by issuing equity or debt. There is no guarantee that any such refinancing or
capital would be available to us on favorable terms or at all. The failure to mitigate a default under the 2023 Credit Agreement would
have a material adverse effect on our operations and financial condition.
Our advertising revenue can vary substantially from period to period based on many factors beyond our control, including but not
limited to those discussed herein. This volatility affects our operating results and may reduce our ability to repay indebtedness or
comply with any of the covenants or ratios under the 2023 Credit Agreement or reduce the market value of our securities.
We rely on sales of advertising time for most of our revenues and, as a result, our operating results are sensitive to the amount
of advertising revenue we generate. Changes in the way we do business with various media companies could materially adversely
affect our revenues and results of operations, alter or result in the termination of our relationship with such media company and/or
result in our withdrawal from a given geographic market. If we generate less revenue, it may be more difficult for us to repay our
indebtedness or comply with any of the covenants or ratios under the 2023 Credit Agreement, and the value of our business may
decline.
We may need to raise capital if our current liquidity is insufficient to fund business activities. If we cannot raise such on favorable
terms or at all, we may have to reduce or curtail certain existing operations.
We require significant capital for general working capital and debt service needs. Our ability to raise additional funds is limited
by the terms of the 2023 Credit Agreement. Our failure to obtain any required new financing, if needed, could have a material adverse
effect on our results of operations and financial condition. Additionally, if our then-current liquidity is insufficient to fund future
activities, or we do not remain in compliance with our financial covenants under the 2023 Credit Agreement, we may be required to
seek additional equity or debt financing in the future to satisfy capital requirements in response to these adverse developments or other
changes in our circumstance or unforeseen events or conditions. In the event that additional financing is required from third party
sources, we may not be able to raise it on favorable terms or at all. In such event, we may have to reduce or curtail certain existing
operations. The failure to obtain any required capital could have a material adverse effect on our business and financial condition.
We expect to experience fluctuations in foreign exchange rates in our overseas operations.
Our consolidated financial statements of our operations outside the United States are translated into U.S. Dollars at the average
exchange rates in each applicable period. To the extent that the U.S. Dollar strengthens against foreign currencies, the translation of
these foreign currencies denominated transactions will result in reduced revenue and operating expenses for our international
operations. Similarly, to the extent that the U.S. Dollar weakens against foreign currencies, the translation of these foreign currency
denominated transactions will result in increased revenue and operating expenses for our international operations. We are also exposed
to foreign exchange rate fluctuations as we convert the financial statements of our foreign operations into U.S. Dollars in
consolidation. In addition, we may have certain assets and liabilities that are denominated in currencies other than the relevant entity’s
functional currency. Changes in the functional currency value of these assets and liabilities create fluctuations that will lead to a
transaction gain or loss. Moreover, some of the countries in which our advertising technology & services business operates, including
Mexico, Argentina and Brazil, have experienced significant and sometimes sudden devaluations of their currency over time, which
could magnify these fluctuations, should they happen again in the future.
Regulatory Risks
If we cannot renew our FCC broadcast licenses, our broadcast operations would be impaired, which could have a material and
adverse effect on our business, results of operations and financial condition.
Our television and radio operations depend upon maintaining our broadcast licenses, which are issued by the FCC. The FCC
has the authority to renew licenses, not renew them, renew them only with significant qualifications, including renewals for less than a
full term or revoke them. Although a substantial majority of our radio station licenses and many of our television station licenses have
been renewed for their full terms in the ordinary course, we cannot guarantee that our pending or future renewal applications will be
approved, or that the renewals will not include conditions or qualifications that could materially and adversely affect our operations. If
we fail to renew any of our stations’ main licenses, or if we renew our licenses with substantial conditions or modifications (including
renewing one or more of our licenses for less than the standard term of eight years), it could have a material adverse effect on our

18
business, results of operations and financial condition. In addition, our 2023 Credit Agreement requires us to maintain our FCC
licenses, and if the FCC were to revoke or place significant limitations on any of our material licenses, our lenders could declare us in
default under the 2023 Credit Agreement, and any cancellation or acceleration thereof could have a material adverse effect on our
financial condition.
We are subject to extensive additional regulation by the FCC in our television and radio operations.
Our television and radio operations are highly regulated by the FCC. We must comply with extensive current and any future
laws and regulations, including but not limited to those concerning displacement of low-power stations, elimination or limitation on
our MVPD carriage rights, ownership rules, broadcasting to serve the “public interest”, sponsorship identification, regulation of so-
called “indecent” content and equal opportunity in hiring requirements. We cannot predict what changes, if any, might be adopted, to
existing regulations or what other matters might be considered by the FCC in the future, nor can we judge in advance what impact, if
any, the implementation of any particular proposal or our compliance might have on our business. Our inability or failure to comply
with all current and future regulatory requirements that apply to our operations could have a material adverse impact, among other
things, on our ability to build a stronger or more efficient presence in select markets, our competitive position in certain markets, our
ratings, our advertising rates and our results of operations.
Legislation and regulation of the digital advertising business, including privacy and data protection regimes, could create
unexpected costs, subject us to enforcement actions for compliance failures, or cause us to change our business model.
Laws and regulations relating to various aspects of the rapidly changing digital media industry, such as data protection and
privacy-related laws and regulations, are evolving rapidly and are expected to continue to do so both in the United States and many
other jurisdictions in which we operate and may operate in the future.
U.S. and foreign governments have enacted, considered or are currently considering legislation or regulations that relate to
digital advertising activities and the use of consumer data in digital advertising. Several states have enacted laws which affect the
collection, use, retention, protection, disclosure, transfer and other processing of personal data, particularly in relation to digital
advertising services, which can limit the data available for use in Smadex and Adwake.
Privacy legislation in other jurisdictions also continues to evolve. Such legislation will require additional compliance measures,
which can impose additional costs and expose us to increased regulatory scrutiny, which may increase the cost and complexity of
delivering our services. We may also be required to change our current practices regarding the volume of personal data that can be
collected and used for our business purposes, including by our customers.
We must comply with this large and changing body of laws and regulations in all the jurisdictions throughout the world where
we do business. Our failure to do so could subject us to enforcement action, fines and reputational harm, resulting in a material
adverse effect on our business, results of operations and financial condition. Among other things, compliance with such laws and
regulations could increase our cost of doing business, limit our ability to collect and process personal data, expose us to regulatory
investigations and civil actions, and/or reduce the demand for our advertising technology & services offerings, materially adversely
affecting our business, results of operations and financial condition.
We are subject to new and rapidly evolving legislation and/or regulations, as well as industry standards and consumer preferences,
in respect of protection of personal and similar data and any failure by us to comply with these regulations could result in loss of
business, reputation and/or fines.
Our ability to optimize the delivery of digital advertisements depends on our ability to successfully leverage data, including
data that we collect from advertisers, publishers and third parties, as well as our own operating history. Using cookies and non-cookie
based mechanisms, we collect information about the interactions of online users with advertisers and publishers’ digital properties,
including, for example, information about the placement of advertisements and users’ interactions with websites or advertisements.
The handling and protection of personal information, including but not limited to PII, is regulated in many jurisdictions where we
operate, including but not limited to the Delete Act in California, similar state privacy laws throughout the United States, and the
GDPR in the E.U. We are also subject to rapidly changing industry standards, consumer preferences, changes in technology, including
changes in web browser technology, Global Privacy Control signals, increased visibility of consent or “do not track” mechanisms or
“ad-blocking” software, and restrictions imposed by large software companies and platform providers, web browser developers or
other software developers.
The cost of such ongoing monitoring and compliance by us may be significant. In addition, any failure by us to comply with
applicable data protection laws and regulations in any of the jurisdiction where we do business, or comply with industry standards or
consumer preferences in this regard, could subject us to significant penalties, negative publicity and reputational damage with
advertisers, which in turn could have a material adverse effect on our business and results of operations.
In addition, consumers in some jurisdictions are provided private rights of action under certain laws to file civil lawsuits,
including class action lawsuits, against companies that conduct business in the digital advertising industry and personalize or target

19
advertising, including makers of devices that display digital media, providers of digital media, operating system providers, third party
networks and providers of Internet-connected devices and related services.
Measures we take to protect PII and other confidential information, as required by the laws and regulations to which we are
subject, may not be effective, and could expose us to significant liability.
While we take measures to protect the security of information, including PII, that we collect, use and disclose in the operation
of our business, such measures may not always be effective. Software bugs, malware, theft, misuse, defects, vulnerabilities in our
products and services, and cybersecurity breaches expose us to a risk of loss or improper use and disclosure of such information,
which could result in litigation and other potential liability, including, among other things, regulatory fines and penalties, civil lawsuits
and reputational harm.
We must comply with the Foreign Corrupt Practices Act.
We are required to comply with the United States Foreign Corrupt Practices Act, or the FCPA, which prohibits U.S. companies
from engaging in bribery or other prohibited payments to foreign officials for the purpose of obtaining or retaining business.
Corruption, extortion, bribery, pay-offs, theft and other fraudulent practices occur from time-to-time in certain countries, including
some of the countries in which we operate. If our competitors engage in these practices, they may receive preferential treatment, ,
giving our competitors an advantage in securing business or from government officials who might give them priority in obtaining new
business, which would put us at a disadvantage. Although we inform our own personnel that such practices are illegal, we cannot
assure you that our employees or other agents will not engage in such conduct for which we might be held responsible. If our
employees or other agents are found to have engaged in such practices, we could suffer severe penalties under the FCPA, with respect
to which there is robust enforcement in the United States.
Available Information
Our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to reports filed
or furnished pursuant to Sections 13(a) or 15(d) of the Exchange Act are made available free of charge on our corporate website,
www.entravision.com, as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. The
information on our website is not, and shall not be deemed to be, a part of this report or incorporated by reference into this or any
other filing we make with the SEC.
ITEM 1B.
UNRESOLVED STAFF COMMENTS
None.
ITEM 1C.
CYBERSECURITY
Cybersecurity Risk Management and Strategy. We recognize the critical role that cybersecurity plays in protecting our
operations, customers, and digital assets. As part of our broader technology and information security risk management framework, our
cybersecurity strategy is designed to safeguard the confidentiality, integrity and availability of our systems and data. We continuously
assess, strengthen and refine our cybersecurity practices to adapt to an evolving threat landscape.
Our cybersecurity risk management program is built on a foundation of monitoring, proactive risk mitigation and adherence to
industry best practices. Over the past year, we have implemented several key enhancements to further bolster our cybersecurity
defenses. A security awareness training program has been introduced across our company to educate employees on cybersecurity
threats and best practices. Additionally, we have expanded our asset management capabilities, improving visibility into our technology
infrastructure and evaluating advanced solutions for more comprehensive oversight.
To protect against unauthorized access, our identity and access management framework continues to evolve, incorporating
multi-factor authentication and single sign-on to enhance access security. In parallel, our vulnerability management program is
actively managed to identify, assess, and remediate security risks before they can be exploited. To further secure our infrastructure, we
have deployed an advanced endpoint security solution, ensuring that all company devices are protected against malware and other
cyber threats.
A core component of our security framework is our threat detection and response capability. We have implemented an extended
detection and response system that provides continuous monitoring, real-time threat detection and automated response mechanisms to
mitigate cybersecurity risks. Our governance, risk and compliance initiatives have also advanced, with ongoing efforts to standardize
security policies and align with regulatory and industry standards. Penetration testing is conducted to assess our security posture and
identify potential vulnerabilities, ensuring that our defenses remain resilient against emerging threats.
Understanding the risks posed by external partners, we have strengthened our third-party risk management program. This
initiative focuses on evaluating and monitoring the cybersecurity practices of our vendors, service providers, and business partners to
mitigate potential supply chain risks. Additionally, our incident response plan has been enhanced to support swift detection,

20
containment, and remediation of cybersecurity incidents, ensuring operational continuity and minimal disruption with the addition of
an incident response retainer.
As of the date of this report, we have not identified any cybersecurity threats, including any past cybersecurity incidents, that
have materially affected or are reasonably likely to materially affect our business strategy, financial condition, or results of operations.
We continue to monitor cybersecurity risks closely and remain committed to taking proactive measures to address evolving threats.
Cybersecurity Governance. We have established a cybersecurity governance framework to ensure effective oversight,
accountability, and strategic alignment across the organization. The Audit Committee of our Board of Directors oversees
cybersecurity-related risks as part of its broader risk management responsibilities. The Audit Committee of the Board of Directors
receives periodic reports from executive management and external cybersecurity advisors on our security initiatives, emerging threats
and risk mitigation efforts.
Day-to-day management of our cybersecurity program is led by our Chief Information Security Officer, or CISO, who is
responsible for overseeing information security policies, threat mitigation strategies, and compliance initiatives. The CISO provides
periodic updates to management and the Audit Committee of the Board of Directors, ensuring that cybersecurity remains a key focus
of our risk management framework. Our incident response protocols are structured to provide clear escalation pathways for
cybersecurity incidents, ensuring that appropriate leadership is engaged in a timely manner to coordinate an effective response.
We also maintain stringent security requirements for third-party service providers, ensuring that vendors comply with our
cybersecurity policies and controls. Our third-party risk management program includes due diligence assessments prior to engagement
and ongoing security evaluations to mitigate external risks that could impact our operations.
As cybersecurity threats continue to evolve, we remain committed to strengthening our cybersecurity governance model,
enhancing transparency and implementing best-in-class security measures. Our approach reflects a proactive commitment to
protecting our digital infrastructure, ensuring business continuity and upholding the trust of our stakeholders.
ITEM 2.
PROPERTIES
Our corporate headquarters and main operational offices for our audio segment are located in Burbank, California. We lease
approximately 12,000 square feet of space in the building housing our corporate headquarters under a lease that expires February 28,
2026. Our corporate headquarters and main operational offices for our audio segment were previously located in Santa Monica,
California. We leased approximately 38,000 square feet of space in the building housing our previous corporate headquarters under a
lease that expires January 31, 2034. Our management decided to vacate the facility in February 2025 and cease making further lease
payments.
The types of properties required to support each of our television and radio stations typically include offices, broadcasting
studios and antenna towers where broadcasting transmitters and antenna equipment are located. The majority of our office, studio and
tower facilities are leased pursuant to long-term leases. We also own the buildings and/or land used for office, studio and tower
facilities at certain of our television and/or radio properties. We own substantially all of the equipment used in our television and radio
broadcasting business. We believe that all of our facilities and equipment are adequate to conduct our present operations. We also
lease certain facilities and broadcast equipment in the operation of our business.
See Notes 8 and 20 to Notes to Consolidated Financial Statements.
ITEM 3.
LEGAL PROCEEDINGS
We currently and from time to time are involved in litigation incidental to the conduct of our business, but we are not currently a
party to any lawsuit or proceeding which, in the opinion of management, is likely to have a material adverse effect on us or our
business.
ITEM 4.
MINE SAFETY DISCLOSURES
Not applicable.

21
PART II
ITEM 5.
MARKET FOR REGISTRANT’S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS AND
ISSUER PURCHASES OF EQUITY SECURITIES
Market Information
Our Class A common stock has been listed and traded on The New York Stock Exchange since August 2, 2000 under the
symbol “EVC.”
As of March 3, 2025, there were approximately 153 holders of record of our Class A common stock. We believe that the
number of beneficial owners of our Class A common stock substantially exceeds this number.
Performance Graph
The following graph, which was produced by S&P Global Market Intelligence, depicts our performance for the period from
December 31, 2019 through December 31, 2024, as measured by total stockholder return calculated on a dividend reinvestment basis,
on our Class A common stock, compared with the total return of the S&P 500 Index, the S&P Broadcasting & Cable TV Index and the
Dow Jones U.S. Media Index. This graph assumes $100 was invested in each of our Class A Common Stock, the S&P 500 Index, the
S&P Broadcasting & Cable TV Index and the Dow Jones U.S. Media Index, as of the market close on December 31, 2019. Starting in
our Annual Report on Form 10-K for the year ended December 31, 2021, we added the Dow Jones U.S. Media Index, which was not
included in the years prior to 2021, to reflect that our operations have diversified beyond broadcasting. Upon request, we will furnish
to stockholders a list of the component companies of such indices.
We caution that the stock price performance shown in the graph below should not be considered indicative of potential future
stock price performance.
COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN
Among Entravision Communications Corporation, the S&P 500 Index, the S&P Broadcasting Index,
and the Dow Jones U.S. Media Index

22
Period Ending
Index
12/31/19
12/31/20
12/31/21
12/31/22
12/31/23
12/31/24
Entravision Communications Corporation
100.00
112.21
281.71
203.32
184.70
115.33
S&P 500 Index
100.00
118.40
152.39
124.79
157.59
197.02
S&P Broadcasting Index
100.00
87.18
82.92
58.03
55.30
70.79
Dow Jones U.S. Media Index
100.00
122.51
114.76
68.72
79.44
84.88
Dividend Policy
We currently pay a dividend on our Class A common stock and Class U common stock. Our future dividend policy, including
the amount of any dividend, will depend on factors considered relevant in the discretion of the Board of Directors, which may include,
among other things, our earnings, capital requirements and overall financial condition. In addition, the 2023 Credit Agreement places
certain restrictions on our ability to pay dividends on any class of our common stock.
Issuer Purchases of Equity Securities
On March 1, 2022, our Board of Directors approved a share repurchase program of up to $20 million of our Class A common
stock. Under this share repurchase program, we are authorized to purchase shares of our Class A common stock from time to time
through open market purchases or negotiated purchases, subject to market conditions and other factors.
We did not repurchase any shares of our Class A common stock during 2024. As of December 31, 2024, we have repurchased a
total of 1.8 million shares of our Class A common stock under the share repurchase program for an aggregate purchase price of $11.3
million, or an average price per share of $6.43. All such repurchased shares were retired as of December 31, 2024.
ITEM 6.
RESERVED

23
ITEM 7.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
The following discussion of our consolidated results of operations and cash flows for the years ended December 31, 2024, 2023
and 2022 and consolidated financial condition as of December 31, 2024 and 2023 should be read in conjunction with our consolidated
financial statements and the related notes included elsewhere in this annual report on Form 10-K.
The discussion and analysis of our financial condition and results of operations for 2024 compared to 2023 appears below. As a
smaller reporting company, we have chosen to omit the discussion and analysis of our financial condition and results of operations for
2023 compared to 2022.
OVERVIEW
Entravision owns and operates one of the largest groups of Spanish language television and radio stations in the United States.
Our mission is to serve our Latino audience as a trusted provider of useful news, information and entertainment and to serve our
advertisers by providing multi-channel marketing capabilities to engage our audience.
Entravision also owns and operates a smaller group of television stations that broadcast English language programming and has
operations that provide programmatic advertising technology and services. We have organized our operations into two reportable
segments. Our media segment includes our television, radio and digital marketing operations. Our advertising and technology services
segment provides programmatic advertising and technology services through Smadex, our demand-side programmatic advertising
purchasing platform, and Adwake, our performance-based media advertising agency.
In 2024 we discontinued and divested a significant portion of Entravision’s operations, which largely consisted of a collection
of acquisitions that had been completed prior to 2024.
Our net revenue for the year ended December 31, 2024 was $364.9 million. Of this amount, revenue generated by our media
segment accounted for approximately 61%, and revenue generated by our advertising technology & services segment accounted for
approximately 39% of total revenue.
See "Item 1. Business" for an overview of our business, the industry in which we operate, certain industry trends and important
recent business developments.
2024 Highlights
•
Our consolidated net revenue for the year ended December 31, 2024 increased 23% over the prior year period.
•
We achieved record political advertising revenue in 2024. In fact, 2024 marked the fifth election cycle in a row where we
benefited from increased political advertising revenue compared to the previous election cycle.
•
Following a decision by Meta to terminate its ASP program globally, including us, and an evaluation of our business in
light of that decision, we sold our EGP business in a series of transactions in the second quarter of 2024. The sale of our
EGP business has allowed us to focus our operations on the products and services we sell instead of the type of
advertising medium in which we sell them, which had been our historic operational approach. We have realigned our
operational and management structure accordingly.
•
In 2024 we significantly enhanced our local news programming. We also made substantial investments in our news
operations to capitalize on advertising inventory during our newscasts. We added early morning and midday news in all of
our markets, whereas previously we broadcast early evening and late-night news. As a result of implementing this
strategy, we added 107 new weekly newscasts on our TelevisaUnivision- affiliated television stations, delivering more
than 400 hours of weekly news coverage across 415 newscasts. We now provide morning, midday, early evening and late
news in all of our markets; and
•
In late 2024 we increased the size of our media sales team and it is our current intention that this will continue in 2025.
We also intend to focus on enhancements to our operations and sales support, training and leadership functions.
Acquisitions and Dispositions
See Notes 3 and 4 to Notes to Consolidated Financial Statements for details.

24
RESULTS OF OPERATIONS
Separate financial data for each of our operating segments is provided below. Segment operating profit (loss) is defined as
operating profit (loss) before corporate expenses, change in fair value of contingent consideration, impairment charge, other operating
(gain) loss, and foreign currency (gain) loss. We evaluate the performance of our operating segments based on the following (in
thousands):
Year Ended December 31,
% Change
% Change
2024
2023
2022
2024 to 2023
2023 to 2022
Net Revenue
Media
$
222,061
$
196,268
$
230,698
13%
(15)%
Advertising Technology & Services
142,887
100,775
93,292
42%
8%
Consolidated
364,948
297,043
323,990
23%
(8)%
Cost of revenue
Media
16,726
10,952
10,580
53%
4%
Advertising Technology & Services
85,470
66,262
60,006
29%
10%
Consolidated
102,196
77,214
70,586
32%
9%
Direct operating expenses
Media
110,988
96,925
94,742
15%
2%
Advertising Technology & Services
25,274
16,306
14,578
55%
12%
Consolidated
136,262
113,231
109,320
20%
4%
Selling, general and administrative expenses
Media
42,759
36,000
36,327
19%
(1)%
Advertising Technology & Services
20,109
13,761
10,661
46%
29%
Consolidated
62,868
49,761
46,988
26%
6%
Depreciation and amortization
Media
12,891
11,975
13,661
8%
(12)%
Advertising Technology & Services
3,930
4,417
1,986
(11)%
122%
Consolidated
16,821
16,392
15,647
3%
5%
Segment operating profit (loss)
Media
38,697
40,416
75,388
(4)%
(46)%
Advertising Technology & Services
8,104
29
6,061
*
(100)%
Consolidated
46,801
40,445
81,449
16%
(50)%
Corporate expenses
37,498
50,294
49,404
(25)%
2%
Change in fair value of contingent consideration
(629)
821
(1,800)
*
*
Impairment charge
61,220
13,267
1,600
361%
729%
Foreign currency (gain) loss
692
1,950
1,244
(65)%
57%
Other operating (gain) loss
-
609
423
(100)%
44%
Operating income (loss)
(51,980)
(26,496)
30,578
96%
(187)%
Interest expense
(16,472)
(16,833)
(10,536)
(2)%
60%
Interest income
2,458
3,405
2,740
(28)%
24%
Dividend income
10
35
20
(71)%
75%
Realized gain (loss) on marketable securities
(110)
(93)
(532)
18%
(83)%
Gain (loss) on debt extinguishment
(91)
(1,556)
-
(94)%
*
Income (loss) before income taxes from continuing
operations
$
(66,185)
$
(41,538)
$
22,270
59%
*
Capital expenditures
Media
$
7,089
$
21,208
$
6,975
Advertising Technology & Services
372
3,643
2,538
Consolidated
$
7,461
$
24,851
$
9,513
* Percentage not meaningful.
Asset information by segment is not reported because we do not use this measure to assess performance or make decisions to allocate
resources

