<SEC-DOCUMENT>0000950170-24-070260.txt : 20240827
<SEC-HEADER>0000950170-24-070260.hdr.sgml : 20240827
<ACCEPTANCE-DATETIME>20240607104622
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950170-24-070260
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240607

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ENTRAVISION COMMUNICATIONS CORP
		CENTRAL INDEX KEY:			0001109116
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEVISION BROADCASTING STATIONS [4833]
		ORGANIZATION NAME:           	06 Technology
		IRS NUMBER:				954783236
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		2425 OLYMPIC BLVD
		STREET 2:		STE 6000 WEST
		CITY:			SANTA MONICA
		STATE:			CA
		ZIP:			90404
		BUSINESS PHONE:		3104473870

	MAIL ADDRESS:	
		STREET 1:		2425 OLYMPIC BLVD
		STREET 2:		STE 6000 WEST
		CITY:			SANTA MONICA
		STATE:			CA
		ZIP:			90404
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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  <div style="padding-top:0.5in;min-height:1in;box-sizing:border-box;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><img src="img96619046_0.jpg" alt="img96619046_0.jpg" style="width:224px;height:46px;">&#160;</p></div>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">June 7, 2024</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Division of Corporation Finance</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Office of Technology<br>U.S. Securities &amp; Exchange Commission</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">100 F Street, NE</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Washington, D.C. 20549</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
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    <td style="vertical-align:top;"><p style="font-size:12pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">Re:</font></p></td>
    <td style="vertical-align:top;"><p style="font-size:12pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">Entravision Communications Corporation</font></p><p style="font-size:12pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;min-width:fit-content;">10-K filed March 14, 2024</font><font style="color:#000000;white-space:pre-wrap;min-width:fit-content;"> </font></p><p style="font-size:12pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;min-width:fit-content;">10-Q filed May 2, 2024</font><font style="color:#000000;white-space:pre-wrap;min-width:fit-content;"> </font></p><p style="font-size:12pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;min-width:fit-content;">8-K filed May 2, 2024</font><font style="color:#000000;white-space:pre-wrap;min-width:fit-content;"> </font></p><p style="font-size:12pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;min-width:fit-content;">File No. 001-15997</font></p></td>
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  <p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Dear SEC Staff:</font></p>
  <p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">On behalf of Entravision Communications Corporation (the &#x201c;Company&#x201d;), I hereby provide a response to the comments of the staff (the &#x201c;Staff&#x201d;) of the Securities and Exchange Commission (the &#x201c;Commission&#x201d;) issued in a letter dated May 20, 2024 (the &#x201c;Staff&#x2019;s Letter&#x201d;) regarding the Company&#x2019;s Annual Report on Form 10-K for the year ended December 31, 2023, the Quarterly Report on Form 10-Q for the period ended March 31, 2024  and the Current Report on Form 8-K announcing earnings for the same period.</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
  <p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">In order to facilitate the review by the Staff of my responses to the Staff&#x2019;s Letter, I have responded, on behalf of the Company, to the comments set forth in the Staff&#x2019;s Letter on a point-by-point basis. The numbered paragraphs set forth below respond to the Staff&#x2019;s comments and correspond to the numbered paragraph in the Staff&#x2019;s Letter.</font></p>
  <p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Form 10-Q for the fiscal quarter ended March 31, 2024</font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
  <p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Management's Discussion and Analysis of Financial Conditions and Results of Operations Three-Month Periods ended March 31, 2024 and 2023, page 28</font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
  <div style="margin-left:3.333%;display:flex;margin-top:12pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:3.333%;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:3.447919145106397%;display:inline-flex;justify-content:flex-start;">1.</font><div style="width:100%;display:inline;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">When more than one factor is responsible for the change in an income statement line item, quantify each of the contributing factors, including any offsetting amounts. Please ensure this change is made throughout your MD&amp;A. Provide us with your proposed future disclosure.</font></div></div>
  <p style="margin-left:6.667%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Response</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">: In response to the Staff&#x2019;s comment, we propose to revise disclosure in our future filings to quantify each of the contributing factors, including any offsetting amounts, when more than one factor is responsible for the change in an income statement line item. One hypothetical example of such revised disclosure under &#x201c;Consolidated Operations&#x201d; follows:</font></p>
  <div style="flex-direction:column;display:flex;padding-bottom:0.5in;min-height:1in;justify-content:flex-end;box-sizing:border-box;"><p style="border-top:0.5pt solid #a5a5a5;padding-top:1pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><font style="white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:'Calibri',sans-serif;min-width:fit-content;">2425 Olympic Boulevard, Suite 6000 West, Santa Monica, California 90404</font></p></div>
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  <div style="padding-top:0.5in;min-height:1in;box-sizing:border-box;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p></div>
  <p style="text-indent:6.667%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">&#x201c;</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Consolidated Operations</font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
