Document:

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                                                                   EXHIBIT 10.20

THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE
ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THE SECURITIES
UNDER SUCH ACT OR OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH
REGISTRATION IS NOT REQUIRED OR UNLESS SOLD PURSUANT TO RULE 144 OF SUCH ACT.

                  ENTRAVISION COMMUNICATIONS COMPANY, L.L.C.
                   SUBORDINATED CONVERTIBLE PROMISSORY NOTE

$90,000,000                                                       April 20, 2000
                                                              New York, New York

     FOR VALUE RECEIVED, Entravision Communications Company, L.L.C., a Delaware
limited liability company (the "Company"), promises to pay to TSG Capital Fund
III, L.P., a Delaware limited partnership (the "Holder"), or its registered
assigns, the principal sum of Ninety Million Dollars ($90,000,000), or such
lesser amount as shall equal the outstanding principal amount hereof, together
with interest from the date of this subordinated convertible promissory note
("Note") on the unpaid principal balance calculated in accordance with Section 2
hereof.  All unpaid principal, together with any then unpaid and accrued
interest and other amounts payable hereunder from the date of this Note as set
forth above (the "Effective Date"), shall be due and payable on the earlier of
(i) the fourth (4/th/) anniversary of the Effective Date, or (ii) when, upon or
after the occurrence of an Event of Default (as defined below), such amounts are
declared due and payable by the Holder or become automatically due and payable
in accordance with Section 4 hereof.  This Note is issued pursuant to the Note
Purchase Agreement (as defined below).  All payments of principal and interest
hereunder shall be made by wire transfer to the account set forth on Schedule
"A" or another bank account designated in writing by Holder.

     1.   Definitions.  As used in this Note, the following capitalized terms
          -----------
have the following meanings:

          (a)  "Company" includes the limited liability company initially
executing this Note and any Person which shall succeed to or assume the
obligations of the Company under this Note.

          (b)  "Certificate" shall mean the First Amended and Restated
Certificate of Incorporation of the Corporation as amended and/or restated and
effective immediately prior to the exchange of this Note.

          (c)  "Change of Control" means the occurrence of any event whereby a
person or group of persons acting in concert (other than current owners) shall
(i) become (whether by merger, consolidation, or transfer, redemption or
issuance of capital stock, limited liability
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company interests, other Equity Securities or otherwise) the beneficial owners
(within the meaning of Rule 13d-3 under the Securities Exchange Act of 1934, as
amended) of securities constituting more than fifty percent (50%) of the
combined voting power of or the economic equity interest in the then-outstanding
Equity Securities of the Company (or any surviving or resulting Person) or (ii)
acquire assets constituting all or substantially all of the assets of the
Company and its subsidiaries on a consolidated basis.

          (d)  "Class A Units" shall mean the Class A Units evidencing a
membership interest in the Company in accordance with the terms of the
Certificate of Formation and operating agreement of the Company, as amended from
time to time.

          (e)  "Corporation" shall mean Entravision Communications Corporation,
a Delaware corporation.

          (f)  "Equity Securities" of any Person shall mean (a) all common
stock, preferred stock, participations, shares, membership or partnership
interests or other equity interests in and of such Person (regardless of how
designated and whether or not voting or non-voting) and (b) all warrants,
options and other rights to acquire any of the foregoing.

          (g)  "Event of Default" has the meaning given in Section 5 hereof.

          (h)  "Holder" shall mean the person specified in the introductory
paragraph of this Note or any Person who shall at the time be the registered
holder of this Note.

          (i)  "Indebtedness" means all amounts owing with respect to
indebtedness for borrowed money (but excluding the deferred purchase price of
property or assets and accounts receivable or similar items arising in the
ordinary course of business).

          (j)  "IPO" means a public offering of common stock of the Corporation,
pursuant to a registration statement that is declared effective under the
Securities Act that results in net proceeds to the Corporation of not less than
Fifty Million Dollars ($50,000,000).

          (k)  "Make-Whole Premium" shall be an additional amount of interest
payable by the Company to the Holder solely in the event of a default pursuant
to Section 5(c) below in an amount equal to the difference between (i) interest
otherwise paid pursuant to the terms of this Note and (ii) an amount equal to a
thirty percent (30%) return, compounded annually, on the principal amount of
this Note for the period between the Effective Date and the date all amounts due
under this Note are paid.

          (l)  "Note Purchase Agreement" shall mean the Note Purchase Agreement
dated April 20, 2000 between the Company and the Holder (as amended, modified or
supplemented from time to time).

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          (m)  "Obligations" shall mean and include all loans, advances, debts,
liabilities and financial obligations, howsoever arising, owed by the Company to
the Holder, now existing or hereafter arising under or pursuant to the terms of
this Note, including, without limitation, all interest, fees, charges, expenses,
and attorneys' fees and costs.

          (n)  "Operating Agreement" shall mean the Operating Agreement of the
Company, as amended from time to time.

          (o)  "Person" shall mean and include an individual, a partnership, a
corporation (including a business trust), a joint stock company, a limited
liability company, an unincorporated association, a joint venture or other
entity or a governmental authority.

          (p)  "Roll-Up" means the closing of that certain exchange transaction
contemplated by the Exchange Agreement dated April 20, 2000, by and among the
Company, its members and Univision Communications, Inc.

          (q)  "Securities Act" shall mean the Securities Act of 1933, as
amended.

          (r)  "Senior Indebtedness" shall mean, unless expressly subordinated
to or made on a parity with the amounts due under this Note, the principal of
(and premium, if any), unpaid interest on and amounts reimbursable, fees,
expenses, costs of enforcement and other amounts due in connection with, (i)
secured or unsecured indebtedness or financial obligation of the Company or its
Subsidiaries, to banks, commercial finance lenders, insurance companies, leasing
or equipment financing institutions or other lending or financial institutions
regularly engaged in the business of lending money or for reimbursement
obligations, or letters of credit (excluding debt that is convertible or
exercisable into equity through venture capital, investment banking or similar
institutions which sometimes engage in lending activities but which are
primarily engaged in investments in equity securities), and (ii) any such
indebtedness or any debentures, notes or other evidence of indebtedness issued
in exchange for such Senior Indebtedness, or (iii) any indebtedness arising from
the satisfaction of such Senior Indebtedness by a guarantor.

          (s)  "Subsidiary" shall mean (a) any corporation of which more than
fifty percent (50%) of the issued and outstanding Equity Securities having
ordinary voting power to elect a majority of the Board of Directors of such
corporation is at the time directly or indirectly owned or controlled by the
Company, (b) any partnership, limited liability company, joint venture, or other
association of which more than fifty percent (50%) of the Equity Securities
having the power to vote, direct or control the management of such partnership,
limited liability company, joint venture or other association is at the time
directly or indirectly owned and controlled by the Company, (c) any other entity
included in the financial statements of the Company on a consolidated basis.

                                      -3-
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          (t)  "Transaction Documents" shall mean this Note and the Note
Purchase Agreement, and any other documents that may be exchanged between the
Company and the Holder in connection with the issuance of the Note.

     2.   Interest.  The interest rate to be applied to the unpaid principal
          --------
balance of this Note shall be eight and one-half percent (8.5%) per annum and
all accrued interest shall be payable annually in cash on each anniversary of
the Effective Date and on each date on which a payment of principal is due
hereunder.  In the event this Note is converted into Class A Units of the
Company or automatically exchanged into Series A Preferred Stock of the
Corporation in accordance with Section 8, all interest accrued under this Note
shall be payable at the option of the Company (or the Corporation) either in
cash or in additional Class A Units or Series A Preferred Stock, valued as set
forth in Section 8 below and shall be paid at the time of conversion or
exchange.  In the event of an occurrence of an Event of Default pursuant to
Section 5(c) below, the Company shall be obligated to pay the Holder additional
interest in an amount equal to the Make-Whole Premium.

     3.   Prepayment.  Upon twenty (20) days prior written notice to the Holder
          ----------
and on a date which is at least twelve (12) months after the Effective Date of
this Note, the Company may prepay this Note in whole or in part, unless the
Holder elects to convert the Note in accordance with Section 8(a) of this Note.
No prepayment of this Note may be made at any time prior to the date twelve (12)
months after the Effective Date.

     4.   Certain Covenants.  While any amount is outstanding under the Note,
          -----------------
without the prior written consent of the Holder:

          (a)  Dividends, Redemptions, Etc.  Neither the Company nor the
Corporation nor any of their Subsidiaries shall (i) pay any dividends or make
any distributions on its Equity Securities; (ii) purchase, redeem, retire,
defease or otherwise acquire for value any of its Equity Securities, other than
the repurchase of shares of common stock under option agreements or restricted
stock purchase agreements with employees, directors or consultants pursuant to
arrangements approved by the Executive Committee of the Company or the Board of
Directors of the Corporation, as the case may be, and in no event shall such
arrangements include the purchase or acquisition of Equity Securities of the
Company or the Corporation held by Walter F. Ulloa, Philip C. Wilkinson, Paul A.
Zevnik or any affiliates or transferees thereof without the prior written
consent of the Holder, which consent shall not be unreasonably withheld; (iii)
return any capital to any holder of its Equity Securities; (iv) make any
distribution of assets to any holder of its Equity Securities; or (v) set apart
any sum for any such purpose; provided, however, that any Subsidiary may pay
cash dividends to the Company.

          (b)  Incur Indebtedness.  The Company or any Subsidiaries shall not
incur any Indebtedness which violates the terms of that certain Amended and
Restated Credit Agreement dated November 10, 1998, as amended from time to time,
between the Company and Union

                                      -4-
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Bank of California, N.A. or any successor agreement with the lead lender upon
refinancing of such debt.

          (c)  Liquidation.  The Company shall not liquidate, dissolve or wind-
up its affairs.

          (d)  Amend Organizational Documents.  The Company shall not amend its
Certificate of Formation or Operating Agreement and the Corporation will not
amend its Certificate of Incorporation or Bylaws in a fashion which will
adversely affect the rights of the Holder of this Note or the holders of the
Series A Preferred Stock issuable upon conversion or exchange of this Note.

          (e)  Amend the Exchange Agreement.  The Company shall not consent to
the amendment of the Exchange Agreement (or the First Restated Certificate of
Incorporation or First Amended and Restated Bylaws of the Corporation attached
as exhibits to the Exchange Agreement) in a fashion which will adversely affect
the rights of the Holder of this Note or the holders of the Series A Preferred
Stock issuable upon conversion or exchange of this Note.

     5.   Events of Default.  The occurrence of any of the following shall
          -----------------
constitute an "Event of Default" under this Note and the other Transaction
Documents.  Promptly upon the occurrence thereof, the Company shall provide the
Holder with written notice of the occurrence of any Event of Default hereunder
or any event of default with respect to any Senior Indebtedness.

          (a)  Failure to Pay.  The Company shall fail to pay (i) when due any
principal payment on the due date hereunder or (ii) any interest or other
payment required under the terms of this Note or any other Transaction Document
on the date due and such failure continues for five (5) days; or

          (b)  Voluntary Bankruptcy or Insolvency Proceedings.  The Company or
any of its Subsidiaries shall (i) apply for or consent to the appointment of a
receiver, trustee, liquidator or custodian of itself or of all or a substantial
part of its property, (ii) be unable, or admit in writing its inability, to pay
its debts generally as they mature, (iii) make a general assignment for the
benefit of its or any of its creditors, (iv) be dissolved or liquidated, (v)
commence a voluntary case or other proceeding seeking liquidation,
reorganization or other relief with respect to itself or its debts under any
bankruptcy, insolvency or other similar law now or hereafter in effect or
consent to any such relief or to the appointment of or taking possession of its
property by any official in an involuntary case or other proceeding commenced
against it, (vii) becomes subject to an involuntary bankruptcy case or other
proceedings seeking liquidation, reorganization or other relief with respect to
itself or its debts under any bankruptcy, insolvency or other similar law now or
hereafter in effect which is not dismissed within ninety (90) days after the
commencement thereof, or (viii) take any action for the purpose of effecting any
of the foregoing; or

                                      -5-
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          (c)  Closing of Roll-Up.  The Company shall fail to close the Roll-Up
by the Interim Closing Deadline, as defined in that certain Acquisition
Agreement and Plan of Merger by and among the Company, the Corporation, ZSPN
Acquisition Corporation, Z-Spanish Media Corporation and its stockholders of
even date herewith (the "Merger Agreement").

