Exhibit 99.1

ENTRAVISION COMMUNICATIONS CORPORATION
CONSOLIDATED BALANCE SHEETS
December 31, 2003 and 2002
(In thousands, except share and per share data)

|                                                                                         |                                                                                                                                                                                                                  | 2003                       |           | 2002      |          
|---------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------- | --------- | --------- | ---------
|ASSETS                                                                                   |                                                                                                                                                                                                                  |                            |           |           |          
|Current assets                                                                           |                                                                                                                                                                                                                  |                            |           |           |          
|                                                                                         | Cash and cash equivalents                                                                                                                                                                                        |                            | $         | 19,806    |          
|                                                                                         | Trade receivables (including related parties of $795 and $250), net of allowance for doubtful accounts of $4,749 and $3,728                                                                                      |                            |           | 49,518    |          
|                                                                                         | Assets held for sale                                                                                                                                                                                             |                            |           | 34,683    |          
|                                                                                         | Prepaid expenses and other current assets (including related parties of $1,650 and $972)                                                                                                                         |                            |           | 5,823     |          
|                                                                                         | Deferred taxes                                                                                                                                                                                                   |                            |           |          |          
|                                                                                         |                                                                                                                                                                                                                  |                            |           |           |          
|                                                                                         |                                                                                                                                                                                                                  | Total current assets       |           |           | 109,830  
|Property and equipment, net                                                              |                                                                                                                                                                                                                  |                            | 170,624   |           |          
|Intangible assets subject to amortization, net                                           |                                                                                                                                                                                                                  |                            | 144,903   |           |          
|Intangible assets not subject to amortization                                            |                                                                                                                                                                                                                  |                            | 862,670   |           |          
|Goodwill                                                                                 |                                                                                                                                                                                                                  |                            | 379,545   |           |          
|Other assets (including related parties of $277 and $340)                                |                                                                                                                                                                                                                  |                            | 19,396    |           |          
|                                                                                         |                                                                                                                                                                                                                  |                            |           |           |          
|                                                                                         |                                                                                                                                                                                                                  | $                          | 1,686,968 |           | $        
|                                                                                         |                                                                                                                                                                                                                  |                            |           |           |          
|LIABILITIES, MANDATORILY REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY |                                                                                                                                                                                                                  |                            |           |           |          
|Current liabilities                                                                      |                                                                                                                                                                                                                  |                            |           |           |          
|                                                                                         | Current maturities of long-term debt                                                                                                                                                                             |                            | $         | 1,191     |          
|                                                                                         | Advances payable, related parties                                                                                                                                                                                |                            |           | 118       |          
|                                                                                         | Accounts payable and accrued expenses (including related parties of $2,261 and $1,772)                                                                                                                           |                            |           | 26,568    |          
|                                                                                         | Liabilities held for assignment                                                                                                                                                                                  |                            |           |          |          
|                                                                                         |                                                                                                                                                                                                                  |                            |           |           |          
|                                                                                         |                                                                                                                                                                                                                  | Total current liabilities  |           |           | 27,877   
|Notes payable, less current maturities                                                   |                                                                                                                                                                                                                  |                            | 376,424   |           |          
|Other long-term liabilities                                                              |                                                                                                                                                                                                                  |                            | 397       |           |          
|Deferred taxes                                                                           |                                                                                                                                                                                                                  |                            | 124,000   |           |          
|                                                                                         |                                                                                                                                                                                                                  |                            |           |           |          
|                                                                                         |                                                                                                                                                                                                                  | Total liabilities          |           |           | 528,698  
|                                                                                         |                                                                                                                                                                                                                  |                            |           |           |          
|Commitments and contingencies                                                            |                                                                                                                                                                                                                  |                            |           |           |          
|                                                                                         | Series A mandatorily redeemable convertible preferred stock, $0.0001 par value, 11,000,000 shares authorized; shares issued and outstanding 2003 and 2002 5,865,102 (liquidation value of $118,865 and $109,553) |                            |           | 112,269   |          
|                                                                                         |                                                                                                                                                                                                                  |                            |           |           |          
|Stockholders' equity                                                                     |                                                                                                                                                                                                                  |                            |           |           |          
|                                                                                         | Preferred stock, $0.0001 par value, 39,000,000 shares authorized; shares issued and outstanding Series U convertible preferred stock, 2003 369,266; 2002 none                                                    |                            |           |          |          
|                                                                                         | Class A common stock, $0.0001 par value, 260,000,000 shares authorized; shares issued and outstanding 2003 59,434,048; 2002 70,450,367                                                                           |                            |           | 6         |          
|                                                                                         | Class B common stock, $0.0001 par value, 40,000,000 shares authorized; shares issued and outstanding 2003 and 2002 27,678,533                                                                                    |                            |           | 3         |          
|                                                                                         | Class C common stock, $0.0001 par value, 25,000,000 shares authorized; shares issued and outstanding 2003 none; 2002 21,983,392                                                                                  |                            |           |          |          
|                                                                                         | Additional paid-in capital                                                                                                                                                                                       |                            |           | 1,182,978 |          
|                                                                                         | Deferred compensation                                                                                                                                                                                            |                            |           |          |          
|                                                                                         | Accumulated deficit                                                                                                                                                                                              |                            |           | (136,986  | )        
|                                                                                         |                                                                                                                                                                                                                  |                            |           |           |          
|                                                                                         |                                                                                                                                                                                                                  |                            | 1,046,001 |           |          
|                                                                                         | Treasury stock, Class A common stock, $0.0001 par value, 2003 and 2002 5,101 shares                                                                                                                              |                            |           |          |          
|                                                                                         |                                                                                                                                                                                                                  |                            |           |           |          
|                                                                                         |                                                                                                                                                                                                                  | Total stockholders' equity |           |           | 1,046,001
|                                                                                         |                                                                                                                                                                                                                  |                            |           |           |          
|                                                                                         |                                                                                                                                                                                                                  | $                          | 1,686,968 |           | $        
|                                                                                         |                                                                                                                                                                                                                  |                            |           |           |          

