ENTRAVISION COMMUNICATIONS CORP (EVC) Business

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 is a media and advertising technology company.

Our Media business 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 news, information, and entertainment. We serve our advertisers by providing marketing capabilities across broadcast and digital media.

Our Advertising Technology & Services (ATS) business empowers advertisers, primarily mobile app developers, to grow their businesses globally. We provide programmatic advertising solutions through two brands. Smadex is our demand-side platform, which uses proprietary AI to automate media buying. Adwake is our performance-based digital marketing agency.

We manage and report our financial results through these two operating segments: media and ATS.

Our net revenue for the year ended December 31, 2025 was $447.6 million. Of this amount, revenue generated by our media segment accounted for approximately 39%, and revenue generated by our ATS segment accounted for approximately 61% of total revenue.

MEDIA

We own and/or operate one of the largest groups of Spanish-language television and radio stations in the United States. Our assets include 47 television stations and 44 radio stations. These stations are concentrated in 13 of the 20 highest-density Latino markets in the United States. We also provide digital marketing services for businesses targeting Latino consumers.

We believe the Latino market is a long-term driver of the U.S. economy. There are 68 million Latinos in the United States. This group accounted for 56 percent of total U.S. population growth between 2010 and 2024, according to the U.S. Census Bureau. The median age of U.S. Latinos is 31, roughly eight years younger than the non-Latino population. The U.S. Latino gross domestic product reached $4.0 trillion in 2023 and is growing more than twice as fast as the non-Latino U.S. economy, according to the Latino Donor Collaborative.

We connect advertisers to this important audience. Our Media segment is a single source for advertisers in our markets. We believe our local market presence and relationships enable us to act as a trusted partner for advertisers navigating the fragmented advertising market. We bundle proprietary digital solutions with our television and radio inventory. This approach allows us to deliver integrated campaigns and capture a larger share of our clients’ advertising budgets.

To execute this strategy, we are expanding our local sales teams and hiring digital specialists to drive the sale of these bundled products. We are also expanding our content capabilities and sourcing unique digital inventory to create additional independent inventory for our sales teams to monetize. In addition to our long-standing affiliation with TelevisaUnivision, we have expanded our local news operations and launched independent networks, such as WAPA Orlando and Altavision, to provide more advertising opportunities for our clients.

Television

We distribute content to inform and entertain our Latino audience. We distribute this content through network affiliations and our own local news programming.

Spanish-Language Television

Univision

We are the largest affiliate group of the Spanish-language Univision and UniMás networks, which are owned by TelevisaUnivision. We broadcast Univision and UniMás programming exclusively in 21 markets, including 14 of the top 50 Latino markets in the United States. These networks provide our stations with national news, prime time dramas, sports, and entertainment specials. Univision finished 2025 as the most watched broadcast television network by U.S. Latinos, and the top

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Spanish-language network in primetime and total day for the 33rd consecutive year among total viewers, adults 25-54 and adults 18-49, according to TelevisaUnivision. Univision and UniMás collectively represent more than half of Spanish language broadcast prime time viewers in the United States.

Our current relationship is governed by an affiliation agreement, a proxy agreement, and a marketing and sales agreement, all of which we entered into in October 2017. These 2017 agreements replaced comparable contracts with TelevisaUnivision.

Sales Representation

We are the exclusive sales representative for local advertisers on our Univision and UniMás stations. TelevisaUnivision serves as our exclusive sales representative for national advertisers on these stations. We pay TelevisaUnivision 9.4% of net national and local advertising revenue for this service under our affiliation agreement.

Retransmission Consent

We grant TelevisaUnivision the right to negotiate retransmission consent agreements with cable, satellite, and internet distributors on our behalf, pursuant to the proxy agreement. We receive a portion of the retransmission consent fees collected by TelevisaUnivision. For more information, see “Retransmission Consent” below.

Marketing and Sales Agreement

In 18 of our 21 Univision and UniMás markets, we own and operate the stations that broadcast both networks. In the remaining three markets – Albuquerque, Boston, and Denver – we own the station that broadcasts UniMás and operate the sales and marketing functions of both stations under the marketing and sales agreement.