     6.   Rights of the Holder Upon Default.  Upon the occurrence or existence
          ---------------------------------
of any Event of Default other than as described in Section 5(b) above, and at
any time thereafter during the continuance of such Event of Default, the Holder
may, by written notice to the Company, declare all outstanding Obligations
payable by the Company hereunder to be immediately due and payable without
presentment, demand, protest or any other notice of any kind, all of which are
hereby expressly waived, anything contained herein or in the other Transaction
Documents to the contrary notwithstanding; provided that if an Event of Default
under Section 5(b) shall occur no declaration or notice by the Holder shall be
necessary and such Event of Default shall occur automatically.  In addition to
the foregoing remedies, upon the occurrence or existence of any Event of
Default, the Holder may exercise any other right, power or remedy granted to it
by the Transaction Documents or otherwise permitted to it by law, either by suit
in equity or by action at law, or both.

     7.   Subordination.  The indebtedness evidenced by this Note is hereby
          -------------
expressly subordinated, to the extent and in the manner hereinafter set forth,
in right of payment to the prior payment in full of all of Senior Indebtedness
of the Company or its Subsidiaries.

          (a)  Insolvency Proceedings.  If there shall occur any receivership,
insolvency, assignment for the benefit of creditors, bankruptcy, reorganization,
or arrangements with creditors (whether or not pursuant to bankruptcy or other
insolvency laws), sale of all or substantially all of the assets, dissolution,
liquidation, or any other marshaling of the assets and liabilities of the
Company, (i) no amount shall be paid by the Company in respect of the principal
of, interest on or other amounts due with respect to this Note at the time
outstanding, unless and until the principal of and interest on the Senior
Indebtedness then outstanding shall be paid in full, and (ii) no claim or proof
of claim shall be filed with the Company by or on behalf of the Holder of this
Note which shall assert any right to receive any payments in respect of the
principal of and interest on all of the Senior Indebtedness then outstanding.

          (b)  Default on Senior Indebtedness.  If there shall occur an event of
default which has been declared in writing with respect to any Senior
Indebtedness, as defined therein, or in the instrument under which it is
outstanding, permitting the holder to accelerate the maturity thereof and the
Holder shall have received written notice thereof from the holder of such Senior
Indebtedness or the Company, then, unless and until such event of default shall
have been cured or waived or shall have ceased to exist, or all Senior
Indebtedness shall have been paid in full, no payment shall be made in respect
of the principal of or interest on this Note.

          (c)  Further Assurances. By acceptance of this Note, the Holder agrees
to execute and deliver customary forms of subordination agreements requested
from time to time by

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the holders of Senior Indebtedness, and as a condition to the Holder's rights
hereunder, the Company may require that Holder execute such forms of
subordination agreements; provided that such forms shall not impose on the
Holder terms less favorable than those provided herein. The Holder undertakes
and agrees for the benefit of the holders of the Senior Indebtedness to execute,
verify, deliver and file any proofs of claim that such holders may at any time
require to prove and realize upon any rights or claims pertaining to the Note
and to effectuate the full benefit of the subordination contained herein. Upon
the failure of the Holder to do so, such holders of Senior Indebtedness shall be
deemed to be irrevocably appointed as the agent and attorney-in-fact of the
Holder to execute, verify, deliver and file any such proofs of claim.

          (d)  No Impairment.  Subject to the rights, if any, of the holders of
Senior Indebtedness under this Section 7 to receive cash, securities or other
properties otherwise payable or deliverable to the Holder, nothing contained in
this Section 7 shall impair, as between the Company and the Holder, the
obligation of the Company, subject to the terms and conditions hereof, to pay to
the Holder the principal hereof and interest hereon as and when the same become
due and payable, or shall prevent the Holder, upon default hereunder, from
exercising all rights, powers and remedies otherwise provided herein or by
applicable law.  The provisions of this Section 7 shall not apply to or in any
manner restrict a conversion or exchange of the Notes under Section 8 hereof.

          (e)  Reliance of the Holders of Senior Indebtedness.  The Holder, by
its acceptance hereof, shall be deemed to acknowledge and agree that the
foregoing subordination provisions are, and are intended to be, an inducement to
and a consideration of each holder of Senior Indebtedness, whether such Senior
Indebtedness was created or acquired before or after the creation of the
Indebtedness evidenced by this Note, and each such holder of Senior Indebtedness
shall be deemed conclusively to have relied on such subordination provisions in
acquiring and holding, or in continuing to hold, such Senior Indebtedness.  A
right of the holders of the Senior Indebtedness to enforce subordination as
herein provided shall not at any time or in any way be affected or impaired by
any failure to act on the part of the Company with the holders of the Senior
Indebtedness, or by any non-compliance by the Company or any of its Subsidiaries
with any of the terms, provisions or covenants of the Transaction Documents,
regardless of any knowledge thereof, the holders of the Senior Indebtedness may
have or otherwise be charged with.

     8.   Conversion.
          ----------

          (a)  Voluntary Conversion.  The Holder has the right, at the Holder's
option at any time following December 31, 2000 (or at any time prior to December
31, 2000, solely in connection with the exercise of the Holder's co-sale rights
pursuant to Section 2.4 of the Investor Rights Agreement), at any time prior to
payment in full of this Note or exchange pursuant to Section 8(b) below to
convert the Note at the office of the Company, into the number of Class A Units
of the Company which is equal to the quotient obtained by dividing (i) the
entire unpaid

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principal amount of this Note by (ii) the Note Conversion Price. For purposes of
this Section 8(a), the "Note Conversion Price" shall be $198.37.

          (b)  Automatic Exchange.  The entire unpaid principal amount of this
Note shall be automatically exchanged into Series A Preferred Stock of the
Corporation concurrently with the closing of the Roll-Up.  The number of shares
of Series A Preferred Stock into which this Note shall be exchanged in the event
of an automatic exchange pursuant to this Section 8(b) shall be equal to the
entire unpaid principal amount of this Note divided by an amount equal to the
lower of (i) 115% of the Entravision Share Consideration (as defined in the
Merger Agreement) or (ii) the greater of ninety three percent (93%) of the price
per share of Class A Common Stock of the Corporation issued in the IPO, or the
Entravision Share Price (as defined in the Merger Agreement).

          (c)  Note Conversion Price Adjustments for Certain Dilutive Issuances,
Splits and Combinations.  The Note Conversion Price shall be subject to
adjustment from time to time as follows:

          (i)  (1)  If the Company shall issue, after the Effective Date,
any Additional Units (as defined below) without consideration or for a
consideration per share less than the Note Conversion Price in effect
immediately prior to the issuance of such Additional Units, the Note Conversion
Price in effect immediately prior to each such issuance shall forthwith (except
as otherwise provided in this clause (i)) be adjusted to a price determined by
multiplying such Note Conversion Price by a fraction, the numerator of which
shall be the number of Units outstanding immediately prior to such issuance plus
the number of Units that the aggregate consideration received by the Company for
such issuance (including Units deemed to be issued pursuant to Sections
8(c)(i)(5)(a) or (b)) would purchase at such Note Conversion Price; and the
denominator of which shall be the number of Units outstanding immediately prior
to such issuance (including Units deemed to be issued pursuant to Sections
8(c)(i)(5)(a) or (b)) plus the number of such Additional Units.

               (2)  No adjustment of the Note Conversion Price shall be made in
an amount less than One Cent ($0.01), provided that any adjustments which are
not required to be made by reason of this sentence shall be carried forward and
shall be either taken into account in any subsequent adjustment made prior to
three (3) years from the date of the event giving rise to the adjustment being
carried forward, or shall be made at the end of three (3) years from the date of
the event giving rise to the adjustment being carried forward. Except to the
limited extent provided for in Sections 8(c)(i)(5)(c) and (5)(d) below, no
adjustment of such Note Conversion Price pursuant to this Section 8(c)(i) shall
have the effect of increasing the Note Conversion Price above the Note
Conversion Price in effect immediately prior to such adjustment.

               (3)  In the case of the issuance of Units for cash, the
consideration shall be deemed to be the amount of cash paid therefor before
deducting any

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reasonable discounts, commissions or other expenses allowed, paid or incurred by
the Company for any underwriting or otherwise in connection with the issuance
and sale thereof.

               (4)  In the case of the issuance of the Units for a consideration
in whole or in part other than cash, the consideration other than cash shall be
deemed to be the fair value thereof as reasonably determined by the Executive
Committee of the Company in good faith irrespective of any accounting treatment.

               (5)  In the case of the issuance (whether before, on or after the
Effective Date) of options to purchase or rights to subscribe for Units,
securities by their terms convertible into or exchangeable for Units or options
to purchase or rights to subscribe for such convertible or exchangeable
securities, the following provisions shall apply for all purposes of this
Section 8(c)(i) and Section 8(c)(ii) below:

                    (a)  The aggregate maximum number of Units deliverable upon
exercise (to the extent then exercisable) of such options to purchase or rights
to subscribe for Units shall be deemed to have been issued at the time such
options or rights were issued and for a consideration equal to the consideration
(determined in the manner provided in Sections 8(c)(i)(3) and 8(c)(i)(4) above),
if any, received by the Company upon the issuance of such options or rights plus
the minimum exercise price provided in such options or rights for the Units
covered thereby.

                    (b)  The aggregate maximum number of Units deliverable upon
conversion of or in exchange (to the extent then convertible or exchangeable)
for any such convertible or exchangeable securities or upon the exercise of
options to purchase or rights to subscribe for such convertible or exchangeable
securities and subsequent conversion or exchange thereof shall be deemed to have
been issued at the time such securities were issued or such options or rights
were issued and for a consideration equal to the consideration, if any, received
by the Company for any such securities and related options or rights (excluding
any cash received on account of accrued interest or accrued dividends), plus the
minimum additional consideration, if any, to be received by the Company upon the
conversion or exchange of such securities or the exercise of any related options
or rights (the consideration in each case to be determined in the manner
provided in Sections 8(c)(i)(3) and 8(c)(i)(4) above).

                    (c)  In the event of any change in the number of Units
deliverable or in the consideration payable to the corporation upon exercise of
such options or rights or upon conversion of or in exchange for such convertible
or exchangeable securities, including, without limitation, a change resulting
from the antidilution provisions thereof, the Note Conversion Price, to the
extent in any way affected by or computed using such options, rights or
securities, shall be recomputed to reflect such change, but no further
adjustment shall be made for the actual issuance of Units or any payment of such
consideration upon the exercise of any such options or rights or the conversion
or exchange of such securities.

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<PAGE>

                    (d)  Upon the expiration of any such options or rights, the
termination of any such rights to convert or exchange or the expiration of any
options or rights related to such convertible or exchangeable securities, the
Note Conversion Price, to the extent in any way affected by or computed using
such options, rights or securities or options or rights related to such
securities, shall be recomputed to reflect the issuance of only the number of
Units (and convertible or exchangeable securities which remain in effect)
actually issued upon the exercise of such options or rights, upon the conversion
or exchange of such securities or upon the exercise of the options or rights
related to such securities.

                    (e)   The number of Units deemed issued and the
consideration deemed paid therefor pursuant to Sections 8(c)(i)(5)(a) and (b)
above shall be appropriately adjusted to reflect any change, termination or
expiration of the type described in either Section 8(c)(i)(5)(c) or (d) above.

