Entravision Communications Corporation (NYSE: EVC) announced today that it has acquired the remaining 50% interest in Lotus Entravision Reps (LER), a national sales rep firm representing more than 156 Spanish-language radio stations, from Lotus Communications Corp. Specific terms of the transaction were not disclosed.
As a result of the transaction, LER will become a consolidated and wholly-owned subsidiary of Entravision. LER's normal business operations will not be affected by the transaction, and it will continue to act as the national sales force for all radio stations in its current portfolio, under the continued direction of Phillip Woodie, President of LER.
"We are extremely pleased to have reached an agreement to acquire complete ownership of LER," stated Walter F. Ulloa, Chairman and Chief Executive Officer of Entravision. "LER has a strong market position and deep relationships with many of the nation's leading advertisers and agencies. LER has a proven track record and attractive growth profile given the rapidly expanding U.S. Hispanic population and the continued recovery in the advertising market."
LER was formed in 2001 and is the exclusive national sales force for 156 stations that serve U.S. Hispanic markets. The LER station lineup reaches approximately 68% of the U.S. Hispanic market. It specializes in the national representation of Spanish-language media with an emphasis on radio, online and mobile platforms. LER hosts one of the largest national advertising sales forces representing over 156 Spanish-language radio stations in 36 of the top 50 U.S. Hispanic markets. LER's portfolio of media partners includes industry leading broadcasters Entravision Communications, Corporation, Lotus Communications, Border Media Partners, Adelante Media Group, Lazer Broadcasting, MVS, Tejas Broadcasting, The Imagen Group, and a number of independent broadcasters. LER has regional offices around the country.