Our affiliation, proxy and marketing and sales agreements with TelevisaUnivision expire on December 31, 2026. We have started to negotiate the renewal of these agreements. We cannot guarantee that these agreements will be renewed beyond their expiration date under their current terms, under terms satisfactory to us, or at all. 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 15 to Notes to Consolidated Financial Statements.

New Initiatives

WAPA Orlando

We began broadcasting WAPA Orlando on our primary stream in Orlando, Florida in February 2026, pursuant to an agreement with Hemisphere Media Group. WAPA Orlando broadcasts news, entertainment, and sports programming produced in Puerto Rico by WAPA-TV, the island’s leading broadcaster. We supplement this programming with our own morning and midday local newscasts, with plans to expand to evening and late-night editions. The Orlando metro area has the second largest Puerto Rican population in the United States, driven by sustained population growth over the past decade. This demographic has distinct content preferences compared to the broader Mexican-American audience. The station is available on all major cable and satellite television providers in the market.

We are the exclusive local sales representative for WAPA Orlando, and contract with a third-party sales organization to handle national advertising sales. We pay Hemisphere Media Group a portion of net advertising revenue, as well as an annual programming fee.

Altavision Network

We broadcast Altavision, a Spanish-language broadcast network, in 19 markets. Altavision allows us to utilize our full broadcast spectrum capacity to distribute additional content, diversify our programming sources, and create new revenue streams independent of our major network affiliations.

We source programming for Altavision through a partnership with Multimedios Television, a Mexico-based content producer. This programming includes national and local news, sports talk and variety shows. The lineup is designed as counter-programming to the more traditional telenovela-heavy formats of certain other major Spanish-language networks. We broadcast Altavision primarily on the multicast channels of our existing television stations. In the Washington, D.C. market, we broadcast Altavision on our primary channel signal. As part of this agreement, we are collaborating with Multimedios to launch a free, ad-supported streaming television (FAST) channel distributed on digital platforms. We are pursuing additional distribution via linear cable carriage agreements.

We are the exclusive local and national sales representative for Altavision, and we pay Multimedios a portion of net advertising revenue. Multimedios retains the right to sell a limited amount of inventory to Mexico-based advertisers.

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English-Language Television

We also own and operate English language television stations in three markets that have a high concentration of Latinos:

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McAllen: FOX and CW

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Laredo: FOX

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Palm Springs: NBC

These stations broadcast English-language news, NFL football, and entertainment, allowing us to reach the broader Latino community in these markets.

Other Revenue Sources

Local News Operations

We believe local news is a strategic asset. It generates advertising revenue, particularly during election cycles. It drives retransmission consent revenue by providing differentiated content that makes our programming more valuable to distributors. Our news also provides essential information to the Latino community.

We significantly expanded our news operations in 2024 and 2025 to increase audience share and create more high-value advertising inventory. We added early morning and midday news in all of our markets, in addition to our 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. We now employ over 200 news professionals and produce more than 300 hours of locally produced content per week across 412 weekly newscasts.

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Morning News: We produce Despierta al Día, a one-hour morning show broadcast in 24 markets (120 weekly hours). We expanded this concept on our Altavision network in February 2026, launching a two-hour local morning block.

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Midday News: We produce Al Día a Mediodía, a 30-minute midday show broadcast in 24 markets (60 weekly hours).

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Evening News: We produce early evening and late evening newscasts in 19 markets.

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Weekend News: We produce weekend newscasts in five key markets: San Diego, Las Vegas, Denver, El Paso, and McAllen.

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Orlando Expansion: With the launch of WAPA Orlando in February 2026, we established a new local news operation in Central Florida, producing 90 minutes of daily news immediately upon launch, with further expansion scheduled for 2026.

Our early local news is ranked first or second among competing local newscasts regardless of language in eight of our 18 local news television markets among adults 25-54, according to Nielsen.

Political Advertising Revenue

Political advertising is a cyclical revenue stream for our business. We generate significant political advertising revenue in even-numbered years, when there are Presidential and Congressional midterm elections.

We operate in many markets where political spending is frequently concentrated due to competitive federal, state, and local contests. The growing influence of the Latino vote in our markets has aided our political advertising revenue. Latinos represented an estimated 14.7% of all eligible voters in 2024, and accounted for 50% of the total growth in U.S. eligible voters between 2020 and 2024, according to the Pew Research Center. Latino voters are increasingly open to voting for candidates from both major political parties. We believe that political campaigns and political action committees must invest in Spanish-language media to reach this critical electorate.