         (ii)   "Additional Units" shall mean any Units issued (or deemed to
have been issued pursuant to Section 8(c)(i)(5) above) by the Company after the
Effective Date other than:

                (1) Units issued pursuant to a transaction described in Section
8(c)(iii) below;

                (2) Units issued upon conversion of the Note;

                (3) Units issued to banks, lenders and equipment lessors in
connection with debt financings or equipment leases;

                (4) Units issued for consideration other than cash in connection
with mergers, consolidations, acquisitions of assets and other acquisitions or
strategic transactions with non-affiliated third parties as approved by the
Executive Committee of the Company;

                (5) Units issued to members, Executive Committee members,
officers, employees and consultants pursuant to an equity incentive plan or
arranged approval by the Company's Executive Committee up to a maximum of
fifteen percent (15%) of the equity of the Company on a fully-diluted basis; or

                (6) Units issued by way of dividend or other distribution on
Units for which an adjustment is made under Section 8(c)(iii) below.

          (iii) In the event the Company should at any time or from time to
time after the Effective Date fix a record date for the effectuation of a split
or subdivision of the outstanding Units or the determination of the holders of
Units entitled to receive a dividend or other distribution payable in additional
Units or other securities or rights convertible into, or

                                      -10-
<PAGE>

entitling the holder thereof to receive directly or indirectly, additional Units
(hereinafter referred to as "Unit Equivalents") without payment of any
consideration by such holder for the additional Units or the Unit Equivalents
(including the additional Units issuable upon conversion or exercise thereof),
then, as of such record date (or the date of such dividend, distribution, split
or subdivision if no record date is fixed), the Note Conversion Price shall be
appropriately decreased so that the number of Units issuable on conversion of
the Note shall be increased in proportion to such increase of the aggregate
number of Units outstanding and those issuable with respect to such Unit
Equivalents with the number of Units issuable with respect to Unit Equivalents
determined from time to time in the manner provided for deemed issuances in
Section 8(c)(i)(5) above.

          (iv)  If the number of Units outstanding at any time after the
Effective Date is decreased by a combination of the outstanding Units, then,
following the record date of such combination, the Note Conversion Price shall
be appropriately increased so that the number of Units issuable on conversion of
the Note shall be decreased in proportion to such decrease in outstanding Units.

     (d)  Recapitalizations.  If at any time or from time to time there shall be
a recapitalization, reclassification of the Units, or a merger, transfer,
consolidation or exchange in respect of the Units and does not constitute a
Change in Control (other than a subdivision, combination or merger or sale of
assets transaction provided for elsewhere in this Section 8 or Section 9)
provision shall be made so that the Holders of the Note shall thereafter be
entitled to receive upon conversion of the Note the number of Units or other
securities or property of the Company or otherwise, to which a Holder of Units
deliverable upon conversion would have been entitled on such recapitalization.
In any such case, appropriate adjustment shall be made in the application of the
provisions of this Section 8 with respect to the rights of the Holders of the
Note after the recapitalization to the end that the provisions of this Section 8
(including adjustment of the Note Conversion Price then in effect and the number
of Units purchasable upon conversion of the Note) shall be applicable after that
event as nearly equivalent as may be practicable.

     (e)  Conversion Procedure.

          (i)  Conversion Pursuant to Section 8(a).  Before the Holder shall be
entitled to convert this Note into Class A Units, it shall surrender this Note,
duly endorsed, at the office of the Company and shall give written notice by
registered or certified mail, postage prepaid, to the Company at its principal
corporate office, of the election to convert the same pursuant to Section 8(a),
and shall state therein the name or names in which the Class A Units are to be
issued.  The Company shall, as soon as practicable thereafter, issue the Class A
Units to which the Holder shall be entitled upon conversion.  The conversion
shall be deemed to have been made immediately prior to the close of business on
the date of the surrender of this Note, and the Person or Persons entitled to
receive the Class A Units upon such conversion shall be treated for all purposes
as the record holder or the Holders of such Class A Units as of such date.

                                      -11-
<PAGE>

Upon such conversion, the Holder shall be deemed to be admitted as a member of
the Company concurrently with such conversion, subject to the execution by the
Holder of the Operating Agreement of the Company, as amended, evidencing such
Holder's agreement to be bound by the terms, conditions and restrictions of such
Operating Agreement, as amended. The Company will take all other actions and
execute all other documents as reasonably necessary to admit the Holder as a
member of the Company.

          (ii) Exchange Pursuant to Section 8(b).  If this Note is automatically
exchanged, the Company shall give at least five (5) days written notice which
shall be delivered to the Holder at the address last shown on the records of the
Company for the Holder or given by the Holder to the Company for the purpose of
notice or, if no such address appears or is given, at the place where the
principal executive office of the Company is located, notifying the Holder of
the exchange to be effected, the amount of Series A Preferred Stock to be issued
upon exchange, the date on which such exchange is expected to occur and calling
upon the Holder to surrender to the Company, in the manner and at the place
designated, the Note.  Upon receipt of such notice, the Holder shall surrender
this Note on the date of the Exchange, duly endorsed, at the principal office of
the Company.  At its expense, the Company shall, as soon as practicable
thereafter, issue and deliver to the Holder at such principal office a
certificate or certificates for the Series A Preferred Stock to which the Holder
shall be entitled upon such exchange (bearing such legends as are required by
the Note Purchase Agreement and applicable state and federal securities laws in
the reasonable opinion of counsel to the Company), together with any other
securities and property to which the Holder is entitled upon such exchange under
the terms of this Note, including, without limitation, all accrued and unpaid
interest.  Any exchange of this Note pursuant to Section 8(b) shall be deemed to
have been made immediately prior to the close of business on the date of
surrender of the Note, and on and after such date the Persons entitled to
receive the Series A Preferred Stock issuable upon such exchange shall be
treated for all purposes as the record holder of such Series A Preferred Stock.

     (f)  Fractional Shares; Effect of Conversion or Exchange.  The Company
may, but shall not be obligated to, issue any fractional Class A Units or shares
of Series A Preferred Stock upon conversion or exchange of this Note.  In the
event that the Company elects not to issue fractional shares, the Company shall
round the number of Units or shares to the nearest whole Unit or share, provided
that if such rounding would result in the Holder receiving less than ninety nine
point nine percent (99.9%) of the amount of such Common Stock to which he is
entitled, pursuant to this Section 8, such fractional shall be rounded up to the
next whole Unit or share.

     (g)  No Impairment.  The Company will not, by amendment of its Operating
Agreement or Certificate of Formation or through any reorganization,
recapitalization, transfer of assets, consolidation, merger, dissolution, issue
or sale of Equity Securities or other voluntary action, avoid or seek to avoid
the observance or performance of any of the terms to be observed or performed
hereunder by the Company, but will at all times, in good faith, assist in
carrying out all of the provisions of this Section 8 and the undertaking of all
action as may be necessary or

                                      -12-
<PAGE>

appropriate in order to protect the conversion or exchange rights of the Holder
against impairment.

     9.   Change of Control.  Upon the occurrence of a Change of Control, the
          -----------------
Holder shall have the right to require the Company to repurchase all or any part
(equal to One Thousand Dollars ($1,000) or an integral multiple thereof) of the
Note pursuant to the offer described below (the "Change of Control Offer") at an
offer price equal to the greater of: (i) the aggregate principal amount of Note
plus accrued and unpaid interest thereon or (ii) the amount the Holder would
have received if the Holder had converted this Note into Class A Units of the
Company pursuant to the provisions of Section 8(a) above immediately prior to
such Change of Control.  At least thirty (30) days prior to any Change of
Control, the Company shall mail a notice (the "Change of Control Notice") to the
Holder describing the transaction to constitute the Change of Control offering
to repurchase the Note concurrently with the completion of the Change of Control
(the "Payment Date").  The Holder shall provide written notice to the Company
detailing the extent to which it accepts such repurchase offer within twenty-
five days of the Change of Control Notice.  Upon surrender of the Note, duly
endorsed and delivered to the Company's principal office, the Company shall pay
all amounts due the Holder pursuant to such repurchase offer on the Payment
Date.

     10.  Successors and Assigns.  Subject to the restrictions on transfer
          ----------------------
described in the Note Purchase Agreement, the rights and obligations of the
Company and the Holder of this Note shall be binding upon and benefit the
successors, assigns, heirs, administrators and transferees of the parties.

     11.  Assignment by the Company.  Neither this Note nor any of the rights,
          -------------------------
interests or obligations hereunder may be assigned, by operation of law or
otherwise, in whole or in part, by the Company without the prior written consent
of the Holder.

     12.  Waiver.  The Company hereby waives presentment, demand, or protest and
          ------
any notice of any kind in connection with the delivery, acceptance, performance,
default, acceleration, or collection of this Note.

     13.  Notices.  Any notice, request or other communication required or
          -------
permitted hereunder shall be in writing and shall be deemed to have been duly
given if personally delivered or mailed by recognized overnight courier or
personal delivery at the respective addresses of the parties as set forth in the
Note Purchase Agreement or on the register maintained by the Company.  Any party
hereto may by notice so given change its address for future notice hereunder.
Notice shall conclusively be deemed to have been given when received.

     14.  No Intent of Usury.  Nothing contained in this Note or in the
          ------------------
Agreement shall be deemed to require the payment by the Company or the retention
by the Holder of interest in excess of the maximum legal rate (the "Maximum
Legal Rate").  All agreements between the Holder and the Company pertaining to
the obligation evidenced hereby (the "Loan") are

                                      -13-
<PAGE>

expressly limited so that in no contingency or event, whether by reason of
acceleration of the maturity of the Loan or otherwise, shall the amount paid or
agreed to be paid to the Holder for the use, forbearance, or detention of money
to be loaned hereunder exceed the Maximum Legal Rate. If, under any circumstance
whatsoever, the fulfillment of any provision of this Note or the Note Purchase
Agreement shall involve transcending the limits of validity prescribed by law,
then, ipso facto, the obligation to be fulfilled by the Company shall be reduced
to the limit of such validity. This provision shall control every provision of
all agreements between the Company and the Holder. In the event at any time the
interest paid shall exceed the Maximum Legal Rate, the excess amount shall be
deemed to be held in trust by the Holder for the exclusive use and benefit of
the Company; provided, however, that such amounts held in trust may be applied
to interest or other lawful consideration payable under the terms of this Note
and the Note Purchase Agreement if such amounts can be so applied without
violating applicable laws and without exceeding the Maximum Legal Rate. The
Holder may commingle any such amounts with its own funds. If at the time the
Note is paid, the total amount deemed to be interest under applicable laws
exceeds the Maximum Legal Rate, the maximum liability of the Company shall be
expressly limited to the legal maximum amounts, and in the event any excess sums
have been paid or are payable such amounts shall be promptly repaid or credited
to the Company. In the event the interest or other consideration payable by the
Company hereunder is exempt from applicable usury statutes, or for any other
reason is not limited by law, none of the provisions of this paragraph shall be
construed so as to limit the interest or other consideration payable under the
terms of this Note or the Agreement.

     15.  Payment.  Payment shall be made in lawful tender of the United States.
          -------

     16.  Expenses.  If any action of law or in equity is necessary to enforce
          --------
or interpret the terms of this Note, the prevailing party shall be entitled to
reasonable attorney's fees, costs and necessary disbursements in addition to any
other relief to which said party may be entitled.

     17.  Governing Law; Submission to Jurisdiction; Venue.  This Note shall be
          ------------------------------------------------
governed by, and construed in accordance with, the law of the State of New York.
All judicial proceedings brought against the Company or any Holder with respect
to this Note shall be brought exclusively in any state or federal court of
competent jurisdiction in New York County, New York, and by execution and
delivery of this Note the Company accepts, the exclusive jurisdiction of the
aforesaid courts for such purpose.  The Company hereby waives any claim that New
York  County, New York is an inconvenient forum or an improper forum based on
lack of venue.  The exclusive choice of forum for the Company as set forth in
this Section 17 will not be deemed to preclude the enforcement by the Holder of
any judgment obtained in any other forum or the taking by the Holder of any
action to enforce the same in any other appropriate jurisdiction.

