Welcome to the Entravision Communications Corporation third quarter 2008 earnings conference call. As a reminder, all participants will be in listen-only mode. There will be an opportunity for you to ask questions at the end of today’s presentation. (Operator instructions) For your information, this conference is being recorded. I would like to turn the conference over to Walter Ulloa, Chairman and Chief Executive Officer. Mr. Ulloa?

Thank you, Amy. Good afternoon everyone and welcome to Entravision's third quarter 2008 earnings conference call. Joining me today is Chris Young, our Executive Vice President and Chief Financial Officer and Philip Wilkinson, our President and Chief Operating Officer. Before we begin, I must inform you that this conference call will contain forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ. Please refer to our SEC filings for a list of risks and uncertainties that could impact actual results. In addition, this call is the property of Entravision Communications Corporation. Any redistribution, retransmission, or rebroadcast of this call in any form, without the express written consent of Entravision Communications Corporation, is strictly prohibited. Also this call will include certain non-GAAP financial measures. The company has provided a reconciliation of these non-GAAP financial measures to their most directly comparable GAAP measures in today's press release. The press release is available on the company’s web site and was filed with the SEC in a Form 8-K. In addition, with the announced sale of the company's Outdoor Division at March 31, 2008, Outdoor was classified as a discontinued operation and the results of operations are separately reported for all periods. Our third quarter results reflect the impact of the economic downturn and related advertising market weakness across the majority of our markets. During the third quarter, advertisers continued to pull back on committing marketing dollars in the face of reduced outlays among consumers across a wide range of sectors. As a result, we saw a quarter of decline in our advertising revenue for both our TV and radio businesses. Fortunately these declines were partially offset by revenue from Reventon, Super Estrella, enormously popular concerts hosted by our Los Angeles based KSSE. This year’s event attracted more…

Thank you, Walter, and good afternoon everyone. The company sold the Outdoor Advertising business in May 2008 to Lamar Advertising for $101.5 million, including an adjustment for working capital and no longer has outdoor operations. In accordance with SFAS 144, Accounting for the Impairment or Disposal of Long-Lived Assets, the company reported the results of the Outdoor operations and discontinued operations within the consolidated statements of operations. As the Outdoor unit has been included in discontinued operations, the following results do not include the Outdoor segment. As Walter discussed, net revenue for the quarter was $61 million, down 5%. Operating expenses increased $1 million to $37 million, and consolidated adjusted EBITDA decreased 16% to $21.1 million. Free cash flow, which we define as consolidated adjusted EBITDA minus capital expenditures, cash interests, cash taxes, plus interest income, was $0.10 per share. Operating expenses increased to $37 million for the quarter from $35.9 million, an increase of $1.1 million or 2.9%. The increase was primarily attributable to an increase in the third quarter expenses associated with moving our annual Los Angeles promotional event from the second quarter to the third quarter in 2008, as well as an increase in wages, rating services and rent expense, largely offset by a decrease in expenses associated with the decrease in net revenue. Excluding the impact of Reventon, operating expenses would have been flat in the third quarter versus the prior year period. Corporate expenses increased to $3.8 million for the quarter from $3.7 million, an increase of $0.1 million. The increase was attributable to an increase in non-cash stock-based compensation. The company recorded an impairment charge of $440 million related to television and radio FCC broadcasting licenses and goodwill, as a result of an appraisal recently conducted on certain television and radio assets. The write-down…

(Operator instructions) Our first question comes from David Miller at Caris & Company. Mr. Miller? David Miller – Caris & Company: Yes. Hi, good afternoon. You guys were pretty clear in your prepared remarks. I guess I just had a question about the headcount reduction. We followed you guys for a long time. I was always under the impression that you were already lean enough. I’m just curious as to where the headcount reduction will come from. Thanks.