25
Year Ended December 31, 2024 Compared to Year Ended December 31, 2023
Consolidated Operations
Net Revenue. Net revenue increased to $364.9 million for the year ended December 31, 2024 from $297.0 million for the year
ended December 31, 2023. This increase was primarily attributable to an increase of $25.8 million in advertising revenue from our
media segment, and an increase of $42.1 million in advertising revenue from our advertising technology & services segment.
Cost of revenue. Cost of revenue increased to $102.2 million for the year ended December 31, 2024 from $77.2 million for the
year ended December 31, 2023. This increase was primarily attributable to an increase of $5.8 million in cost of revenue from our
media segment, and an increase of $19.2 million in cost of revenue from our advertising technology & services segment.
Direct Operating Expenses. Direct operating expenses increased to $136.3 million for the year ended December 31, 2024 from
$113.2 million for the year ended December 31, 2023. This increase was primarily attributable to an increase of $14.1 million in direct
operating expenses in our media segment and an increase of $9.0 million in direct operating expenses in our advertising technology &
services segment.
Selling, General and Administrative Expenses. Selling, general and administrative expenses increased to $62.9 million for the
year ended December 31, 2024 from $49.8 million for the year ended December 31, 2023. This increase was primarily attributable to
an increase of $6.8 million in selling, general and administrative expenses in our media segment and an increase of $6.3 million in
selling, general and administrative expenses in our advertising technology & services segment.
Depreciation and Amortization. Depreciation and amortization increased to $16.8 million for the year ended December 31, 2024
from $16.4 million for the year ended December 31, 2023. This increase was primarily attributable to an increase of $0.9 million in
depreciation and amortization in our media segment, partially offset by a decrease of $0.5 million in depreciation and amortization in
our advertising technology & services segment.
Corporate Expenses. Effective July 1, 2024, with the realignment of our operations and reassignment of certain responsibilities,
certain costs that were previously included as corporate expenses, primarily salaries, are now included in direct operating expenses
and in selling, general and administrative expenses.
Corporate expenses decreased to $37.5 million for the year ended December 31, 2024 from $50.3 million for the year ended
December 31, 2023. This decrease was primarily due to a decrease of $1.9 million in salaries and bonus expense, a decrease of $3.9
million in non-cash stock-based compensation, a decrease of $3.2 million in professional services expense, and a decrease of $4.8
million in corporate expenses due to the realignment of our operations from three to two segments, as noted above. This decrease was
partially offset by an increase of $1.1 million in severance expense.
Change in fair value of contingent consideration. As a result of the change in fair value of the contingent consideration,
primarily related to earnouts of certain past acquisitions, we recognized income of $0.6 million for the year ended December 31, 2024,
and an expense of $0.8 million for the year ended December 31, 2023.
Impairment. For the year ended December 31, 2024, we incurred an impairment charge of $61.2 million, of which $43.3 million
was related to goodwill impairment and $17.9 million was related to certain FCC licenses in our media segment. For the year ended
December 31, 2023, we incurred an impairment charge of $13.3 million, of which $12.3 million related to certain FCC licenses in our
media segment, and an impairment charge of $1.0 million, due to a termination of an agreement with a media company for which we
acted as commercial partner in our then digital segment.
Foreign currency loss. We had a foreign currency loss of $0.7 million for the year ended December 31, 2024 compared to a
foreign currency loss of $2.0 million for the year ended December 31, 2023. Foreign currency gains and losses are primarily due to
currency fluctuations that affect our operations located outside the United States.
Other operating (gain) loss. We had other operating loss of $0.6 million for the year ended December 31, 2023, primarily due to
the sale of certain entities doing business as 365 Digital in our then digital segment, partially offset by gain on assets previously held
for sale in our then audio segment.
Interest Expense, net. Interest expense, net increased to $14.0 million for the year ended December 31, 2024 from $13.4 million
for the year ended December 31, 2023. This increase was primarily due to lower interest income, partially offset by a lower interest
rate on our debt and a lower principal balance due to prepayments totaling $20.0 million, which were made in the first half of 2024.
Gain (loss) on debt extinguishment. We recorded a loss on debt extinguishment of $0.1 million for the year ended December 31,
2024 due to prepayments totaling $20.0 million under our 2023 Credit Facility. We recorded a loss on debt extinguishment of $1.6
million for the year ended December 31, 2023 due to the refinancing of our previous credit facility with our 2023 Credit Facility.
Realized gain (loss) on marketable securities. We recorded a realized loss on marketable securities of $0.1 million for each of
the years ended December 31, 2024 and 2023.
Income Tax Expense or Benefit. Income tax expense for the year ended December 31, 2024 was $4.1 million. The effective tax
rate for the year ended December 31, 2024 was different from our statutory rate due to foreign and state taxes, changes in valuation
allowances on deferred tax assets, non deductible executive compensation, changes in the fair value of the contingent consideration

26
liability, capital loss on disposal of subsidiaries, changes in uncertain tax benefits, worthless stock deduction, and goodwill
impairment. Income tax benefit for the year ended December 31, 2023 was $8.4 million. The effective tax rate for the year ended
December 31, 2023 was different from our statutory rate due to foreign and state taxes, changes in valuation allowances on deferred
tax assets, non-deductible executive compensation, changes in the fair value of the contingent consideration liability and worthless
stock deduction.
The Organization for Economic Co-operation and Development (“OECD”) Pillar 2 guidelines address the increasing
digitalization of the global economy, re-allocating taxing rights among countries. The OECD, many other member states and various
other governments have adopted, or are in the process of adopting, Pillar 2 which calls for a global minimum tax of 15% to be
effective for tax years beginning in 2024. The OECD guidelines published to date include transition and safe harbor rules around the
implementation of the Pillar 2 global minimum tax. The Company is monitoring developments and evaluating the impacts these new
rules will have on its tax rate, including eligibility to qualify for these safe harbor rules.
Segment Operations
In our former EGP business, we acted as an intermediary between primarily global media companies and advertisers, which
consisted of either the enterprise or its ad agency running the advertisement. Our customers were both these primarily global media
companies and advertisers. On March 4, 2024, we received a communication from Meta that it intended to wind down its ASP
program globally and end its relationship with all of its ASPs, including us, by July 1, 2024. As a result of this communication from
Meta, our CEO, who is also our CODM, led a thorough review of our operations, cost structure, digital strategy and organization of
our business. This review led to the decision to sell the enterprises comprising our EGP business -- the largest business unit of what
was then our digital segment. Following this decision, during the second quarter of 2024, we entered into a definitive agreement to sell
substantially all of our EGP business to IMS. The transaction was completed on June 28, 2024. The remaining parts of our EGP
business, Jack of Digital and Adsmurai, were each sold back to their respective founders in separate transactions during the second
quarter of 2024.
Prior to the sale of the EGP business, for financial reporting purposes we reported in three segments – digital, television and
audio, based on the type of medium in which we sold advertising. The sale of the EGP business has allowed us to focus our operations
on the products and services we sell instead of the type of advertising medium in which we sell them, which had been our historic
operational approach. As a result of the sale of our EGP business, effective July 1, 2024, we have realigned our operating segments
into two segments – media and advertising technology & services – consistent with our current operational and management
structure, as well as the basis that is now used for internal management reporting and how our CEO evaluates our business. Our
reportable segments are the same as our operating segments. Prior periods have been recast to conform to this presentation.
Our media segment consists of sales of advertising through various media, including television, radio and digital. We own
and/or operate 49 primary television stations and 44 radio stations (37 FM and 7 AM), reaching and engaging Latinos in the United
States. Our television operations comprise the largest affiliate group of both the top-ranked Univision television network and
TelevisaUnivision’s UniMás network, with TelevisaUnivision-affiliated stations in 15 of the nation’s top 50 U.S. Latino markets. We
own and operate one of the largest groups of primarily Spanish-language radio stations in the United States. We provide digital
marketing solutions in all of the U.S. markets where we have broadcast operations.
Our advertising technology & services segment consists of programmatic ad services through Smadex, our demand side
programmatic ad platform, and Adwake, our mobile growth solutions business.
Media
Net Revenue. Net revenue in our media segment increased to $222.1 million for the year ended December 31, 2024 from $196.3
million for the year ended December 31, 2023. This increase was primarily due to an increase of $18.8 million in broadcast
advertising revenue, driven by political advertising revenue, an increase of $8.7 million in digital advertising revenue, and an increase
of $2.2 million in other revenue, partially offset by a decrease of $1.3 million in spectrum usage rights revenue and a decrease of $2.7
million in retransmission consent revenue.
In general, most of our media operations face declining audiences, which we believe is present across the broadcast industry,
competitive factors with the other major Spanish-language broadcasters, and changing demographics and preferences of audiences,
particularly younger audiences, in terms of the media they prefer to view, including streaming and social media. We anticipate that
these changes in viewer habits will persist at least for the foreseeable future and possibly permanently. Additionally, we have
previously noted a trend for advertising to move increasingly from traditional media, such as television and radio, to new media, such
as digital media, and we expect this trend will also continue. While we believe that none of these new technologies and services can
completely replace local broadcast stations due to the element of localism that broadcasting offers, the challenges we face in our
broadcast operations from new technologies and services will continue to require attention from management. We must continue to
remain vigilant to meet these changes, including the need to further adjust our business strategies accordingly. No assurances can be
given that such strategies will be successful.

27
Cost of revenue. Cost of revenue in our media segment increased to $16.7 million for the year ended December 31, 2024 from
$11.0 million for the year ended December 31, 2023, primarily due to the increase in digital advertising revenue.
Direct operating expenses. Direct operating expenses in our media segment increased to $111.0 million for the year ended
December 31, 2024 from $96.9 million for the year ended December 31, 2023, primarily due to an increase of $6.9 million in salaries,
primarily associated with the expansion of our news programming in anticipation of this year's election cycle, an increase of $3.7
million in other costs associated with the increase in revenue, an increase of $1.7 million in corporate expenses due to the realignment
of our operations as noted above, an increase of $0.8 million in ratings services, and an increase of $0.6 million for repairs and
maintenance. The remaining increase was due to other items which were individually immaterial.
Selling, general and administrative expenses. Selling, general and administrative expenses in our media segment increased to
$42.8 million for the year ended December 31, 2024 from $36.0 million for the year ended December 31, 2023, primarily due to an
increase of $4.3 million in salaries and other employee benefits, and an increase of $3.1 million in corporate expenses due to the
realignment of our operations as noted above. The increase was offset by other items which were individually immaterial.
Advertising Technology & Services
Net Revenue. Net revenue in our advertising technology & services segment increased to $142.9 million for the year ended
December 31, 2024 from $100.8 million for the year ended December 31, 2023. The increase was primarily due to increases in
advertising revenue from Smadex and Adwake.
Cost of revenue. Cost of revenue in our advertising technology & services segment increased to $85.5 million for the year ended
December 31, 2024 from $66.3 million for the year ended December 31, 2023, primarily due to the increase in digital advertising
revenue.
We have previously noted a trend on a global basis in our advertising technology & services operations whereby revenue is
shifting more to programmatic revenue. As a result, advertisers are demanding more efficiency and lower cost from intermediaries like
us. In response to this trend, we have been offering our programmatic purchasing platform, Smadex, to advertisers. The digital
advertising industry remains dynamic and is continuing to undergo rapid changes in technology, customer expectation and
competition. We expect this trend to continue and possibly accelerate. We must continue to remain vigilant to meet these dynamic and
rapid changes, including the need to further adjust our business strategies accordingly. No assurances can be given that such strategies
will be successful.
Direct Operating Expenses. Direct operating expenses in our advertising technology & services segment increased to $25.3
million for the year ended December 31, 2024 from $16.3 million for the year ended December 31, 2023, primarily due to an increase
of $5.9 million in cloud infrastructure expenses and an increase of $3.1 million in salaries.
Selling, General and Administrative Expenses. Selling, general and administrative expenses in our advertising technology &
services segment increased to $20.1 million for the year ended December 31, 2024, from $13.8 million for the year ended December
31, 2023, primarily due to an increase of $3.8 million in salaries, severance expense of $1.3 million, cloud software expense of $0.8
million, and rent expense $0.5 million.
Liquidity and Capital Resources
While we have a history of operating losses in some periods and operating income in other periods, we also have a history of
generating significant positive cash flows from our operations. We had net loss attributable to common stockholders of $148.9 million
and $15.4 million for the years ended December 31, 2024 and 2023, respectively, and net income attributable to common stockholders
of $18.1 million for the year ended December 31, 2022. We had positive cash flow from operations of $74.7 million, $75.2 million
and $78.9 million for the years ended December 31, 2024, 2023 and 2022, respectively. For at least the next twelve months, we expect
to fund our working capital requirements, capital expenditures and payments of principal and interest on outstanding indebtedness,
with cash on hand and cash flows from operations.
We currently believe that our cash position is capable of meeting our operating and capital expenses and debt service
requirements for at least the next twelve months from the issuance of this report. We believe that our position is strengthened by cash
and cash equivalents on hand, in the amount of $95.9 million, and available for sale marketable securities in the additional amount of
$4.7 million, as of December 31, 2024. Our liquidity is not materially affected by the amounts held in accounts outside the United
States.
On March 4, 2024, we received a communication from Meta that it intended to wind down its authorized sales partner, or ASP,
program globally and end its relationship with all of its ASPs, including us, by July 1, 2024. As a result, we conducted a thorough
review of our digital strategy, operations and cost structure, and during the second quarter of 2024 made the decision to dispose of the
operations of EGP, our digital commercial partnerships business, which was completed during the second quarter of 2024.
The disposition of our EGP business, the largest business unit of what was then our digital segment, will have a material effect
on our results of operations in that total revenue from our advertising technology & services operations, and consolidated revenue, will

28
be, and is expected to remain, significantly lower than it was prior to the disposition of our EGP business. As a result, cash flow from
operations will be materially adversely affected in future periods, which could also adversely affect our liquidity and, as discussed
below, our ability to comply with financial covenants under the 2023 Credit Agreement.
The 2023 Credit Agreement contains various financial covenants (see Note 10 to Notes to Consolidated Financial Statements).
As of December 31, 2024, we were in compliance with the financial covenants in the 2023 Credit Agreement. Compliance with these
financial covenants is measured quarterly and our failure to meet the covenant requirements would constitute an event of default. In
such event, if we were unable to obtain the necessary waivers or amendments, all outstanding borrowings, together with accrued and
unpaid interest and other amounts payable thereunder, would become immediately due and payable. Additionally, the lenders would
have the right to proceed against the collateral granted to them to secure that debt, which includes substantially all of our assets.
As a result of the sale of the EGP business, our consolidated EBITDA (as defined in the 2023 Credit Agreement and as
discussed in more detail below under “Consolidated EBITDA”) has been, and is expected to remain, significantly reduced and, in
response, we have taken action to reduce certain expenses to mitigate this fact. In addition, as discussed above, we also have an
aggregate $100.6 million of cash and marketable securities as of December 31, 2024, and management projects that we could prepay
debt as necessary to remain in compliance with our financial covenants under the 2023 Credit Agreement should that become
necessary.
Based on management’s current financial projections and our ability to prepay our debt, management believes that we will
maintain compliance with our financial covenants under the 2023 Credit Agreement. Given the inherent uncertainty in financial
projections management has identified additional controllable cost reduction actions that can be taken, if necessary, to maintain
sufficient liquidity to fund its business activities and to maintain compliance with its debt covenants. Management further believes that
our existing cash and projected operating cash flows are adequate to meet our operating needs, liabilities and commitments over the
next twelve months from the issuance of the accompanying consolidated financial statements.
To the extent that our then-current liquidity is insufficient to fund our business activities or if we do not remain in compliance
with our financial covenants under the 2023 Credit Agreement, as a result of not achieving financial projections or otherwise, we may
be required to take additional actions which could include seeking additional equity or debt financing in the future to satisfy capital
requirements. There is no guarantee that any such capital would be available to us on favorable terms or at all. The failure to obtain
any required capital could have a material adverse effect on our operations and financial condition.
Credit Facility
On March 17, 2023, we entered into the 2023 Credit Facility, pursuant to the 2023 Credit Agreement, by and among us, Bank of
America, N.A., as Administrative Agent, and the other financial institutions party thereto as Lenders (collectively, the “Lenders” and
individually each a “Lender”). The 2023 Credit Agreement amended, restated and replaced in its entirety our previous credit
agreement.
In March 2024, we made a prepayment of $10.0 million, of which $8.75 million was applied to the upcoming quarterly principal
payments in 2024 under the Term A Facility (as defined in the 2023 Credit Agreement), and $1.25 million was applied to the
Revolving Credit Facility (as defined in the 2023 Credit Agreement).
In June 2024, we made an additional prepayment of $10.0 million, of which $4.9 million was a mandatory prepayment as a
result of the EGP disposition. The prepayment was applied to the quarterly principal payments in 2025 under the Term A Facility.
For more information, see Item 1A, "Risk Factors", Note 10 to Notes to Consolidated Financial Statements, and the 2023 Credit
Agreement itself, which is filed as an exhibit to this report.
Consolidated EBITDA
Consolidated EBITDA is a non-GAAP measure. The most directly comparable GAAP financial measure to consolidated
EBITDA is net income (loss) attributable to common stockholders.
We use the term “consolidated EBITDA” because that term is defined in our 2023 Credit Agreement. Under the terms of our
2023 Credit Agreement, consolidated EBITDA is a measure that governs several critical aspects of our 2023 Credit Facility,
including, among other things, financial covenants with which we must comply and financial ratios which we must maintain in order
to borrow funds needed for the operation of our business and with respect to the interest rates that we pay on our 2023 Credit Facility.
For example, our 2023 Credit Agreement contains a total net leverage ratio financial covenant. The total net leverage ratio, or the ratio
of consolidated total debt (net of up to $50.0 million of unrestricted cash) to trailing-twelve-month consolidated EBITDA, affects both
our ability to borrow from our Revolving Credit Facility and our applicable margin for the interest rate calculation. Under our 2023
Credit Agreement, our maximum total leverage ratio may not exceed 3.25 to 1.00. In addition, our 2023 Credit Agreement contains an
interest coverage ratio financial covenant (calculated as set forth in the 2023 Credit Agreement), with a minimum permitted ratio of
3.00 to 1.00.

29
Therefore, we believe that it is important to disclose consolidated EBITDA to our investors to understand our compliance with
these, and certain other, terms of our 2023 Credit Agreement. While many in the financial community and we consider consolidated
EBITDA to be important, it should be considered in addition to, but not as a substitute for or superior to, other measures of financial
performance and liquidity prepared in accordance with accounting principles generally accepted in the United States of America, such
as operating income (loss), net income (loss) and cash flows from operating activities. Consolidated EBITDA has certain limitations
because it excludes and includes several important financial line items as noted above. Therefore, we consider both non-GAAP and
GAAP measures when evaluating our business. Consolidated EBITDA is also used to make executive compensation decisions.
A reconciliation of this non-GAAP measure to its most directly comparable GAAP financial measure follows (in thousands):
Year Ended December 31,
2024
2023
2022
Net income (loss) attributable to common stockholders
$
(148,908)
$
(15,437)
$
18,119
Net income (loss) attributable to redeemable noncontrolling interest - discontinued
operations
(2,779)
158
—
Net income (loss) attributable to noncontrolling interest - discontinued operations
—
(342)
2,050
Interest expense
16,472
16,833
10,536
Interest expense - discontinued operations
219
458
340
Interest income
(2,458)
(3,405)
(2,740)
Interest income - discontinued operations
(731)
(1,650)
(124)
Dividend income
(10)
(35)
(20)
Realized (gain) loss on marketable securities
110
93
532
Gain (loss) on debt extinguishment
91
1,556
—
Income tax expense
4,105
(8,392)
8,871
Income tax expense - discontinued operations
(1,007)
5,642
2,688
Amortization of syndication contracts
450
471
468
Payments on syndication contracts
(451)
(480)
(470)
Non-cash stock-based compensation
14,391
21,524
18,942
Non-cash stock-based compensation - discontinued operations
(544)
2,174
1,092
Depreciation and amortization
16,821
16,392
15,647
Depreciation and amortization - discontinued operations
3,958
11,615
10,050
Change in fair value of contingent consideration
(629)
821
(1,800)
Change in fair value of contingent consideration - discontinued operations
(12,568)
(3,360)
16,010
Impairment charge
61,220
13,267
1,600
Impairment charge - discontinued operations
49,438
—
—
Non-recurring cash severance and restructuring charge
7,321
899
4,316
Other operating (gain) loss
—
609
423
Other operating (gain) loss - discontinued operations
45,187
—
(41)
EBITDA attributable to redeemable noncontrolling interest - discontinued operations
(167)
(1,515)
(3,399)
EBITDA attributable to noncontrolling interest - discontinued operations
—
(230)
—
Consolidated EBITDA (1)
$
49,531
$
57,666
$
103,090
(1)
Consolidated EBITDA is presented in accordance with the definition provided in our 2023 Credit Facility.
Share Repurchase Program
On March 1, 2022, our Board of Directors approved a share repurchase program of up to $20 million of our Class A common
stock. Under this share repurchase program, we are authorized to purchase shares of our Class A common stock from time to time
through open market purchases or negotiated purchases, subject to market conditions and other factors.
We did not repurchase any shares of our Class A common stock during 2024. As of December 31, 2024, we have repurchased a
total of 1.8 million shares of our Class A common stock under the share repurchase program for an aggregate purchase price of $11.3
million, or an average price per share of $6.43. All such repurchased shares were retired as of December 31, 2024.
Cash Flow
Net cash flow provided by operating activities was $74.7 million for the year ended December 31, 2024, compared to net cash
flow provided by operating activities of $75.2 million for the year ended December 31, 2023. The decrease in cash flow from
operating activities was primarily due to a decrease in net income after adjusting for non-cash items. Significant non-cash items for the
year ended December 31, 2024 included impairment charges of $110.7 million, the loss on sale related to our former EGP business of
$45.2 million, depreciation and amortization expense of $20.8 million, non-cash stock based compensation of $13.8 million, income
related to the change in fair value of contingent consideration of $13.2 million, deferred income taxes of $10.3 million, and income
attributable to redeemable noncontrolling interest of $2.8 million. Significant non-cash items for the year ended December 31, 2023
included depreciation and amortization expense of $28.0 million, non-cash stock based compensation of $23.7 million, impairment

30
charges of $13.3 million, income related to the change in fair value of contingent consideration of $2.5 million, deferred income taxes
of $11.0 million, and loss on debt extinguishment of $1.6 million. We expect to have positive cash flow from operating activities for
the 2025 year. The decrease in cash flow provided by operating activities was partially offset by increase in net changes in our
working capital of $58.6 million for the year ended December 31, 2024 compared to $36.6 million for the year ended December 31,
2023. The net changes in working capital were primarily due to the timing of cash payments to publishers in our former EGP business
and timing of collections in that business.
Net cash flow used in investing activities was $26.8 million for the year ended December 31, 2024, compared to $16.0 million
for the year ended December 31, 2023. The increase in cash flow used in investing activities was primarily due to net cash divested in
the sale of the EGP business of $40.5 million for the year ended December 31, 2024 compared to $6.9 million spent on the purchase
of businesses for the year ended December 31, 2023, and a reduction in proceeds from the sale of marketable securities to $10.8
million for the year ended December 31, 2024 compared to $43.3 million for the year ended December 31, 2023. The increase in cash
flow used in investing activities was partially offset by a reduction in capital expenditures to $8.4 million for the year ended December
31, 2024 compared to $27.3 million for the year ended December 31, 2023 as a result of the build out of our corporate headquarters in
the prior year period, a reduction in spend on purchases of marketable securities to $2.3 million for the year ended December 31, 2024
compared to $11.4 million for the year ended December 31, 2023, and proceeds from a loan receivable associated with the sale of the
EGP business of $13.6 million for the year ended December 31, 2024 compared to the issuance of a loan receivable of $13.6 million
for the year ended December 31, 2023. We anticipate that our capital expenditures will be approximately $8.0 million during the full
year 2025. The amount of our anticipated capital expenditures may change based on future changes in business plans and our financial
condition and general economic conditions. We expect to fund capital expenditures with cash on hand and net cash flow from
operations.
Net cash flow used in financing activities was $57.7 million for the year ended December 31, 2024, compared to $64.2 million
for the year ended December 31, 2023. The decrease in cash flow used in financing activities was primarily due to payments of
contingent consideration of $15.7 million for the year ended December 31, 2024 compared to $35.1 million for the year ended
December 31, 2023, distributions to noncontrolling interest of $1.1 million for the year ended December 31, 2024 compared to $3.4
million for the year ended December 31, 2023, and payments of $1.8 million of debt issuance costs for the year ended December 31,
2023 as a result of the refinancing of our credit facility. The decrease in cash flow used in financing activities was partially offset by
$20.0 million of debt prepayments during the year ended December 31, 2024.
Commitments and Contractual Obligations
Our material contractual obligations at December 31, 2024 which are not reflected as liabilities in the Consolidated Balance
Sheets include media research and ratings providers, to provide television and radio audience measurement services, of approximately
$34.0 million, and other amounts consist primarily of obligations for software licenses utilized by our sales team of approximately
$5.5 million.
We have also entered into employment agreements with certain of our key employees, including our current Chief Executive
Officer, President and Chief Operating Officer, Chief Financial Officer and Chief Revenue Officer.
Other than the foregoing commitments, legal contingencies incurred in the normal course of business and employment contracts
for key employees, we do not have any off-balance sheet financing arrangements or liabilities. We do not have any majority-owned
subsidiaries or any interests in or relationships with any variable-interest entities that are not included in our consolidated financial
statements.