                 [Remainder of Page Intentionally Left Blank]

                                      -14-
<PAGE>

     IN WITNESS WHEREOF, the Company has caused this Note to be issued as of the
date first written above.

"Company"                ENTRAVISION COMMUNICATIONS COMPANY, L.L.C., a Delaware
                         limited liability company

                         By: /s/ Walter F. Ulloa
                            ---------------------------------------------------
                                 Walter F. Ulloa Chairman and Chief Executive
                                 Officer

                         By: /s/ Jeanette L. Tully
                            ---------------------------------------------------
                                 Jeanette L. Tully, Chief Financial Officer

         [Signature Page to Subordinated Convertible Promissory Note]

                                      -15-
<PAGE>

                                 SCHEDULE "A"

All payments under the Promissory Note shall be made as follows:

     The Chase Manhattan Private Bank
     1211 Avenue of the Americas, 38/th/ Floor
     New York, New York 10036
     Contact: James Burke (phone: 212-789-6239)

     ABA# 021000021

     Account:  TSG Capital Fund III, L.P.
               Account number 967-737850

                                      -16-<PAGE>

                                                                   EXHIBIT 10.21

                                INVESTOR RIGHTS AGREEMENT

     This Investor Rights Agreement (this "Agreement") is made as of April 19,
2000 (the "Effective Date"), by and among Entravision Communications
Corporation, a Delaware corporation (the "Corporation"), Entravision
Communications Company, L.L.C., a Delaware limited liability company (the
"Company"), TSG Capital Fund III, L.P. (the "Investor"), and the other principal
equityholders of the Company and their affiliates and the Corporation set forth
on the signature pages hereto (the "Major Stockholders").

     WHEREAS, the Company, the Corporation and the Investor are parties to that
certain Convertible Subordinated Note Purchase Agreement (the "Purchase
Agreement") providing for, among other things, the purchase and sale of a
Convertible Subordinated Note of the Company (the "Note") which are
automatically exchangeable into Series A Convertible Preferred Stock of the
Corporation (the "Series A Preferred Stock") concurrently with the Roll-Up (as
defined in the Purchase Agreement).

     WHEREAS, the Major Stockholders are the principal holders of the membership
units in the Company (the "Units") and will become the principal holders of
common stock of the Corporation ("Common Stock") concurrently with the Roll-Up
(as defined in the Purchase Agreement).

     WHEREAS, the Company and the Corporation desire to grant to the Investor
certain registration, co-sale, voting, right of first refusal, information and
other rights as set forth herein.

     NOW, THEREFORE, in consideration of the promises and mutual covenants
contained herein, the parties hereto hereby agree as follows:

     1.  Registration Rights.  The Corporation covenants and agrees as follows
         -------------------
(capitalized terms used but not defined herein shall have the meanings ascribed
thereto in the Purchase Agreement):

          1.1.  Definitions.  For purposes of this Section 1:
                -----------

               1.1.1.  The term "1934 Act" means the Securities Exchange Act of
l934, as amended.

               1.1.2.  The term "Act" means the Securities Act of 1933, as
amended.

               1.1.3.  The term "Closing" has the meaning ascribed to it in the
Purchase Agreement.

               1.1.4.  The term "Form S-3" means such form under the Act as in
effect
<PAGE>

on the date hereof or any registration form under the Act subsequently adopted
by the SEC which permits inclusion or incorporation of substantial information
by reference to other documents filed by the Corporation with the SEC.

               1.1.5.  The term "Holder" means the Investor and its respective
permitted successors and assigns.

               1.1.6.  The terms "register," registered and registration refer
to a registration effected by preparing and filing a registration statement or
similar document in compliance with the Act, and the declaration or ordering of
effectiveness of such registration statement or document by the SEC.

               1.1.7.  The term "Registrable Securities" means (i) Common Stock
issuable or issued upon conversion of the Series A Preferred Stock which the
Investor currently has the right to acquire by conversion or exchange of the
Note, and (ii) any Common Stock of the Corporation issued as (or issuable upon
the conversion or exercise of any warrant, right or other security which is
issued as) a dividend or other distribution with respect to, or in exchange for
or in replacement of the shares referenced in clause (i) above, excluding in all
cases, however, any Registrable Securities sold by a person in a transaction in
which such person's rights under this Section 1 are not duly assigned as
provided herein or any Registrable Securities after such securities have been
sold to the public or sold pursuant to Rule 144 promulgated under the Act.

               1.1.8.  The number of shares of "Registrable Securities then
outstanding" shall be determined by the number of shares of Common Stock
outstanding which are, and the number of shares of Common Stock issuable
pursuant to then exercisable or convertible securities which are, Registrable
Securities.

               1.1.9.  The term "SEC" shall mean the Securities and Exchange
Commission.

          1.2.  Request for Registration
                ------------------------

               1.2.1.  Registration Rights.  If the Corporation shall receive at
                       -------------------
any time after one (1) year after the effective date (the "IPO Date") of the
first registration statement for a public offering of securities of the
Corporation (other than a registration statement relating either to the sale of
securities to employees of the Corporation pursuant to a stock option, stock
purchase or similar plan), a written request from Holders of fifty percent (50%)
or more of the Registrable Securities then outstanding ("Initiating Holders"),
requesting that the Corporation file a registration statement under the Act
covering the registration of Registrable Securities with an anticipated
aggregate offering price, net of underwriting discounts and commissions, of at
least $20 million, then the Corporation shall:

                                      -2-
<PAGE>

                    (a) within twenty (20) days of the receipt thereof, give
written notice of such request to all Holders; and

                    (b) use reasonable and diligent efforts to cause such shares
to be registered under the Act as soon as practicable, subject to the
limitations of subsection 1.2.2.

               1.2.2.  Underwriting: Requirements.  If the Initiating Holders
                       --------------------------
intend to distribute the Registrable Securities covered by their request by
means of an underwriting, they shall so advise the Corporation as a part of
their request made pursuant to subsection 1.2.1 and the Corporation shall
include such information in the written notice referred to in subsection
1.2.1.(a). The underwriter will be selected by the Corporation from among the
lead underwriters in its initial public offering or from another investment
banking firm of national repute and shall be reasonably acceptable to a majority
in interest of the Initiating Holders. In such event, the right of any Holder or
other holder of securities of the Corporation to include securities in such
registration shall be conditioned upon such Holder's or holders' participation
in such underwriting and the inclusion of such Holder's or holders' securities
in the underwriting (unless otherwise mutually agreed by a majority in interest
of the Initiating Holders and such Holder or holder) to the extent provided
herein. All Holders and other holders of securities of the Corporation proposing
to distribute their securities through such underwriting shall (together with
the Corporation as provided in subsection 1.5.5) enter into an underwriting
agreement in customary form with the underwriter or underwriters selected for
such underwriting. Notwithstanding any other provision of this Section 1.2, if
the underwriter advises the Initiating Holders in writing that marketing factors
require a limitation of the number of shares to be underwritten, then the
Corporation shall so advise all Holders of Registrable Securities and other
holders of registration rights which would otherwise be underwritten pursuant
hereto, and the number of securities that may be included in the underwriting on
behalf of each Holder or other holder shall be allocated on a pro-rata basis
among the selling stockholders according to the total number of securities held
by each such selling stockholder and entitled to inclusion therein on the basis
of a registration rights agreement with the Corporation; provided, however, that
the numbers of shares of Registrable Securities to be included in such
underwriting shall not be reduced unless all other securities are first entirely
excluded from the underwriting and registration. For purposes of allocating
securities to be included in any offering, for any selling stockholder which is
a partnership or corporation, the "affiliates" (as defined in Rule 405 under the
Act), partners, retired partners and stockholders of such holder (and in the
case of a partnership, any affiliated partnerships), or the estates and family
members of any such partners and retired partners and any trusts for the benefit
of any of the foregoing persons shall be deemed to be a single "selling
stockholder," and any pro-rata reduction with respect to such "selling
stockholder" shall be based upon the aggregate amount of shares carrying
registration rights owned by all entities and individuals included in such
"selling stockholder," as defined in this sentence. To facilitate the allocation
of shares in accordance with the above provisions, the Corporation may round the
number of shares allocated to any Holder to the nearest 100 shares.

                                      -3-
<PAGE>

               1.2.3.  Notwithstanding the foregoing, if the Corporation shall
furnish to Holders requesting a registration statement pursuant to this Section
1.2, a certificate signed by the President of the Corporation stating that in
the good faith judgment of the Board of Directors of the Corporation, it would
be seriously detrimental to the Corporation and its stockholders for such
registration statement to be filed and it is therefore essential to defer the
filing of such registration statement, the Corporation shall have the right to
defer taking action with respect to such filing for a period of not more than
ninety (90) days after receipt of the request of the Initiating Holders;
provided, however, that the Corporation may not utilize this right more than
once in any twelve-month period.

               1.2.4.  In addition, the Corporation shall not be obligated to
effect, or to take any action to effect, any registration pursuant to this
Section 1.2:

                       (a) Of more than fifty percent (50%) of the Registrable
Securities eligible to make a demand pursuant to Section 1.2.1 in the two (2)
year period following the IPO Date.

                       (b) Of more than one (1) demand registration in the two
(2) year period following the IPO Date.

                       (c) After the Corporation has effected two (2) such
registrations pursuant to this Section 1.2 and such registrations have been
declared or ordered effective.

                       (d) During the period starting with the date sixty (60)
days prior to the Corporation's good faith estimate of the date of filing of,
and ending on a date one hundred eighty (I80) days after the effective date of,
(x) the Corporation's initial registered offering of its securities to the
general public (other than a registration statement relating to either the sale
of securities to employees of the Corporation pursuant to a stock option, stock
purchase or similar plan or an SEC Rule 145 transaction), (y) a previous
registration subject to this Section 1.2 or (z) a previous registration subject
to Section 1.3 hereof; provided, that, the Corporation is actively employing in
good faith all reasonable efforts to cause such registration statement to become
effective;

                       (e) In any particular jurisdiction in which the
Corporation would be required to execute a general consent to service of
process, unless the Corporation is already subject to service in such
jurisdiction and except as required by the Act; or

                       (f) If the Initiating Holders propose to dispose of
shares of Registrable Securities that may be immediately registered on Form S-3
pursuant to a request made pursuant to Section 1.4 below.

          1.3.  Corporation Registration.
                ------------------------

                                      -4-
<PAGE>

               1.3.1.  Registration Rights.  If (but without any obligation to
                       -------------------
do so) the Corporation proposes to register (including for this purpose a
registration effected by the Corporation for stockholders other than the
Holders) any of its stock or other securities under the Act in connection with
the public offering of such securities solely for cash (other than the initial
public offering of its securities or a registration relating solely to the sale
of securities to participants in a Corporation stock plan, a registration
pursuant to a Rule 145 transaction, a registration on any form which does not
include substantially the same information as would be required to be included
in a registration statement covering the sale of the Registrable Securities or a
registration in which the only Common Stock being registered is Common Stock
issuable upon conversion of debt securities which are also being registered),
the Corporation shall, at such time, promptly give each Holder written notice of
such registration. Upon the written request of each Holder given within fifteen
(15) days after mailing of such notice by the Corporation in accordance with
Section 4.5, the Corporation shall, subject to the provisions of paragraph 1.3.2
below, cause to be registered under the Act all of the Registrable Securities
that each such Holder has requested to be registered .