Thank you, David, it is Philip. Thanks for joining us. Headcount, we just effectively laid off 100 employees, and I think about 20 of those are part-time, and 80 were around in full time. And a lot of that came from – we did away with weekend news and two major markets in Las Vegas and in San Diego. And then, we had – we found a couple of areas where we can, for example, have a national sales manager from one market to handle the business for an adjacent market because they’re very similar accounts of the same agencies, so we found some efficiencies there. But – and we also had a portion of that 80 full-time people came out of our radio operations in Los Angeles, both evenly from the network side and the station side in Los Angeles. But as Walter said early on, we think that we absent the loss of the weekend news in two markets, which was almost 20 people, we are able to maintain the quality in our news product and certainly we’ve been able to maintain the going forward effort on our sales and marketing side as well. David Miller – Caris & Company: Okay. Thank you.

You’re welcome.

Our next question comes from Marci Ryvicker from Wachovia. Marci Ryvicker – Wachovia: Thank you. Good afternoon. I have a couple of questions. The first one, anything you can tell us about retransmission consent negotiations, any conversations with Univision that you can share?

As you know, we are lined with Univision on the retransmission negotiations, but at this time there’s nothing to report. And we do have something to report but certainly we’ll be out there with the information. But the negotiations continue. Marci Ryvicker – Wachovia: Okay. And the numbers you gave for political and Reventon, were those net or gross?

Those are net numbers. Marci Ryvicker – Wachovia: Okay. And any expectations or what are your expectations for political in the fourth quarter, for both radio and television?

Well, a couple of things. One, we expect our political revenue in both our television and radio divisions to surpass our performance in 2004. We certainly, as I said in my remarks, the Latino voter continues to become more important to the US political process, and we saw 2 million more Latino voters in this cycles than we saw four years ago. And the key states we operate in, Nevada, Colorado, Florida, New Mexico, Virginia, because Northern Virginia we reach with our Washington D.C. station, were so important to this year’s presidential election. So we expect not only this year to be a big success for us but also in the years to come.

Specifically, we finished fourth quarter which was mostly all October with the half week here in November at $1.2 million net on the radio and I believe the number is 3.1 on the TV on the net. Marci Ryvicker – Wachovia: All right, I have one last question, Walter. Did you say that September radio revenue was down 17%?

Yes, I did. Marci Ryvicker – Wachovia: Is there a reason for that?

No, I just saw the fact that we are in a very tough environment. We certainly saw – it’s a tough – as difficult as the first half of the year was, the second half has been even more difficult and we saw things tighten up in July and August and certainly more difficult in September. Marci Ryvicker – Wachovia: Okay, thank you very much.

But automotive was obviously the category there in terms of decline, as well as retail. Marci Ryvicker – Wachovia: Okay, thank you.

Our next question comes from Lee Westerfield at BMO Capital. Lee Westerfield – BMO Capital Markets: All right, thanks gentlemen and good evening. Three questions from me. First directed to Chris. Chris, can you walk us through how the leverage ratio is calculated and more specifically remind the audience and myself as to what the listening agreement speculate [ph] in terms of your flexibility to buy back shares and at what leverage levels? I was struck that you commented that you bought back stock in October for instance. Second question is Philip, if this is a Philip question, but if you can elaborate on the PPM impact which you went in to the prepared remarks. Anyway, in Los Angeles, because if I understood the comments right, you may have represented substantially all of the Hispanic listenership gross as a matter of cume in any way in Los Angeles. I’m not sure about the precise number but I just want to understand how you observe the PPM impacting not only the cume listenership but also your revenue on a go forward basis. And then Walter, I guess my question is this one, I think you commented that automotive in Q3 was down 34% and I think I heard you say, I’m sorry if I mistook it, in that October generally is down at low single-digits, of course that includes political. I wonder if you can, both in the third quarter, comment on things other than automotive and relatedly in October, if you could comment on how October had faired without political advertising? Thanks.

We've got a lot to cover here, so I’ll cover your first questions first. Our trailing 12 months EBITDA at the end of September 30 was $82.4 million. We have total debt of $473 million. We calculate the leverage as per our bank agreements that comes up to leverage of 5.46. That is against a senior leverage covenant of 5.75 and a total leverage covenant of seven times. Our ability to buy back our shares is predicated on – or as allowed for in our credit agreement, basically as long as on annual basis, we are under five times annual cash flow, we are allowed to continue with share repurchases. And at the senior leverage covenant, just to give a little more color behind that, the covenant currently at September 30, 2008 is 5.75 times. That ratchets down by two steps to 5.25 times at 12/31/2008.