31
Application of Critical Accounting Policies and Accounting Estimates
Critical accounting policies are defined as those that are the most important to the accurate portrayal of our financial condition
and results of operations. Critical accounting policies require management’s subjective judgment and may produce materially different
results under different assumptions and conditions. We have discussed the development and selection of these critical accounting
policies with the Audit Committee of our Board of Directors, and the Audit Committee has reviewed and approved our related
disclosure in this Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Goodwill
We believe that the accounting estimates related to the fair value of our reporting units and indefinite life intangible assets and
our estimates of the useful lives of our long-lived assets are “critical accounting estimates” because: (1) goodwill and other intangible
assets are our most significant assets, and (2) the impact that recognizing an impairment would have on the assets reported on our
balance sheet, as well as on our results of operations, could be material. Accordingly, the assumptions about future cash flows on the
assets under evaluation are critical.
Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets
acquired in each business combination. We test our goodwill and other indefinite-lived intangible assets for impairment annually on
October 1, or more frequently if certain events or certain changes in circumstances indicate they may be impaired. In assessing the
recoverability of goodwill and indefinite life intangible assets, we must make a series of assumptions about such things as the
estimated future cash flows and other factors to determine the fair value of these assets.
In testing the goodwill of our reporting units for impairment, we first determine, based on a qualitative assessment, whether it is
more likely than not that the fair value of each of our reporting units is less than their respective carrying amounts. We have
determined that each of our operating segments is a reporting unit.
If it is deemed more likely than not that the fair value of a reporting unit is less than the carrying value based on this initial
assessment, the next step is a quantitative comparison of the fair value of the reporting unit to its carrying amount. If a reporting unit’s
estimated fair value is equal to or greater than that reporting unit’s carrying value, no impairment of goodwill exists and the testing is
complete. If the reporting unit’s carrying amount is greater than the estimated fair value, then an impairment loss is recorded for the
amount of the difference.
When a quantitative analysis is performed, the estimated fair value of goodwill is determined by using a combination of a
market approach and an income approach. The market approach estimates fair value by applying sales, earnings and cash flow
multiples to each reporting unit’s operating performance. The multiples are derived from comparable publicly-traded companies with
similar operating and investment characteristics to our reporting units. The market approach requires us to make a series of
assumptions, such as selecting comparable companies and comparable transactions and transaction premiums. The current economic
conditions have led to a decrease in the number of comparable transactions, which makes the market approach of comparable
transactions and transaction premiums more difficult to estimate than in previous years.
The income approach estimates fair value based on our estimated future cash flows of each reporting unit, discounted by an
estimated weighted-average cost of capital that reflects current market conditions, which reflect the overall level of inherent risk of
that reporting unit. The income approach also requires us to make a series of assumptions, such as discount rates, revenue projections,
profit margin projections and terminal value multiples. We estimated our discount rates on a blended rate of return considering both
debt and equity for comparable publicly-traded companies in the media and advertising technology industries. These comparable
publicly-traded companies have similar size, operating characteristics and/or financial profiles to us. We also estimated the terminal
value multiple based on comparable publicly-traded companies in the media and advertising technology industries. We estimated our
revenue projections and profit margin projections based on internal forecasts about future performance.
For the year ended December 31, 2024, we recorded impairment charge of goodwill in our media unit in the amount of $43.3
million. See Note 6 to Notes to Consolidated Financial Statements for more details.
Indefinite Life Intangible Assets
We believe that our broadcast licenses are indefinite life intangible assets. An intangible asset is determined to have an
indefinite useful life when there are no legal, regulatory, contractual, competitive, economic or any other significant factors that may
limit the period over which the asset is expected to contribute directly or indirectly to future cash flows. The evaluation of impairment
for indefinite life intangible assets is performed by a comparison of the asset’s carrying value to the asset’s fair value. When the
carrying value exceeds fair value, an impairment charge is recorded for the amount of the difference. The unit of accounting used to
test broadcast licenses represents all licenses owned and operated within an individual market cluster, because such licenses are used
together, are complementary to each other and are representative of the best use of those assets. Our individual market clusters consist
of cities or nearby cities. We test our broadcasting licenses for impairment based on certain assumptions about these market clusters.
The estimated fair value of indefinite life intangible assets is determined by using an income approach. The income approach
estimates fair value based on the estimated future cash flows of each market cluster that a hypothetical buyer would expect to
generate, discounted by an estimated weighted-average cost of capital that reflects current market conditions, which reflect the overall

32
level of inherent risk. The income approach requires us to make a series of assumptions, such as discount rates, revenue projections,
profit margin projections and terminal value multiples. We estimate the discount rates on a blended rate of return considering both
debt and equity for comparable publicly-traded companies in the television, radio and digital media industries. These comparable
publicly-traded companies have similar size, operating characteristics and/or financial profiles to us. We also estimated the terminal
value multiple based on comparable publicly-traded companies in the media and advertising technology industries. We estimated the
revenue projections and profit margin projections based on various market clusters signal coverage of the markets and industry
information for an average station within a given market. The information for each market cluster includes such things as estimated
market share, estimated capital start-up costs, population, household income, retail sales and other expenditures that would influence
advertising expenditures. Alternatively, some stations under evaluation have had limited relevant cash flow history due to planned or
actual conversion of format or upgrade of station signal. The assumptions we make about cash flows after conversion are based on the
performance of similar stations in similar markets and potential proceeds from the sale of the assets.
For the year ended December 31, 2024, we recorded impairment charges of FCC licenses in our media unit in the amount of
$17.9 million. See Note 6 to Notes to Consolidated Financial Statements for more details.
Long-Lived Assets, Including Intangibles Subject to Amortization
Depreciation and amortization of our long-lived assets is provided using the straight-line method over their estimated useful
lives. Changes in circumstances, such as the passage of new laws or changes in regulations, technological advances, changes to our
business model or changes in our capital strategy could result in the actual useful lives differing from initial estimates. In those cases
where we determine that the useful life of a long-lived asset should be revised, we will depreciate the net book value in excess of the
estimated residual value over its revised remaining useful life. Factors such as changes in the planned use of equipment, customer
attrition, contractual amendments or mandated regulatory requirements could result in shortened useful lives.
Long-lived assets and asset groups are evaluated for impairment whenever events or changes in circumstances indicate that the
carrying amount of such assets may not be recoverable. The estimated future cash flows are based upon, among other things,
assumptions about expected future operating performance and may differ from actual cash flows. Long-lived assets evaluated for
impairment are grouped with other assets to the lowest level for which identifiable cash flows are largely independent of the cash
flows of other groups of assets and liabilities. If the sum of the projected undiscounted cash flows (excluding interest) is less than the
carrying value of the assets, the assets will be written down to the estimated fair value in the period in which the determination is
made.
Deferred Taxes
Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary
differences and deferred liabilities are recognized for taxable temporary differences. Temporary differences are the differences
between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance
when it is determined to be more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax
assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.
In evaluating our ability to realize net deferred tax assets, we consider all reasonably available evidence including our past
operating results, tax strategies and forecasts of future taxable income. In considering these factors, we make certain assumptions and
judgments that are based on the plans and estimates used to manage our business.
We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be
sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the
financial statements from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being
realized upon settlement. We recognize interest and penalties related to uncertain tax positions in income tax expense.
Revenue Recognition
Revenues are recognized when control of the promised services is transferred to our customers, in an amount equal to the
consideration we expect to be entitled to in exchange for those services.
Broadcast Advertising. Revenue related to the sale of advertising on our television and radio stations is recognized at the time of
broadcast. Revenue for contracts with advertising agencies is recorded at an amount that is net of the commission retained by the
agency. Revenue from contracts directly with the advertisers is recorded as gross revenue and the related commission or national
representation fee is recorded in operating expense.
Digital Advertising. Revenue related to digital advertising is recognized when display or other digital advertisements record
impressions on the websites and mobile and Internet-connected television apps of media companies on whose digital platforms the
advertisements are placed or as the advertiser’s previously agreed-upon performance criteria are satisfied. We have concluded that we
are the principal in the transaction and therefore recognize revenue on a gross basis, because we (i) are responsible for fulfillment of
the contract, including customer support, resolving customer complaints, and accepting responsibility for the quality or suitability of

33
the product or service; (ii) have pricing discretion over the transaction; and (iii) carry inventory risk for all inventory purchased
regardless of whether we are able to collect on a transaction.
Retransmission Consent. We generate revenue from retransmission consent agreements that are entered into with MVPDs. We
grant the MVPDs access to our television station signals so that they may rebroadcast the signals and charge their subscribers for this
programming. Revenue is recognized as the television signal is delivered to the MVPD.
Spectrum Usage Rights. We generate revenue from agreements associated with our television stations’ spectrum usage rights.
Revenue is recognized in accordance with the contractual fees over the term of the agreement or when we have relinquished all or a
portion of our spectrum usage rights for a station or have relinquished our rights to operate a station on the existing channel free from
interference.
Business Combinations
We apply the acquisition method of accounting for business combinations in accordance with U.S. GAAP and use estimates and
judgments to allocate the purchase price paid for acquisitions to the fair value of the assets, including identifiable intangible assets and
liabilities acquired. Such estimates may be based on significant unobservable inputs and assumptions such as, but not limited to,
revenue projections, gross margin projections, customer attrition rates, royalty rates, discount rates and terminal growth rate
assumptions. We use established valuation techniques and may engage reputable valuation specialists to assist with the valuations.
Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and
unpredictable and, as a result, actual results may differ from estimates. Fair values are subject to refinement for up to one year after the
closing date of an acquisition, as information relative to closing date fair values becomes available. Upon the conclusion of the
measurement period, any subsequent adjustments are recorded to earnings.
Contingent Consideration
If business combinations or variable interest entities provide for contingent consideration, we record the contingent
consideration at fair value at the acquisition date. We adjust the contingent consideration liability at the end of each reporting period
based on fair value inputs representing changes in forecasted revenue of the acquired entities and the probability of an adjustment to
the purchase price. Key assumptions include risk-neutral expected growth rates based on management’s assessments of expected
growth in EBITDA, adjusted by appropriate factors capturing their correlation with the market and volatility, discounted at a cost of
debt rate. Changes in the fair value of the contingent consideration after the acquisition date are included in earnings if the contingent
consideration is recorded as a liability.
Additional Information
For additional information on our significant accounting policies, please see Note 2 to Notes to Consolidated Financial
Statements.
Recently Issued Accounting Pronouncements
For additional information on recently issued accounting pronouncements, see Note 2 to Notes to Consolidated Financial
Statements.
Sensitivity of Critical Accounting Estimates
We have critical accounting estimates that are sensitive to change. The most significant of those sensitive estimates relates to the
impairment of intangible assets as discussed above.
Impact of Inflation
We believe that inflation has not had a material impact on our results of operations for each of our fiscal years in the three-year
period ended December 31, 2024. However, there can be no assurance that future inflation would not have an adverse impact on our
operating results and financial condition.
ITEM 7A.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
General
Market risk represents the potential loss that may affect our financial position, results of operations and/or cash flows due to
adverse changes in the financial markets. We are also exposed to market risk from changes in the base rates on our 2023 Credit
Facility.

34
Interest Rates
As of December 31, 2024, we had $187.8 million of variable rate bank debt outstanding under our 2023 Credit Facility. Our
borrowings bear interest on the outstanding principal amount thereof from the date when made at a rate per annum equal to either: (i)
the Term SOFR (as defined in the 2023 Credit Agreement) plus a margin between 2.50% and 3.00%, depending on the Total Net
Leverage Ratio (as defined in the 2023 Credit Agreement) or (ii) the Base Rate (as defined in the 2023 Credit Agreement) plus a
margin between 1.50% and 2.00%, depending on the Total Net Leverage Ratio. In addition, the unused portion of the Revolving
Credit Facility is subject to a rate per annum between 0.30% and 0.40%, depending on the Total Net Leverage Ratio.
Because our debt is subject to interest at a variable rate, our earnings will be affected in future periods by changes in interest
rates. If the SOFR were to increase by a hypothetical 100 basis points, or one percentage point, from its December 31, 2024 level, our
annual interest expense would increase and cash flow from operations would decrease by $1.9 million based on the outstanding
balance of our term loan as of December 31, 2024.
Foreign Currency
We have foreign currency risks related to our revenue and operating expenses denominated in currencies other than the U.S.
dollar. Historically, our revenues have primarily been denominated in U.S. dollars, and the majority of our current revenues continue
to be, and are expected to remain, denominated in U.S. dollars. However, we have operations in countries other than the United States,
primarily related to our advertising technology & services operations, and expect a portion of our future revenues will be denominated
in currencies other than the U.S. dollar, primarily the Euro. The effect of an immediate and hypothetical 10% adverse change in
foreign exchange rates on foreign-denominated accounts receivable at December 31, 2024 would not be material to our consolidated
results of operations or overall financial condition.
Our operating expenses are primarily denominated in U.S. dollars. In addition, certain of our operating expenses are
denominated in the currencies of the countries in which our operations are located, primarily Spain. Increases and decreases in our
foreign-denominated revenue from movements in foreign exchange rates are partially offset by the corresponding decreases or
increases in our foreign-denominated operating expenses.
In addition, currency fluctuations or a weakening U.S. dollar can increase the amount of operating expense of our international
operations, which are primarily related to our advertising technology & services operations. To date, we have not entered into any
foreign currency hedging contracts, since exchange rate fluctuations historically have not had a material effect on our operating results
and cash flows.
ITEM 8.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
See pages F-1 through F-41.
ITEM 9.
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
DISCLOSURE
None.
ITEM 9A.
CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
Our disclosure controls and procedures are designed to ensure that the information relating to our Company, including our
consolidated subsidiaries, required to be disclosed in our SEC reports is recorded, processed, summarized and reported within the time
periods specified in SEC rules and forms, and is accumulated and communicated to our management, including our chief executive
officer and chief financial officer, as appropriate to allow for timely decisions regarding required disclosure. We conducted an
evaluation, under the supervision and with the participation of management, including our chief executive officer and chief financial
officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and
15d-15(e) under the Securities Exchange Act of 1934, as amended) as of the end of the period covered by this annual report. Based on
this evaluation, our chief executive officer and chief financial officer concluded that, as of the evaluation date, our disclosure controls
and procedures were effective.
Management’s Report on Internal Control Over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term
is defined in Exchange Act Rules 13a-15(f) and 15d-15(f). Under the supervision and with the participation of management, including
our chief executive officer and chief financial officer, we conducted an evaluation of the design and operating effectiveness of our
internal controls over financial reporting based on the framework in “Internal Control—Integrated Framework (2013)” issued by the
Committee of Sponsoring Organizations of the Treadway Commission (“COSO”).

35
Our internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records
that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets; (ii) provide reasonable assurance
that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures are being made only in accordance with authorizations of management and
directors; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or
disposition of our assets that could have a material effect on the financial statements.
Our independent registered public accounting firm, Deloitte & Touche LLP, has independently assessed the effectiveness of our
internal control over financial reporting and its report is included in response to "Item 8. Financial Statements and Supplementary
Data", appearing beginning at page F-2 of this report.
Inherent Limitations on Effectiveness of Controls
A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the
control system’s objectives will be met. Because of its inherent limitations, internal control over financial reporting may not prevent or
detect all control issues or misstatements. Accordingly, our controls and procedures are designed to provide reasonable, not absolute,
assurance that the objectives of our control system are met. Projections of any evaluation of effectiveness to future periods are subject
to the risk that controls may become adequate because of changes in conditions, or that the degree of compliance with the policies or
procedures may deteriorate.
Changes in Internal Control
There have been no changes in our internal control over financial reporting during the fiscal quarter ended December 31, 2024
that have materially affected, or are reasonably likely to materially affect our internal control over financial reporting.
ITEM 9B.
OTHER INFORMATION
Insider Trading Arrangements. During the quarter ended December 31, 2024, none of our directors or officers informed us of
the adoption or termination of a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms are
defined in Regulation S-K, Item 408.
ITEM 9C.
DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
Not applicable.

36
PART III
ITEM 10.
DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
The information required by this item is incorporated by reference to our Proxy Statement for the 2025 Annual Meeting of
Stockholders to be filed with the SEC within 120 days of the fiscal year ended December 31, 2024.
ITEM 11.
EXECUTIVE COMPENSATION
The information required by this item is incorporated by reference to our Proxy Statement for the 2025 Annual Meeting of
Stockholders to be filed with the SEC within 120 days of the fiscal year ended December 31, 2024.
ITEM 12.
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED
STOCKHOLDER MATTERS
The information required by this item is incorporated by reference to our Proxy Statement for the 2025 Annual Meeting of
Stockholders to be filed with the SEC within 120 days of the fiscal year ended December 31, 2024.
ITEM 13.
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
The information required by this item is incorporated by reference to our Proxy Statement for the 2025 Annual Meeting of
Stockholders to be filed with the SEC within 120 days of the fiscal year ended December 31, 2024.
ITEM 14.
PRINCIPAL ACCOUNTANT FEES AND SERVICES
The information required by this item is incorporated by reference to our Proxy Statement for the 2025 Annual Meeting of
Stockholders to be filed with the SEC within 120 days of the fiscal year ended December 31, 2024.

37
PART IV
ITEM 15.
EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
(a) Documents filed as part of this report:
1. Financial Statements
The consolidated financial statements contained herein are as listed on the “Index to Consolidated Financial Statements” on
page F-1 of this report.
2. Financial Statement Schedule
The consolidated financial statement schedule contained herein is as listed on the “Index to Consolidated Financial Statements”
on page F-1 of this report. All other schedules have been omitted because they are not applicable, not required, or the information is
included in the consolidated financial statements or notes thereto.
3. Exhibits
See Exhibit Index.
(b) Exhibits:
The following exhibits are attached hereto and incorporated herein by reference.
Exhibit
Number
Exhibit Description
3.1(1)
Fourth Amended and Restated Certificate of Incorporation
3.2(2)
Eighth Amended and Restated Bylaws
4.1(3)
Description of the Registrant's Securities
10.1(4)†
2000 Omnibus Equity Incentive Plan
10.2(5)†
Amended and Restated 2004 Equity Incentive Plan
10.3(5)†
2024 Employee Stock Purchase Plan
10.4(6)†
Employment Agreement, dated June 19, 2023, by and between the registrant and Michael Christenson
10.5(6)†
Entravision Communications Corporation 2023 Inducement Plan
10.6(6)†
Entravision Communications Corporation 2023 Inducement Plan, Restricted Stock Unit Award
10.7(6)†
Entravision Communications Corporation 2023 Inducement Plan, Performance Unit Award
10.8(6)†
Participation Agreement, effective June 19, 2023, by and between the Company and Michael Christenson
10.9(7)†
Executive Compensation Letter Agreement effective as of March 15, 2024 by and between the Company and Mark
Boelke
10.10(7)†
Participation Agreement effective as of March 18, 2024 by and between the Company and Mark Boelke
10.11*†
Amendment to Executive Compensation Letter Agreement effective as of December 12, 2024 by and between the
Company and Mark Boelke
10.12(8)†
Executive Compensation Letter Agreement effective as of May 12, 2023 by and between the Company and Jeffery
Liberman
10.13(8)†
Participation Agreement effective as of May 14, 2023 by and between the Company and Jeffery Liberman
10.14*†
Compensation Letter Agreement effective as of December 22, 2023 by and between the Company and Juan Navarro
10.15*†
Executive Compensation Letter Agreement effective as of May 12, 2023 by and between the Company and Bill
McNally
10.16*†
Participation Agreement effective as of May 12, 2023 by and between the Company and Bill McNally
10.17(8)†
Executive Cash Incentive Bonus Plan

38
10.18(8)†
Entravision Communications Corporation Executive Severance and Change in Control Plan
10.19(8)†
Non-Employee Director Compensation Policy
10.20(9)†
Form of Restricted Stock Unit Award under the Amended and Restated 2004 Equity Incentive Plan (directors)
10.21(9)†
Form of Restricted Stock Unit Award under the Amended and Restated 2004 Equity Incentive Plan (employees)
10.22(9)†
Form of Indemnification Agreement for officers and directors of the registrant
10.23(10)
Cooperation Agreement, dated as of May 4, 2023, by and among Entravision Communications Corporation, Alexandra
Seros, Estate of Walter F. Ulloa, Alexandra Seros, as Trustee of the Seros Ulloa Family Trust of 1996 and Thomas
Strickler, as Trustee of The Walter F. Ulloa Irrevocable Trust of 1996
10.24(4)
Form of Investors Rights Agreement by and among the registrant and certain of its stockholders
10.25(11)
Amendment to Investor Rights Agreement dated as of September 9, 2005 by and between Entravision Communications
Corporation and Univision Communications Inc.
10.26(11)
Letter Agreement regarding registration rights of Univision dated as of September 9, 2005 by and between Entravision
Communications Corporation and Univision Communications Inc.
10.27(4)
Office Lease dated August 19, 1999 by and between Water Garden Company L.L.C. and Entravision Communications
Company, L.L.C.
10.28(12)
First Amendment to Lease and Agreement Re: Sixth Floor Additional Space dated as of March 15, 2001 by and
between Water Garden Company L.L.C., Entravision Communications Company, L.L.C. and the registrant
10.29(13)
Second Amendment to Lease dated as of October 5, 2005 by and between Water Garden Company L.L.C. and the
registrant
10.30(14)
Third Amendment to Lease effective as of January 31, 2011 by and between Water Garden Company L.L.C. and the
registrant
10.31(15)
Fourth Amendment to Lease effective as of January 14, 2021 by and between Water Garden Company L.L.C. and the
registrant
10.32(16)
Fifth Amendment to Lease, effective as of February 16, 2022 by and between Water Garden Company L.L.C. and the
registrant
10.33(9)
Sixth Amendment to Lease, effective as of June 7, 2022 by and between Water Garden Company L.L.C. and the
registrant
10.34(17)
Station Affiliation Agreement, dated as of October 2, 2017, by and between Entravision Communications Corporation,
The Univision Network Limited Partnership and UniMás Network
10.35(18)
Master Network Affiliation Agreement, dated as of August 14, 2002, by and between Entravision Communications
Corporation and Univision Network Limited Partnership
10.36(19)
Amendment, effective as of October 1, 2011, to Master Network Affiliation Agreement, dated as of August 14, 2002, by
and between Entravision Communications Corporation and Univision Network Limited Partnership
10.37(18)
Master Network Affiliation Agreement, dated as of March 17, 2004, by and between Entravision Communications
Corporation and TeleFutura
10.38(19)
Amendment, effective as of October 1, 2011, to Master Network Affiliation Agreement, dated as of March 17, 2004, by
and between Entravision Communications Corporation and TeleFutura
10.39(21)
Amendment and Restatement Agreement, dated as of March 30, 2023, by and among Entravision Communications
Corporation, as the Borrower, Bank of America, N.A., as Administrative Agent, and the other financial institutions party
thereto as Lenders
10.40(22)
Equity Purchase Agreement by and among Entravision Digital Holdings, LLC, Entravision Communications
Corporation (solely for purposes of Section 6.2) and IMS Internet Media Services, Inc.
10.41(22)
Assignment, Assumption and Release Agreement by and among Entravision Digital Holdings, LLC, Entravision
Communications Corporation, IMS Internet Media Services, Inc. and the MediaDonuts seller parties thereto

39
10.42(23)
Share Purchase Agreement by and among Entravision Communications Corporation, the buying stockholder parties
thereto, and Adsmurai, S.L.
21.1*
Subsidiaries of the registrant
23.1*
Consent of Deloitte & Touche LLP
24.1*
Power of Attorney (included after signatures hereto)
31.1*
Certification by the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and Rules 13a-
14 and 15d-14 under the Securities Exchange Act of 1934
31.2*
Certification by the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and Rules 13a-
14 and 15d-14 under the Securities Exchange Act of 1934
32*
Certification of Periodic Financial Report by the Chief Executive Officer and Chief Financial Officer pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002
97(3)†
Compensation Recovery Policy
101.INS*
Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL
tags are embedded within the Inline XBRL document.
101.SCH*
Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents
104
Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained
in Exhibits 101)
* Filed herewith.
† Management contract or compensatory plan, contract or arrangement.
(1)
Incorporated by reference from our Registration Statement on Form S-8, No. 333-280534, filed with the SEC on June 27, 2024.
(2)
Incorporated by reference from our Current Report on Form 8-K, filed with the SEC on April 19, 2024.
(3)
Incorporated by reference from our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on
March 14, 2024.
(4)
Incorporated by reference from our Registration Statement on Form S-1, No. 333-35336, filed with the SEC on April 21, 2000,
as amended by Amendment No. 1 thereto, filed with the SEC on June 14, 2000, Amendment No. 2 thereto, filed with the SEC
on July 10, 2000, Amendment No. 3 thereto, filed with the SEC on July 11, 2000 and Amendment No. 4 thereto, filed with the
SEC on July 26, 2000.
(5)
Incorporated by reference from our Current Report on Form 8-K, filed with the SEC on June 5, 2024.
(6)
Incorporated by reference from our Current Report on Form 8-K, filed with the SEC on June 20, 2023.
(7)
Incorporated by reference from our Quarterly Report on Form 10-Q for the quarter ended June 30, 2004, filed with the SEC on
August 8, 2024.
(8)
Incorporated by reference from our Current Report on Form 8-K, filed with the SEC on May 17, 2023.
(9)
Incorporated by reference from our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on
March 16, 2023.
(10) Incorporated by reference from our Current Report on Form 8-K, filed with the SEC on May 5, 2023.
(11) Incorporated by reference from our Quarterly Report on Form 10-Q for the quarter ended September 30, 2005, filed with the
SEC on November 9, 2005.
(12) Incorporated by reference from our Annual Report on Form 10-K for the year ended December 31, 2000, filed with the SEC on
March 28, 2001.
(13) Incorporated by reference from our Annual Report on Form 10-K for the year ended December 31, 2005, filed with the SEC on
March 16, 2006.
(14) Incorporated by reference from our Current Report on Form 8-K, filed with the SEC on March 25, 2011.
(15) Incorporated by reference from our Current Report on Form 8-K, filed with the SEC on January 26, 2021.
(16) Incorporation by reference from our Registration Statement on Form S-8, No. 333-258366, filed with the SEC on August 2,
2021.
(17) Incorporated by reference from our Current Report on Form 8-K, filed with the SEC on October 5, 2017.
(18) Incorporated by reference from our Quarterly Report on Form 10-Q for the quarter ended March 31, 2004, filed with the SEC on
May 10, 2004.
(19) Incorporated by reference from our Quarterly Report on Form 10-Q for the quarter ended March 31, 2004, filed with the SEC on
May 10, 2004.
(20) Incorporated by reference from our Current Report on Form 8-K, filed with the SEC on January 5, 2012.
(21) Incorporated by reference from our Quarterly Report on Form 10-Q, filed with the SEC on August 4, 2023.