               1.3.2.  Underwriting Requirements.  In connection with any
                       -------------------------
offering involving an underwriting of shares of the Corporation's capital stock,
the Corporation shall not be required under this Section 1.3 to include any of
the Holders' securities in such underwriting unless they accept the terms of the
underwriting as agreed upon between the Corporation and the underwriters
selected by it (or by other persons entitled to select the underwriters), and
then only in such quantity as the underwriters determine in their sole
discretion will not jeopardize the success of the offering by the Corporation.
If the total amount of securities, including Registrable Securities, requested
by stockholders to be included in such offering exceeds the amount of securities
sold other than by the Corporation that the underwriters determine in their sole
discretion is compatible with the success of the offering, then the Corporation
shall be required to include in the offering only that number of such
securities, including Registrable Securities, which the underwriters determine
in their sole discretion will not jeopardize the success of the offering.
Allocation of securities to be sold in any such offering shall be made on a pro-
rata basis among the selling stockholders according to the total number of
securities held by each such selling stockholder and entitled to inclusion
therein on the basis of a registration rights agreement now or hereafter entered
into with the Corporation. For purposes of allocation of securities to be
included in any offering, for any selling stockholder which is a partnership or
corporation, the "affiliates" (as defined in Rule 405 under the Act), partners,
retired partners and stockholders of such holder (and in the case of a
partnership, any affiliated partnerships), or the estates and family members of
any such partners and retired partners and any trusts for the benefit of any of
the foregoing persons shall be deemed to be a single "selling stockholder," and
any pro-rata reduction with respect to such "selling stockholder" shall be based
upon the aggregate amount of shares carrying registration rights owned by all
entities and individuals included in such "selling stockholder," as defined in
this sentence.

          1.4.  Form S-3 Registration.  In case the Corporation shall receive
                ---------------------
from any Holder or Holders of Registrable Securities a written request or
requests that the Corporation

                                      -5-
<PAGE>

effect a registration on Form S-3 and any related qualification or compliance
with respect to all or a part of the Registrable Securities owned by such Holder
or Holders, the Corporation will:

               1.4.1.  promptly give written notice of the proposed
registration, and any related qualification or compliance, to all other Holders;
and

               1.4.2.  as soon as practicable, effect such registration and all
such qualifications and compliance as may be so requested and as would permit or
facilitate the sale and distribution of all or such portion of such Holder's or
Holders' Registrable Securities as are specified in such request, together with
all or such portion of the Registrable Securities of any other Holder or Holders
joining in such request as are specified in a written request given within
fifteen (15) days after receipt of such written notice from the Corporation;
provided, however, that the Corporation shall not be obligated to effect any
such registration, qualification or compliance, pursuant to this Section 1.4:
(1) if the Registrable Securities requested by all Holders to be registered
pursuant to this Section 1.4 have an anticipated aggregate offering price to the
public (before deducting any underwriter discounts, concessions or commissions)
of less than $1,000,000; (2) if Form S-3 is not available for such offering by
the Holders; (3) if the Corporation shall furnish to the Holders a certificate
signed by the President of the Corporation stating that in the good faith
judgment of the Board of Directors of the Corporation, it would be seriously
detrimental to the Corporation and its stockholders for such Form S-3
Registration to be effected at such time, in which event the Corporation shall
have the right to defer the filing of the Form S-3 registration statement for a
period of not more than ninety (90) days after receipt of the request of the
Holder or Holders under this Section 1.4; provided, however, that the
Corporation shall not utilize this right more than once in any twelve-month
period; (4) if the Corporation has, within the twelve (12) month period
preceding the date of such request, already effected one (1) or more
registrations on Form S-3 pursuant to this Section 1.4; or (5) in any particular
jurisdiction in which the Corporation would be required to qualify to do
business or to execute a general consent to service of process in effecting such
registration, qualification or compliance.

               1.4.3.  Subject to the foregoing, the Corporation shall file a
registration statement covering the Registrable Securities and other securities
so requested to be registered as soon as practicable after receipt of the
request or requests of the Holders.  Registrations effected pursuant to this
Section 1.4 shall not be counted as demands for registration pursuant to
Sections 1.2.

          1.5. Obligations of the Corporation.  Whenever required under this
               ------------------------------
Section 1 to effect the registration of any Registrable Securities, the
Corporation shall, as expeditiously as reasonably possible:

               1.5.1.  Prepare and file with the SEC a registration statement
with respect to such Registrable Securities and use all reasonable efforts to
cause such registration statement to become effective, and, upon the request of
the Holders of a majority of the

                                      -6-
<PAGE>

Registrable Securities registered thereunder, keep such registration statement
effective for a period of up to ninety (90) days or until the distribution
contemplated in the Registration Statement has been completed; provided,
however, that such 90-day period shall be extended for a period of time equal to
the period the Holder refrains from selling any securities included in such
registration at the request of an underwriter of Common Stock (or other
securities) of the Corporation.

               1.5.2.  Prepare and file with the SEC such amendments including
post-effective amendments and supplements to such registration statement and the
prospectus used in connection with such registration statement as may be
necessary to comply with the provisions of the Act with respect to the
disposition of all securities covered by such registration statement.

               1.5.3.  Furnish (at no cost) to the Holders such numbers of
copies of a prospectus, including a preliminary prospectus and each amendment
and supplement thereto, in conformity with the requirements of the Act, and such
other documents as they may reasonably request in order to facilitate the
disposition of Registrable Securities owned by them.

               1.5.4.  Use its reasonable efforts to register and qualify the
securities covered by such registration statement under such other securities or
Blue Sky laws of such jurisdictions as shall be reasonably requested by the
Holders; provided that the Corporation shall not be required in connection
therewith or as a condition thereto to qualify to do business or to file a
general consent to service of process in any such states or jurisdictions.

               1.5.5.  In the event of any underwritten public offering, enter
into and perform its obligations under an underwriting agreement, in usual and
customary form, with the managing underwriter of such offering. Each Holder
participating in such underwriting shall also enter into and performs its
obligations under such an agreement.

               1.5.6.  Notify each Holder of Registrable Securities covered by
such registration statement at any time when a prospectus relating thereto is
required to be delivered under the Act of the happening of any event as a result
of which the prospectus included in such registration statement, as then in
effect, includes an untrue statement of a material fact or omits to state a
material fact required to be stated therein or necessary to make the statements
therein not misleading in the light of the circumstances then existing.

               1.5.7.  Cause all such Registrable Securities registered pursuant
hereunder to be listed on each securities exchange on which similar securities
issued by the Corporation are then listed.

               1.5.8.  Provide a transfer agent and registrar for all
Registrable Securities registered pursuant hereunder and a CUSIP number for all
such Registrable Securities, in each case not later than the effective date of
such registration.

                                      -7-
<PAGE>

               1.5.9.  In the event of any underwritten public offering,
cooperate with the selling Holders, the underwriters participating in the
offering and their counsel in any due diligence investigation reasonably
requested by the selling Holders or the underwriters in connection therewith,
and participate, to the extent reasonably requested by the managing underwriter
for the offering or the selling Holder, in efforts to sell the Registrable
Securities under the offering (including, without limitation, participating in
"roadshow" meetings with prospective investors at reasonable times) that would
be customary for underwritten primary offerings of a comparable amount of equity
securities by the Corporation.

               1.5.10.  Notify each Holder of Registrable Securities covered by
such registration statement: (i) when such registration statement or any post-
effective amendment to the registration statement has been declared effective by
the SEC, (ii) of any request by the SEC for amendments or supplements to such
registration statement or prospectus or for additional information; and (iii) of
the receipt by the Corporation of any notification from any public board or body
with respect to the suspension of the qualification of the Registrable
Securities for sale in any jurisdiction or the initiation or threatening of any
proceeding for that purpose.

               1.5.11.  Notify each Holder of Registrable Securities of the
issuance of any stop order suspending the effectiveness of the registration
statement or the initiation of any proceedings for that purpose and the
Corporation shall use its reasonable best efforts to prevent the issuance of any
stop order, or if any order is issued, to obtain the withdrawal thereof.

               1.5.12.  Take all actions necessary to facilitate the timely
preparation and delivery of certificates (not bearing any restrictive legend)
representing the Registrable Securities and the transfer thereof upon resale by
the Holder of such Registrable Securities in accordance with the applicable
prospectus.

               1.5.13.  Otherwise use its reasonable and diligent efforts in its
performance of its obligations hereunder to comply with all applicable rules and
regulations of the SEC and of state securities commissions and nay stock
exchange or automated quotation system.

          1.6.  Furnish Information.
                -------------------

               1.6.1.  It shall be a condition precedent to the obligations of
the Corporation to take any action pursuant to this Section 1 with respect to
the Registrable Securities of any selling Holder that such Holder shall furnish
to the Corporation such information regarding itself, the Registrable Securities
held by it, and the intended method of disposition of such securities as shall
be required to effect the registration of such Holder's Registrable Securities.

               1.6.2.  The Corporation shall have no obligation with respect to
any registration requested pursuant to Section 1.2 or Section 1.4 if, due to the
operation of

                                      -8-
<PAGE>

subsection 1.6.1, the number of shares or the anticipated aggregate offering
price of the Registrable Securities to be included in the registration does not
equal or exceed the number of shares or the anticipated aggregate offering price
required to originally trigger the Corporation's obligation to initiate such
registration as specified in subsection 1.2.1 or subsection 1.4.2, whichever is
applicable.

          1.7.  Expenses of Demand, Corporation or S-3 Registration.  All
                ---------------------------------------------------
expenses (exclusive of underwriting discounts and commissions and stock transfer
taxes) incurred in connection with registrations, filings or qualifications
pursuant to this Section 1 including (without limitation) all registration,
filing and qualification fees, printers' and accounting fees, fees and
disbursements of counsel for the Corporation and the reasonable fees and
disbursements of one counsel for all selling Holders of Registrable Securities
shall be borne by the Corporation.

          1.8.  Delay of Registration.  No Holder shall have any right to obtain
                ---------------------
or seek an injunction restraining or otherwise delaying any such registration as
the result of any controversy that might arise with respect to the
interpretation or implementation of this Section 1.

          1.9.  Indemnification.  In the event any Registrable Securities are
                ---------------
included in a registration statement under this Section 1:

               1.9.1.  To the extent permitted by law, the Corporation will
indemnify and hold harmless each Holder, the constituent partners and members,
or officers, directors employees and affiliates of each Holder and, if such
holder is a natural person his or her heirs, personal representatives and
assigns, any underwriter (as defined in the Act) for such Holder and each
person, if any, who controls such Holder or underwriter within the meaning of
the Act or the 1934 Act, against any losses, claims, damages, or liabilities
(joint or several) to which they may become subject under the Act, the 1934 Act
or other federal or state law, insofar as such losses, claims, damages, or
liabilities (or actions in respect thereof arise out of or are based upon any of
the following statements, omissions or violations (collectively a "Violation"):
(i) any untrue statement or alleged untrue statement of a material fact
contained in such registration statement, including any preliminary prospectus
or final prospectus contained therein or any amendments or supplements thereto,
(ii) the omission or alleged omission to state therein a material fact required
to be stated therein, or necessary to make the statements therein not
misleading, or (iii) any violation or alleged violation by the Corporation of
the Act, any rule or regulation promulgated under the Act, the 1934 Act or any
state securities law; and the Corporation will pay to each such Holder,
underwriter or controlling person any legal or other expenses reasonably
incurred by them in connection with investigating or defending any such loss,
claim, damage, liability, or action, as such expenses are incurred; provided,
however, that the indemnity agreement contained in this subsection 1.9.1 shall
not apply to amounts paid in settlement of any such loss, claim, damage,
liability, or action if such settlement is effected without the consent of the
Corporation (which consent shall not be unreasonably withheld), nor

                                      -9-
<PAGE>

shall the Corporation be liable in any such case for any such loss, claim,
damage, liability, or action to the extent that it arises out of or is based
upon a Violation which occurs in reliance upon and in conformity with written
information fumished expressly for use in connection with such registration by
any such Holder, underwriter or controlling person; that the foregoing indemnity
agreement with respect to any preliminary prospectus shall not inure to the
benefit of any Holder or underwriter, or any person controlling such Holder or
underwriter, from whom the person asserting such losses, claims, damages, or
liabilities purchased shares in the offering, if a copy of the prospectus (as
then amended or supplemented if the Corporation shall have furnished any
amendments or supplements thereto) was not sent or given by or on behalf of such
Holder or underwriter to such person, if required by law so to have been
delivered, at or prior to the written confirmation of the sale of the shares to
such person, and if the prospectus (as so amended or supplemented) would have
cured the defect giving rise to such loss, claim, damage or liability.