F-1

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ENTRAVISION COMMUNICATIONS CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
Years ended December 31, 2003, 2002 and 2001
(In thousands, except share and per share data)

|                                                                                |                                                                                                                                                                                                          | 2003                                                                      |             | 2002    |         | 2001        |        
|------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------- | ----------- | ------- | ------- | ----------- | -------
|Net revenue (including related parties of $1,219, $1,229, and $1,519)           |                                                                                                                                                                                                          | $                                                                         | 237,956     |         | $       | 218,450     |        
|                                                                                |                                                                                                                                                                                                          |                                                                           |             |         |         |             |        
|Expenses:                                                                       |                                                                                                                                                                                                          |                                                                           |             |         |         |             |        
|                                                                                | Direct operating expenses (including related parties of $11,560, $10,926 and $5,555)                                                                                                                     |                                                                           |             | 106,961 |         |             | 100,324
|                                                                                | Selling, general and administrative expenses                                                                                                                                                             |                                                                           |             | 50,091  |         |             | 45,823 
|                                                                                | Corporate expenses (including related party reimbursements of $2,000, $0 and $0)                                                                                                                         |                                                                           |             | 14,298  |         |             | 15,300 
|                                                                                | Loss (gain) on sale of assets                                                                                                                                                                            |                                                                           |             | 945     |         |             | 707    
|                                                                                | Non-cash stock-based compensation (includes direct operating of $113, $299 and $299; selling, general and administrative of $149, $397 and $397; and corporate of $920, $2,246 and $2,547)               |                                                                           |             | 1,182   |         |             | 2,942  
|                                                                                | Depreciation and amortization (includes direct operating of $37,088, $33,774 and $72,334; selling, general and administrative of $5,128, $5,219 and $43,521; and corporate of $1,468, $1,656 and $2,982) |                                                                           |             | 43,684  |         |             | 40,649 
|                                                                                |                                                                                                                                                                                                          |                                                                           |             |         |         |             |        
|                                                                                |                                                                                                                                                                                                          |                                                                           | 217,161     |         |         | 205,745     |        
|                                                                                |                                                                                                                                                                                                          |                                                                           |             |         |         |             |        
|                                                                                |                                                                                                                                                                                                          | Operating income (loss)                                                   |             |         | 20,795  |             |        
|Interest expense                                                                |                                                                                                                                                                                                          |                                                                           | (26,892     | )       |         | (24,913     | )      
|Interest income                                                                 |                                                                                                                                                                                                          |                                                                           | 145         |         |         | 150         |        
|                                                                                |                                                                                                                                                                                                          |                                                                           |             |         |         |             |        
|                                                                                |                                                                                                                                                                                                          | Loss before income taxes                                                  |             |         | (5,952  | )           |        
|Income tax benefit (expense)                                                    |                                                                                                                                                                                                          |                                                                           | (968        | )       |         | 122         |        
|                                                                                |                                                                                                                                                                                                          |                                                                           |             |         |         |             |        
|                                                                                |                                                                                                                                                                                                          | Loss before equity in net earnings of nonconsolidated affiliates          |             |         | (6,920  | )           |        
|Equity in net earnings of nonconsolidated affiliates                            |                                                                                                                                                                                                          |                                                                           | 316         |         |         | 213         |        
|                                                                                |                                                                                                                                                                                                          |                                                                           |             |         |         |             |        
|Loss before discontinued operations                                             |                                                                                                                                                                                                          |                                                                           | (6,604      | )       |         | (11,723     | )      
|                                                                                |                                                                                                                                                                                                          | Gain on disposal of discontinued operations, net of tax $6,300, $0 and $0 |             |         | 9,346   |             |        
|                                                                                |                                                                                                                                                                                                          | Income (loss) from discontinued operations, net of tax $(13), $32 and $0  |             |         | (475    | )           |        
|                                                                                |                                                                                                                                                                                                          |                                                                           |             |         |         |             |        
|Net income (loss)                                                               |                                                                                                                                                                                                          |                                                                           | 2,267       |         |         | (10,645     | )      
|                                                                                |                                                                                                                                                                                                          | Accretion of preferred stock redemption value                             |             |         | (11,348 | )           |        
|                                                                                |                                                                                                                                                                                                          |                                                                           |             |         |         |             |        
|Net loss applicable to common stockholders                                      |                                                                                                                                                                                                          | $                                                                         | (9,081      | )       | $       | (20,846     | )      
|                                                                                |                                                                                                                                                                                                          |                                                                           |             |         |         |             |        
|Net loss per share from continuing operations applicable to common stockholders |                                                                                                                                                                                                          | $                                                                         | (0.16       | )       | $       | (0.18       | )      
|Net income per share from discontinued operations                               |                                                                                                                                                                                                          |                                                                           | 0.08        |         |         | 0.01        |        
|                                                                                |                                                                                                                                                                                                          |                                                                           |             |         |         |             |        
|Net loss per share, basic and diluted                                           |                                                                                                                                                                                                          | $                                                                         | (0.08       | )       | $       | (0.18       | )      
|                                                                                |                                                                                                                                                                                                          |                                                                           |             |         |         |             |        
|Weighted average common shares outstanding, basic and diluted                   |                                                                                                                                                                                                          |                                                                           | 112,611,511 |         |         | 119,110,908 |        
|                                                                                |                                                                                                                                                                                                          |                                                                           |             |         |         |             |        