We achieved record political advertising revenue in 2024, marking the fifth consecutive election cycle of growth compared to the prior comparable cycle. Recent election cycles demonstrated that Latino voters are an important constituency in our markets. Latinos represented a higher percentage of eligible voters than the national average in Arizona, California, Colorado, Nevada, New Mexico and Texas. We anticipate continued strength in 2026 due to competitive races in many of our markets.

Retransmission Consent Revenue

Retransmission consent fees, which are payments made by distributors to carry our station signals, are a significant source of revenue for our television business, particularly under our Univision, NBC and FOX affiliations.

Our viewers watch our stations either over-the-air via an antenna or via retransmission. Retransmission occurs through traditional distributors like cable and satellite, which are called Multichannel Video Programming Distributors (MVPDs), and internet distributors like YouTube TV, which are called Virtual MVPDs (vMVPDs). Under FCC regulations, television stations

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must elect their status with distributors every three years. This election dictates the economic relationship between the station and the distributor. The two statuses are:

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Retransmission Consent. Stations that elect this status negotiate to receive fees in exchange for carriage. Our Univision, NBC, FOX and CW stations receive fees because distributors are willing to pay for the content on those stations. We grant TelevisaUnivision the right to negotiate retransmission consent agreements with MVPDs and vMVPDs, pursuant to a proxy agreement with TelevisaUnivision. We negotiate retransmission consent agreements directly with MVPDs for our NBC, FOX and CW stations. Unlike traditional cable providers, vMVPDs negotiate carriage agreements directly with the national networks. As a result, we do not negotiate directly with vMVPDs for our English-language stations, and our revenue is determined by the terms agreed to by the networks.

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Must Carry. Stations that elect this status forgo fees but are legally guaranteed carriage on cable and satellite systems in their local market. We generally utilize this status for new or developing networks where audience reach is more valuable than immediate subscriber fees. For example, we elected "Must Carry" status for station WOTF-TV for the February 2026 launch of WAPA Orlando. This ensured immediate, mandatory distribution across all major providers to maximize the station's availability to the local community at launch.

We have retransmission consent agreements for our Univision, FOX, NBC and CW affiliate stations.

Revenue from Spectrum

We transmit our television signals over spectrum frequencies that we license from the Federal Communications Commission. While our primary affiliations – Univision, FOX, and NBC – occupy our main signal, technological advances allow us to divide our signal into multiple sub-channels. We monetize this additional capacity by leasing bandwidth to other broadcasters and by deploying our own content initiatives, including Altavision. We also generate revenue by charging fees for technical adjustments, including channel repacking or interference acceptance, and by modifying or relinquishing usage rights through channel sharing or regulatory programs. We are exploring future revenue opportunities for this capacity from our own content initiatives, including Altavision.

Audio

We own and operate 44 radio stations (37 FM and 7 AM) in 14 markets. Our radio stations broadcast in markets with a total population of approximately 19 million Latinos, which is approximately 31% of the U.S. Latino population.

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 operating costs than we could otherwise deliver solely with all locally produced programming

Audio Brands

Our stations target the Latino community with distinct formats designed to appeal to specific demographics:

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La Suavecita. A Spanish-language Adult Contemporary format featuring romantic hits, targeting women aged 25-54.

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La Tricolor. A Regional Mexican format featuring banda, norteño, and mariachi music, targeting men aged 18-49.

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José. A personality-driven format featuring a mix of Spanish-language adult contemporary music and Regional Mexican hits, targeting men and women aged 25-54.

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Fuego. A bilingual, urban format featuring a mix of reggaeton and contemporary hits, targeting men and women aged 18-34.

Network Audio

We operate a network audio business that gives advertisers access to a national Latino audience.

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Soccer. We will broadcast 91 games of the 2026 FIFA World Cup on 13 of our owned radio stations. We sell local and national advertising on these stations during games.

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NFL. We hold the exclusive Spanish-language radio broadcast rights for the NFL, including Sunday Night Football, Monday Night Football, and all playoff games, including the Super Bowl, covering our owned and other stations in the United States. We sell network advertising throughout the country and national and local advertising on our own stations during games.