               1.9.2.  To the extent permitted by law, each selling Holder will
indemnify and hold harmless the Corporation, each of its directors, each of its
officers who has signed the registration statement, each person, if any, who
controls the Corporation within the meaning of the Act, any underwriter, any
other Holder selling securities in such registration statement and any
controlling person of any such underwriter or other Holder, severally but not
jointly, against any losses, claims, damages, or liabilities joint or several)
to which any of the foregoing persons may become subject, under the Act, the
1934 Act or other federal or state law, insofar as such losses, claims, damages,
or liabilities (or actions in respect thereto) arise out of or are based upon
any Violation, in each case to the extent (and only to the extent) that such
Violation occurs in reliance upon and in conformity with written information
furnished by such Holder expressly for use in connection with such registration;
and each such Holder will pay any legal or other expenses reasonably incurred by
any person intended to be indemnified pursuant to this subsection 1.9(b), in
connection with investigating or defending any such loss, claim, damage,
liability, or action; provided, however, that the indemnity agreement contained
in this subsection 1.9.2 shall not apply to amounts paid in settlement of any
such loss, claim, damage, liability or action if such settlement is effected
without the consent of the Holder, which consent shall not be unreasonably
withheld; provided, that, in no event shall Holder's cumulative, aggregate
liability under this subsection 1.9.2, under Section 1.9.4, or under such
sections together, exceed. the net proceeds received by such Holder from the
offering out of which such Violation arises.

               1.9.3.  Promptly after receipt by an indemnified party under this
Section l.9 of notice of the commencement of any action (including any
governmental action), such indemnified party will, if a claim in respect thereof
is to be made against any indemnifying party under this Section 1.9, deliver to
the indemnifying party a written notice of the commencement thereof and the
indemnifying party shall have the right to participate in, and, to the extent
the indemnifying party so desires, jointly with any other indemnifying party
similarly noticed, to assume the defense thereof with one counsel mutually
satisfactory to the parties; provided, however, that an indemnified party
(together with all other indemnified parties which

                                      -10-
<PAGE>

may be represented without conflict by one counsel) shall have the right to
retain one separate counsel, with the fees and expenses to be paid by the
indemnifying party, if representation of such indemnified party by the counsel
retained by the indemnifying party would be inappropriate due to actual or
potential differing interests between such indemnified party and any other party
represented by such counsel in such proceeding. The failure to deliver written
notice to the indemnifying party within a reasonable time of the commencement of
any such action shall not relieve such indemnifying party of any liability to
the indemnified party under this Section 1.9, except to the extent the failure
to deliver notice prejudices its ability to defend such action. Any omission to
so deliver written notice to the indemnifying party will not relieve it of any
liability that it may have to any indemnified party otherwise than under this
Section 1.9.

               1.9.4.  If the indemnification provided for in this Section 1.9
is held by a court of competent jurisdiction to be unavailable to an indemnified
party with respect to any loss, liability, claim, damage, or expense referred to
herein, then the indemnifying party, in lieu of indemnifying such indemnified
party hereunder, shall contribute to the amount paid or payable by such
indemnified party as a result of such loss, liability, claim, damage, or expense
in such proportion as is appropriate to reflect the relative fault of the
indemnifying party on the one hand, and of the indemnified party on the other,
in connection with the statements or omissions that resulted in such loss,
liability, claim, damage, or expense as well as any other relevant equitable
considerations. The relative fault of the indemnifying party and of the
indemnified party shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the
omission to state a material fact relates to information supplied by the
indemnifying party or by the indemnified party and the parties' relative intent,
knowledge, access to information, and opportunity to correct or prevent such
statement or omission.

               1.9.5.  Notwithstanding the foregoing, to the extent that the
provisions on indemnification and contribution contained in the underwriting
agreement entered into in connection with the underwritten public offering are
in conflict with the foregoing provisions, the provisions in the underwriting
agreement shall control.  In addition, any indemnity agreements contained herein
shall be in addition to any other rights to indemnification or contribution
which any indemnified party may have pursuant to law or contract and shall
remain operative and in full force and effect regardless of any investigation
made or omitted by or on behalf of any indemnified party.

               1.9.6.  The obligations of the Corporation and Holders under this
Section 1.9 shall survive the completion of any offering of Registrable
Securities in a registration statement under this Section 1, and otherwise.

         1.10. Reports under Securities Exchange Act of 1934.  With a view to
               ---------------------------------------------
making available to the Holders the benefits of Rule 144 promulgated under the
Act and any other rule or regulation of the SEC that may at any time permit a
Holder to sell securities of the

                                      -11-
<PAGE>

Corporation to the public without registration or pursuant to a registration on
Form S-3, the Corporation agrees to:

                 1.10.1.  make and keep public information available, as those
terms are understood and defined in SEC Rule 144, at all times after ninety (90)
days after the effective date of the first registration statement filed by the
Corporation for the offering of its securities to the general public;

                 1.10.2.  take such action, including the voluntary registration
of its Common Stock under Section 12 of the 1934 Act, as is necessary to enable
the Holders to utilize Form S-3 for the sale of their Registrable Securities,
such action to be taken as soon as practicable after the end of the fiscal year
in which the first registration statement filed by the Corporation for the
offering of its securities to the general public is declared effective;

                 1.10.3.  file with the SEC in a timely manner all reports and
other documents required of the Corporation under the Act and the 1934 Act; and

                 1.10.4.  furnish to any Holder, so long as the Holder owns any
Registrable Securities, forthwith upon request (i) a written statement by the
Corporation that it has complied with the reporting requirements of SEC Rule 144
(at any time after ninety (90) days after the effective date of the first
registration statement filed by the Corporation), the Act and the 1934 Act (at
any time after it has become subject to such reporting requirements), or that it
qualifies as a registrant whose securities may be resold pursuant to Form S-3
(at any time after it so qualifies), (ii) a copy of the most recent annual or
quarterly report of the Corporation and such other reports and documents so
filed by the Corporation, and (iii) such other information as may be reasonably
requested in availing any Holder of any rule or regulation of the SEC which
permits the selling of any such securities without registration or pursuant to
such form.

          1.11.  Assignment of Registration Rights.  The rights to cause the
                 ---------------------------------
Corporation to register Registrable Securities pursuant to this Section 1 may be
assigned (but only with all related obligations) by a Holder to, (i) in the case
of any Holder that is a partnership, limited liability company or corporation,
any current and former constituent partners, members, stockholders, affiliate
funds and affiliates of that Holder, or (ii) in the case of any Holder, (x) a
transferee or assignee of such securities who, after such assignment or
transfer, holds at least twenty percent (20%) (as appropriately adjusted for all
stock splits, dividends, combinations, reclassifications and other like
transactions) of the Registrable Securities originally held by such transferring
Holder, (y) a transferee or assignee who is a spouse, lineal descendant, adopted
child, father, mother, brother or sister (each, a "Family Member") of Holder or
(z) or to a trust, the beneficiaries of which are exclusively the Holder and/or
Family Members, provided, in each case, that: (a) the Corporation is, within a
reasonable time after such transfer, fumished with written notice of the name
and address of such transferee or assignee and the securities with respect to
which such registration rights are being assigned; (b) such transferee or
assignee agrees in writing to be bound by and subject to the terms and
conditions of this Agreement,

                                      -12-
<PAGE>

including without limitation the provisions of Section 1.12 below; and (c) such
assignment shall be effective only if immediately following such transfer the
further disposition of such securities by the transferee or assignee is
restricted under the Act. For the purposes of determining the number of shares
of Registrable Securities held by a transferee or assignee of a holder of
Registrable Securities, the holdings of "affiliates" (as defined in Rule 405
under the Act) of such holder, affiliated partnerships, constituent or retired
partners of such partnerships (as well as Family Members of such partners or
spouses who acquire Registrable Securities by gift, will or intestate
succession) shall be aggregated together and with such partnership and its
affiliated partnerships and other entities; provided, that, all assignees and
transferees who would not qualify individually for assignment of registration
rights shall have a single attorney-in-fact for the purpose of exercising any
rights, receiving notices or taking any action under this Section 1.

          1.12.  "Market Stand-Off" Agreement.  Each Holder hereby agrees that,
                 ----------------------------
for a period of one (1) year following the IPO Date, it shall not directly or
indirectly sell, offer to sell, contract to sell (including, without limitation,
any short sale), grant any option to purchase or otherwise transfer or dispose
of (other than to donees who agree to be similarly bound) any Registrable
Securities of the Corporation held by it at any time during such period.

                 During such one (1) year period, each Holder agrees to provide
to the underwriters of any public offering such further agreements as such
underwriter may reasonably request in connection with this market stand-off
agreement, provided that the terms of such agreements are substantially
consistent with the provisions of this Section 1.12. In order to enforce the
foregoing covenant, the Corporation may impose stop-transfer instructions with
respect to the Registrable Securities of each Holder (and the shares or
securities of every other person subject to the foregoing restriction) until the
end of such one (1) year period.

                 Notwithstanding the foregoing, the obligations described in
this Section 1.12 shall not apply to a registration relating solely to employee
benefit plans on Form S-1 or Form S-8 or similar forms which may be promulgated
in the future, or a registration relating solely to an SEC Rule 145 transaction.

          1.13.  Termination of Registration Rights.  The right of any Holder to
                 ----------------------------------
request registration or to include Registrable Securities in any registration
pursuant to this Section 1 shall terminate upon the earlier of (i) the date
which is five (5) years after the IPO Date, or (ii) such date as a public
trading market shall exist for the Corporation's Common Stock and all shares of
Registrable Securities beneficially owned and subject to Rule 144 aggregation by
such Holder may immediately be sold under Rule 144 (without regard to Rule
144(k)) during any 90-day period, provided that such Holder is not then an
"affiliate" of the Corporation within the meaning of Rule 144 and such Holder
owns less than 1% of the then outstanding shares of Common Stock.

          1.14.  Limitations on Subsequent Registration Rights.  From and after
                 ---------------------------------------------
the date

                                      -13-
<PAGE>

of this Agreement, the Corporation shall not, without the prior written consent
of the Holders of at least a majority of the Registrable Securities then
outstanding, enter into any agreement with any Holder or prospective holder of
any securities of the Corporation granting registration rights with respect to
such securities, unless under the terms of such agreement, such holder or
prospective holder may include such securities in any such registration only to
the extent that the inclusion of his securities will not reduce the amount of
the Registrable Securities of the Holders which is included.

