Entravision Communications has evolved far beyond its legacy U.S. Hispanic radio and TV business. Today, ~80% of its revenue comes from international digital advertising, where it serves as a local execution partner for global platforms like Meta, TikTok (ByteDance), and Google.
This business model makes Entravision a rare, publicly traded asset that:
- Grows with digital ad penetration in emerging markets (where traditional players like WPP or Omnicom have little reach),
- Offers tech-like gross margins (35%+) and strong cash generation,
- Requires little capex, and has zero net debt,
- Trades at ~4x free cash flow, and
- Still pays a 6% dividend, despite market neglect.
While U.S. media remains a drag, it is shrinking rapidly (now <20% of revenue), and management could unlock value by divesting or spinning it off.
This is a “boring compounder in disguise”: misunderstood, globally diversified, with low customer concentration, and a clean balance sheet — an ideal value target for patient capital.
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