Letter Agreement



 EXHIBIT 10.18 
  
  
 February 11, 2004 
  
  
 Personal and
Confidential 
  
 Christopher T. Young 
 53-17 Vernon Boulevard 
 Long Island City, New York 11101 
  
 Dear Chris: 
  
 This letter will confirm the terms of your employment with Entravision Communications Corporation (“Entravision”) as the President
and Chief Financial Officer of Entravision’s Outdoor Division for calendar year 2004. Notwithstanding the date of this letter above, the terms of this letter will be effective as of February 17, 2004. 
  
 As President and Chief Financial Officer of the Outdoor Division, you will be located in our
Long Island City office reporting to Entravision’s Chief Executive Officer and its President and Chief Operating Officer. 
  
 2004 Compensation 
  

	 	1.	Your compensation will be comprised of an annual base salary of $230,000.00 payable semi-monthly in accordance with Entravision’s normal payroll practices, and subject to
standard withholding. 

  

	 	2.	You will receive a quarterly bonus of $10,000.00 for achieving 115% of the budgeted EBITDA goals for the Outdoor Division, after giving consideration to bad debt (as defined below)
in such quarter. 

  

	 	3.	You will receive an annual bonus of $15,000.00 for achieving 115% of the budgeted EBITDA goals for the Outdoor Division, after giving consideration to bad debt in such year.


  
 Definition of Bad Debt 
  
 All local accounts sold in a given quarter that remain uncollected after ninety (90) days
will be offset against the quarterly bonus calculation in that respective quarter. All national accounts sold in a given quarter that remain uncollected after one hundred twenty (120) days will be offset against the quarterly bonus calculation in
that respective quarter. If any accounts receivable are collected within thirty (30) days following the prior determination of uncollectibility, such 








 
amount will be added back to the quarter from which it was deducted, less any direct expenses incurred by Entravision to collect such amount. 
  
 Right to Adjust Revenue Budget 
  
 During your employment for 2004, Entravision reserves the right in its sole and absolute
discretion to add, change, delete and/or modify your Entravision-approved budget, even if such changes have the net effect of reducing or eliminating any bonus to which you otherwise would have received hereunder. This includes, but is not limited
to, the right to increase budgeted revenue equal to any unexpected incremental revenue gains from political, non-traditional revenue (NTR), or any other business. 
  
 Trade 
  
 Within your 2004 budget, an agreed upon trade amount has been recorded. If the total actual trade amount exceeds the budgeted amount, that amount will be counted against
your broadcast cash flow. 
  
 Capital Expenditures 
  
 Within your 2004 budget, an agreed upon capital expenditure amount has been recorded. All
capital expenditures must be approved by corporate in writing prior to ordering. If the capital expenditure is ordered without prior authorization in writing, the amount purchased will be counted against your broadcast cash flow. 
  
 Violation of Company Policy 
  
 If, in Entravision’s sole judgment, you violate any company policy, including, without
limitation, any policy set forth in the employee handbook, that results in an operating expense to Entravision, any out-of-pocket expenses incurred by Entravision in defending against and/or remedying such violation (including, without limitation,
attorneys fees and the actual amount of any judgment or settlement) will be charged against your quarterly or annual defined sales goals. 
  
 Employee Benefits 
  
 As an existing employee of Entravision, your current employee benefits and time served with us will remain the same. 
  
 Employee Conditions 
  
 Employment with Entravision is “at-will” meaning that either Entravision or you may terminate your employment at any time for any reason whatsoever or for no reason, with or without notice. This letter
merely sets forth the terms of your employment with Entravision for such time during 2004 as you are so employed, and shall not be considered as entitlement to continued employment. 
  

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 Termination of Employment 
  
 Except in the event of termination of your employment with Entravision for cause (as defined below), and subject to execution by you of a
customary release waiving all claims against Entravision arising out of your employment with Entravision and the termination of such employment, Entravision agrees to pay you as severance the sum of $230,000.00, payable in equal installments over a
period of twelve (12) months in accordance with Entravision’s normal payroll practices and subject to standard withholding. “Cause” shall include, but not be limited to, any breach by you of this letter agreement or any failure to
adhere to any Entravision rule, regulation, policy or procedure, including, but not limited to, the rules, regulations, policies or procedures set forth in Entravision’s employee handbook as then in effect. 
  
 This letter supersedes any and all prior agreements with respect to the terms of your
employment with Entravision, whether written and oral, and any such prior agreement is hereby acknowledged to be null and void and of no further force and effect. 
  
 Please acknowledge your agreement with the terms set forth in this letter by signing and dating in the designated spaces below and returning
the original to me by return mail. A copy of this letter is enclosed for your records. 
  
 We thank you for all your hard work and look forward to a prosperous year. If you have any questions, please do not hesitate to contact me. 
  
 Sincerely, 
  
  
 Alexander K. La Brie 
 Vice President, Human
Resources 
  
 ACCEPTED: 
  

					
			
	 /s/    CHRISTOPHER T. YOUNG
	 	 	 	2/16/04
	 Christopher T. Young
	 	 	 	Date

  

	cc:	Walter F. Ulloa 

 Philip C. Wilkinson 
  
  

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