     2.   Covenants.
          ---------

          2.1.  Delivery of Financial Statements.  The Corporation and the
                --------------------------------
Company shall deliver to each Holder of at least $10 million in principal amount
of Notes and/or at least 1,200,000 shares as appropriately adjusted for all
stock splits, dividends, combinations, reclassifications and other like
transactions of Series A Preferred Stock and/or Common Stock (each, a "Major
Holder"):

                2.1.1.  as soon as practicable, but in any event within ninety
(90) days after the end of each fiscal year of the Company or the Corporation
commencing with the fiscal year ending December 31, 2000, an income statement
for such fiscal year, a balance sheet of the Company or the Corporation and
statement of stockholders' equity as of the end of such year, and a statement of
cash flows for such year, such year-end financial reports to be in reasonable
detail, prepared in accordance with generally accepted accounting principles
("GAAP"), and audited by independent public accountants of nationally recognized
standing selected by the Corporation;

                2.1.2.  as soon as practicable, but in any event within forty-
five (45) days after the end of each of the first three (3) quarters of each
fiscal year of the Company or the Corporation, if available, an unaudited profit
or loss statement, a statement of cash flows for such fiscal quarter and an
unaudited balance sheet as of the end of such fiscal quarter;

                2.1.3.  as soon as practicable, any written reports to the
members or stockholders of the Company or the Corporation; or

                2.1.4.  such other information relating to the financial
condition, business or corporate affairs of the Company or the Corporation as
the Holder or any assignee of the Holder may from time to time request,
provided, however, that the Corporation shall not be obligated under this
subsection 2.1.4 or any other subsection of Section 2.1 to provide information
which it deems in good faith to be a trade secret or similar confidential
information.

          2.2.  Termination of Information Covenant.  Unless otherwise
                -----------------------------------
specifically provided, the covenants set forth in this Section 2.1 shall
terminate and be of no further force or effect (i) upon consummation of a public
offering of the Corporation's Common Stock with

                                      -14-
<PAGE>

total gross offering proceeds to the Corporation in excess of $50 million (a
"Qualified Public Offering"), or (ii) as to the Investor, or transferee or
assignee of the Investor, who holds less than $10 million in principal amount of
Notes and/or 1,200,000 of the then outstanding shares of the Series A Preferred
Stock (or Common Stock issued upon conversion thereof).

          2.3.  Entravision Issuances.
                ---------------------

                2.3.1.  Right to Maintain Proportionate Ownership.
                        -----------------------------------------

                        (a)  In the event (i) the Company desires to sell and
issue units of its membership interests or rights, options or other securities
exercisable for or convertible into units of its membership interests (directly
or indirectly) and whether or not such right or option or other security is
immediately exercisable or convertible ("Units"), or (ii) the Corporation
desires to sell and issue shares of its capital stock or rights, options or
other securities exercisable for or convertible into shares of its capital stock
(directly or indirectly) and whether or not such right or option or other
security is immediately exercisable or convertible ("Shares") (with Units and
Shares referred to collectively as the "Equity Securities" and the Company and
the Corporation referred to herein collectively as "Entravision"), then
Entravision shall first notify each Holder of the material terms of the proposed
sale (including price and number of Equity Securities to be offered) and shall
permit each Holder to acquire, at the time of consummation of such proposed
issuance and sale and on such terms as are specified in Entravision's notice
pursuant hereto, such number of Equity Securities proposed for issuance and sale
as would be required to enable each to maintain its ownership rights in
Entravision following such issuance, on an as-converted, and/or exercised, fully
diluted percentage basis (without regard to reserved but unissued options), at
the level maintained by it immediately prior to such proposed issuance. The
Holders shall each have fifteen (15) days after the date of any such notice to
elect by notice to Entravision to purchase such Equity Securities on such terms
and at the time the proposed sale is consummated. For the purposes of
determining the number of Equity Securities held by a Holder, transferee or
assignee of Equity Securities the holdings of "affiliates" (as defined in Rule
405 under the Act), affiliated partnerships and other entities, constituent or
retired partners of such partnerships (as well as Family Members of such
partners or spouses who acquire Equity Securities by gift, will or intestate
succession) shall be aggregated together with such affiliates, partnership and
its affiliated partnerships and other entities. Each Holder shall be entitled to
apportion the right of first offer hereby granted it among itself and its
partners and affiliates (or to assign such right of first offer to such partners
and affiliates) in such proportions as it deems appropriate.

                        (b)  The right to maintain proportionate ownership set
forth in this Section 2.3.1 shall not be applicable (A) to the issuance or sale
of Equity Securities (or options or warrants therefor) approved by Entravision's
Executive Committee, Board of Directors or Compensation Committee thereof to
officers, directors, executive committee members, employees or consultants
(pursuant to equity purchase, equity option or similar plans) for the primary
purpose of soliciting or retaining their services, (B) to the issuance of Equity

                                      -15-
<PAGE>

Securities upon conversion of Entravision's Equity Securities, provided such
Equity Securities are outstanding on the date hereof or the issuance or sale was
effected in accordance with this Section 2.3, (C) to the issuance of securities
in connection with a bona fide business acquisition of or by Entravision
approved by the Executive Committee or the Board of Directors with a non-
affiliated third party, whether by merger, consolidation, sale or transfer of
assets, sale or exchange of Equity Securities or otherwise, (D) to the issuance
of Equity Securities to financial institutions or lessors in connection with
bona fide, arm's-length commercial credit arrangements, equipment financings or
similar transactions approved by the Executive Committee or the Board of
Directors, (E) to the issuance of Equity Securities in connection with any
Equity Security split, Equity Security dividend or recapitalization by
Entravision, (F) to the issuance of Equity Securities of Entravision (or options
or warrants therefor) pursuant to strategic transactions with a non-affiliated
third party approved by the Executive Committee or the Board of Directors with a
primary purpose other than equity financing, (G) the issue of Equity Securities
in connection with the conversion of convertible subordinated debt held by
Univision Communications Inc., as of the date hereof or (H) securities issued in
the IPO.

                        (c)  The right to maintain proportionate ownership set
forth in this Section 2.3.1 shall terminate upon the earlier of immediately
prior to the closing of a Qualified Public Offering or immediately prior to the
closing of a "Qualified Acquisition" (defined below). For purposes of this
Agreement, a "Qualified Acquisition" shall mean: (i) any consolidation or merger
of Entravision with or into any other corporation or corporations following
which the holders of Entravision's outstanding Equity Securities immediately
before such consolidation or merger do not, immediately after such consolidation
or merger, retain Equity Securities representing a majority of the voting power
of the surviving corporation of such consolidation or merger or stock
representing a majority of the voting power of an entity that wholly owns,
directly or indirectly, the surviving entity of such consolidation or merger;
(ii) the sale, transfer or assignment of Equity Securities of Entravision
representing a majority of the voting power of all Entravision's outstanding
voting Equity Securities by the holders thereof to an acquiring party in a
single transaction or series of related transactions; (iii) any other sale,
transfer or assignment of Equity Securities of Entravision representing over
fifty percent (50%) of the voting power of Entravision's then outstanding voting
Equity Securities by the holders thereof to an acquiring party; or (iv) the sale
or transfer of all or substantially all of Entravision's assets.

          2.4.  Co-Sale Rights.
                --------------

                2.4.1.  Transfer Notice.  If at any time a Major Stockholder
                        ---------------
proposes to transfer Equity Securities to any person pursuant to an
understanding with such person (a "Transfer"), then such Major Stockholder shall
give Entravision and each Holder written notice of the Major Stockholder's
intention to make the Transfer (the "Transfer Notice"), which Transfer Notice
shall include (i) a description of the Equity Securities to be transferred (the
"Offered Equity Securities"), (ii) the identity of the prospective transferee(s)
and (iii) the consideration and the material terms and conditions upon which the
proposed Transfer is to be

                                      -16-
<PAGE>

made. The Transfer Notice shall include a copy of any written proposal, term
sheet or letter of intent or other agreement related to the proposed Transfer.

                2.4.2.  Right to Participate.  Each Holder which notifies the
                        --------------------
Major Stockholder proposing to make a Transfer in writing within fifteen (15)
days after receipt of the Transfer Notice shall have the right to participate in
the sale of the Equity Securities on the same terms and conditions as specified
in the Transfer Notice (such proposed terms and conditions, a "Purchase Offer").
To the extent a Holder exercises such right of participation in accordance with
the terms and conditions set forth below, the number of Equity Securities that
the Major Stockholder may sell pursuant to such Purchase Offer shall be
correspondingly reduced. The right of participation of the Holders shall be
subject to the following terms and conditions:

                        (a)  Each Holder may sell all or any part of that number
of Holder Equity Securities equal to the product obtained by multiplying the
aggregate number of Equity Securities covered by the Purchase Offer by a
fraction, (x) the numerator of which shall be the number of Equity Securities
(on an as-converted, as-exercised fully diluted basis) at the time owned by such
Holder and (y) the denominator of which shall be the number of shares of Equity
Securities (on an as converted, as-exercised fully diluted basis) at the time
owned by all Holders electing to participate in the sale and all Major
Stockholders participating in the sale.

                        (b)  Each Holder may effect its participation in the
sale by first taking all steps necessary to convert the securities of
Entravision currently held by such Holder into Class A Units, in the case of a
Purchase Offer with respect to Units or Class A Common Stock, in the case of a
Purchase Offer of Class A Common Stock or Class B Common Stock of the
Corporation. Such Holder shall also deliver to the Major Stockholder, for
transfer to the purchase offeror, an assignment separate from certificate, in
the case of Class A Units, or one or more certificates, properly endorsed for
transfer, in the case of Class A Common Stock, that represents the number of
Equity Securities that the Holder elects to sell pursuant to Section 2.4.2.

                        (c)  To the extent that any prospective purchaser or
purchasers prohibit such exercise of co-sale right or otherwise refuse to
purchase Equity Securities from a Holder exercising its co-sale right hereunder,
the Major Stockholder shall not sell to such prospective purchaser or purchasers
any Equity Securities unless and until, simultaneously with such sale, the Major
Stockholder shall purchase such Equity Securities from such Holder for the same
consideration and on the same terms and conditions as the proposed transfer
described in the Major Stockholder's Notice.

                2.4.3.  Mechanics of Transfer.  The assignment or stock
                        ---------------------
certificates that the Holders deliver to the Major Stockholders pursuant to
Section 2.4.2 shall be transferred by such Major Stockholder to the purchase
offeror in consummation of the sale of the Major Stockholder's Equity Securities
pursuant to the terms and conditions specified in the Transfer

                                      -17-
<PAGE>

Notice, and the Major Stockholders shall promptly thereafter remit to each of
the Holders that portion of the sale proceeds to which each Holder is entitled
by reason of its participation in such sale. In the event that less than all the
Equity Securities represented by such assignment separate from certificate or
the shares represented by such a stock certificate are sold pursuant to Section
2.4.1, the Seller shall instruct the Corporation or the Company to issue a new
certificate to the Holder representing the shares not sold.

                2.4.4.  No Effect on Subsequent Rights.  The exercise or non-
                        ------------------------------
exercise of the rights of any Holder hereunder to participate in one or more
sales of the Major Stockholders' Equity Securities made by a Major Stockholder
shall not adversely affect the Holder's rights to participate in subsequent
sales of Equity Securities by a Major Stockholder. Any person who acquires
Equity Securities from a Major Stockholder must prior to or concurrently with
any such transfer execute and deliver a written agreement satisfactory in form
and substance to the Holders agreeing to be bound by the provisions of this
Agreement.

          2.5.  Prohibited Transfers.
                --------------------

                2.5.1.  Agreement Not to Transfer.  Any attempt by a Major
                        -------------------------
Stockholder to transfer any Equity Securities in violation of Section 2.4 shall
be void and Entravision agrees that it will not effect such a transfer nor will
it treat any alleged transferee in violation of Section 2.4 as the holder of
such shares.

                2.5.2.  Repurchase.  In the event a Major Stockholder should
                        ----------
sell any Equity Securities in contravention of the participation rights of the
Holders under Section 2.4 (a "Prohibited Transfer"), each Holder shall have the
option to sell to such Major Stockholder a number of Registrable Securities
equal to such Holder's pro rata share (as determined pursuant to Section
2.4.2(a) above), provided, that, the date of the Transfer Notice (if any) shall
be understood to mean the date of the Prohibited Transfer, on the following
terms and conditions:

                        (a)  The price per share at which such Equity Securities
are to be sold to such Major Stockholder under this Section 2.5.2 shall be equal
to the price per share paid by the third-party purchaser or purchasers of the
Equity Securities (the "Contingent Purchaser") to such Major Stockholder.