F-2

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ENTRAVISION COMMUNICATIONS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years ended December 31, 2003, 2002 and 2001
(In thousands)

|                                                                         |                                                                                                  | 2003                                                                               |                                                                                 | 2002                                                 |        | 2001   |         
|------------------------------------------------------------------------ | ------------------------------------------------------------------------------------------------ | ---------------------------------------------------------------------------------- | ------------------------------------------------------------------------------- | ---------------------------------------------------- | ------ | ------ | --------
|Cash flows from operating activities:                                    |                                                                                                  |                                                                                    |                                                                                 |                                                      |        |        |         
|                                                                         | Net income (loss)                                                                                |                                                                                    | $                                                                               | 2,267                                                |        | $      | (10,645 
|                                                                         | Adjustments to reconcile net income (loss) to net cash provided by operating activities:         |                                                                                    |                                                                                 |                                                      |        |        |         
|                                                                         |                                                                                                  | Depreciation and amortization                                                      |                                                                                 |                                                      | 43,684 |        |         
|                                                                         |                                                                                                  | Deferred income taxes                                                              |                                                                                 |                                                      | 5,813  |        |         
|                                                                         |                                                                                                  | Amortization of debt issue costs                                                   |                                                                                 |                                                      | 2,104  |        |         
|                                                                         |                                                                                                  | Amortization of syndication contracts                                              |                                                                                 |                                                      | 555    |        |         
|                                                                         |                                                                                                  | Equity in net earnings of nonconsolidated affiliates                               |                                                                                 |                                                      | (316   | )      |         
|                                                                         |                                                                                                  | Non-cash stock-based compensation                                                  |                                                                                 |                                                      | 1,182  |        |         
|                                                                         |                                                                                                  | (Gain) loss on sale of media properties and other assets                           |                                                                                 |                                                      | (8,401 | )      |         
|                                                                         |                                                                                                  | Changes in assets and liabilities, net of effect of acquisitions and dispositions: |                                                                                 |                                                      |        |        |         
|                                                                         |                                                                                                  |                                                                                    | Increase in accounts receivable                                                 |                                                      |        | (485   | )       
|                                                                         |                                                                                                  |                                                                                    | Increase in prepaid expenses and other assets                                   |                                                      |        | (7,466 | )       
|                                                                         |                                                                                                  |                                                                                    | Increase (decrease) in accounts payable, accrued expenses and other liabilities |                                                      |        | 1,078  |         
|                                                                         |                                                                                                  | Effect of discontinued operations                                                  |                                                                                 |                                                      | 493    |        |         
|                                                                         |                                                                                                  |                                                                                    |                                                                                 |                                                      |        |        |         
|                                                                         |                                                                                                  |                                                                                    |                                                                                 | Net cash provided by operating activities            |        |        | 40,508  
|Cash flows from investing activities:                                    |                                                                                                  |                                                                                    |                                                                                 |                                                      |        |        |         
|                                                                         | Proceeds from sale of discontinued operations, land and equipment                                |                                                                                    |                                                                                 | 18,348                                               |        |        | 1,372   
|                                                                         | Purchases of property and equipment and intangibles                                              |                                                                                    |                                                                                 | (122,853                                             | )      |        | (128,559
|                                                                         |                                                                                                  |                                                                                    |                                                                                 |                                                      |        |        |         
|                                                                         |                                                                                                  |                                                                                    |                                                                                 | Net cash used in investing activities                |        |        | (104,505
|                                                                         |                                                                                                  |                                                                                    |                                                                                 |                                                      |        |        |         
|Cash flows from financing activities:                                    |                                                                                                  |                                                                                    |                                                                                 |                                                      |        |        |         
