Entravision Completes Sale Of Outdoor Advertising Operations
May 19, 2008 at 6:43 AM (PT)
ENTRAVISION COMMUNICATIONS has completed the sale of its outdoor advertising operations to LAMAR ADVERTISING COMPANY on MAY 16th for $100 million in cash.
ENTRAVISION's Chairman/CEO WALTER F. ULLOA, said, "The proceeds from the sale of our outdoor division will strengthen our balance sheet, improve our financial flexibility and reinforce our ability to execute on our strategic plan to the benefit of our shareholders."
ENTRAVISION announced in FEBRUARY 2008 the agreement to sell its outdoor advertising operations, which operates under the name VISTA MEDIA and consists of approximately 10,600 advertising faces concentrated primarily in NEW YORK and LOS ANGELES. CITIGROUP and MOELIS & COMPANY acted as financial advisors to ENTRAVISION on the sale.