40
(22) Incorporated by reference from our Current Report on Form 8-K, filed with the SEC on June 14, 2024.
(23) Incorporated by reference from our Current Report on Form 8-K, filed with the SEC on May 7, 2024.
(c) Financial Statement Schedules:
Not applicable.
ITEM 16.
FORM 10-K SUMMARY
None.

41
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this
report to be signed on its behalf by the undersigned, thereunto duly authorized.
ENTRAVISION COMMUNICATIONS CORPORATION
By: /s/ MICHAEL J. CHRISTENSON
Michael J. Christenson
Chief Executive Officer
Date: March 6, 2025
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints,
jointly and severally, Michael J. Christenson and Mark Boelke, and each of them, as his or her true and lawful attorneys-in-fact and
agents, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this Annual Report on Form 10-K, and to file the same, with all exhibits thereto, and
other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and
agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done
in connection therewith, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute or substitutes, may lawfully do or cause to be
done by virtue hereof.
Pursuant to the requirements of the Securities Exchange Act of 1934 this report has been signed below by the following persons
on behalf of the registrant and in the capacities and on the dates indicated.
Signature
Title
Date
/s/ MICHAEL J. CHRISTENSON
Michael J. Christenson
Chief Executive Officer (principal executive officer) and Director
March 6, 2025
/s/ MARK BOELKE
Mark Boelke
Treasurer and Chief Financial Officer (principal financial officer)
March 6, 2025
/s/ BILL MCNALLY
Bill McNally
Chief Accounting Officer and Corporate Controller (principal
accounting officer)
March 6, 2025
/s/ BRAD BENDER
Brad Bender
Director
March 6, 2025
/s/ MARTHA ELENA DIAZ
Martha Elena Diaz
Director
March 6, 2025
/s/ THOMAS STRICKLER
Thomas Strickler
Director
March 6, 2025
/s/ LARA SWEET
Lara Sweet
Director
March 6, 2025
/s/ GILBERT R. VASQUEZ
Gilbert R. Vasquez
Director
March 6, 2025
/s/ FEHMI ZEKO
Fehmi Zeko
Director
March 6, 2025
/s/ PAUL A. ZEVNIK
Paul A. Zevnik
Director and Chair
March 6, 2025

[THIS PAGE INTENTIONALLY LEFT BLANK]

F-1
ENTRAVISION COMMUNICATIONS CORPORATION
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
Page
Report of Independent Registered Public Accounting Firm (PCAOB ID#34) ..............................................................................
F-2
Consolidated Balance Sheets – December 31, 2024 and 2023 ......................................................................................................
F-4
Consolidated Statements of Operations – Years ended December 31, 2024, 2023 and 2022 .......................................................
F-5
Consolidated Statements of Comprehensive Income (loss) – Years ended December 31, 2024, 2023 and 2022.........................
F-6
Consolidated Statements of Stockholders’ Equity – Years ended December 31, 2024, 2023 and 2022 .......................................
F-7
Consolidated Statements of Cash Flows – Years ended December 31, 2024, 2023 and 2022 ......................................................
F-8
Notes to Consolidated Financial Statements ..................................................................................................................................
F-9
Schedule II – Consolidated Valuation and Qualifying Accounts...................................................................................................
F-41

F-2
Report of Independent Registered Public Accounting Firm
To the stockholders and the Board of Directors of Entravision Communications Corporation
Opinions on the Financial Statements and Internal Control over Financial Reporting
We have audited the accompanying consolidated balance sheets of Entravision Communications Corporation and subsidiaries (the
"Company") as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive income (loss),
stockholders’equity, and cash flows, for each of the three years in the period ended December 31, 2024, and the related notes and the
schedule listed in the Index at Item 15 (collectively referred to as the "financial statements"). We also have audited the Company’s
internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control — Integrated
Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company
as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended
December 31, 2024, in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion,
the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on
criteria established in Internal Control — Integrated Framework (2013) issued by COSO.
Basis for Opinions
The Company’s management is responsible for these financial statements, for maintaining effective internal control over financial
reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying
Management's Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on these financial
statements and an opinion on the Company’s internal control over financial reporting based on our audits. We are a public accounting
firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent
with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities
and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits
to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud,
and whether effective internal control over financial reporting was maintained in all material respects.
Our audits of the financial statements included performing procedures to assess the risks of material misstatement of the financial
statements, whether due to error or fraud, and performing procedures to respond to those risks. Such procedures included examining, on
a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the
accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial
statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial
reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal
control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the
circumstances. We believe that our audits provide a reasonable basis for our opinions.
Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the
company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in
accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention
or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the
financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections
of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in
conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was
communicated or required to be communicated to the audit committee and that (1) relates to an account or disclosure that is material to

F-3
the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of the
critical audit matter does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating
the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it
relates.
Goodwill Impairment – Refer to Notes 2 and 6 to the financial statements
Critical Audit Matter Description
The Company tests its goodwill for impairment annually or more frequently if an event or certain change in circumstances indicate the
fair value of each of its reporting units is less than their respective carrying amounts. If it is deemed more likely than not that the fair
value of a reporting unit is less than the carrying value based on this initial assessment, the next step is a quantitative comparison of the
fair value of the reporting unit to its carrying amount. When the Company performs a quantitative analysis, the Company estimates the
fair value of its reporting units using a combination of a market approach and an income approach. The market approach estimates fair
value by applying sales, earnings and cash flow multiples to each reporting unit’s operating performance. The multiples are derived
from comparable publicly-traded companies with similar operating and investment characteristics to the Company’s reporting units.
The market approach requires the Company to make a series of assumptions, including the selection of comparable companies,
comparable transactions and transaction premiums. The income approach estimates fair value based on the Company’s estimated future
cash flows, discounted by an estimated weighted-average cost of capital. The income approach incorporates a series of assumptions
including, but not limited to, discount rates, revenue projections and profit margin projections.
As described in Note 6 to the financial statements, the Company recognized a goodwill impairment charge of $35.4 million during the
first quarter of 2024, due to a triggering event identified related to the then digital reporting unit, and an impairment charge of $43.3
million during the fourth quarter of 2024, as a result of its annual quantitative assessment of the fair value of the media reporting unit.
We identified goodwill impairment as a critical audit matter because the determination of fair value of the reporting unit involves
significant assumptions made by management, including the revenue projections, profit margin projections, and discount rates. This
required a high degree of auditor judgment and an increased extent of effort, including the need to involve our fair value specialists.
How the Critical Audit Matter Was Addressed in the Audit
Our audit procedures related to the goodwill impairment analysis included the following, among others:
•
We tested the effectiveness of controls over management’s goodwill impairment evaluation, including those over the
determination of the fair value of each reporting unit such as controls related to management’s revenue projections, and other
valuation inputs (e.g. method, discount rate, long term growth rates).
•
We evaluated the reasonableness of management's revenue projections and profit margin projections by comparing the
projections to historical results, third-party industry forecasts, and internal communications to management and board of
directors.
With the assistance of our fair value specialists, we:
•
Evaluated the reasonableness of the valuation methodology, and the weighting applied to value indications from different
valuation techniques.
•
Tested the source information underlying the determination of the weighted average cost of capital rate and the mathematical
accuracy of the calculation.
•
Developed a range of independent estimates and compared those to the weighted average cost of capital rate selected by
management.
/s/ DELOITTE & TOUCHE LLP
Los Angeles, California
March 6, 2025
We have served as the Company's auditor since 2022.

F-4
ENTRAVISION COMMUNICATIONS CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
December 31,
December 31,
2024
2023
ASSETS
Current assets
Cash and cash equivalents
$
95,914
$
67,398
Marketable securities
4,694
13,172
Restricted cash
786
770
Trade receivables (including related parties of $3,556 and $10,051), net of allowance for doubtful
accounts of $3,034 and $2,399
68,319
70,082
Assets held for sale
—
301
Prepaid expenses and other current assets (including related parties of $274 and $274)
16,587
16,863
Current assets of discontinued operations
—
217,269
Total current assets
186,300
385,855
Property and equipment, net of accumulated depreciation of $154,885 and $189,708
60,616
66,932
Intangible assets subject to amortization, net of accumulated amortization of $62,330 and $59,647
(including related parties of $1,857 and $2,785)
4,417
7,100
Intangible assets not subject to amortization
177,276
195,174
Goodwill
7,352
50,674
Deferred income taxes
2,650
265
Operating leases right of use asset
40,762
42,868
Other assets
7,905
21,223
Noncurrent assets of discontinued operations
—
95,855
Total assets
$
487,278
$
865,946
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Current maturities of long-term debt
$
-
$
8,750
Accounts payable and accrued expenses (including related parties of $890 and $1,071)
53,882
47,776
Operating lease liabilities
7,744
6,748
Current liabilities of discontinued operations
—
208,779
Total current liabilities
61,626
272,053
Long-term debt, less current maturities, net of unamortized debt issuance costs of $792 and $1,116
186,958
197,884
Long-term operating lease liabilities
42,101
45,178
Other long-term liabilities
12,168
4,624
Deferred income taxes
38,405
46,849
Noncurrent liabilities of discontinued operations
—
33,072
Total liabilities
341,258
599,660
Commitments and contingencies (note 13)
Redeemable noncontrolling interest - discontinued operations
—
43,758
Stockholders' equity
Class A common stock, $0.0001 par value, 260,000,000 shares authorized; shares issued and
outstanding at December 31, 2024 81,623,559 and December 31, 2023 80,150,506
8
8
Class U common stock, $0.0001 par value, 40,000,000 shares authorized; shares issued and
outstanding at December 31, 2024 and 2023 9,352,729
1
1
Additional paid-in capital
815,532
743,246
Accumulated deficit
(668,720)
(519,812)
Accumulated other comprehensive income (loss)
(801)
(915)
Total stockholders' equity
146,020
222,528
Total liabilities, redeemable noncontrolling interest and equity
$
487,278
$
865,946
See Notes to Consolidated Financial Statements

F-5
ENTRAVISION COMMUNICATIONS CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
Year Ended December 31,
2024
2023
2022
Net revenue
$
364,948
$
297,043
$
323,990
Expenses:
Cost of revenue
102,196
77,214
70,586
Direct operating expenses (including related parties of $8,618,
$6,050, and $8,095) (including non-cash stock-based compensation of
$4,853, $7,308, and $4,602)
136,262
113,231
109,320
Selling, general and administrative expenses
62,868
49,761
46,988
Corporate expenses (including non-cash stock-based compensation of
$9,539, $14,216, and $14,340)
37,498
50,294
49,404
Depreciation and amortization (including related parties of $928,
$928, and $928)
16,821
16,392
15,647
Change in fair value of contingent consideration
(629)
821
(1,800)
Impairment charge
61,220
13,267
1,600
Foreign currency (gain) loss
692
1,950
1,244
Other operating (gain) loss
—
609
423
416,928
323,539
293,412
Operating income (loss)
(51,980)
(26,496)
30,578
Interest expense
(16,472)
(16,833)
(10,536)
Interest income
2,458
3,405
2,740
Dividend income
10
35
20
Gain (loss) on debt extinguishment
(91)
(1,556)
—
Realized gain (loss) on marketable securities
(110)
(93)
(532)
Income (loss) before income taxes
(66,185)
(41,538)
22,270
Income tax (expense) benefit
(4,105)
8,392
(8,871)
Net income (loss) from continuing operations
(70,290)
(33,146)
13,399
Net income (loss) from discontinued operations, net of tax
(78,618)
17,709
4,720
Net income (loss) attributable to common stockholders
$
(148,908)
$
(15,437)
$
18,119
Basic and diluted earnings (loss) per share:
Net income (loss) per share attributable to common stockholders, basic
$
(1.66)
$
(0.18)
$
0.21
Net income (loss) per share attributable to common stockholders, diluted
$
(1.66)
$
(0.18)
$
0.21
Cash dividends declared per common share, basic and diluted
$
0.20
$
0.20
$
0.10
Weighted average common shares outstanding, basic
89,876,538
87,901,938
85,391,163
Weighted average common shares outstanding, diluted
89,876,538
87,901,938
87,769,762
See Notes to Consolidated Financial Statements

F-6
ENTRAVISION COMMUNICATIONS CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In thousands)
Year Ended December 31,
2024
2023
2022
Net income (loss)
$
(148,908)
$
(15,437)
$
18,119
Other comprehensive income (loss), net of tax:
Change in foreign currency translation
8
88
(45)
Change in fair value of marketable securities
106
507
(488)
Total other comprehensive income (loss)
114
595
(533)
Comprehensive income (loss) attributable to common stockholders
$
(148,794)
$
(14,842)
$
17,586
See Notes to Consolidated Financial Statements

F-7
ENTRAVISION COMMUNICATIONS CORPORATION
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In thousands, except share data)
Number of Common Shares
Common Stock
Accumulated
Treasury
Class Class Class
Additional
Paid-in
Accumulated
Other
Comprehensive Noncontrolling
Class A
Class B
Class U
Stock
A
B
U
Capital
Deficit
Income (Loss)
Interest
Total
Balance, January 1, 2022
63,116,896
14,127,613
9,352,729
— $
6 $
2 $
1 $
780,388 $
(522,494) $
(977) $
- $ 256,926
Issuance of common stock upon
exercise of stock options or awards of
restricted stock units
66,000
—
—
—
—
—
—
219
—
—
—
219
Tax payments related to shares
withheld for share-based compensation
plans
2,615,319
—
—
—
—
—
—
(4,524)
—
—
—
(4,524)
Stock-based compensation expense
—
—
—
—
—
—
—
20,034
—
—
—
20,034
Class B common stock exchanged for
Class A common stock
14,127,613
(14,127,613)
—
—
2
(2)
—
—
—
—
—
—
Repurchase of Class A common stock
(1,753,001)
—
—
1,753,001
—
—
—
(11,280)
—
—
—
(11,280)
Retirement of treasury stock
—
—
—
(1,753,001)
—
—
—
—
—
—
—
—
Dividends paid
—
—
—
—
—
—
—
(8,539)
—
—
—
(8,539)
Change in fair value of marketable
securities
—
—
—
—
—
—
—
—
—
(899)
—
(899)
Foreign currency translation gain (loss)
—
—
—
—
—
—
—
—
—
(45)
—
(45)
OCI release due to realized gain (loss)
on marketable securities
—
—
—
—
—
—
—
—
—
411
—
411
Acquisition of noncontrolling interest
—
—
—
—
—
—
—
—
—
—
12,897
12,897
Net income (loss) attributable to
common stockholders
—
—
—
—
—
—
—
—
18,119
—
2,050
20,169
Balance, December 31, 2022
78,172,827
—
9,352,729
—
8
—
1
776,298
(504,375)
(1,510)
14,947
285,369
Issuance of common stock upon
exercise of stock options or awards of
restricted stock units
1,958,490
—
—
—
—
—
—
554
—
—
—
554
Tax payments related to shares
withheld for share-based compensation
plans
19,189
—
—
—
—
—
—
(4,057)
—
—
—
(4,057)
Stock-based compensation expense
—
—
—
—
—
—
—
23,698
—
—
—
23,698
Dividends paid
—
—
—
—
—
—
—
(17,588)
—
—
—
(17,588)
Dividends equivalents payable
—
—
—
—
—
—
—
(933)
—
—
—
(933)
Change in fair value of marketable
securities
—
—
—
—
—
—
—
—
—
436
—
436
Foreign currency translation gain (loss)
—
—
—
—
—
—
—
—
—
88
—
88
OCI release due to realized gain (loss)
on marketable securities
—
—
—
—
—
—
—
—
—
71
—
71
Acquisition of noncontrolling interest
—
—
—
—
—
—
—
(751)
—
—
(624)
(1,375)
Distributions to noncontrolling interest
—
—
—
—
—
—
—
—
—
—
(4,356)
(4,356)
Accounting for Adsmurai transaction
—
—
—
—
—
—
—
(33,975)
—
—
(9,625)
(43,600)
Net income (loss) attributable to
common stockholders
—
—
—
—
—
—
—
—
(15,437)
—
(342)
(15,779)
Balance, December 31, 2023
80,150,506
—
9,352,729
—
8
—
1
743,246
(519,812)
(915)
—
222,528
Issuance of common stock upon
exercise of stock options or awards of
restricted stock units
1,473,053
—
—
—
—
—
—
—
—
—
—
—
Tax payments related to shares
withheld for share-based compensation
plans
—
—
—
—
—
—
—
(2,564)
—
—
—
(2,564)
Stock-based compensation expense
—
—
—
—
—
—
—
13,848
—
—
—
13,848
Dividends paid
—
—
—
—
—
—
—
(17,975)
—
—
—
(17,975)
Dividends equivalents payable
—
—
—
—
—
—
—
(927)
—
—
—
(927)
Change in fair value of marketable
securities
—
—
—
—
—
—
—
—
—
25
—
25
Foreign currency translation gain (loss)
—
—
—
—
—
—
—
—
—
8
—
8
OCI release due to realized gain (loss)
on marketable securities
—
—
—
—
—
—
—
—
—
81
—
81
Accounting for discontinued operations
—
—
—
—
—
—
—
79,904
—
—
—
79,904
Net income (loss) attributable to
common stockholders
—
—
—
—
—
—
—
—
(148,908)
—
—
(148,908)
Balance, December 31, 2024
81,623,559
—
9,352,729
— $
8 $
- $
1 $
815,532 $
(668,720) $
(801) $
- $ 146,020
See Notes to Consolidated Financial Statements

F-8
ENTRAVISION COMMUNICATIONS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Year Ended December 31,
2024
2023
2022
Cash flows from operating activities:
Net income (loss)
$
(148,908)
$
(15,437)
$
18,119
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization
20,779
28,007
25,697
Impairment charge
110,658
13,267
1,600
Deferred income taxes
(10,281)
(10,965)
(3,708)
Non-cash interest
284
355
1,314
Amortization of syndication contracts
450
471
468
Payments on syndication contracts
(451)
(480)
(470)
Non-cash stock-based compensation
13,848
23,698
20,034
(Gain) loss on marketable securities
110
93
532
(Gain) loss on disposal of property and equipment
277
737
(636)
Loss (gain) on the sale of businesses
45,187
—
—
(Gain) loss on debt extinguishment
91
1,556
—
Change in fair value of contingent consideration
(13,198)
(2,539)
14,210
Net income (loss) attributable to redeemable noncontrolling interest - discontinued operations
(2,779)
158
—
Net income (loss) attributable to noncontrolling interest - discontinued operations
—
(342)
2,050
Changes in assets and liabilities, net of businesses acquired and disposed of:
(Increase) decrease in trade receivables, net
10,092
(9,247)
(9,687)
(Increase) decrease in prepaid expenses and other current assets, operating leases right of use
asset and other assets
9,878
7,826
2,017
Increase (decrease) in accounts payable, accrued expenses and other liabilities
38,668
38,038
7,377
Net cash provided by operating activities
74,705
75,196
78,917
Cash flows from investing activities:
Proceeds from sale of assets/business, net of cash divested
(40,481)
258
2,708
Purchases of property and equipment
(8,463)
(27,327)
(11,468)
Purchase of businesses, net of cash acquired
—
(6,930)
—
Investment in variable interest entities, net of cash consolidated
—
—
(5,164)
Purchases of marketable securities
(2,303)
(11,355)
(106,382)
Proceeds from sale of marketable securities
10,789
43,335
59,814
Proceeds from loan receivable
13,636
—
—
Purchases of investments
—
(300)
—
Issuance of loan receivable
—
(13,636)
—
Net cash provided by (used in) investing activities
(26,822)
(15,955)
(60,492)
Cash flows from financing activities:
Proceeds from stock option exercises
—
554
219
Tax payments related to shares withheld for share-based compensation plans
(2,564)
(4,057)
(4,524)
Payments on debt
(20,275)
(215,745)
(3,252)
Dividends paid
(17,975)
(17,588)
(8,539)
Distributions to noncontrolling interest
(1,078)
(3,380)
—
Repurchase of Class A common stock
—
—
(11,280)
Payment of contingent consideration
(15,650)
(35,113)
(65,340)
Principal payments under finance lease obligation
(148)
(152)
(105)
Proceeds from borrowings on debt
—
213,087
—
Payments for debt issuance costs
—
(1,777)
—
Net cash used in financing activities
(57,690)
(64,171)
(92,821)
Effect of exchange rates on cash, cash equivalents and restricted cash
(2)
(5)
(3)
Net increase (decrease) in cash, cash equivalents and restricted cash
(9,809)
(4,935)
(74,399)
Cash, cash equivalents and restricted cash:
Beginning
106,509
111,444
185,843
Ending
$
96,700
$
106,509
$
111,444
Supplemental disclosures of cash flow information:
Cash payments for:
Interest
$
16,407
$
16,936
$
9,562
Income taxes
$
9,413
$
13,100
$
16,921
Supplemental disclosures of non-cash investing and financing activities:
Capital expenditures financed through accounts payable, accrued expenses and other liabilities
$
1,096
$
1,987
$
2,109
Fair value of contingent consideration related to acquisitions and purchase of noncontrolling
interest
$
—
$
1,854
$
—
Fair value of put and call option
$
—
$
43,600
$
—
Dividends equivalents payable
$
1,287
$
783
$
—
See Notes to Consolidated Financial Statements

F-9
ENTRAVISION COMMUNICATIONS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. NATURE OF BUSINESS
Nature of Business
The Company owns and operates one of the largest groups of Spanish language television and radio stations in the United
States. Its mission is to serve its Latino audience as a trusted provider of useful news, information and entertainment and to serve its
advertisers by providing multi-channel marketing capabilities to engage its audience.
The Company also owns and operates a smaller group of television stations that broadcast English language programming and
has operations that provide programmatic advertising technology and services. The Company has organized its operations into two
reportable segments. Its media segment includes its television, radio and digital marketing operations. Its advertising and technology
services segment provides programmatic advertising and technology services through Smadex, its demand-side programmatic
advertising purchasing platform, and Adwake, its performance-based media advertising agency.
In 2024 the Company discontinued and divested a significant portion of its operations, which largely consisted of a collection
of acquisitions that had been completed prior to 2024.
For more information and an overview of the Company's business, please refer to Part I, Item 1.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Consolidation and Presentation
The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries.
All significant intercompany accounts and transactions have been eliminated in consolidation.
Certain amounts in the Company’s prior year period consolidated financial statements and notes to the financial statements have
been reclassified to conform to current period presentation, including presentation of discontinued operations and reportable segments
as further discussed below and in Notes 4 and 19.
Discontinued Operations and Assets Held for Sale
On March 4, 2024, the Company received a communication from Meta Platforms, Inc. (“Meta”) that it intended to wind down
its Authorized Sales Partners ("ASP") program globally and end its relationship with all of its ASPs, including the Company, by July
1, 2024. For the fiscal year ended December 31, 2023 ASP revenue from Meta represented approximately 53% of the Company's
consolidated revenue.
As a result of this communication from Meta, the Company conducted a thorough review of its digital strategy, operations and
cost structure, and during the second quarter of 2024 made the decision to dispose of the operations of its EGP business. Following
this decision, during the second quarter of 2024, the Company entered into a definitive agreement to sell substantially all of its EGP
business to IMS Internet Media Services, Inc. ("IMS"). The transaction was completed on June 28, 2024. The remaining parts of the
Company's EGP business, Jack of Digital ("Jack of Digital") and Adsmurai, S.L. ("Adsmurai"), were each sold back to their respective
founders in separate transactions during the second quarter of 2024. See Note 4 for additional details.
A business or asset is classified as held for sale when management having the authority to approve the action commits to a plan
to sell the business, the sale is probable to occur during the next 12 months at a price that is reasonable in relation to its current fair
value, and when certain other criteria are met. A business or asset classified as held for sale is recorded at the lower of (i) its carrying
amount and (ii) estimated fair value less costs to sell. When the carrying amount of the business exceeds its estimated fair value less
costs to sell, a loss is recognized and updated each reporting period as appropriate. Depreciation is not recorded on assets classified as
held for sale.
The results of operations of a business classified as held for sale are reported as discontinued operations if the disposal
represents a strategic shift that will have a major effect on the entity’s operations and financial results. When a business is identified
for discontinued operations reporting: (i) results for prior periods are retrospectively reclassified as discontinued operations; (ii) results
of operations are reported in a single line, net of tax, in the consolidated statement of operations; and (iii) assets and liabilities are
reported as held for sale in the consolidated balance sheets in the period in which the business is classified as held for sale.
The Company concluded that the assets of its EGP business met the criteria for classification as held for sale. Additionally, the
Company determined that the disposal, which was initiated and completed during the second quarter of 2024, represented a strategic
shift that had a major effect on the Company's operations and financial results. As such, the results of the Company's former EGP
business are presented as discontinued operations in the Consolidated Statements of Operations for all periods presented. Prior periods
have been adjusted to conform to the current presentation. The assets of the Company's former EGP business have been reflected as
assets and liabilities of discontinued operations in the Consolidated Balance Sheet as of December 31, 2023.