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Syndicated Programming. We represent and sell advertising for popular nationally syndicated talent, including El Show de Erazno y La Chokolata and El Show de Piolín. We sell network advertising throughout the country and national and local advertising on our own stations during these programs.

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Unsold Inventory. We aggregate unsold inventory from our owned stations and partner stations to offer advertisers broad national reach at a cost-effective price point.

U.S. Digital

We provide digital marketing services for businesses targeting Latino consumers. Our typical customer is a local advertiser that relies on us for planning and executing digital campaigns. These advertisers frequently bundle digital campaigns with our television and radio spots. This capability is essential to our strategy. Local digital advertising reached $103 billion in 2024, accounting for about 70 percent of all local ad spending, according to Borrell Associates.

We employ digital media experts who partner with our local salespeople to cross-sell digital products to existing media clients. Most of our digital revenue comes from local direct advertisers who rely on us for managed services and consultation to execute complex digital campaigns. The remaining revenue comes from local agencies, who engage us primarily for differentiated inventory they cannot access elsewhere – specifically our Audio Engage and branded content solutions.

Product Portfolio

Our digital product suite consists of six primary categories:

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Audio Engage (Digital Audio): AudioEngage is our proprietary digital audio advertising network. It combines our own station streams with inventory from over 200 third-party publishers, including major Latin American broadcasters with U.S. audiences, ad networks with in-app game audio, and platforms like Spotify and YouTube Audio. We use third party technology to aggregate and sell this audio inventory programmatically, creating a private marketplace that agencies can access directly. The majority of our U.S. digital revenue comes from Audio Engage.

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Entravision+: We aggregate premium video inventory from internet-connected televisions and streaming services, including Netflix, and major sports events like the World Cup. This allows local advertisers to insert commercials into streaming content on televisions.

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Social Media and Branded Content: We manage advertising campaigns on platforms including Facebook, Instagram and TikTok. These campaigns frequently use our station brands and local on-air talent to create promotional content. We also use social media campaigns to amplify on-site marketing events we host at a client’s location.

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Owned-and-Operated Websites: We sell inventory on our news and station websites.

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Search: We manage paid search campaigns to reach customers who are actively looking for an advertiser’s specific products or services.

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Other Services: We provide additional digital services, including email marketing and display and digital out-of-home advertising.

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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:

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(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)
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 operate in a highly competitive media environment where we compete for audience time and advertising budgets. Advertisers allocate finite advertising budgets across different media. Broadly speaking, advertising in the broadcast industry is in decline because audiences and ad spending are moving to digital platforms. 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.

Our television and radio stations compete directly for audience time and advertising budgets not only with other broadcasters, but with all forms of content distribution. We compete with other Spanish-language broadcasters, primarily Telemundo and TelevisaUnivision, in markets where we do not own the affiliation and the “Big 4” English-language networks: ABC, CBS, FOX, and NBC. In audio, we compete with TelevisaUnivision, Spanish Broadcasting System, iHeartMedia, and Audacy. We also compete for the time of Latino consumers against streaming video services, such as Netflix, YouTube and ViX (which is owned and operated by TelevisaUnvision), digital audio platforms like Spotify and Pandora, and social media such as

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Facebook, Instagram and TikTok. Most of the companies with which we compete have significantly greater resources and some have longer operating histories than we do. As audiences fragment, we must compete to keep their attention on our local news and entertainment content.

ADVERTISING TECHNOLOGY & SERVICES (ATS)

Our ATS segment provides global performance marketing solutions primarily to mobile app developers.

We operate this segment through two distinct business units: Smadex, our programmatic advertising platform, and Adwake, our performance-based marketing agency.

Smadex

Smadex is our proprietary demand side platform (DSP). We provide advertising solutions to mobile application developers who want to acquire new users anywhere in the world.

Mobile app developers spent $109 billion on mobile app promotion in 2025, according to Appsflyer. They split their advertising spend between companies like Google, Meta, and Amazon that restrict advertisers to their sites, and the rest of the internet. Smadex is a gateway to the rest of the internet.

Our customers are primarily developers of mobile games, fintech apps, and entertainment services. They use Smadex to buy advertising inventory in mobile apps, mobile websites and internet-connected televisions, also called Connected TVs. Smadex uses AI to purchase that inventory in real time.