And good afternoon Lee, this is Philip. Basically cume is up; times spent listening is down. That is pretty consistent with electronic measurement, where diaries [ph] prior to the PPM currency going live here in October and we faired extremely well. Here in Los Angeles where there is Spanish contemporary stations KSSE-FM, we are up October over September, if we look at persons 18 to 34 which is really our key demo, average share we are up to 4.9. That’s a close third in Spanish language radio stations ranking from a 2.9, so that is a 69% change up for the better on the PPM, again, since this became currency just this past month. We are very pleased thus far with the LA results on the PPM.

Lee, with regards to the categories, I believe in Q3 and how they performed. As I indicated in television, automotive category was down 34%, services were down 5%, telecom was flat, fast food was up 3%, retail was up 4%, and travel and leisure was down 3%. So that is a snapshot of our TV business. And in our radio division, automotive was also down 34%, services were up 6%, travel and leisure down 17%, retail down 25%, and alcohol beverages down 2%, with fast food and restaurants up 22%. Lee Westerfield – BMO Capital Markets: And October?

Well, the only category that we had time to do any work on for October was automotive, so I believe Lee Westerfield – BMO Capital Markets: I guess I’m just trying to get a feel, maybe we will take it offline, (inaudible) what nonpolitical advertising might have done in the month of October, that is the only thing I’m trying to get a feeling for. And in fair effect [ph] as far as calculation, we can move on.

First of all, there is very little visibility recently. I think as we said earlier, there is a lot – we saw back half of October a few cancellations but that's slowed down now that people seen the election over as of yesterday. And we just received two sizable unforecasted orders, one for Ford and one from Mervin, and both of those were unforecasted. So it’s a rollercoaster but it is a lot of the same we are seeing. It is a little difficult to project fourth quarter based on October because you had so much political. And as you know and everyone knows that a lot of traditional advertisers take a hiatus. They don’t want to deal with the higher rates, they don’t want to deal with the lower availabilities, and they fear the clutter. And we saw a lot of traditional advertisers cut back during October because of that political spending and they did not want to be in that fray. So it is difficult. But we are seeing – the similar slowdown on the auto side, particularly as Walter mentioned on the domestic. We are down significantly on domestic both TV and radio. Inboards [ph] were down but not nearly as much and it was mainly driven by GM and Dodge. And that is continuing, that has continued into October. We probably won't see relief there. We just looked at the October sales numbers and they were down 34%, 35% overall for new cars sold. So telecom is relatively flat. We are getting good spending out of cricket in both TV and radio. There are two big advertisers for us. One big advertiser for both mediums and now spending more than Verizon and twice out of AT&T. Financial was very positive for us in Q3 and then boom, WaMu went away and so that was a little bit strained in October. I think Walter mentioned FSR was up big, fast service restaurants, but they pulled back in October again because of what I mentioned with the fear of the clutter and the higher pricing. So October is a difficult one to judge the whole quarter on. Lee Westerfield – BMO Capital Markets: Gentlemen, that’s helpful color, I appreciate it.

You’re welcome.

(Operator instructions) We’re going to take Linda Karn from Credit Suisse. Linda Karn – Credit Suisse: Thank you. Could you just tell us what the status of the amendment is for the bank group? I believe you had the amendment out to buyback the bank debt at a discount.

That is right, we did. The amendment was approved. Linda Karn – Credit Suisse: Okay.

So, the amendment allows us to go back in the secondary market and repurchase our term loan debt for face value of up to $75 million and we have until December 31 of next year to do so and it was approved. Linda Karn – Credit Suisse: Okay. And in terms of the calculation for the covenant, how much cash were you allowed to net back?