F-10
Liquidity
The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going
concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. Management has
evaluated whether there are any conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s
ability to continue as a going concern over the next twelve months from the issuance of the accompanying consolidated financial
statements.
The 2023 Credit Agreement contains various financial covenants (see Note 10). Compliance with these financial covenants is
measured quarterly and the Company’s failure to meet the covenant requirements would constitute an event of default. In such event,
if the Company is unable to obtain the necessary waivers or amendments, all outstanding borrowings, together with accrued and
unpaid interest and other amounts payable thereunder, would become immediately due and payable. Additionally, the lenders would
have the right to proceed against the collateral granted to them to secure that debt, which includes substantially all of the Company’s
assets.
As a result of the sale of the EGP business, the Company’s consolidated EBITDA (as defined in the 2023 Credit Agreement) has
been significantly reduced and, in response, the Company has taken action to reduce certain expenses to mitigate this fact. The
Company also has $100.6 million of cash and marketable securities as of December 31, 2024, and projects that it can prepay debt as
necessary to remain in compliance with its financial covenants.
As of December 31, 2024, the Company was in compliance with the financial covenants in the 2023 Credit Agreement (see
Note 10). Based on the Company’s current financial projections and ability to prepay its debt, management believes that the Company
will maintain compliance with its financial covenants. Given the inherent uncertainty in financial projections the Company has
identified additional controllable cost reduction actions that can be taken, if necessary, to maintain sufficient liquidity to fund its
business activities and to maintain compliance with its debt covenants.
Management further believes that the Company’s existing cash and projected operating cash flows are adequate to meet its
operating needs, liabilities and commitments over the next twelve months from the issuance of the accompanying consolidated
financial statements.
Use of Estimates
The preparation of financial statements requires management to make estimates and assumptions that affect the amounts
reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
The Company’s operations are affected by numerous factors, including changes in audience acceptance (i.e. ratings), priorities
of advertisers, new laws and governmental regulations, and policies and technological advances. The Company cannot predict if any
of these factors might have a significant impact on the television, radio, or digital advertising industries in the future, nor can it predict
what impact, if any, the occurrence of these or other events might have on the Company’s operations and cash flows. Significant
estimates and assumptions made by management are used for, but not limited to, the allowance for doubtful accounts, stock-based
compensation, the estimated useful lives of long-lived and intangible assets, the recoverability of such assets by their estimated future
undiscounted cash flows, the fair value of reporting units and indefinite life intangible assets, fair value of contingent consideration,
disclosure of the fair value of debt, deferred income taxes and the purchase price allocations used in the Company’s acquisitions.
Cash and Cash Equivalents
The Company considers all short-term, highly liquid debt instruments purchased with original maturities of three months or less
to be cash equivalents. Cash and cash equivalents consist of funds held in general checking accounts, money market accounts and
commercial paper. Cash and cash equivalents are stated at cost plus accrued interest, which approximates fair value. The Company
had $11.1 million and $8.8 million in cash and cash equivalents held outside the United States as of December 31, 2024 and 2023,
respectively.
Restricted Cash
As of December 31, 2024 and 2023, the Company’s balance sheet includes $0.8 million in restricted cash as temporary
collateral for the Company’s letters of credit.
The Company's cash and cash equivalents and restricted cash, as presented in the Consolidated Statements of Cash Flows, was
as follows (in thousands):

F-11
As of December 31,
2024
2023
2022
Cash and cash equivalents
$
95,914
$
67,398
$
80,348
Cash and cash equivalents - discontinued operations
—
38,341
$
30,343
Restricted cash
786
770
753
Total as presented in the Consolidated Statements of Cash Flows
$
96,700
$
106,509
$
111,444
Investments
The Company’s available for sale debt securities totaled $4.7 million as of December 31, 2024, and were comprised of corporate
bonds and notes, which were recorded at their fair market value within “Marketable securities” in the consolidated balance sheet (see
Note 11). The majority of the carrying value of the corporate bonds and notes held by the Company are investment grade.
Long-lived Assets, Other Assets and Intangibles Subject to Amortization
Property and equipment are recorded at cost. Depreciation and amortization are provided using the straight-line method over
their estimated useful lives (see Note 7). The Company periodically evaluates assets to be held and used and long-lived assets held for
sale when events and circumstances warrant such review.
Syndication contracts are recorded at cost within “Other assets” in the consolidated balance sheets. Syndication amortization is
provided using the straight-line method over their estimated useful lives.
Intangible assets subject to amortization are amortized on a straight-line method over their estimated useful lives (see Note 5).
Deferred debt issuance costs are amortized over the life of the related indebtedness using the effective interest method.
Changes in circumstances, such as the passage of new laws or changes in regulations, technological advances or changes to the
Company’s business strategy, could result in the actual useful lives differing from initial estimates. Factors such as changes in the
planned use of equipment, customer attrition, contractual amendments or mandated regulatory requirements could result in shortened
useful lives. In those cases where the Company determines that the useful life of a long-lived asset should be revised, the Company
will amortize or depreciate the net book value in excess of the estimated residual value over its revised remaining useful life.
Long-lived assets and asset groups are evaluated for impairment whenever events or changes in circumstances indicate that the
carrying amount of such assets may not be recoverable. The estimated future cash flows are based upon, among other things,
assumptions about expected future operating performance, and may differ from actual cash flows. Long-lived assets evaluated for
impairment are grouped with other assets to the lowest level for which identifiable cash flows are largely independent of the cash
flows of other groups of assets and liabilities. If the sum of the projected undiscounted cash flows (excluding interest) is less than the
carrying value of the assets, the assets will be written down to the estimated fair value in the period in which the determination is
made.
Goodwill
Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets
acquired in each business combination. The Company tests its goodwill for impairment annually on October 1, or more frequently if
certain events or certain changes in circumstances indicate it may be impaired.
In testing the goodwill of its reporting units for impairment, the Company first determines, based on a qualitative assessment,
whether it is more likely than not that the fair value of each of its reporting units is less than their respective carrying amounts. The
Company has determined that each of its operating segments is a reporting unit.
If it is deemed more likely than not that the fair value of a reporting unit is less than the carrying value based on this initial
assessment, the next step is a quantitative comparison of the fair value of the reporting unit to its carrying amount. If a reporting unit’s
estimated fair value is equal to or greater than that reporting unit’s carrying value, no impairment of goodwill exists and the testing is
complete. If the reporting unit’s carrying amount is greater than the estimated fair value, then an impairment loss is recorded for the
amount of the difference.
When a quantitative analysis is performed, the estimated fair value of the reporting unit is determined by using a combination of
a market approach and an income approach. The market approach estimates fair value by applying sales, earnings and cash flow
multiples to each reporting unit’s operating performance. The multiples are derived from comparable publicly-traded companies with
similar operating and investment characteristics to the Company’s reporting units. The market approach requires the Company to
make a series of assumptions, such as selecting comparable companies and comparable transactions and transaction premiums. In
recent years, there has been a decrease in the number of comparable transactions, which makes the market approach of comparable
transactions and transaction premiums more difficult to estimate than in previous years.
The income approach estimates fair value based on the Company’s estimated future cash flows of each reporting unit,
discounted by an estimated weighted-average cost of capital that reflects current market conditions, which reflect the overall level of
inherent risk of that reporting unit. The income approach also requires the Company to make a series of assumptions, such as discount
rates, revenue projections, profit margin projections and terminal value multiples. The Company estimated discount rates on a blended
rate of return considering both debt and equity for comparable publicly-traded companies in the television, radio and digital media
industries. These comparable publicly-traded companies have similar size, operating characteristics and/or financial profiles to the

F-12
Company. The Company also estimated the terminal value multiple based on comparable publicly-traded companies. The Company
estimated revenue projections and profit margin projections based on internal forecasts about future performance.
Indefinite Life Intangible Assets
The Company believes that its broadcast licenses are indefinite life intangible assets. An intangible asset is determined to have
an indefinite useful life when there are no legal, regulatory, contractual, competitive, economic or any other significant factors that
may limit the period over which the asset is expected to contribute directly or indirectly to future cash flows. The evaluation of
impairment for indefinite life intangible assets is performed by a comparison of the asset’s carrying value to the asset’s fair value. The
Company tests its indefinite-lived intangible assets for impairment annually on October 1, or more frequently if certain events or
certain changes in circumstances indicate they may be impaired. When the carrying value exceeds fair value, an impairment charge is
recorded for the amount of the difference. The unit of accounting used to test broadcast licenses represents all licenses owned and
operated within an individual market cluster, because such licenses are used together, are complementary to each other and are
representative of the best use of those assets. The Company’s individual market clusters consist of cities or nearby cities. The
Company tests its broadcasting licenses for impairment based on certain assumptions about these market clusters.
The estimated fair value of indefinite life intangible assets is determined by using an income approach. The income approach
estimates fair value based on the estimated future cash flows of each market cluster that a hypothetical buyer would expect to
generate, discounted by an estimated weighted-average cost of capital that reflects current market conditions, which reflect the overall
level of inherent risk. The income approach requires the Company to make a series of assumptions, such as discount rates, revenue
projections, profit margin projections and terminal values. The Company estimates the discount rates on a blended rate of return
considering both debt and equity for comparable publicly-traded companies. These comparable publicly-traded companies have
similar size, operating characteristics and/or financial profiles to the Company. The Company also estimated the terminal value
multiple based on comparable publicly-traded companies in the television, radio and digital media industries. The Company estimated
the revenue projections and profit margin projections based on various market clusters signal coverage of the markets and industry
information for an average station within a given market. The information for each market cluster includes such things as estimated
market share, estimated capital start-up costs, population, household income, retail sales and other expenditures that would influence
advertising expenditures. Alternatively, some stations under evaluation have had limited relevant cash flow history due to planned or
actual conversion of format or upgrade of station signal. The assumptions the Company makes about cash flows after conversion are
based on the performance of similar stations in similar markets and potential proceeds from the sale of the assets.
Concentrations of Credit Risk and Trade Receivables
The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash
equivalents and trade accounts receivable. From time to time, the Company has had, and may have, bank deposits in excess of Federal
Deposit Insurance Corporation insurance limits. As of December 31, 2024, the majority of all U.S. deposits are maintained in two
financial institutions. The Company has not experienced any losses in such accounts and believes that it is not currently exposed to
significant credit risk on cash and cash equivalents. In addition, to the Company's knowledge, all or substantially all of the bank
deposits held in banks outside the United States are not insured.
The Company’s credit risk is spread across a large number of customers located primarily in the United States and Europe,
thereby spreading the trade receivable credit risk. The Company routinely assesses the financial strength of its customers and, as a
consequence, believes that it is managing its trade receivable credit risk effectively. Trade receivables are carried at original invoice
amount less an estimate made for doubtful receivables based on a review of all outstanding amounts on a monthly basis. An allowance
for doubtful accounts is provided for known and anticipated credit losses, as determined by management in the course of regularly
evaluating individual customer receivables. This evaluation takes into consideration a customer’s financial condition and credit
history, as well as current economic conditions. Trade receivables are written off when deemed uncollectible. Recoveries of trade
receivables previously written off are recorded when received. No interest is charged on customer accounts.
No single advertiser represents more than 5% of the total trade receivables as of December 31, 2024 and 2023.
No single advertiser represented more than 5% of the Company's total revenue for the years ended December 31, 2024, 2023
and 2022.
Allowance for Doubtful Accounts
Our accounts receivable consist of a homogeneous pool of relatively small dollar amounts from a large number of customers.
We evaluate the collectability of our trade accounts receivable based on a number of factors. When we are aware of a specific
customer’s inability to meet its financial obligations to us, a specific reserve for bad debts is estimated and recorded which reduces the
recognized receivable to the estimated amount we believe will ultimately be collected. In addition to specific customer identification
of potential bad debts, bad debt charges are recorded based on our recent past loss history and an overall assessment of past due trade
accounts receivable amounts outstanding.
Estimated losses for bad debts are provided for in the consolidated financial statements through a charge to expense that
aggregated $1.3 million, $0.6 million and $0.8 million for the years ended December 31, 2024, 2023 and 2022, respectively. The net
charge off of bad debts aggregated $0.5 million, $0.7 million and $1.1 million for the years ended December 31, 2024, 2023 and 2022,
respectively.

F-13
Disclosures About Fair Value of Financial Instruments
The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it
is practicable to estimate that value:
The carrying amount of cash and cash equivalents approximates fair value because of the short maturity of those instruments.
The carrying amount of the Term Loan A Facility as of December 31, 2024 approximated its fair value. The estimated fair value
is based on quoted prices in markets where trading occurs infrequently.
The Company’s available for sale debt securities are valued using quoted prices for similar attributes in active markets. Since
these investments are classified as available for sale, they are recorded at their fair market value within “Marketable securities” in the
consolidated balance sheets and their unrealized gains or losses are included in “Accumulated other comprehensive income (loss)”.
The carrying values of receivables, payables and accrued expenses approximate fair value due to the short maturity of these
instruments.
Off-Balance Sheet Financings and Liabilities
Other than legal contingencies incurred in the normal course of business and employment contracts for key employees (see
Notes 13 and 18), the Company does not have any off-balance sheet financing arrangements or liabilities. The Company does not have
any majority-owned subsidiaries or any interests in, or relationships with, any material variable-interest entities that are not included in
the consolidated financial statements.
Income Taxes
Deferred income taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary
differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences
between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance
when it is determined to be more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax
assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.
In evaluating the Company’s ability to realize net deferred tax assets, the Company considers all reasonably available evidence
including past operating results, tax strategies and forecasts of future taxable income. In considering these factors, the Company
makes certain assumptions and judgments that are based on the plans and estimates used to manage the business.
The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not the tax position will be
sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the
financial statements from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being
realized upon settlement. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense.
Legal Costs
Amounts incurred for legal costs that pertain to loss contingencies are expensed as incurred.
Business Combinations
The Company applies the acquisition method of accounting for business combinations in accordance with U.S. GAAP and uses
estimates and judgments to allocate the purchase price paid for acquisitions to the fair value of the assets, including identifiable
intangible assets and liabilities acquired. Such estimates may be based on significant unobservable inputs and assumptions such as, but
not limited to, revenue projections, gross margin projections, customer attrition rates, royalty rates, discount rates and terminal growth
rate assumptions. The Company uses established valuation techniques and may engage reputable valuation specialists to assist with
the valuations. The Company’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently
uncertain and unpredictable and, as a result, actual results may differ from estimates. Fair values are subject to refinement for up to
one year after the closing date of an acquisition, as information relative to closing date fair values becomes available. Upon the
conclusion of the measurement period, any subsequent adjustments are recorded to earnings.
Contingent Consideration
If business combinations or variable interest entities provide for contingent consideration, the Company records the contingent
consideration at fair value at the acquisition date. The Company adjusts the contingent consideration liability at the end of each
reporting period based on fair value inputs representing changes in forecasted revenue of the acquired entities and the probability of an
adjustment to the purchase price. Key assumptions include risk-neutral expected growth rates based on the Company's assessments of
expected growth in EBITDA, adjusted by appropriate factors capturing their correlation with the market and volatility, discounted at a

F-14
cost of debt rate. Changes in the fair value of the contingent consideration after the acquisition date are included in earnings if the
contingent consideration is recorded as a liability.
Revenue Recognition
Revenues are recognized when control of the promised services is transferred to the Company’s customers, in an amount equal
to the consideration the Company expects to be entitled to in exchange for those services.
Broadcast Advertising. Revenue related to the sale of advertising on the Company's television and radio stations is recognized at
the time of broadcast. Revenue for contracts with advertising agencies is recorded at an amount that is net of the commission retained
by the agency. Revenue from contracts directly with the advertisers is recorded as gross revenue and the related commission or
national representation fee is recorded in operating expense.
Digital Advertising. Revenue related to digital advertising is recognized when display or other digital advertisements record
impressions on the websites and mobile and Internet-connected television apps of media companies on whose digital platforms the
advertisements are placed or as the advertiser’s previously agreed-upon performance criteria are satisfied. The Company has
concluded that it is the principal in the transaction and therefore recognizes revenue on a gross basis, because (i) the Company is
responsible for fulfillment of the contract, including customer support, resolving customer complaints, and accepting responsibility for
the quality or suitability of the product or service; (ii) the Company has pricing discretion over the transaction; and (iii) the Company
carries inventory risk for all inventory purchased regardless of whether the Company is able to collect on a transaction.
Retransmission Consent. The Company generates revenue from retransmission consent agreements that are entered into with
multichannel video programming distributors ("MVPDs"). The Company grants the MVPDs access to its television station signals so
that they may rebroadcast the signals and charge their subscribers for this programming. Revenue is recognized as the television signal
is delivered to the MVPD.
Spectrum Usage Rights. The Company generates revenue from agreements associated with its television stations’ spectrum
usage rights. Revenue is recognized in accordance with the contractual fees over the term of the agreement or when the Company has
relinquished all or a portion of its spectrum usage rights for a station or have relinquished its rights to operate a station on the existing
channel free from interference.
The Company does not disclose the value of unsatisfied performance obligations when (i) contracts have an original expected
length of one year or less, which applies to essentially all of the Company's advertising contracts, and (ii) variable consideration is a
sales-based or usage-based royalty promised in exchange for a license of intellectual property, which applies to retransmission consent
revenue.
The Company expenses contract acquisition costs, such as sales commissions generated either by internal direct sales employees
or through third party advertising agency intermediaries, when incurred because the amortization period is one year or less. These
costs are recorded within direct operating expenses.
The Company records deferred revenues within Accounts payable and accrued expenses in the Consolidated Balance Sheets,
when cash payments are received or due in advance of its performance, including amounts which are refundable. The change in the
deferred revenue balance is primarily driven by cash payments received or due in advance of satisfying the Company’s performance
obligations, offset by revenues recognized that were included in the deferred revenue balance in the prior period.
The Company’s payment terms vary by the type and location of customer and the products or services offered. The term
between invoicing and when payment is due is typically 30 days. For certain individual customers and customer types, the Company
generally requires payment before the services are delivered to the customer.
Cost of Revenue
Cost of revenue consists of the costs of online media acquired from third-parties.
Direct operating expenses
Direct operating expenses consist primarily of salaries and commissions of sales staff, amounts paid to national representation
firms, production and programming expenses, fees for ratings services, and engineering costs.
Corporate expenses
Corporate expenses consist primarily of salaries related to corporate officers and back-office functions, third party legal and
accounting services, and fees incurred as a result of being a publicly traded company.
Stock-Based Compensation
The Company recognizes stock-based compensation according to the provisions of ASC 718, “Stock Compensation”, which
requires the measurement and recognition of compensation expense for all stock-based awards made to employees and directors

F-15
including employee stock options, restricted stock awards, restricted stock units ("RSUs"), and performance stock units ("PSUs")
based on estimated fair values.
The Company granted RSUs during each of the years ended December 31, 2024, 2023 and 2022. The estimated fair value of the
RSUs granted is based on the Company's share price on the grant date. In addition, the Company granted PSUs during the years ended
December 31, 2024 and 2023. The estimated fair value of the PSUs was estimated using a Monte Carlo simulation model that
incorporates option-pricing inputs covering the period from the grant date through the end of the performance period.
Beginning with grants made in 2023, a dividend equivalent equal to the amount paid, if any, in respect of one share of the
securities underlying the RSUs and PSUs begins accruing with respect to the RSUs and PSUs on the date of grant. Such
accrued dividend equivalents are paid to the holder upon vesting of the RSUs and PSUs.
The Company did not grant any stock options during the years ended December 31, 2024, 2023 and 2022.
Earnings Per Share
The following table illustrates the reconciliation of the basic and diluted per share computations (in thousands, except share and
per share data):
Year Ended
Year Ended
Year Ended
December 31,
December 31,
December 31,
2024
2023
2022
Numerator:
Net income (loss) from continuing operations
$
(70,290) $
(33,146) $
13,399
Net income (loss) from discontinued operations
(78,618)
17,709
4,720
Net income (loss) attributable to common stockholders
$
(148,908) $
(15,437) $
18,119
Basic earnings (loss) per share:
Denominator:
Weighted average common shares outstanding, basic
89,876,538
87,901,938
85,391,163
Per share:
Income (loss) per share from continuing operations
$
(0.78) $
(0.38) $
0.16
Income (loss) per share from discontinued operations
(0.88)
0.20
0.05
Net income (loss) per share attributable to common stockholders
$
(1.66) $
(0.18) $
0.21
Diluted earnings (loss) per share:
Denominator:
Weighted average common shares outstanding
89,876,538
87,901,938
85,391,163
Dilutive securities:
Stock options
—
—
146,699
Restricted stock units
—
—
2,231,900
Diluted shares outstanding
89,876,538
87,901,938
87,769,762
Per share:
Income (loss) per share from continuing operations
$
(0.78) $
(0.38) $
0.16
Income (loss) per share from discontinued operations
(0.88)
0.20
0.05
Net income (loss) per share attributable to common stockholders
$
(1.66) $
(0.18) $
0.21
Basic earnings per share is computed as net income divided by the weighted average number of shares outstanding for the
period. Diluted earnings per share reflects the potential dilution, if any, that could occur from shares issuable through stock options,
RSUs and PSUs.
For the year ended December 31, 2024, all dilutive securities have been excluded as their inclusion would have had an
antidilutive effect on loss per share. The number of securities whose conversion would result in an incremental number of shares that
would be included in determining the weighted average shares outstanding for diluted earnings per share if their effect was not
antidilutive was 1,277,582 equivalent shares of dilutive securities for the year ended December 31, 2024.
For the year ended December 31, 2023, all dilutive securities have been excluded as their inclusion would have had an
antidilutive effect on loss per share. The number of securities whose conversion would result in an incremental number of shares that