Smadex specializes in performance advertising, a model where advertisers pay only for specific, measurable actions. We develop algorithms that enable advertisers to reach users likely to not only download an app, but to open it, use it, and generate revenue for the advertiser.

We are continuing our growth strategy in both Europe and the Asia-Pacific region. We are also focusing on expanding in the United States by increasing our U.S. sales and advertising operations teams.

Solutions

Mobile user acquisition is our historic revenue driver. We have expanded into Connected TV and retargeting to capture a larger share of our clients' total budgets. Our solutions operate as complementary growth engines, allowing us to service the entire lifecycle of a user – from initial discovery on a TV or phone to re-engagement after the installation. We believe this encourages our current customers to consolidate their media spending on our platform, and presents opportunities to diversify our current customer base.

Our solutions consist of:

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Mobile User Acquisition. Mobile user acquisition takes place on a single mobile device. A user sees an ad on their phone, clicks it, and installs the app on that same device. Because the action is direct, we can measure performance of the ad instantly. We use our technology to enable advertisers to target specific users who are most likely to become profitable customers, not just one-time downloaders.

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Connected TV. Our Connected TV product delivers cross-device attribution. While mobile ads drive an immediate click-to-install on the same screen, our Connected TV ads drive viewers to pick up a different device to download an app. Our technology connects these two events by matching the television ad view to a mobile device within the same household. This matching capability differentiates us from competitors by transforming television from a broad branding tool into a precise performance channel that accesses fresh audiences without sacrificing return on ad spend.

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Retargeting. Our retargeting product focuses on re-engaging users who have previously installed an app but have since stopped using it, such as a shopper with an abandoned cart. By targeting users who have already established brand awareness, we can extend the value of that user to an app developer at a significantly lower cost than finding new users. We have deployed specialized algorithms designed to predict the precise moment a user is most likely to resume spending, allowing us to deliver return on advertising spend that complements our user acquisition campaigns.

Artificial Intelligence

The core of the Smadex platform is its use of proprietary AI. Smadex predicts, in real-time, the probability that a specific user, on a specific device, at a specific time, will install an app. It also predicts the long-term value of that customer to the advertiser, looking at the likelihood of certain post-installation events, such as potential in-app purchases by the user.

We upgraded our bidding technology in 2025 to use advanced predictive models. This transition allows us to identify complex, non-linear patterns in user behavior. We have recruited senior engineering talent to accelerate this transition. Our

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in-house engineering team builds models using transaction data from publishers, historical transaction data from previous advertising campaigns, and data provided by our clients regarding the behavior of high-value users. Our technology allows us to calculate the precise value of a specific ad placement for a specific advertiser.

Smadex allows us to improve our predictions as our business grows. Every dollar we spend generates feedback data: impressions, clicks, installs, and post-install events. This transaction data is fed back into our models, which enhances their performance. As our models improve, we deliver better return on advertising spend. We believe this encourages clients to increase their spend, which in turn generates more data.

This technology requires significant technology infrastructure. We process approximately 500 billion bid requests per day. We analyze each bid request in 100 milliseconds and serve 1.5 billion ads. To handle this volume, we utilize a cloud-based infrastructure comprising more than 6,000 servers globally. These servers transfer 40 petabytes of data per month.

Services

We manage the Smadex platform on behalf of our customers. Our customers pay us for specific outcomes, such as an app install or an in-app purchase. We provide clients with granular transaction data on where their ads ran, and our managed-service approach allows for customized strategies rather than a standardized self service solution. We believe our approach is transparent to our customers, and is a key competitive differentiator.

Campaign Management and Transparency. Our teams in Barcelona, the United States, and Asia act as an extension of our client’s marketing team. Our teams configure bidding parameters, manage fraud prevention protocols, and execute complex campaigns at the direction of clients. They also share granular data on exactly where ads ran, the clearing price of media, and budget allocation.

Creative Services. Our internal creative services studio uses AI to produce advertising at scale. By integrating this creative strategy directly with our bidding algorithms, we create a performance loop. Improved advertisements drive higher return on advertising spend, encouraging clients to increase their media investment. We are currently expanding our capabilities to include AI-driven video and 3D playable formats to further differentiate our offering from rival DSPs.