  <p style="margin-left:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">&#x201c;Net Revenue.</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> Net revenue increased to $aaa million for the three-month period ended xxx, 2024 from $bbb million for the three-month period ended yyy, 2023. This increase was primarily attributable to an increase of $bbb million in net revenue from our digital business units in our digital segment, partially offset by decreases of $ccc million and $ddd million in net revenue in our television and radio segments, respectively.&#x201d;</font></p>
  <p style="margin-left:6.667%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">One hypothetical example of such revised disclosure under &#x201c;Segment Operations&#x201d; follows:</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
  <p style="text-indent:6.667%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">&#x201c;Segment Operations</font></p>
  <p style="margin-left:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">&#34;Net Revenue. </font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Net revenue in our television segment decreased to $eee million in the three-month period ended xxx, 2024, from $fff million in the three-month period ended yyy, 2023, primarily due to decreases of $g million in advertising revenue, $h million in spectrum usage rights revenue and $j million in retransmission consent revenue, partially offset by an increase of $k million in political advertising revenue.&#x201d;</font></p>
  <p style="margin-left:6.667%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">The Company proposes to utilize these, or substantively similar, formats for each income statement line item throughout Management&#x2019;s Discussion and Analysis and Results of Operations for consolidated operations and segment operations, respectively, noting that the specific contributing factors, including any offsetting amounts, for each such line item will, by its nature, be different in each future period based on the specific factors and circumstances contributing to the change in each such income statement line item in such period.</font></p>
  <p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Liquidity and Capital Resources Cash Flow, page 34</font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
  <div style="margin-left:3.333%;display:flex;margin-top:12pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:3.333%;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:3.447919145106397%;display:inline-flex;justify-content:flex-start;">2.</font><div style="width:100%;display:inline;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">We note your current discussion of cash flows from operating activities replicates line items disclosed in your cash flow statement. Please expand your analysis to provide a detailed discussion of the underlying reasons for the fluctuations in cash flows from operations.</font></div></div>
  <p style="margin-left:6.667%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Response</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">: In response to the Staff&#x2019;s comment, we propose to expand our analysis in future filings to provide a detailed discussion of the underlying reasons for the fluctuations in cash flows from operations. This expanded analysis will, by its nature, be different in each future period based on the specific factors and circumstances contributing to changes in cash flows from operations in such period.</font></p>
  <p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Form 8-K filed May 2, 2024</font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
  <p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Exhibit 99.1, page 1</font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
  <div style="margin-left:3.333%;display:flex;margin-top:12pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:3.333%;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:3.447919145106397%;display:inline-flex;justify-content:flex-start;">3.</font><div style="width:100%;display:inline;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Please revise your press release, including the Unaudited Financial Highlights section, to present the most directly comparable GAAP-basis measures more prominently than your non-GAAP measures consolidated EBITDA and Free cash flow. Refer to Item </font></div></div>
  <div style="flex-direction:column;display:flex;padding-bottom:0.5in;min-height:1in;justify-content:flex-end;box-sizing:border-box;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p></div>
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  <div style="padding-top:0.5in;min-height:1in;box-sizing:border-box;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p></div>
  <div style="margin-left:3.333%;display:flex;margin-top:12pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:3.333%;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:3.447919145106397%;visibility:hidden;display:inline-flex;justify-content:flex-start;"></font><div style="width:100%;display:inline;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">10(e)(1)(i)(A) of Regulation S-K and Non-GAAP Financial Measures Compliance and Disclosure Interpretation, Question 102.10(a).</font></div></div>
  <p style="margin-left:6.667%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Response</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">: We have referred to Item 10(e)(1)(i)(A) of Regulation S-K and Non-GAAP Financial Measures Compliance and Disclosure Interpretation, Question 102.10(a). In response to the Staff&#x2019;s comment, we propose to revise future earnings press releases, including the Unaudited Financial Highlights section, and comparable disclosures in the body of our future periodic reports filed with the Commission, to present the most directly comparable GAAP-based measure, which is operating cash flow, more prominently than our non-GAAP measures consolidated EBITDA and free cash flow. In connection therewith, we propose to reformat  all relevant tables, putting operating cash flow before the non-GAAP measures.</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