F-16
would be included in determining the weighted average shares outstanding for diluted earnings per share if their effect was not
antidilutive was 2,145,439 equivalent shares of dilutive securities for the year ended December 31, 2023.
For the year ended December 31, 2022, a total of 623,152 shares of dilutive securities were not included in the computation of
diluted income per share because the exercise prices of the dilutive securities were greater than the average market price of the
common shares.
Comprehensive Income (loss)
Comprehensive income (loss) encompasses all changes in equity other than those arising from transactions with stockholders,
and consists of net income (loss), unrealized gains (losses) on investments and foreign currency translation adjustments.
Recently Issued Accounting Pronouncements
In December 2023, the Financial Accounting Standards Board (the "FASB") issued Accounting Standard Update ("ASU")
2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which focuses on the rate reconciliation and income
taxes paid. ASU No. 2023-09 requires a public business entity ("PBE") to disclose, on an annual basis, a tabular rate reconciliation
using both percentages and currency amounts, broken out into specified categories with certain reconciling items further broken out by
nature and jurisdiction to the extent those items exceed a specified threshold. In addition, all entities are required to disclose income
taxes paid, net of refunds received disaggregated by federal, state/local, and foreign and by jurisdiction if the amount is at least 5% of
total income tax payments, net of refunds received. For PBEs, the new standard is effective for annual periods beginning after
December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of the new guidance on its
consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense
Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring public entities to disclose
additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU
2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027,
with early adoption permitted. The Company is currently evaluating the impact of the new guidance on its consolidated financial
statements.
Newly Adopted Accounting Standards
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment
Disclosures, which requires a public entity to disclose significant segment expenses and other segment items on an annual and interim
basis and provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required
annually. Additionally, it requires a public entity to disclose the title and position of the Chief Operating Decision Maker (CODM).
The ASU does not change how a public entity identifies its operating segments, aggregates them, or applies the quantitative thresholds
to determine its reportable segments. The Company adopted ASU 2023-07 during the year ended December 31, 2024. See Note 19 for
further detail.
3. ACQUISITIONS
All business acquisitions have been accounted for as purchase business combinations with the operations of the businesses
included subsequent to their acquisition dates. The allocation of the respective purchase prices is generally based upon independent
appraisals and or management’s estimates of the discounted future cash flows to be generated from the media properties for intangible
assets, and replacement cost for tangible assets. Deferred income taxes are provided for temporary differences based upon
management’s best estimate of the tax basis of acquired assets and liabilities that will ultimately be accepted by the applicable taxing
authority.
BCNMonetize
On May 19, 2023, the Company acquired 100% of the issued and outstanding shares of stock of BCNMonetize, a global mobile
app marketing solutions company headquartered in Barcelona, Spain. The acquisition, funded from the Company’s cash on hand,
included an initial purchase price of $6.0 million in cash, which amount was adjusted at closing to $7.2 million due to customary
purchase price adjustments for cash, indebtedness and estimated working capital. Additionally, the transaction includes contingent
earn-out payments based upon the achievement of certain EBITDA targets in calendar years 2023 through 2026, calculated as a
predetermined multiple of EBITDA for each of those years. The total purchase price for the acquisition, including the fair value of the
contingent consideration, was $8.8 million.
The following is a summary of the final purchase price allocation (in millions):
Cash
$
0.8
Accounts receivable
2.8
Other assets
0.7
Intangible assets subject to amortization
4.2

F-17
Goodwill
3.5
Current liabilities
(2.1)
Deferred tax
(1.1)
Intangible assets subject to amortization acquired includes:
Intangible Asset
Estimated
Fair Value
(in millions)
Weighted
average
life (in years)
Publisher relationships
$
2.2
3.0
Advertiser relationships
1.5
1.0
Trade name
0.3
1.0
Non-Compete agreements
0.2
1.5
The fair value of the assets acquired includes trade receivables of $2.8 million. The gross amount due under contract was $2.9
million, of which $0.1 million was expected to be uncollectable.
The goodwill, which is not expected to be deductible for tax purposes, is assigned to the Company’s advertising technology &
services segment, and is attributable to BCNMonetize's workforce and expected synergies from combining BCNMonetize's operations
with the Company's operations.
As noted above, the acquisition of BCNMonetize includes a contingent consideration arrangement that requires additional
consideration to be paid by the Company to the selling stockholders of BCNMonetize, based on a pre-determined multiple of
BCNMonetize's 12-month EBITDA in calendar years 2023 through 2026. The fair value of the contingent consideration recognized on
the acquisition date of $1.6 million was estimated by applying the real options approach. Key assumptions include risk-neutral
expected growth rates based on management’s assessments of expected growth in EBITDA, adjusted by appropriate factors capturing
their correlation with the market and volatility, discounted at a cost of debt rate ranging from 8.2% to 8.4% over the three-year
period. These are significant inputs that are not observable in the market, which ASC 820-10-35 refers to as Level 3 inputs.
The following unaudited pro forma information has been prepared to give effect to the Company’s acquisition of BCNMonetize
as if the acquisition had occurred on January 1, 2023. This pro forma information was adjusted to exclude acquisition fees and costs of
$0.2 million for the year ended December 31, 2023, which were expensed in connection with the acquisition. This pro forma
information does not purport to represent what the actual results of operations of the Company would have been had this acquisition
occurred on such date, nor does it purport to predict the results of operations for any future periods.
In thousands, except share and per share data
Year Ended
December 31,
2023
Pro Forma:
Total revenue
$
303,056
Net income (loss) attributable to common stockholders
$
(13,896)
Basic and diluted earnings (loss) per share:
Net income (loss) per share, attributable to common stockholders, basic and diluted
$
(0.16)
Weighted average common shares outstanding, basic and diluted
87,901,938
BCNMonetize operates as part of Adwake in the Company’s advertising technology & services segment.
4. DISCONTINUED OPERATIONS
As discussed in Note 2, as a result of the communication from Meta on March 4, 2024, that it intended to wind down its ASP
program globally and end its relationship with all of its ASPs, including the Company, by July 1, 2024, the Company conducted a
thorough review of its digital strategy, operations and cost structure, and during the second quarter of 2024 made the decision to
dispose of the operations of its EGP business, the Company's digital commercial partnerships business, which took place in the
following three transactions:
Sale to IMS
On June 13, 2024, the Company entered into an agreement to sell 100% of its equity interest in certain entities that constituted
substantially all of the Company’s EGP business to IMS. EGP was the Company's digital commercial partnerships business in its then
digital segment. IMS is an affiliate of Aleph Group, a global digital advertising company.

F-18
The transaction closed on June 28, 2024. Cash proceeds from the transaction received by the Company at the closing were $16.4
million. Immediately after the closing, an amount equal to $6.5 million of the proceeds was paid by the Company to the founders of
MediaDonuts Ptd. Ltd. (“MediaDonuts”), one of the entities that were the subject of this transaction, to satisfy a remaining contingent
consideration liability owed to them pursuant to an earn-out agreement that had been entered into at the time the Company acquired
MediaDonuts.
The Company recorded a loss of $40.7 million as a result of this transaction, which is included in Net income (loss) from
discontinued operations, net of tax in our Consolidated Statements of Operations.
Sale of Adsmurai
On August 5, 2022, the Company made a loan (the "Adsmurai Loan") in the principal amount of €12,535,000 ($12.8 million as
of that date) to an entity affiliated with owners of a majority interest in Adsmurai, S.L. (“Adsmurai”), a company engaged in the sale
and marketing of digital advertising.
On April 3, 2023, the Company entered into an agreement among the Company and the selling stockholders of Adsmurai,
pursuant to which the Company acquired a 51% equity interest in Adsmurai (the “Adsmurai Acquisition”) on the same date. The
Company acquired 51% of the issued and outstanding shares of stock of Adsmurai by means of conversion of the Adsmurai Loan, for
total purchase consideration of €13.0 million ($14.2 million as of April 3, 2023), including interest.
In connection with the Adsmurai Acquisition, on April 3, 2023 the Company made a loan to entities affiliated with owners of
the remaining 49% interest in Adsmurai in the principal amount of €7,355,000 ($8.1 million as of April 3, 2023) and a second loan on
July 11, 2023 in the principal amount of €4,993,344 ($5.6 million as of July 11, 2023) based on Adsmurai’s EBITDA for calendar
year 2022 (the “New Adsmurai Loans”).
On May 6, 2024 (the "Effective Date"), the Company entered into a Share Purchase Agreement (the “Adsmurai Purchase
Agreement”), among Adsmurai, the Company and the other stockholders of Adsmurai (the “Adsmurai Buyers”). Pursuant to the
Adsmurai Purchase Agreement, on such date (i) the Company sold its 51% equity interest in Adsmurai to the Adsmurai Buyers, (ii)
the Company terminated the New Adsmurai Loans it made previously to the Adsmurai Buyers in the principal amount of €12.3
million and (iii) the parties terminated other previous agreements made between them, including an options agreement which
contained put redemption features for buyers and call redemption features for the Company. As consideration, the Company received
€15.0 million (approximately $16.2 million as of the Effective Date) ("Total Consideration"). The Adsmurai Purchase Agreement also
contains representations, warranties, covenants, indemnities and releases of the parties thereto.
The Total Consideration is payable to the Company as follows:
•
€10.0 million paid on the Effective Date; and
•
€5.0 million to be paid within six months of the Effective Date.
The Company recorded a loss of $2.6 million as a result of this transaction.
Sale of Jack of Digital
On August 3, 2022, the Company acquired 15% of the issued and outstanding stock of Jack of Digital, a digital marketing
services company that serves as the exclusive advertising sales partner of ByteDance Ltd. in Pakistan, for $0.1 million.
On April 3, 2023, the Company acquired the remaining issued and outstanding stock of Jack of Digital for $1.1 million. Of that
amount, the Company paid an initial installment payment of $0.5 million in 2023, an additional installment payment of $0.3 million
during the three-month period ended March 31, 2024, and the balance was to be paid in January 2025. Additionally, the transaction
included a contingent earn-out payment based upon the achievement of an EBITDA target in calendar year 2026. The total purchase
price for the acquisition, including the fair value of the contingent consideration, was $1.4 million.
On June 28, 2024, the Company sold 100% of the issued and outstanding shares of stock of Jack of Digital back to its founder
for cash consideration of $0.1 million and the cancellation of future contingent earn-out payments.
The Company recorded a loss of $1.7 million as a result of this transaction.
The Company concluded that the assets of the EGP business met the criteria for classification as held for sale. Additionally, the
Company determined that the disposal, which was initiated and completed during the second quarter of 2024, represented a strategic
shift that had a major effect on the Company's operations and financial results. As such, the results of the Company's former EGP
business are presented as discontinued operations in the Consolidated Statements of Operations for all periods presented. Prior periods
have been adjusted to conform to the current presentation. The assets of the Company's former EGP business have been reflected as
assets and liabilities of discontinued operations in the Consolidated Balance Sheet as of December 31, 2023.

F-19
The following table summarizes the results of discontinued operations, net of tax (in thousands):
Year Ended December 31,
2024
2023
2022
Net Revenue
$
378,868
$
809,824
$
632,218
Expenses:
Cost of revenue
341,503
723,187
553,329
Direct operating expenses
6,654
15,239
13,291
Selling, general and administrative expenses
25,124
42,218
28,177
Depreciation and amortization
3,958
11,615
10,050
Change in fair value of contingent consideration
(12,568)
(3,360)
16,010
Impairment charge
49,438
-
-
Foreign currency (gain) loss
2,488
(1,050)
1,728
Other operating (gain) loss
45,187
-
(41)
Operating income (loss)
(82,916)
21,975
9,674
Interest expense
(219)
(458)
(340)
Interest income
731
1,650
124
Income (loss) from discontinued operations before income taxes
(82,404)
23,167
9,458
Income tax benefit (expense)
1,007
(5,642)
(2,688)
Net income (loss) from discontinued operations before noncontrolling
interests in discontinued operations
(81,397)
17,525
6,770
Net (income) loss attributable to redeemable noncontrolling interest
2,779
(158)
-
Net (income) loss attributable to noncontrolling interest
-
342
(2,050)
Net income (loss) from discontinued operations, net of tax
$
(78,618)
$
17,709
$
4,720
Allocated general corporate overhead costs do not meet the criteria to be presented within net loss from discontinued operations,
net of tax, and were excluded from all figures presented in the table above.
The Company and IMS entered into a transition services agreement, as extended, pursuant to which the Company and IMS
provided certain services to each other through December 2024. During 2024, the Company did not collect or pay any cash related to
these activities.
For the year ended December 31, 2024, there was a tax benefit in discontinued operations as a result of the (i) tax effect of a pre-
tax loss, (ii) benefit related to disposal, and (iii) permanent items to the disposition. For the years ended December 31, 2023 and 2022,
there was a tax expense in discontinued operations as a result of the (i) tax effect of a pre-tax loss, (ii) benefit related to disposal, (iii)
permanent items, (iv) change in the fair value of the contingent consideration and (v) and non-taxable non-territorial income related to
the Disposition.
As a result of the EGP disposition during the second quarter of 2024, the Company was required to repay $4.9 million of the
outstanding principal under the 2023 Credit Facility, which represented approximately 2.5% of the total outstanding principal under
the 2023 Credit Facility. The prepayment, which was made in June 2024, resulted in a de minimis amount of loss on debt
extinguishment that was attributed to the discontinued operation. All historical interest expense associated with this prepayment was
allocated to the discontinued operation.

F-20
Details of the assets and liabilities of discontinued operations were as follows:
December 31,
2023
ASSETS OF DISCONTINUED OPERATIONS
Current assets
Cash and cash equivalents
$
38,341
Trade receivables
165,755
Prepaid expenses and other current assets
13,173
Total current assets of discontinued operations
217,269
Property and equipment, net
4,543
Intangible assets subject to amortization, net
44,684
Goodwill
39,998
Deferred income taxes
4,726
Operating leases right of use asset
1,073
Other assets
831
Noncurrent assets of discontinued operations
95,855
Total assets of discontinued operations
$
313,124
LIABILITIES OF DISCONTINUED OPERATIONS
Current liabilities
Current maturities of long-term debt
$
1,219
Accounts payable and accrued expenses
207,026
Operating lease liabilities
534
Total current liabilities of discontinued operations
208,779
Long-term debt, less current maturities
1,668
Long-term operating lease liabilities
487
Other long-term liabilities
18,385
Deferred income taxes
12,532
Noncurrent liabilities of discontinued operations
33,072
Total liabilities of discontinued operations
$
241,851
The goodwill was allocated between the discontinued operations and the continuing operations based on the relative fair value
of the components representing a business. Goodwill is not allocated to a portion of a reporting unit that does not meet the definition
of a business.
The following table presents significant non-cash items and capital expenditures of discontinued operations for the periods
presented:
Year Ended December 31,
2024
2023
2022
Depreciation and amortization
$
3,958
$
11,615
$
10,050
Impairment charge
$
49,438
$
-
$
-
Loss (gain) on the sale of assets/businesses
$
45,187
$
-
$
-
Change in fair value of contingent consideration
$
(12,568)
$
(3,360)
$
16,010
Non-cash stock-based compensation
$
(544)
$
2,174
$
1,092
Purchases of property and equipment
$
81
$
2,882
$
2,113
5. REVENUES
Disaggregated Revenue

F-21
The following table presents our revenues disaggregated by major source (in thousands):
Year Ended December 31,
2024
2023
2022
Digital advertising
$
173,720
$
122,906
$
114,884
Broadcast advertising
143,515
124,722
161,713
Spectrum usage rights
6,884
8,156
6,036
Retransmission consent
33,880
36,556
36,022
Other
6,949
4,703
5,335
Total revenue
$
364,948
$
297,043
$
323,990
Contracts are entered into directly with customers or through an advertising agency that represents the customer. Sales of
advertising to customers or agencies within a station’s designated market area (“DMA”) are referred to as local revenue, whereas sales
from outside the DMA are referred to as national revenue. The following table further disaggregates the Company’s broadcast
advertising revenue by sales channel (in thousands):
Year Ended December 31,
2024
2023
2022
Local direct
$
20,798
$
21,826
$
22,931
Local agency
51,001
54,485
54,094
National agency
71,716
48,411
84,688
Total revenue
$
143,515
$
124,722
$
161,713
The following table further disaggregates the Company’s revenue by geographical region, based on the location of the sales
office (in thousands):
Year Ended December 31,
2024
2023
2022
U.S.
$
274,148
$
216,058
$
246,840
Rest of the World (1)
90,800
80,985
77,150
Total revenue
$
364,948
$
297,043
$
323,990
(1)
Primarily Europe
Deferred Revenue
(in thousands)
December 31,
2023
Increase
Decrease
December 31,
2024
Deferred revenue
$
1,977
1,801
(1,977) $
1,801
(in thousands)
December 31,
2022
Increase
Decrease
December 31,
2023
Deferred revenue
$
2,799
1,977
(2,799) $
1,977
6. GOODWILL AND OTHER INTANGIBLE ASSETS
As a result of the sale of the Company’s EGP business, goodwill of $4.6 million was allocated to discontinued operations based
on the relative fair value of the EGP business compared to the fair value of the remaining components that represent a business in the
Company’s then digital reporting unit. Further, effective July 1, 2024, the Company has realigned its operating segments into two
segments – media and advertising technology & services – based on the products and services it sells, consistent with the Company's
current operational and management structure (see Note 19 for more details). The Company has identified each of these two operating
segments to be separate reporting units. As a result of this realignment, $2.8 million of goodwill was allocated from the advertising

F-22
technology & services reporting unit to the media reporting unit based on the relative fair value of the reallocated components that
represent a business.
The carrying amount of goodwill for each of the Company’s operating segments for the years ended December 31, 2024 and
2023 is as follows (in thousands):
December 31,
Additions From
December 31,
December 31,
2022
Acquisitions
2023
Impairment
2024
Media
$
43,322
$
—
$
43,322
$
(43,322)
$
—
Advertising Technology &
Services
3,872
3,480
7,352
—
7,352
Consolidated
$
47,194
$
3,480
$
50,674
$
(43,322)
$
7,352
The composition of the Company’s acquired intangible assets and the associated accumulated amortization as of December 31,
2024 and 2023 is as follows (in thousands):
2024
2023
Weighted
average
remaining
life in years
Gross
Carrying
Amount
Accumulated
Amortization
Net Carrying
Amount
Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
Intangible assets subject to
amortization:
Television network affiliation
agreements
3
$
60,043
$
(56,933) $
3,110
$
60,043
$
(55,845) $
4,198
Customer base
1
4,890
(3,865)
1,025
4,890
(2,509)
2,381
Other
26
1,814
(1,532)
282
1,814
(1,293)
521
Total assets subject to
amortization:
$
66,747
$
(62,330) $
4,417
$
66,747
$
(59,647) $
7,100
Intangible assets not subject to
amortization:
FCC licenses and spectrum
usage rights
177,276
195,174
Total intangible assets
$
181,693
$ 202,274
The aggregate amount of amortization expense for the years ended December 31, 2024, 2023 and 2022 was approximately $2.7
million, $3.1 million and $3.1 million, respectively. Estimated amortization expense for the next five years and thereafter is as follows
(in thousands):
Estimated Amortization Expense
Amount
2025
$
1,819
2026
1,401
2027
171
2028
171
2029
171
Thereafter
684
Total
$
4,417
Impairment
The carrying values of the Company's reporting units are determined by allocating all applicable assets (including goodwill) and
liabilities based upon the unit in which the assets are employed and to which the liabilities relate, considering the methodologies
utilized to determine the fair value of the reporting units.
Goodwill and indefinite life intangibles are not amortized but are tested annually for impairment, or more frequently, if events
or changes in circumstances indicate that the assets might be impaired. The annual testing date is October 1.
As of the annual goodwill testing date, October 1, 2024, there was $43.3 million of goodwill in the media reporting unit. Based
on the assumptions and estimates in Note 2, the media reporting unit carrying value exceeded its fair value, resulting in a goodwill

F-23
impairment charge of $43.3 million for the year ended December 31, 2024. This impairment charge was a result of the Company
updating its internal forecasts of future performance based on lower than anticipated political revenue in the fourth quarter of 2024 and
higher projected future costs due to planned investments in news programming and the sales and marketing teams. The calculation of
the fair value of the reporting unit requires estimates of the discount rate and the long term projected growth rate. If that discount rate
were to increase by 0.5%, the fair value of the media reporting unit would decrease by 6%. If the long term projected growth rate
were to decrease by 0.5%, the fair value of the media reporting unit would decrease by 3%
As of the annual goodwill testing date, October 1, 2024, there was $7.4 million of goodwill in the advertising technology &
services reporting unit. Based on the assumptions and estimates in Note 2, the fair value of the advertising technology & services
reporting unit exceeded its carrying value by over 100%, resulting in no impairment charge for the year ended December 31, 2024.
The calculation of the fair value of the advertising technology & services reporting unit requires estimates of the discount rate and the
long term projected growth rate. If that discount rate were to increase by 0.5%, the fair value of the advertising technology & services
reporting unit would decrease by 2%. If the long term projected growth rate were to decrease by 0.5%, the fair value of the
advertising technology & services reporting unit would decrease by 1%.
During the years ended December 31, 2023 and 2022 the Company did not record a goodwill impairment charge in its then
television, audio and digital reporting units.
The Company also conducted a review of the fair value of the television and radio FCC licenses in 2024, 2023 and 2022. The
estimated fair value of indefinite life intangible assets is determined by an income approach. The income approach estimates fair value
based on the estimated future cash flows of each market cluster that a hypothetical buyer would expect to generate, discounted by an
estimated weighted-average cost of capital that reflects current market conditions, which reflect the level of inherent risk. The income
approach requires the Company to make a series of assumptions, such as discount rates, revenue projections, profit margin projections
and terminal values multiples. The Company estimates the discount rates on a blended rate of return considering both debt and equity
for comparable publicly-traded companies. These comparable publicly-traded companies have similar size, operating characteristics
and/or financial profiles to the Company. The Company also estimated the terminal value multiple based on comparable publicly-
traded companies. The Company estimated the revenue projections and profit margin projections based on various market clusters
signal coverage of the markets and industry information for an average station within a given market. The information for each market
cluster includes such things as estimated market share, estimated capital start-up costs, population, household income, retail sales and
other expenditures that would influence advertising expenditures. Alternatively, some stations under evaluation have had limited
relevant cash flow history due to planned or actual conversion of format or upgrade of station signal. The assumptions the Company
makes about cash flows after conversion are based on the performance of similar stations in similar markets and potential proceeds
from the sale of the assets.
As a result of this impairment analysis, taking into consideration the foregoing factors, the Company recorded the following
impairment charges:
•
For the year ended December 31, 2024, the Company recorded:
•
impairment charges of FCC licenses within the media reportable segment in the amount of $17.9 million;
•
For the year ended December 31, 2023, the Company recorded:
•
impairment charges of FCC licenses within its then audio reportable segment in the amount of $12.3 million;
•
impairment charge related to Intangibles subject to amortization of $1.0 million within its then digital reportable
segment to reflect the termination of an agreement with a media company for which we acted as commercial
partner;
•
For the year ended December 31, 2022, the Company recorded impairment charges of FCC licenses within its then
television and audio reportable segments in the amount of $0.9 million and $0.7 million, respectively.
As further discussed in Notes 2 and 4, following the communication from Meta on March 4, 2024, that it intended to wind down
its ASP program globally and end its relationship with all of its ASPs, including the Company, by July 1, 2024, the Company updated
its internal forecasts of future performance and determined that a triggering event had occurred during the first quarter of 2024 that
required interim impairment tests within its then digital reporting unit. As a result, the Company recorded a goodwill impairment
charge of $35.4 million and intangibles subject to amortization impairment charge of $14.0 million during the first quarter of 2024,
with respect to the Company's then digital segment, which amounts were included in the results of discontinued operations.

F-24
7. PROPERTY AND EQUIPMENT
Property and equipment as of December 31, 2024 and 2023 consists of (in millions):
Estimated useful
life (years)
2024
2023
Buildings
40
$
18.5
$
18.5
Construction in progress
—
2.9
4.1
Transmission, studio and other broadcast equipment
5-15
115.0
152.5
Office and computer equipment
3-7
41.6
42.8
Transportation equipment
5
3.5
3.9
Leasehold improvements and land improvements
Lesser of lease
life or useful life
26.9
28.0
208.4
249.8
Less accumulated depreciation
(154.9)
(189.7)
53.5
60.1
Land
7.1
6.8
$
60.6
$
66.9
Depreciation expense was $14.1 million, $13.3 million, and $12.5 million for the years ended December 31, 2024, 2023 and
2022, respectively.
As part of the FCC auction for broadcast spectrum that concluded in 2017, the FCC has reassigned some stations to new post-
auction channels and will reimburse station owners for the cost of the relocation. The Company received notification from the FCC
that 17 of its stations have been assigned to new channels with an estimated reimbursable cost of approximately $16.0 million. The
Company did not have gains on involuntary conversion associated with the repack process in 2024 and 2023, and recorded gains of
$0.2 million in 2022, which are presented as other operating gain in the Consolidated Statements of Operations.
8. LEASES
The Company’s leases are considered operating leases and primarily consist of real estate such as office space, broadcasting
towers, land and land easements. The operating leases are reflected within the consolidated balance sheet as Operating leases right of
use asset with the related liability presented as Operating lease liabilities and Long-term operating lease liabilities. Lease expense is
recognized on a straight-line basis over the lease term. Generally, lease terms include options to renew or extend the lease. Unless the
renewal option is considered reasonably certain, the exercise of any such options has been excluded from the calculation of lease
liabilities.
The following table summarizes the expected future payments related to lease liabilities as of December 31, 2024:
(in thousands)
2025
$
10,607
2026
9,159
2027
7,315
2028
6,566
2029
6,068
Thereafter
24,331
Total minimum payments
$
64,046
Less amounts representing interest
(14,201)
Present value of minimum lease payments
49,845
Less current operating lease liabilities
(7,744)
Long-term operating lease liabilities
$
42,101
The Company’s existing leases have remaining terms of less than one year up to 26 years. The weighted average remaining
lease term and the weighted average discount rate used to calculate the Company’s lease liabilities as of December 31, 2024 were 8.4
years and 6.3%, respectively. The weighted average remaining lease term and the weighted average discount rate used to calculate the
Company’s lease liabilities as of December 31, 2023 were 9.0 years and 6.2%, respectively.

