Entravision Communications Corporation EVC and Lotus Hispanic Reps Corp. announced that they have entered into a 50/50 joint venture creating Lotus Entravision Reps LLC. The new company will be the exclusive national advertising representative for all Spanish-language radio stations owned by Entravision, Lotus Communications Corp. and radio stations currently represented by Lotus Hispanic Reps. Mary Hawley, formerly President of Lotus Hispanic Reps, has been named President of Lotus Entravision Reps LLC. The company's executive offices will be located in Los Angeles, California.
Under the terms of the agreement Entravision and Lotus will contribute the national account representation for all Spanish-language radio stations owned by them and their affiliates now or in the future. In addition, Lotus will contribute its Lotus Hispanic Reps business to the new company. Lotus Entravision Reps will represent over 130 Spanish language radio stations serving 50 markets with total national radio advertising expenditures of over $25 million.
Walter Ulloa, Chairman and CEO of Entravision, commented, "Through the creation of this joint venture, we significantly improve the ability of our radio stations to capture national advertising revenues. By packaging the Lotus Hispanic Reps and Entravision stations under a jointly owned company, we gain a dedicated sales force and create a powerful footprint with a reach of close to 80% of the U.S. Hispanic population. Lotus is an ideal partner who has an extensive knowledge of the rep business. In addition, through the appointment of Mary Hawley, we gain an experienced and proven executive with the ability to capitalize on the opportunities created by this joint venture."
Jim Kalmenson, Executive Vice President of Lotus Communications Corporation, commented, "The combined resources of Lotus Entravision Reps will enable us to provide new marketing initiatives of great benefit to the advertising community."