  <div style="margin-left:3.333%;display:flex;margin-top:12pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:3.333%;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:3.447919145106397%;display:inline-flex;justify-content:flex-start;">4.</font><div style="width:100%;display:inline;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">You state the most directly comparable GAAP measure for consolidated EBITDA and free cash flow is operating cash flows. As such, please begin your reconciliations with operating cash flows. In addition, revise to more clearly explain why these non-GAAP measures provide useful information to investors regarding your financial condition and results of operations. Refer to Item 10(e)(1)(i) of Regulation S-K and Non-GAAP Financial Measures Compliance and Disclosure Interpretation, Question 102.10(b). Provide us with your proposed future disclosure.</font></div></div>
  <p style="margin-left:6.667%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Response</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">: We have referred to Item 10(e)(1)(i) of Regulation S-K and Non-GAAP Financial Measures Compliance and Disclosure Interpretation, Question 102.10(b). In response to the Staff&#x2019;s comment, we propose to revise future earnings press releases, to (i) begin the reconciliation of GAAP and non-GAAP measures with the GAAP measure, which is operating cash flow; and (ii) more clearly explain why these non-GAAP measures provide useful information to investors regarding our financial condition and results of operations.</font></p>
  <p style="margin-left:6.667%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Accordingly, our proposed revised disclosure relating to consolidated EBITDA follows:</font></p>
  <p style="margin-left:6.667%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">&#x201c;We use the term &#x201c;consolidated EBITDA&#x201d; 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.</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
  <p style="margin-left:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">&#x201c;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</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
  <div style="flex-direction:column;display:flex;padding-bottom:0.5in;min-height:1in;justify-content:flex-end;box-sizing:border-box;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p></div>
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  <div style="padding-top:0.5in;min-height:1in;box-sizing:border-box;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p></div>
  <p style="margin-left:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">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 liquidity and financial performance prepared in accordance with accounting principles generally accepted in the United States of America, such as cash flows from operating activities, operating income (loss) and net income (loss). 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.&#x201d;</font></p>
  <p style="margin-left:6.667%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">We note that substantially similar disclosure to the above is already contained in the body of our periodic reports filed with the Commission. In future periods, we will also include this disclosure in earnings press releases and modify the disclosure currently contained in our future periodic reports to conform to the above language.</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
  <p style="margin-left:6.667%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Additionally, our proposed revised disclosure relating to free cash flow follows:</font></p>
  <p style="margin-left:6.667%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">&#x201c;We use the term free cash flow as a measure of our liquidity and we believe that it is a useful indicator for potential investors of our ability to implement growth strategies and service our debt. Free cash flow is a non-GAAP measure and should be considered in addition to, but not as a substitute for, information contained in our condensed consolidated statement of cash flows as a measure of liquidity.&#x201d;</font></p>
  <div style="margin-left:3.333%;display:flex;margin-top:12pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:3.333%;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:3.447919145106397%;display:inline-flex;justify-content:flex-start;">5.</font><div style="width:100%;display:inline;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">As you have identified operating cash flows as the most directly comparable GAAP measure for consolidated EBITDA, explain why you have provided a reconciliation to Net income (loss) attributable to common stockholders. If your presentation is based on the terms of your credit agreement, tell us how you considered Non-GAAP Financial Measures Compliance and Disclosure Interpretation, Question 102.09.</font></div></div>
  <p style="margin-left:6.667%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Response</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">: We have referred to Non-GAAP Financial Measures Compliance and Disclosure Interpretation, Question 102.09. We propose to continue to reconcile consolidated EBITDA to net income (loss) attributable to common stockholders, because the latter concept is contained in our 2023 Credit Agreement and, in turn, impacts other calculations made thereunder.</font></p>
  <p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">On behalf of the Company, I acknowledge and confirm that the Company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the Staff.</font></p>
  <p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Please do not hesitate to contact me directly if you have any questions regarding this response.</font></p>
  <p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Very truly yours,</font></p>
  <p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">/s/ Jeffrey DeMartino</font></p>
  <p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Jeffrey DeMartino</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">General Counsel</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Entravision Communications Corporation</font></p>
  <div style="flex-direction:column;display:flex;padding-bottom:0.5in;min-height:1in;justify-content:flex-end;box-sizing:border-box;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p></div>
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