Entravision is a media and advertising technology company with two distinct businesses. The first is a Spanish-language broadcast media operation in the U.S., built around 47 TV stations and 44 radio stations concentrated in high-density Latino markets. The TV business centers on being the largest affiliate group of TelevisaUnivision's Univision and UniMás networks, broadcasting across 21 markets. Entravision sells advertising directly to local and national advertisers targeting the U.S. Latino population, and also earns retransmission fees from cable and satellite distributors, cyclical political ad revenue, and network audio revenue from exclusive Spanish-language NFL and FIFA World Cup radio rights. The second business is an advertising technology platform, operating primarily through the Smadex brand — a proprietary demand-side platform (DSP) that helps mobile app developers acquire users globally. Smadex uses AI to buy mobile ad inventory programmatically in real time, charging clients a performance fee and capturing the spread over its media costs. The Adwake brand operates similarly but uses third-party DSPs rather than a proprietary platform. ATS accounts for roughly 61% of revenue, with Media at roughly 39%. Entravision is growing ATS by expanding Smadex's AI capabilities and geographic reach, and extending into connected TV and retargeting. In Media, Entravision is investing in local digital sales teams, local news production, and independent networks to reduce reliance on TelevisaUnivision affiliation.