|                                                                         | Proceeds from issuance of common stock                                                           |                                                                                    |                                                                                 | 1,021                                                |        |        | 3,269   
|                                                                         | Principal payments on notes payable                                                              |                                                                                    |                                                                                 | (31,571                                              | )      |        | (208,453
|                                                                         | Proceeds from borrowing on notes payable                                                         |                                                                                    |                                                                                 | 103,000                                              |        |        | 299,011 
|                                                                         | Payments of deferred debt and offering costs                                                     |                                                                                    |                                                                                 | (848                                                 | )      |        | (8,038  
|                                                                         |                                                                                                  |                                                                                    |                                                                                 |                                                      |        |        |         
|                                                                         |                                                                                                  |                                                                                    |                                                                                 | Net cash provided by financing activities            |        |        | 71,602  
|                                                                         |                                                                                                  |                                                                                    |                                                                                 |                                                      |        |        |         
|                                                                         |                                                                                                  |                                                                                    |                                                                                 | Net increase (decrease) in cash and cash equivalents |        |        | 7,605   
|Cash and cash equivalents:                                               |                                                                                                  |                                                                                    |                                                                                 |                                                      |        |        |         
|                                                                         | Beginning                                                                                        |                                                                                    |                                                                                 | 12,201                                               |        |        | 18,336  
|                                                                         |                                                                                                  |                                                                                    |                                                                                 |                                                      |        |        |         
|                                                                         | Ending                                                                                           |                                                                                    | $                                                                               | 19,806                                               |        | $      | 12,201  
|                                                                         |                                                                                                  |                                                                                    |                                                                                 |                                                      |        |        |         
|Supplemental disclosures of cash flow information:                       |                                                                                                  |                                                                                    |                                                                                 |                                                      |        |        |         
|                                                                         | Cash payments for:                                                                               |                                                                                    |                                                                                 |                                                      |        |        |         
|                                                                         |                                                                                                  | Interest                                                                           |                                                                                 | $                                                    | 24,787 |        | $       
|                                                                         |                                                                                                  |                                                                                    |                                                                                 |                                                      |        |        |         
|                                                                         |                                                                                                  | Income taxes                                                                       |                                                                                 | $                                                    | 1,699  |        | $       
|                                                                         |                                                                                                  |                                                                                    |                                                                                 |                                                      |        |        |         
|Supplemental disclosures of non-cash investing and financing activities: |                                                                                                  |                                                                                    |                                                                                 |                                                      |        |        |         
|                                                                         | Property and equipment acquired under capital lease obligations and included in accounts payable |                                                                                    | $                                                                               | 942                                                  |        | $      | 270     
|                                                                         | Note receivable from disposal of discontinued operations                                         |                                                                                    | $                                                                               | 1,900                                                |        | $      |        
|                                                                         | Issuance of Class A common shares for:                                                           |                                                                                    |                                                                                 |                                                      |        |        |         
|                                                                         |                                                                                                  | Partial payment for Big City Radio stations                                        |                                                                                 | $                                                    | 37,785 |        | $       
|                                                                         |                                                                                                  | Repayment of note payable and related accrued interest payable                     |                                                                                 | $                                                    |       |        | $       
|                                                                         | Purchase accounting adjustments for deferred taxes                                               |                                                                                    | $                                                                               |                                                     |        | $      | 13,136  
|                                                                         | Tax benefit of exercise of options granted in business combinations                              |                                                                                    | $                                                                               | 23                                                   |        | $      | 1,190   

F-3

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