One recently-acquired Smadex customer represents a significant amount of our ATS revenue. The loss of this customer may have an adverse impact on our digital business generally and results of operations. See Item 1A, "Risk Factors".

Adwake

Adwake is our performance-based digital marketing agency. Unlike Smadex, which owns its own bidding technology, Adwake uses a wide range of third party advertising technologies to find new users for mobile app developers.

Adwake operates on a pure performance basis. Clients pay Adwake when a specific action is completed, typically a "Cost Per Install" or "Cost Per Action". We pay publishers and media sources for advertising space (often on a “Cost Per Thousand” or “Cost Per Click” basis) and capture the spread between our media cost and the fee paid to us by our client. Adwake serves clients in 25 countries.

Adwake aggregates traffic from a diverse set of sources to deliver high volumes of users at profitable margins. It uses third-party DSPs to target high-value users programmatically, direct relationships with smartphone manufacturers to place advertisements directly on devices, and specialized ad networks to balance cost and reach.

In addition to these services, Adwake intends to launch a new offerwall in 2026. An offerwall is a marketplace within a mobile app where users can earn virtual currency or rewards in exchange for completing specific tasks, such as reaching a certain level in a new game, signing up for a subscription, or taking a survey. This initiative represents a strategic shift from a pure service business to a product business. It allows us to access high-spending gaming clients who rely heavily on rewarded traffic.

ATS Competition

The ATS business is fragmented and 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 competes primarily with other mobile-first performance DSPs. Our primary competitors include AppLovin, Moloco Commerce Media, Liftoff Mobile, and Unity Software. Some of these DSPs, including AppLovin and Liftoff Mobile, also own their own supply side platforms, which we use to access ad inventory. This creates a risk where our suppliers could prioritize their own demand over ours or inhibit our access to high-quality users.

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Adwake competes primarily with other performance marketing agencies and mobile growth platforms. Many of our competitors in the ATS business have significantly larger financial resources and/or longer operating histories than we have in this space.

Intellectual Property

Smadex uses proprietary technology developed by our employees. We rely on open-source technologies for certain infrastructure components (e.g., databases) but the core logic is proprietary. We generally do not own the data we process from bid streams, but we possess the rights to use this data to train our machine learning models and optimize campaigns, subject to contractual restrictions and applicable privacy regulations.

We take steps to protect our trade secrets and confidential or proprietary information, in part, by entering into trade secrets and confidentiality agreements with our employees and third parties, and generally limiting access to and distribution of our proprietary information. However, we cannot assure that the steps taken by us will prevent unauthorized access to or misappropriation of our intellectual property or other proprietary rights, including in connection with the use of AI technologies. Despite our efforts to protect our intellectual property rights, unauthorized parties may attempt to copy or reverse engineer aspects of our software or obtain and use information that we regard as proprietary. Policing unauthorized use of our proprietary rights is difficult and time consuming.

We believe that the barrier to create a technology such as Smadex is very high. If such a technology were created, it would create additional competition for us, but we do not believe that it would have a material adverse effect on our ATS 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 in our media segment is generally higher during presidential election years (2024, etc.) and Congressional mid-term election years (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.

Seasonality in our ATS segment varies by client vertical rather than by traditional broadcast calendar cycles. Gaming clients often increase spend in the first and fourth quarters of the year, e-commerce and retail apps typically peak in the fourth quarter due to Black Friday and holiday shopping, and streaming and entertainment apps may see increased spending around major content releases or sporting events.

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.

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, 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 to a new entity or the transfer of control of an entity holding a license. In determining whether to approve an assignment of a television or radio

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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, 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 39% 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 consider potential changes to the 39% cap and to the related 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 also commenced its statutorily required quadrennial review of its media ownership rules. This review will consider whether the current local television and radio ownership rules remain necessary in the public interest as a result of competition.

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 have to divest certain stations or be limited in its ability to acquire certain additional television stations.

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, regulate the incentivization of users to share PII, 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, which is referred to as the CCPA, The Colorado Privacy 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, state Attorneys General in the United States, as well as the California Privacy Protection Agency. 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 practices.

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.

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Human Capital Management

As of December 31, 2025, we had approximately 1,025 employees in approximately 19 countries worldwide. Approximately 688 employees were employed in the United States and approximately 337 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

Corporate Information

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".