F-25
The following table summarizes lease payments and supplemental non-cash disclosures:
Year Ended December 31,
(in thousands)
2024
2023
2022
Cash paid for amounts included in lease liabilities:
Operating cash flows from operating leases
$ 10,504
$
8,483
$
9,680
Non-cash additions to operating lease assets
$
5,091
$
6,762
$ 31,125
The following table summarizes the components of lease expense:
Year Ended December 31,
(in thousands)
2024
2023
2022
Operating lease cost
$
9,758 $
9,095 $
8,995
Variable lease cost
912
1,295
1,116
Short-term lease cost
1,081
2,810
2,158
Total lease cost
$ 11,751 $ 13,200 $ 12,269
For the year ended December 31, 2024, lease cost of $5.7 million, $5.0 million and $1.1 million, were recorded to direct
operating expenses, selling, general and administrative expenses and corporate expenses, respectively. For the year ended December
31, 2023, lease cost of $5.8 million, $6.2 million and $1.2 million, were recorded to direct operating expenses, selling, general and
administrative expenses and corporate expenses, respectively. For the year ended December 31, 2022, lease cost of $6.0 million, $5.4
million and $0.9 million, were recorded to direct operating expenses, selling, general and administrative expenses and corporate
expenses, respectively.
See Note 20 for additional information.
9. ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Accounts payable and accrued expenses as of December 31, 2024 and 2023 consist of (in millions):
2024
2023
Accounts payable
$
16.2
$
8.9
Accrued payroll and compensated absences
5.6
5.3
Accrued bonuses
6.2
4.8
Professional fees
1.0
0.8
Deferred revenue
1.8
2.0
Accrued national representation fees
1.4
1.3
Income taxes payable
-
1.2
Other taxes payable
1.0
1.6
Amounts due under joint sales agreements
0.3
0.4
Accrued property taxes
2.1
2.4
Accrued capital expenditures
—
2.0
Accrued media costs – digital
12.5
10.7
Accrued contingent consideration
—
1.6
Other
5.8
4.8
$
53.9
$
47.8
10. LONG TERM DEBT
Long-term debt as of December 31, 2024 and 2023 is summarized as follows (in millions):
2024
2023
Term Loan Facility
$
187.8
$
207.8
Less current maturities
-
(8.8)
187.8
199.0
Less unamortized debt issuance costs
(0.8)
(1.1)
$
187.0
$
197.9

F-26
The scheduled maturities of long-term debt and interest payments schedule as of December 31, 2024 are as follows (in
millions):
Year
Principal
Maturity
Interest
Payments (1)
2025
$
- $
14.2
2026
10.0
13.8
2027
10.0
13.1
2028
167.8
2.7
$
187.8 $
43.8
(1) Interest payments are based on an assumed rate of 7.43%, which was the rate as of December 31, 2024 for the associated 2023 Credit Facility.
Credit Facility
On March 17, 2023 (the “2023 Closing Date”), the Company entered into the 2023 Credit Facility, pursuant to the 2023 Credit
Agreement, by and among the Company, Bank of America, N.A., as Administrative Agent, and the other financial institutions party
thereto as Lenders (collectively, the “Lenders” and individually each a “Lender”). The 2023 Credit Agreement amended, restated and
replaced in its entirety the Company's previous credit agreement.
On the 2023 Closing Date, the Company repaid in full all of the outstanding obligations under its previous credit agreement and
accounted for this repayment as an extinguishment of debt in accordance with Accounting Standards Codification ("ASC") 470,
"Debt". The repayment resulted in a loss on debt extinguishment of $1.6 million, which included a write-off of unamortized debt
issuance costs in the amount of $1.1 million.
As provided for in the 2023 Credit Agreement, the 2023 Credit Facility consists of (i) a $200.0 million senior secured Term A
Facility (the "Term A Facility"), which was drawn in full on the 2023 Closing Date, and (ii) a $75.0 million Revolving Credit Facility
(the “Revolving Credit Facility”), of which $11.5 million was drawn on the 2023 Closing Date. In addition, the 2023 Credit
Agreement provides that the Company may increase the aggregate principal amount of the 2023 Credit Facility by an additional
amount equal to $100.0 million plus the amount that would result in the Company’s first lien net leverage ratio (as such term is used in
the 2023 Credit Agreement) not exceeding 2.25 to 1.0, subject to the Company satisfying certain conditions.
Borrowings under the 2023 Credit Facility were used on the 2023 Closing Date (a) to repay in full all of the outstanding
obligations of the Company and its subsidiaries under its previous credit facility, (b) to pay fees and expenses in connection the 2023
Credit Facility and (c) for general corporate purposes. The 2023 Credit Facility matures on March 17, 2028 (the “Maturity Date”).
The 2023 Credit Facility is guaranteed on a senior secured basis by certain of the Company’s existing and future wholly-owned
domestic subsidiaries, and secured on a first priority basis by the Company’s and those subsidiaries’ assets.
The Company’s borrowings under the 2023 Credit Facility bear interest on the outstanding principal amount thereof from the
date when made at a rate per annum equal to either: (i) the Term SOFR (as defined in the 2023 Credit Agreement) plus a margin
between 2.50% and 3.00%, depending on the Total Net Leverage Ratio or (ii) the Base Rate (as defined in the 2023 Credit
Agreement) plus a margin between 1.50% and 2.00%, depending on the Total Net Leverage Ratio. In addition, the unused portion of
the Revolving Credit Facility is subject to a rate per annum between 0.30% and 0.40%, depending on the Total Net Leverage Ratio.
As of December 31, 2024, the interest rate on the Company's Term A Facility and the drawn portion of the Revolving Credit
Facility was 7.43%.
The amounts outstanding under the 2023 Credit Facility may be prepaid at the option of the Company without premium or
penalty, provided that certain limitations are observed, and subject to customary breakage fees in connection with the prepayment of a
Term SOFR loan. The principal amount of the Term A Facility shall be paid in installments on the dates and in the respective amounts
set forth in the 2023 Credit Agreement, with the final balance due on the Maturity Date.
In March 2024, the Company made a prepayment of $10.0 million, of which $8.75 million was applied to the upcoming
quarterly principal payments in 2024 under the Term A Facility, and $1.25 million was applied to the Revolving Credit Facility.
In June 2024, the Company made an additional prepayment of $10.0 million, of which $4.9 million was a mandatory
prepayment as a result of the EGP disposition. The prepayment was applied to the quarterly principal payments in 2025 under the
Term A Facility.
The Company recorded a loss on debt extinguishment of $0.1 million for the year ended December 31, 2024 due to these
prepayments of our 2023 Credit Facility.
The Company incurred debt issuance costs of $1.8 million associated with the 2023 Credit Facility. Debt outstanding under the
2023 Credit Facility is presented net of issuance costs on the Company's Consolidated Balance Sheets. The debt issuance costs are

F-27
amortized on an effective interest basis over the term of the 2023 Credit Facility, and are included in interest expense in the
Company's Consolidated Statements of Operations.
The covenants of the Credit Agreement include customary negative covenants that, among other things, restrict the Company’s
ability to incur additional indebtedness, grant liens and make certain acquisitions, investments, asset dispositions and restricted
payments. In addition, the 2023 Credit Facility requires compliance with financial covenants related to total net leverage ratio, not to
exceed 3.25 to 1.00, and interest coverage ratio with a minimum permitted ratio of 3.00 to 1.00 (calculated as set forth in the 2023
Credit Agreement). As of December 31, 2024, the Company believes that it is in compliance with all covenants in the 2023 Credit
Agreement.
The 2023 Credit Agreement includes customary events of default, as well as the following events of default, that are specific to
the Company:
•
any revocation, termination, substantial and adverse modification, or refusal by final order to renew, any media license, or
the requirement (by final non-appealable order) to sell a television or radio station, where any such event or failure is
reasonably expected to have a material adverse effect; or
•
the interruption of operations of any television or radio station for more than 96 consecutive hours during any period of
seven consecutive days;
The 2023 Credit Agreement includes customary rights and remedies upon the occurrence of any event of default thereunder,
including rights to accelerate the loans, terminate the commitments thereunder and realize upon the collateral securing the obligations
under the 2023 Credit Agreement.
The security agreement that the Company entered into with respect to its previous credit facility remains in effect with respect to
its 2023 Credit Facility.
The carrying amount of the Term Loan A Facility as of December 31, 2024 approximated its fair value and was $176.7 million,
net of $0.8 million of unamortized debt issuance costs and original issue discount.
11. FAIR VALUE MEASUREMENTS
ASC 820, “Fair Value Measurements and Disclosures”, defines and establishes a framework for measuring fair value and
expands disclosures about fair value measurements. In accordance with ASC 820, the Company has categorized its financial assets
and liabilities, based on the priority of the inputs to the valuation technique, into a three-level fair value hierarchy as set forth below.
Level 1 – Assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active
market that the company has the ability to access at the measurement date.
Level 2 – Assets and liabilities whose values are based on quoted prices for similar attributes in active markets; quoted prices in
markets where trading occurs infrequently; and inputs other than quoted prices that are observable, either directly or indirectly, for
substantially the full term of the asset or liability.
Level 3 – Assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both
unobservable and significant to the overall fair value measurement.
If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on
the lowest level input that is significant to the fair value measurement of the instrument.
The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring and
nonrecurring basis in the consolidated balance sheets (in millions):
December 31, 2024
Total Fair
Value
and Carrying
Value on
Balance Sheet
Fair Value Measurement Category
Recurring fair value measurements
Level 1
Level 2
Level 3
Total Gains
(Losses)
Assets:
Money market account
$
—
$
—
$
—
$
—
Corporate bonds and notes
$
4.7
$
4.7
$
Nonrecurring fair value measurements:
FCC licenses
$
93.5
—
—
$
93.5 $
(17.9)

F-28
December 31, 2023
Total Fair
Value
and Carrying
Value on
Balance Sheet
Fair Value Measurement Category
Recurring fair value measurements
Level 1
Level 2
Level 3
Total Gains
(Losses)
Assets:
Money market account
$
1.1
$
1.1
$
—
$
—
Corporate bonds and notes
$
13.2
$
13.2
$
Liabilities:
Contingent consideration
$
3.9
$
—
—
$
3.9
Nonrecurring fair value measurements:
FCC licenses
$
27.6
—
—
$
27.6 $
(12.3)
The Company recorded a goodwill impairment in the amount of $43.3 million for the year ended December 31, 2024. See Note
6.
The Company’s money market account is comprised of cash and cash equivalents, which are recorded at their fair market value
within Cash and cash equivalents in the Consolidated Balance Sheets.
The Company’s available for sale debt securities are comprised of corporate bonds and notes, asset-backed securities, and U.S.
Government securities. The majority of the carrying value of these securities held by the Company are investment grade. These
securities are valued using quoted prices for similar attributes in active markets (Level 2). Since these investments are classified as
available for sale, they are recorded at their fair market value within Marketable securities in the Consolidated Balance Sheets and
their unrealized gains or losses are included in other comprehensive income. Realized gains and losses from the sale of available for
sale securities are included in the Consolidated Statements of Operations and were determined on a specific identification basis.
As of December 31, 2024, the following table summarizes the amortized cost and the unrealized (gains) losses of the available
for sale securities (in thousands):
Corporate Bonds and Notes
Amortized Cost
Unrealized gains
(losses)
Due within a year
$
900
$
(8)
Due after one year
3,812
(10)
Total
$
4,712
$
(18)
The Company’s available for sale debt securities are considered for credit losses under the guidance of ASU 2016-13, Financial
Instruments—Credit Losses (Topic 326). As of December 31, 2024 and December 31, 2023, the Company determined that a credit
loss allowance is not required.
Included in interest income for the years ended December 31, 2024, 2023 and 2022 was interest income related to the
Company’s available for sale securities of $0.3 million, $1.3 million and $2.1 million, respectively.
The fair value of the contingent consideration is related to prior acquisitions. As of December 31, 2023, the contingent liability
fair value was included in the Consolidated Balance Sheets in the amount of $1.6 million as a current liability within Accounts
payable and accrued expenses, and $2.3 million as a noncurrent liability within Other long-term liabilities.
The fair value of the contingent consideration was estimated by applying the real options approach. Key assumptions include
risk-neutral expected growth rates based on management’s assessments of expected growth in EBITDA, adjusted by appropriate
factors capturing their correlation with the market and volatility, discounted at a cost of debt. These are significant inputs that are not
observable in the market, which ASC 820-10-35 refers to as Level 3 inputs.
The following table presents the changes in the contingent consideration (in millions):

F-29
Year Ended December 31,
2024
2023
Beginning balance
$
3.9
$
2.2
Additions from acquisitions (dispositions)
-
1.6
Payments to sellers
(3.3)
(0.7)
(Gain) loss recognized in earnings
(0.6)
0.8
Ending balance
$
-
$
3.9
12. INCOME TAXES
The components of income (loss) before income taxes for the years ended December 31, 2024, 2023 and 2022 (in millions):
2024
2023
2022
Domestic
$
(40.7)
$
(38.5)
$
16.7
Foreign
(25.5)
(3.0)
5.6
Income (loss) before income taxes
$
(66.2)
$
(41.5)
$
22.3
The income tax expense (benefit) from continuing operations for the years ended December 31, 2024, 2023 and 2022 (in
millions):
2024
2023
2022
Current
Federal
$
6.0
$
(1.0) $
6.3
State
1.7
0.5
1.6
Foreign
6.7
1.5
1.6
$
14.4
$
1.0
$
9.5
Deferred
Federal
$
(4.9) $
(5.6) $
(1.8)
State
(2.1)
(2.0)
—
Foreign
(3.3)
(1.8)
1.2
(10.3)
(9.4)
(0.6)
Income tax expense (benefit)
$
4.1
$
(8.4) $
8.9

F-30
The income tax expense (benefit) differs from the amount of income tax expense (benefit) determined by applying the
Company’s federal corporate income tax rate of 21% to pre-tax income for the years ended December 31, 2024, 2023 and 2022 due to
the following (in millions):
2024
2023
2022
Computed “expected” income tax expense (benefit)
$
(13.9) $
(8.7) $
4.7
Change in income tax resulting from:
State taxes, net of federal benefit
(5.3)
(1.3)
1.0
Change in fair value of earnout
(0.2)
0.2
(0.4)
Non-deductible executive compensation
0.7
1.8
2.1
Non-deductible expenses
0.2
0.3
0.2
Foreign GILTI income
(0.1)
(0.5)
0.4
Foreign Permanent Differences including U.S. GAAP to
Statutory Differences
(2.2)
(1.5)
—
Foreign rate differential
(1.9)
—
—
Foreign Withholdings
0.6
0.5
0.1
Foreign non-deductible expenses
10.0
—
—
Other foreign permanent differences
1.0
—
(0.2)
Discontinued operations transaction costs
0.1
0.2
0.1
Change in valuation allowance
13.2
1.8
1.7
Change in tax rate
0.9
(0.8)
(0.6)
Disposal of subsidiary tax benefit
(9.8)
—
—
Stock compensation
2.7
1.2
1.6
Change in unrecognized tax benefits
15.8
(0.1)
(2.3)
Impairment
5.9
—
—
Worthless stock deduction
(13.9)
(0.7)
—
Other
0.3
(0.8)
0.5
$
4.1
$
(8.4) $
8.9

F-31
The components of the deferred tax assets and liabilities at December 31, 2024 and 2023 consist of the following (in millions):
2024
2023
Deferred tax assets:
Accrued expenses
$
1.7
$
1.9
Accounts receivable
0.6
0.5
Net operating loss carryforward
4.9
4.6
Stock-based compensation
2.4
2.7
Interest expense carryforward
1.1
1.4
Lease obligations
13.3
13.0
Capital loss
11.9
—
Other
1.3
1.2
Total deferred tax assets
37.2
25.3
Valuation allowance
(14.2)
(3.4)
Net deferred tax assets
$
23.0
$
21.9
Deferred tax liabilities:
Intangible assets
$
(45.5) $
(53.1)
Property and equipment
(1.7)
(2.8)
Lease assets
(10.8)
(10.7)
Other
(1.2)
(1.8)
Total deferred tax liabilities
(59.2)
(68.4)
Net deferred tax liabilities
$
(36.2) $
(46.5)
Reported as:
Deferred tax assets
$
2.7
$
0.3
Accounts payable and accrued expenses
(0.4)
—
Deferred tax liabilities
(38.4)
(46.8)
Net Deferred tax liabilities
$
(36.2) $
(46.5)
As of December 31, 2024, the Company has certain U.S. federal, U.S. state and foreign net operating loss carryforwards of
approximately $17.0 million, $65.8 million, and $12.2 million, respectively, available to offset future taxable income. The state net
operating loss carryforwards will expire during the years 2029 through 2043, to the extent they are not utilized. The net operating loss
carryforwards includes the U.S. and state losses on as filed tax return basis which includes the impact of the worthless stock
deduction. The foreign net operating loss carryforwards will expire during the years 2027 through 2038 in various jurisdictions; in
various other jurisdictions, net operating loss carryforwards do not expire.
Utilization of the Company’s state net operating loss may be subject to substantial annual limitation due to the ownership
change limitations provided by the Internal Revenue Code (the "Code") or similar state provisions. Such an annual limitation could
result in the expiration of the net operating loss carryforwards before utilization. As of December 31, 2024, the Company believes that
utilization of its federal and state net operating losses are not limited under any ownership change limitations provided under the Code
or under similar state statutes.
Due to the enactment of Tax Cuts and Jobs Act (“the Tax Act”) in December 2017, the Company is subject to a tax on global
intangible low-taxed income (“GILTI”). GILTI is a tax on foreign income in excess of a deemed return on tangible assets of foreign
corporations. Companies subject to GILTI have the option to account for the GILTI tax as a period cost if and when incurred, or to
recognize deferred taxes for temporary differences including outside basis differences expected to reverse as GILTI. The Company
has elected to account for GILTI as a period cost, and therefore has included GILTI expense in its effective tax rate calculation for the
period.
The Company periodically evaluates the realizability of the deferred tax assets and, if it is determined that it is more likely than
not that the deferred tax assets are realizable, adjusts the valuation allowance accordingly. Valuation allowances are established and
maintained for deferred tax assets on a “more likely than not” threshold. The process of evaluating the need to maintain a valuation
allowance for deferred tax assets is highly subjective and requires significant judgment. The Company has considered the following
possible sources of taxable income when assessing the realization of the deferred tax assets: (1) future reversals of existing taxable
temporary differences; (2) taxable income in prior carryback years; (3) future taxable income exclusive of reversing temporary
differences and carryforwards; and (4) tax planning strategies. Based on the Company’s analysis and a review of all positive and
negative evidence such as historical operations, future projections of taxable income and tax planning strategies that are prudent and
feasible, the Company has determined that it is more likely than not that certain foreign deferred tax assets of approximately $1.1

F-32
million at December 31, 2024 will not be realized and therefore the Company has established a valuation allowance on those
assets. In addition, the Company has a capital loss generated from the sale of subsidiaries during 2024. The Company has determined
that it is more likely than not that its capital loss generated of $11.9 million will not be utilized and accordingly has recorded a
valuation allowance of $11.9 million. In addition, the Company has determined that it is more likely than not its foreign tax credits
carryovers of $1.2 million will not be utilized and accordingly has recorded a valuation allowance of $1.2 million.
The Company addresses uncertainty in tax positions according to the provisions of ASC 740, “Income Taxes”, which clarifies
the accounting for income taxes by establishing the minimum recognition threshold and a measurement attribute for tax positions
taken or expected to be taken in a tax return in order to be recognized in the financial statements.
The following table summarizes the activity related to the Company’s unrecognized tax benefits (in millions):
Amount
Balance at December 31, 2022
$
2.9
Decrease in balances related to prior year tax positions
(0.3)
Interest accrued
0.2
Balance at December 31, 2023
$
2.8
Decrease in balances related to prior year tax positions
(3.0)
Increase in balances related to current year tax positions
17.5
Balance at December 31, 2024
$
17.3
As of December 31, 2024, the Company had $17.3 million of gross unrecognized tax benefits for uncertain tax positions, of
which all $18.0 million would affect the effective tax rate if recognized.
As of December 31, 2024, the Company does not anticipate that the amount of unrecognized tax benefits to decrease within the
next 12 months.
The Company recognizes interest and penalties related to income tax matters as a component of income tax expense. As of
December 31, 2024, the Company had no accrued interest and penalties related to uncertain tax positions.
The Company is subject to taxation in the United States, various states and various foreign jurisdictions. The tax years 2021 to
2024 and 2020 to 2023 remain open to examination by federal and state taxing jurisdictions, respectively. For foreign jurisdictions, the
tax years 2011 to 2023 may remain open to examination by certain foreign jurisdictions.
The Company intends to indefinitely reinvest its unremitted earnings in its foreign subsidiaries. The Company has not
determined at this time an estimate of total amount of other entities unremitted earnings, as it is not practical at this time.
13. COMMITMENTS AND CONTINGENCIES
The Company has non-cancelable agreements with certain media research and ratings providers, expiring at various dates from
December 2025 through June 2028, to provide television and radio audience measurement services. Pursuant to these agreements, as
of December 31, 2024, the Company is obligated to pay these providers a total of approximately $34.0 million. In addition, as of
December 31, 2024, the Company has commitments consisting primarily of obligations for software licenses utilized by the
Company's sales team of approximately $5.5 million. The 2025 and 2026 annual commitments total approximately $13.3 million and
$12.2 million, respectively. The annual commitments beyond 2026 total approximately $14.0 million.

