Entravision Communications Corporation announced that the Company’s Board of Directors has approved the repurchase of $100 million of the Company’s common stock, in addition to the repurchase of $100 million of common stock that was previously authorized on November 1, 2006. As of March 31, 2008, the Company had purchased approximately $93.3 million of common stock under its previously-authorized $100 million share repurchase program.
"This new repurchase program underscores the financial strength of Entravision and our commitment to returning value to our shareholders," said Walter F. Ulloa, Chairman and Chief Executive Officer. "Our strong cash flows have enabled us to fund this significant capital program, which we believe is a prudent avenue to deploy our cash.”
The share repurchases will be made in the open market or negotiated transactions as market and business conditions warrant, in compliance with securities laws and other legal requirements.