We are allowed to net back $20 million against our debt tolls. Linda Karn – Credit Suisse: Okay and any restructuring costs that can be added to the EBITDA number?

Restructuring cost with regard to? Linda Karn – Credit Suisse: Well, if you – like an annualized number for any cost savings that you are putting in place from layoffs or any other charges?

No because there is no head backs that we are allowed to call for in the credit agreement. Linda Karn – Credit Suisse: Okay, thank you.

Thank you.

Our next question comes from Jessica Ford [ph] of Western Group [ph]. Jessica Ford – Western Group: Hi just wanted to confirm, you said that the leverage step down, the senior leverage step downed 5.25 for Q4 and that the current leverage for the credit agreement was 5.46?

That’s correct. 5.6 as of the end of September, then it does step down to 5.25. Jessica Ford – Western Group: And given your – you did not provide specific guidance, but giving your tone on Q4, do you expect there to be a default?

I do not expect there to be a default, no, not at all. Jessica Ford – Western Group: Or is that the purpose of the prepayment amendment?

No. The purpose of the amendment was simply to take advantage of the secondary market when the price of our term loan trading in the high 60s and low 70s and we have ample cash in the balance sheet, then go ahead and take advantage of such prices. We felt that was in our best interest to do so. Jessica Ford – Western Group: Great, thank you.

Thank you.

Our next question comes from Paul Fitzpatrick [ph] at DC Bank [ph]. Paul Fitzpatrick – DC Bank: I just wanted to confirm that the charge for the impairment, any cash component to that at all or is it all non-cash?

Paul, there is no cash component to the impairment. Paul Fitzpatrick – DC Bank: Very good, thank you.

Thank you.

Our next question comes from Troy Isaacson [ph] from Princeton Advisory Group. Troy Isaacson – Princeton Advisory Group: Thank you, just two quick questions. One, is there a large difference between the adjusted EBITDA and (inaudible)?

Hello, we can’t hear you on this side, I’m sorry. Would you mind speaking up? Troy Isaacson – Princeton Advisory Group: Okay, how’s that?

A little better. Troy Isaacson – Princeton Advisory Group: Sorry about that.

Try it again. Troy Isaacson – Princeton Advisory Group: I’m just trying to get an idea, the adjusted EBITDA that’s reported on your 10-K, is that materially different than what your actual EBITDA is?

No. Troy Isaacson – Princeton Advisory Group: I'm just trying to get an idea of what the adjustment is.

You are talking about the adjustment, adjusted EBITDA as far as the 10-K versus what is calculated in our credit agreement? Troy Isaacson – Princeton Advisory Group: Correct. Or is there a lot of adjustment in that? I guess I’m just trying to get an idea of why you wouldn't just report EBITDA as opposed to your adjusted EBITDA. Are they basically the same number?

Our EBITDA as we report in our credit agreement and the EBITDA in the 10-K are identical. So when we say adjusted, the only thing we are talking about – the primary we are talking about as far as adjustment is concerned, there is a non-cash syndication amortization expense that we pull out of EBITDA and that is really the driving force behind what we define as adjusted. That is really it. Troy Isaacson – Princeton Advisory Group: Okay, now that helps, I just want to get the clarification. Also, I was wondering if you could tell us what is the implication if the Televisa and Univision legal disposition does not go in Univision’s favor? You guys have other avenues for programming?

We believe – we have said this before and we continue to believe that the parties, both Univision and Televisa, were called to reach a settlement but if – we have a long-term affiliation contract with Univision and we are confident that whatever the outcome of the Televisa litigation they will continue to supply us with the best Spanish language programming available. Troy Isaacson – Princeton Advisory Group: Thank you.

(Operator instructions) There appear to be no further questions. I would now like to turn the call back over to management.

Thank you, Amy. Ladies and gentlemen, this concludes our third quarter earnings call. We look forward to speaking to all of you in the first quarter of 2009 when we will report our fourth quarter results as well as our 2008 grand results. Thank you for participating.

That does conclude today’s event. Thank you for participating in the Entravision Communications Corporation conference call. You may now disconnect.