F-33
14. STOCKHOLDERS’ EQUITY
The Company’s Third Amended and Restated Certificate of Incorporation (the "Certificate of Incorporation") authorizes both
common and preferred stock.
Common Stock
The Company’s common stock has two classes, identified as Class A common stock and Class U common stock. The holders of
the Company’s Class A common stock and Class U common stock have the same rights except with respect to voting, convertibility
and transfer. The Class U common stock, all of which is held by TelevisaUnivision, has limited voting rights and does not include the
right to elect directors. Each share of Class U common stock is automatically convertible into one share of the Company’s Class A
common stock (subject to adjustment for stock splits, dividends or combinations) in connection with any transfer of such shares of
Class U common stock to a third party that is not an affiliate of TelevisaUnivision. In addition, as the holder of all of the Company’s
issued and outstanding Class U common stock, so long as TelevisaUnivision holds a certain number of shares of Class U common
stock, the Company may not, without the consent of TelevisaUnivision, merge, consolidate or enter into a business combination,
dissolve or liquidate the Company or dispose of any interest in any FCC license with respect to television stations which are affiliates
of TelevisaUnivision, among other things. Holders of Class A and Class U common stock are entitled to dividends as and when
declared by the Company's Board of Directors.
During the year ended December 31, 2024, the Company paid cash dividends totaling $0.20 per share, or $18.0 million in the
aggregate, on all shares of Class A and Class U common stock. During the year ended December 31, 2023, the Company paid cash
dividends totaling $0.20 per share, or $17.6 million in the aggregate, on all shares of Class A and Class U common stock. During the
year ended December 31, 2022, the Company paid cash dividends totaling $0.10 per share, or $8.5 million in the aggregate, on all
shares of Class A, Class U and previously-outstanding Class B common stock (the last-mentioned of which was converted into shares
of Class A common stock on December 31, 2022).
Preferred Stock
As of December 31, 2024 and 2023, there were no shares of any series of preferred stock issued and outstanding.
Treasury Stock
On March 1, 2022, the Company's Board of Directors approved a share repurchase program of up to $20 million of the
Company's Class A common stock. Under this share repurchase program, the Company is authorized to purchase shares of its Class A
common stock from time to time through open market purchases or negotiated purchases, subject to market conditions and other
factors.
During the years ended December 31, 2024, 2023 and 2022, the Company did not repurchase any shares of its Class A common
stock. As of December 31, 2024, the Company has repurchased a total of 1.8 million shares of its Class A common stock under the
share repurchase program for an aggregate purchase price of $11.3 million, or an average price per share of $6.43
Treasury stock is included as a deduction from equity in the Stockholders’ Equity section of the consolidated balance sheets.
Shares repurchased pursuant to the Company’s share repurchase program are retired during the same calendar year.
15. EQUITY INCENTIVE PLANS
In May 2004, the Company adopted its 2004 Equity Incentive Plan (“2004 Plan”), which replaced its 2000 Omnibus Equity
Incentive Plan (“2000 Plan”). The 2000 Plan had allowed for the award of up to 11,500,000 shares of Class A common stock. The
2004 Plan, as originally adopted, allowed for the award of up to 10,000,000 shares of Class A common stock, plus any grants
remaining available at its adoption date under the 2000 Plan. Awards under the 2004 Plan may be in the form of incentive stock
options, nonqualified stock options, stock appreciation rights, restricted stock, RSUs or PSUs. The 2004 Plan is administered by a
committee appointed by the Board of Directors. This committee determines the type, number, vesting requirements and other features
and conditions of such awards.
The 2004 Plan was amended by the Compensation Committee effective July 13, 2006 to (i) eliminate automatic option grants
for non-employee directors, making any grants to such directors discretionary by the Compensation Committee and (ii) eliminate the
three-year minimum vesting period for performance-based restricted stock and restricted stock units, making the vesting period for
such grants discretionary by the Compensation Committee.
The 2004 Plan was further amended by the Board of Directors on April 28, 2014, and approved by the stockholders at the 2014
annual meeting of stockholders on May 29, 2014, to extend the term of the 2004 Plan until May 29, 2024.
The 2004 Plan was further amended by the Board of Directors effective April 29, 2021, and approved by the stockholders at the
2021 annual meeting of stockholders on May 27, 2021, to increase the number of shares of Class A common stock issuable under the
2004 Plan by 8,000,000 shares, for a total of 18,000,000 shares issuable thereunder.

F-34
The 2004 Plan was further amended by the Board of Directors effective April 16, 2024, and approved by the stockholders at the
2024 annual meeting of stockholders on May 30, 2024, to increase the number of shares of Class A common stock issuable under the
2004 Plan by 7,500,000 shares, for a total of 25,500,000 shares issuable thereunder.
In June 2023, the Company adopted its 2023 Inducement Plan (“Inducement Plan”), reserving 2,000,000 shares of the
Company’s Class A common stock to be used exclusively for grants of equity-based awards to individuals who were not previously
employees of the Company, as an inducement material to the individual’s employment with the Company. The terms and conditions
of the Inducement Plan are substantially similar to the Company's 2004 Plan. The Company granted the following awards to Michael
Christenson in July 2023 upon his being hired as CEO: (i) an initial one-time award of 1,000,000 RSUs and (ii) an initial one-time
award of 1,000,000 PSUs.
The Company has issued stock options, RSUs and PSUs to various other employees and non-employee directors of the
Company in addition to non-employee service providers under the Company's equity incentive plans. As of December 31, 2024, there
were approximately 10.5 million securities remaining available for future issuance under equity compensation plans.
Stock Options
The fair value of each stock option is estimated on the date of grant using the Black-Scholes option pricing model. Stock-based
compensation expense related to stock options is based on the fair value on the date of grant and is amortized over the vesting period,
generally between 1 to 4 years. Expected volatilities are based on historical volatility of the Company’s stock. The Company uses
historical data to estimate option exercise and employee termination within the valuation model. The expected term of stock options
granted is based on historical contractual life and the vesting data of the stock options. The risk-free rate for periods within the
contractual life of the stock option is based on the U.S. Treasury yield curve in effect at the time of grant.
There were no stock options granted during the years ended December 31, 2024, 2023, and 2022.
The following is a summary of stock option activity: (in thousands, except exercise price data and contractual life data):
Options
Number of
Shares
Weighted-
Average
Exercise
Price
Weighted-
Average
Remaining
Contractual
Life (Years)
Aggregate
Intrinsic
Value
Outstanding at December 31, 2021
351
$
2.28
0.99
$
1,577
Exercised
(91)
1.71
381
Forfeited or cancelled
-
-
-
-
Outstanding at December 31, 2022
260
2.48
0.19
605
Exercised
(260)
2.48
-
933
Forfeited or cancelled
-
-
-
-
Outstanding at December 31, 2023
-
-
-
-
Exercised
-
-
-
-
Forfeited or cancelled
-
-
-
-
Outstanding at December 31, 2024
-
-
-
-
Vested and Exercisable at December 31, 2024
-
-
-
-
There was no stock-based compensation expense related to the Company’s employee stock options for the years ended
December 31, 2024, 2023 and 2022.
Restricted Stock Units
The Company measures all stock-based awards using a fair value method and recognizes the related stock-based compensation
expense in the consolidated financial statements over the requisite service period. As stock-based compensation expense recognized in

F-35
the Company’s consolidated financial statements is based on awards ultimately expected to vest, generally between 1 to 4 years, it has
been reduced for estimated forfeitures.
The following is a summary of non-vested RSUs activity: (in thousands, except grant date fair value data):
Number of
Shares
Weighted-
Average Grant
Date Fair
Value
Nonvested balance at December 31, 2021
4,530
$
5.00
Granted
3,555
5.43
Vested
(3,491)
5.10
Forfeited or cancelled
(151)
5.35
Nonvested balance at December 31, 2022
4,443
5.26
Granted
4,869
6.06
Vested
(2,686)
5.49
Forfeited or cancelled
(269)
6.17
Nonvested balance at December 31, 2023
6,357
5.74
Granted
2,929
4.01
Vested
(2,621)
5.94
Forfeited or cancelled
(2,080)
5.47
Nonvested balance at December 31, 2024
4,585
4.62
Stock-based compensation expense related to grants of RSUs was $12.3 million, $23.0 million and $20.0 million for the years
ended December 31, 2024, 2023 and 2022, respectively.
As of December 31, 2024, there was approximately $7.6 million of total unrecognized compensation expense related to grants
of RSUs that is expected to be recognized over a weighted-average period of 1.8 years.
The fair value of shares vested related to grants of RSUs was $17.3 million, $14.0 million, and $18.1 million for the years ended
December 31, 2024, 2023 and 2022, respectively.
The Company’s RSUs are net settled by withholding shares of the Company’s common stock to cover minimum statutory
incomes taxes and remitting the remaining shares of the Company’s common stock to an individual’s brokerage account. Authorized
shares of the Company’s common stock are used to settle RSUs.

F-36
Performance Stock Units
In connection with the hiring of the Company's CEO in July 2023, the Company granted the CEO Performance Stock Units
("PSUs"), which are subject to both time-based vesting and market-based conditions. Both the service and market conditions must be
satisfied for the PSUs to vest. The PSUs consist of five equal tranches (each, a "Performance Tranche"), based on achievement of a
share price condition if the Company achieves share price targets of $5.75, $7.25, $9.00, $11.20, and $13.75, respectively, over 30
consecutive trading days during a performance period commencing on July 1, 2023 and ending on July 1, 2028. The fair value of each
of the Performance Tranches was $0.8 million, $0.7 million, $0.7 million, $0.6 million, and $0.5 million, respectively, and have a
grant date fair value per share of restricted stock of $3.98, $3.64, $3.31, $2.93, and $2.58, respectively. To the extent that any of the
performance-based requirements are met, the Company's CEO must also provide continued service to the Company through at least
July 1, 2024 to receive any shares of common stock underlying the PSUs and through July 1, 2028 to receive all of the shares of
common stock underlying the PSUs that have satisfied the applicable market-based requirement. The maximum number of shares that
can be earned under this PSU grant is 1,000,000 shares, with 20% of the total award allocated to each Performance Tranche. Between
0% and 100% of each Performance Tranche of the PSUs will vest on each of the tranche dates.
Additionally, in connection with the annual grant in January 2024, the Company has granted PSUs to certain senior employees,
which PSUs are subject to both time-based vesting conditions and market-based conditions. Both the service and market conditions
must be satisfied for the PSUs to vest. The PSUs consist of four equal tranches (each, a "Performance Tranche"), based on
achievement of a share price condition if the Company achieves share price targets of $4.83, $5.65, $7.15, and $8.90, respectively,
over 30 consecutive trading days during a performance period commencing on January 25, 2024 and ending on January 25, 2029. The
fair value of each of the Performance Tranches was $0.6 million, $0.6 million, $0.5 million, and $0.5 million, respectively, and have a
grant date fair value per share of restricted stock of $4.16, $3.98, $3.66, and $3.32, respectively. To the extent that any of the
performance-based requirements are met, the grantees must also provide continued service to the Company through at least January
25, 2025 to receive any shares of common stock underlying the PSUs and through January 25, 2029 to receive all of the shares of
common stock underlying the PSUs that have satisfied the applicable market-based requirement. The maximum number of shares that
could be earned under this PSU grant was 600,000 shares, with 25% of the total award allocated to each Performance Tranche.
Between 0% and 100% of each Performance Tranche of the PSUs will vest on each of the tranche dates. During 2024, 400,000 of
these PSUs were cancelled.
The Company recognizes compensation expense related to the PSUs using the accelerated attribution method over the requisite
service period. Stock-based compensation expense for PSUs is based on a performance measurement of 100%. The compensation
expense will not be reversed even if the performance metrics are not met.
Stock-based compensation expense related to PSUs was $1.5 million and $0.7 million for the years ended December 31, 2024
and 2023, respectively.
As of December 31, 2024, there was $1.7 million of total unrecognized compensation expense related to grants of PSUs that is
expected to be recognized over a weighted-average period of 2.2 years.
The grant date fair value for each PSU was estimated using a Monte Carlo simulation model that incorporates option-pricing
inputs covering the period from the grant date through the end of the performance period. The unobservable significant inputs to the
valuation model at the time of award issuance were as follows:
2024 PSUs
2023 PSUs
Stock price at issuance
$
4.38
$
4.39
Expected volatility
57.0%
58.0%
Risk-free interest rate
4.01%
4.13%
Expected term
5.0
5.0
Expected dividend yield
0%
0%
The following is a summary of non-vested PSUs activity: (in thousands, except grant date fair value data):
Number of PSUs
Weighted-Average
Grant Date Fair
Value
Nonvested balance at December 31, 2022
-
$
-
Granted
1,000
3.29
Vested
-
-
Forfeited or cancelled
-
-
Nonvested balance at December 31, 2023
1,000
3.29
Granted
600
3.78
Vested
-
-
Forfeited or cancelled
(400)
3.78
Nonvested balance at December 31, 2024
1,200
3.37

F-37
16. RELATED-PARTY TRANSACTIONS
Substantially all of the Company’s television stations are Univision- or UniMás-affiliated television stations. The network
affiliation agreement with TelevisaUnivision provides certain of the Company’s owned stations the exclusive right to broadcast
TelvisaUnivision’s primary Univision network and UniMás network programming in their respective markets. Under the network
affiliation agreement, the Company retains the right to sell no less than four minutes per hour of the available advertising time on
stations that broadcast Univision network programming, and the right to sell approximately four and a half minutes per hour of the
available advertising time on stations that broadcast UniMás network programming, subject to adjustment from time to time by
TelevisaUnivision.
Under the network affiliation agreement, TelevisaUnivision acts as the Company’s exclusive third-party sales representative for
the sale of certain national advertising on the Univision- and UniMás-affiliate television stations, and the Company pays certain sales
representation fees to TelevisaUnivision relating to sales of all advertising for broadcast on its Univision- and UniMás-affiliate
television stations.
The Company also generates revenue under two marketing and sales agreements with TelevisaUnivision, which give it the right
to manage the marketing and sales operations of TelevisaUnivision-owned Univision affiliates in three markets – Albuquerque,
Boston and Denver.
At December 31, 2024, TelevisaUnivision owns approximately 10% of the Company’s common stock on a fully-converted
basis.
The Company’s Class U common stock, all of which is held by TelevisaUnivision, has limited voting rights and does not
include the right to elect directors. Each share of Class U common stock is automatically convertible into one share of the Company’s
Class A common stock (subject to adjustment for stock splits, dividends or combinations) in connection with any transfer of such
shares of Class U common stock to a third party that is not an affiliate of TelevisaUnivision. In addition, as the holder of all of the
Company’s issued and outstanding Class U common stock, so long as TelevisaUnivision holds a certain number of shares of Class U
common stock, the Company may not, without the consent of TelevisaUnivision, merge, consolidate or enter into a business
combination, dissolve or liquidate the Company or dispose of any interest in any FCC license with respect to television stations which
are affiliates of TelevisaUnivision, among other things.
On October 2, 2017, the Company entered into the current affiliation agreement which superseded and replaced its prior
affiliation agreements with TelevisaUnivision. Additionally, on the same date, the Company entered into a proxy agreement and
marketing and sales agreement with TelevisaUnivision, each of which superseded and replaced the prior comparable agreements with
TelevisaUnivision. The term of each of these current agreements expires on December 31, 2026 for all of the Company’s Univision
and UniMás network affiliate stations. Among other things, the proxy agreement provides terms relating to compensation to be paid to
the Company by TelevisaUnivision with respect to retransmission consent agreements entered into with MVPDs. During the years
ended December 31, 2024, 2023 and 2022, retransmission consent revenue accounted for approximately $33.9 million, $36.6 million
and $36.0 million, respectively, of which $23.8 million, $25.5 million and $24.9 million, respectively, relate to the TelevisaUnivision
proxy agreement. The term of the proxy agreement extends with respect to any MVPD for the length of the term of any retransmission
consent agreement in effect before the expiration of the proxy agreement.
The following tables reflect the related-party balances with TelevisaUnivision and other related parties (in thousands):
Univision
Other
Total
December 31,
December 31,
December 31,
2024
2023
2024
2023
2024
2023
Trade receivables
$
3,556
$ 10,051
$
—
$
—
$
3,556
$ 10,051
Other current assets
—
—
274
274
274
274
Intangible assets subject to amortization, net (2)
1,857
2,785
—
—
1,857
2,785
Accounts payable
772
953
118
118
890
1,071
Univision
2024
2023
2022
Direct operating expenses (1)
$
8,618
$
6,050
$
8,095
Amortization
928
928
928
(1)
Consists of national representation fees paid to TelevisaUnivision.
(2)
Consists of intangible rights originally acquired from TelevisaUnivision.
In addition, the Company also had accounts receivable from third parties in connection with a joint sales agreement between the
Company and TelevisaUnivision. As of December 31, 2024 and 2023 these balances totaled $0.2 million and $0.3 million,
respectively.

F-38
In May 2007, the Company entered into an affiliation agreement with LATV Networks, LLC (“LATV”). Pursuant to the
affiliation agreement, the Company will broadcast programming provided to the Company by LATV on one of the digital multicast
channels of certain of the Company’s television stations. Under the affiliation agreement, there are no fees paid for the carriage of
programming, and the Company generally retains the right to sell approximately five minutes per hour of available advertising time.
Since July 2022, the Company owns 15% of the stock of LATV. The Company believes that LATV is majority-owned and controlled
by the family of Walter F. Ulloa, the Company's former Chief Executive Officer, who died on December 31, 2022.
In May 2023, the Company entered into a cooperation agreement (the "Cooperation Agreement") with Mr. Ulloa's estate,
Alexandra Seros, who is Mr. Ulloa's widow, and two affiliated trusts (collectively the "Stockholders"). Pursuant to the Cooperation
Agreement, the Company agreed to nominate the Stockholders' candidate to the Company's Board of Directors, and the Stockholders
agreed to certain commitments and restrictions related to their ownership of the Company's stock.
17. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Accumulated other comprehensive income (loss) includes foreign currency translation adjustments from those subsidiaries not
using the U.S. dollar as their functional currency, and the cumulative unrealized gains and losses of marketable securities. The
following table provides a roll forward of accumulated other comprehensive income (loss) for the years ended December 31, 2024,
2023 and 2022 (in thousands):
Foreign Currency
Translation
Marketable
Securities
Total
Accumulated other comprehensive income (loss) as of January 1, 2022
$
(1,300)
$
323
$
(977)
Other comprehensive income (loss)
(45)
(1,353)
(1,398)
Income tax (expense) benefit
—
454
454
Amounts reclassified from AOCI
—
532
532
Income tax (expense) benefit
—
(121)
(121)
Other comprehensive income (loss), net of tax
(45)
(488)
(533)
Accumulated other comprehensive income (loss) as of December 31, 2022
$
(1,345)
$
(165)
$
(1,510)
Other comprehensive income (loss)
88
586
674
Income tax (expense) benefit
—
(150)
(150)
Amounts reclassified from AOCI
—
91
91
Income tax (expense) benefit
—
(20)
(20)
Other comprehensive income (loss), net of tax
88
507
595
Accumulated other comprehensive income (loss) as of December 31, 2023
$
(1,257)
$
342
$
(915)
Other comprehensive income (loss)
8
30
38
Income tax (expense) benefit
—
(5)
(5)
Amounts reclassified from AOCI
—
109
109
Income tax (expense) benefit
—
(28)
(28)
Other comprehensive income (loss), net of tax
8
106
114
Accumulated other comprehensive income (loss) as of December 31, 2024
$
(1,249)
$
448
$
(801)
18. LITIGATION
The Company is subject to various outstanding claims and other legal proceedings that may arise in the ordinary course of
business. In the opinion of management, any liability of the Company that may arise out of or with respect to these matters will not
materially adversely affect the financial position, results of operations or cash flows of the Company.
19. SEGMENT DATA
In the Company's former EGP business, it acted as an intermediary between primarily global media companies and advertisers,
which consisted of either the enterprise or its ad agency running the advertisement. The Company's customers were both these
primarily global media companies and advertisers. On March 4, 2024, the Company received a communication from Meta that it
intended to wind down its ASP program globally and end its relationship with all of its ASPs, including the Company's, by July 1,
2024. As a result of this communication from Meta, the Company's CEO, who is also the CODM, led a thorough review of the
Company's operations, cost structure, digital strategy and organization of its business. This review led to the decision to sell the
enterprises comprising the Company's EGP business -- the largest business unit of what was then its digital segment. Following this
decision, during the second quarter of 2024, the Company entered into a definitive agreement to sell substantially all of its EGP
business to IMS. The transaction was completed on June 28, 2024. The remaining parts of the Company's EGP business, Jack of
Digital and Adsmurai, were each sold back to their respective founders in separate transactions during the second quarter of 2024.

F-39
Prior to the sale of the EGP business, for financial reporting purposes the Company reported in three segments – digital,
television and audio, based on the type of medium in which it sold advertising. The sale of the EGP business has allowed the
Company to focus its operations on the products and services it sells instead of the type of advertising medium in which it sells them,
which had been the Company's historic operational approach. As a result of the sale of the Company's EGP business, effective July 1,
2024, the Company has realigned its operating segments into two segments – media and advertising technology & services
– consistent with the Company's current operational and management structure, as well as the basis that is now used for internal
management reporting and how the Company's CEO evaluates the business. The Company's reportable segments are the same as its
operating segments. Prior periods have been recast to conform to this presentation.
The Company's media segment consists of sales of advertising through various media, including television, radio and digital.
The Company owns and/or operates 49 primary television stations and 44 radio stations (37 FM and 7 AM), reaching and engaging
Latinos in the United States. The Company's television operations comprise the largest affiliate group of both the top-ranked
Univision television network and TelevisaUnivision’s UniMás network, with TelevisaUnivision-affiliated stations in 15 of the
nation’s top 50 U.S. Latino markets. The Company owns and operate one of the largest groups of primarily Spanish-language radio
stations in the United States. The Company provides digital marketing solutions in all of the U.S. markets where it has broadcast
operations.
The Company's advertising technology & services segment consists of programmatic ad services through Smadex, its demand
side programmatic ad platform, and Adwake, its mobile growth solutions business.
Segment operating profit (loss) is defined as operating profit (loss) before corporate expenses, change in fair value of contingent
consideration, impairment charge, other operating (gain) loss, and foreign currency (gain) loss. The Company generated 25%, 27%
and 24% and of its revenue from continuing operations outside the United States during the years ended December 31, 2024, 2023 and
2022, respectively (see Note 5).
The accounting policies applied to determine the segment information are generally the same as those described in the summary
of significant accounting policies (see Note 2). The Company evaluates the performance of its operating segments based on separate
financial data for each operating segment as provided below (in thousands):

F-40
Year Ended December 31,
% Change
% Change
2024
2023
2022
2024 to 2023
2023 to 2022
Net Revenue
Media
$
222,061
$
196,268
$
230,698
13%
(15)%
Advertising Technology & Services
142,887
100,775
93,292
42%
8%
Consolidated
364,948
297,043
323,990
23%
(8)%
Cost of revenue
Media
16,726
10,952
10,580
53%
4%
Advertising Technology & Services
85,470
66,262
60,006
29%
10%
Consolidated
102,196
77,214
70,586
32%
9%
Direct operating expenses
Media
110,988
96,925
94,742
15%
2%
Advertising Technology & Services
25,274
16,306
14,578
55%
12%
Consolidated
136,262
113,231
109,320
20%
4%
Selling, general and administrative expenses
Media
42,759
36,000
36,327
19%
(1)%
Advertising Technology & Services
20,109
13,761
10,661
46%
29%
Consolidated
62,868
49,761
46,988
26%
6%
Depreciation and amortization
Media
12,891
11,975
13,661
8%
(12)%
Advertising Technology & Services
3,930
4,417
1,986
(11)%
122%
Consolidated
16,821
16,392
15,647
3%
5%
Segment operating profit (loss)
Media
38,697
40,416
75,388
(4)%
(46)%
Advertising Technology & Services
8,104
29
6,061
*
(100)%
Consolidated
46,801
40,445
81,449
16%
(50)%
Corporate expenses
37,498
50,294
49,404
(25)%
2%
Change in fair value of contingent consideration
(629)
821
(1,800)
*
*
Impairment charge
61,220
13,267
1,600
361%
729%
Foreign currency (gain) loss
692
1,950
1,244
(65)%
57%
Other operating (gain) loss
-
609
423
(100)%
44%
Operating income (loss)
(51,980)
(26,496)
30,578
96%
(187)%
Interest expense
(16,472)
(16,833)
(10,536)
(2)%
60%
Interest income
2,458
3,405
2,740
(28)%
24%
Dividend income
10
35
20
(71)%
75%
Realized gain (loss) on marketable securities
(110)
(93)
(532)
18%
(83)%
Gain (loss) on debt extinguishment
(91)
(1,556)
-
(94)%
*
Income (loss) before income taxes from continuing
operations
$
(66,185)
$
(41,538)
$
22,270
59%
*
Capital expenditures
Media
$
7,089
$
21,208
$
6,975
Advertising Technology & Services
372
3,643
2,538
Consolidated
$
7,461
$
24,851
$
9,513
* Percentage not meaningful.
Asset information by segment is not reported because we do not use this measure to assess performance or make decisions to allocate
resources.
20. SUBSEQUENT EVENT
The Company's corporate headquarters and main operational offices for its audio segment were previously located in Santa
Monica, California. The Company leased approximately 38,000 square feet of space in the building housing its previous corporate
headquarters under a lease that expires January 31, 2034. The Company's management decided to vacate the facility in February 2025

F-41
and cease making further lease payments. As of December 31, 2024, the Company's consolidated balance sheet included the following
amounts related to this lease (in millions):
Operating leases right of use asset
$
16.3
Property and equipment, net of accumulated depreciation
$
9.3
Operating lease liabilities
$
1.5
Long-term operating lease liabilities
$
21.2
ENTRAVISION COMMUNICATIONS CORPORATION
SCHEDULE II – CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS
(In thousands)
Description
Balance at
Beginning of
Period
Charged /
(Credited) to
Expense
Other
Adjustments
(1)
Deductions
Balance at
End of Period
Allowance for doubtful accounts
Year ended December 31, 2024
$
2,399
$
1,320
$
(170) $
(515) $
3,034
Year ended December 31, 2023
$
2,570
$
570
$
(1) $
(740) $
2,399
Year ended December 31, 2022
$
2,939
$
833
$
(105) $
(1,097) $
2,570
(1)
Other adjustments represent recoveries and increases in the allowance for doubtful accounts.

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