Entravision Communications Corporation (NYSE: EVC) announced that Andrew Hobson and Michael Wortsman have stepped down from Entravision's Board of Directors. Messrs. Hobson and Wortsman, both serving on Entravision's Board as representatives of Univision Communications Inc. (NYSE: UVN), have resigned to avoid any potential conflict of interest arising out of Univision's pending acquisition of Hispanic Broadcasting Corporation.
Walter Ulloa, Chairman and Chief Executive Officer of Entravision, commented, "This is a decision that serves the best interests of both companies and we are grateful for the service that Andy and Mike have provided our company. Going forward, our affiliate relationship with Univision remains solid. With our exclusive 25 year affiliation agreements and base of 22 Univision and 15 Telefutura television affiliates, Entravision is a critical part of the Univision affiliate group. We look forward to continuing to work with Univision in providing our markets with the nation's top-rated
Spanish-language television programming."
A. Jerrold Perenchio, Chairman and Chief Executive Officer of Univision, said, "Entravision is a strong affiliate partner that is committed to providing the highest quality news and entertainment content to Spanish speaking audiences in the nation's fastest growing Hispanic markets. As our largest affiliate owner, Entravision will continue to be instrumental in the success of both of our networks. While we will step down from the Board, we
will maintain our equity interest in the company."