                        (b)  Such Holder shall deliver to such Major Stockholder
as applicable within ninety (90) days after such Holder has received notice from
a Major Stockholder or otherwise become aware of the Prohibited Transfer, the
assignment separate from certificate or the certificate or certificates
representing Equity Securities to be sold, each certificate to be properly
endorsed for transfer.

                        (c)  Such Major Stockholder shall, immediately upon
receipt of the assignment or certificates for the Shares, pay the aggregate
purchase price therefor, by certified check or bank draft made payable to the
order of such Holder, and shall reimburse

                                      -18-
<PAGE>

such Holder for any reasonable additional expenses, including reasonable legal
fees and expenses, incurred in effecting such purchase and sale.

                2.5.3.  Exclusions.  The participation rights of the Holders set
                        ----------
forth in Section 2.4 shall not pertain or apply to (i) any pledge of Equity
Securities made by a Major Stockholder that creates only a security interest,
(ii) any bona fide gift or estate planning transaction, (iii) any distribution
by a Major Stockholder that is a partnership to the current or former partners
or other interest holders of such Major Stockholder or (iv) any distribution or
transfer by a Major Stockholder to any other Major Stockholders or to affiliate
(as defined in Rule 405 under the Act) of such Major Stockholder or any other
Major Stockholder, provided, that, in each case, the pledgee, transferee or
donee shall furnish the Holders with a written agreement to be bound by and
comply with all provisions of this Agreement applicable to the Major
Stockholders.

          2.6.  Termination.  The provisions of Sections 2.4 and 2.5 shall
                -----------
terminate immediately prior to the closing of a Qualified Public Offering or a
Qualified Acquisition.

     3.   Series A Designee.  In the period that at least fifty percent (50%) of
          -----------------
the shares of Series A Preferred Stock remain outstanding, each Major
Stockholder shall vote (or shall cause to be voted) all shares of Equity
Securities owned or controlled by such Major Stockholder (including any Equity
Securities hereafter acquired), at any regular or special meeting of
shareholders of the Corporation, shall take all action by written consent in
lieu of such meeting of shareholders, and shall take all other actions
necessary, to ensure that there shall be elected as a director and member of the
Board of Directors of the Corporation one (1) individual (the "Series A
Designee") designated by the holders of a majority of the outstanding Series A
Preferred Stock.

          The Series A Designee shall be removed (with or without cause), if
holders of a majority of the outstanding Series A Preferred Stock so request
such removal by written notice to the Corporation.  If stockholder approval is
required for any removal hereunder, such removal shall be effected upon the
affirmative vote or action by written consents of holders of a majority of the
outstanding Series A Preferred Stock, and each Major Stockholder hereby agrees
to vote all such shares then owned or held of record by him, or to take action
by written consent, to effect such removal.

          In the event that a vacancy is created on the Board of Directors of
the Corporation by the death, disability, retirement, resignation or removal
(with or without cause) of the Series A Designee, each Major Stockholder hereby
agrees to vote or take action by written consent, in each case, to the extent
such Major Stockholder shall be entitled to do so, and to use his reasonable and
diligent efforts to cause the remaining directors to vote or take action by
written consent, for the election of a nominee to be designated by the holders
of a majority of the outstanding Series A Preferred Stock.

                                      -19-
<PAGE>

          Each Major Stockholder covenants and agrees that, except as a result
of transfers expressly permitted by, and pursuant to and in accordance with,
this Agreement, such Major Stockholder will have sole voting power with respect
to such Major Stockholder's Equity Securities and will not grant any proxy with
respect to such Equity Securities, enter into any voting trust or other voting
agreement or arrangement with respect to such Equity Securities, enter into any
voting trust or other voting agreement or arrangement with respect to such
Equity Securities or grant any other rights to vote such Equity Securities
inconsistent with the agreement to vote such Equity Securities as set forth
herein.

     4.   Negative Covenants.
          ------------------

          4.1.  Without the consent of Holders of the majority of the
Registrable Securities, neither the Company nor the Corporation shall:

                (a)  declare or pay any dividend, or make any other distribution
or payment, on any Equity Securities (except on the Corporation's Series A
Preferred Stock, dividends or distributions payable by the Company or the
Corporation in their respective Equity Securities or dividends or distributions
payable to the Company or the Corporation by any subsidiary thereof);

                (b)  purchase, redeem or otherwise retire for value any Equity
Securities of the Company or the Corporation (other than repurchase of Equity
Securities from employees, officers, directors, consultants or other persons
performing services for the Company or the Corporation or any subsidiary
pursuant to arrangements approved by the Executive Committee of the Company or
the Board of Directors of the Corporation, as the case may be, and in no event
shall such arrangements include the purchase or acquisition of Equity Securities
of the Company or the Corporation held by Walter F. Ulloa, Philip C. Wilkinson,
Paul A. Zevnik or any affiliates or transferees thereof without the prior
written consent of the holders of the majority of the Registrable Securities,
which consent shall not be unreasonably withheld);

                (c)  liquidate, dissolve or wind-up the Company or the
Corporation;

                (d)  enter into or engage in any transaction with an affiliate
(as defined in the 1934 Act) on terms less advantageous to the Company or the
Corporation than would be the case if such transaction had been effected with a
non-affiliate;

                (e)  issue or incur any indebtedness which violates the terms of
that certain Amended and Restated Credit Agreement dated November 10, 1998, as
amended from time to time, between the Company and Union Bank of California,
N.A. or any successor agreement with the lead lender upon refinancing of such
debt;

                (f)  the Company shall not amend its Certificate of Formation or

                                      -20-
<PAGE>

Operating Agreement and the Corporation shall not amend its Certificate of
Incorporation or Bylaws in any fashion which will adversely affect the rights of
the Investor; or

                (g)  the Company shall not consent to the amendment of the
Exchange Agreement (or the First Restated Certificate of Incorporation or the
First Amended and Restated Bylaws of the Corporation attached as exhibits to the
Exchange Agreement) in a fashion that in adversely affect the rights of the
Investor.

          4.2.  The provisions of this Section 4 shall terminate immediately
prior to the closing of a Qualified Public Offering or Qualified Acquisition.

     5.   Affirmative Covenants.
          ---------------------

          5.1.  The Company and the Corporation will, and will cause each of
their subsidiaries to, preserve and maintain its existence and its material
rights, franchises, leases, licenses and privileges in the state of its
incorporation or organization, except where the failure to do so would not have
a material adverse effect on the assets, liabilities or properties of the
Company or the Corporation and their subsidiaries taken as a whole (a "Material
Adverse Effect").

          5.2.  The Company and the Corporation will, and will cause each of
their subsidiaries to, comply in all material respects with the requirements of
all applicable laws, regulations, contracts and licenses, except where the
failure to do so would not have a Material Adverse Effect.

          5.3.  The Company and the Corporation will file and pay all taxes and
assessments when due (except in the case of a bona fide dispute), except where
the failure to do so would not have a Material Adverse Effect.

          5.4.  The Company and the Corporation will complete the Roll-Up in
accordance with the Exchange Agreement no later than the Interim Closing
Deadline as defined in that certain Acquisition Agreement and Plan of Merger by
and among the Company, the Corporation, ZSPN Acquisition Corporation and Z-
Spanish Media Corporation and its stockholders of even date herewith.

          5.5.  The provisions of this Section 5 shall terminate immediately
prior to the closing of a Qualified Public Offering or Qualified Acquisition.

     6.   Miscellaneous.
          -------------

          6.1.  Successors and Assigns.  Except as otherwise provided herein,
                ----------------------
the terms and conditions of this Agreement shall inure to the benefit of and be
binding upon the respective successors and assigns of the parties (including
transferees of any shares of

                                      -21-
<PAGE>

Registrable Securities). Nothing in this Agreement, express or implied, is
intended to confer upon any party other than the parties hereto or their
respective successors and assigns any rights, remedies, obligations, or
liabilities under or by reason of this Agreement, except as expressly provided
in this Agreement.

          6.2.  Governing  Law.  This Agreement shall be governed by and
                --------------
construed in accordance with the laws of the State of Delaware, without regard
to conflicts of law provisions of the State of Delaware or any other state.

          6.3.  Counterparts.  This Agreement may be executed in counterparts,
                ------------
each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument.

          6.4.  Titles and Subtitles.  The titles and subtitles used in this
                --------------------
Agreement are used for convenience only and are not to be considered in
construing or interpreting this Agreement.

          6.5.  Notices.  Except as otherwise provided herein, all notices and
                -------
other communications required or permitted hereunder shall be in writing, shall
be effective when given, and shall in any event be deemed to be given upon
receipt or, if earlier, (a) five (5) days after deposit with the U.S. Postal
Service or other applicable postal service, if delivered by first class mail,
postage prepaid, (b) upon delivery, if delivered by hand, (c) one (1) business
day after the business day of deposit with Federal Express or similar overnight
courier, freight prepaid or (d) one (1) business day after the business day of
confirmed facsimile transmission, if delivered by facsimile transmission with
copy by first class mail, postage prepaid, and shall be addressed (i) if to a
Holder or Major Stockholder, at such Holder's or Major Stockholder's address as
set forth on Exhibit "A" hereto and (ii) if to the Corporation, at the address
             -----------
of its principal corporate offices (attention: Secretary), or at such other
address as a party may designate by ten (10) days' advance written notice to the
other party pursuant to the provisions above.

          6.6.  Expenses.  Except as otherwise provided herein, if any action at
                --------
law or in equity is necessary to enforce or interpret the terms of this
Agreement, the prevailing party shall be entitled to reasonable attorneys' fees,
costs and necessary disbursements in addition to any other relief to which such
party may be entitled.

          6.7.  Amendments and Waivers.  Any term of this Agreement may be
                ----------------------
amended and the observance of any term of this Agreement may be waived (either
generally or in a particular instance and either retroactively or
prospectively), only with the written consent of the Corporation, the holders of
a majority of the Registrable Securities then outstanding, and the holders of a
majority of the Major Stockholders' Equity Securities then outstanding;
provided, further, that the provisions of Section 3 hereof relating to the
Series A Director Designee shall not be amended without the written consent of
TSG for so long as TSG has the

                                      -22-
<PAGE>

right to designate such Designee. Any amendment or waiver effected in accordance
with this paragraph shall be binding upon each holder of any Registrable
Securities then outstanding, each future holder of all such Registrable
Securities, and the Corporation and each Major Stockholder.

          6.8.  Aggregation of Stock.  All Shares held or acquired by entities,
                --------------------
partnerships, former partnerships or "affiliates" (as defined in Rule 405 under
the Act) of a Holder or Family Members of such Holder, or trusts the
beneficiaries of which are affiliated entities or persons and/or Family Members
of such Holder (collectively, "Affiliates") shall be aggregated together for the
purpose of determining the availability or discharge of any rights of such
Holder under this Agreement.  Any Affiliate or Affiliate group shall be entitled
to designate one person as representative of such group for the purpose of
exercising any right or undertaking any obligation of such group hereunder
(including without limitation voting any Shares held by any such Affiliate or
member of any such Affiliate group), and the Company and the Corporation shall
be entitled to rely on the representative for such purposes.

          6.9.  Severability.  If one or more provisions of this Agreement are
                ------------
held to be unenforceable under applicable law, such provision shall be excluded
from this Agreement and the balance of the Agreement shall be interpreted as if
such provision were so excluded and shall be enforceable in accordance with its
terms.

          6.10. Entire Agreement: Amendment: Waiver.  This Agreement (including
                -----------------------------------
the Exhibits hereto, if any) constitutes the full and entire understanding and
Agreement between the parties with regard to the subjects hereof and thereof.

          6.11. Specific Performance: Proxies.  The parties hereto agree that
                -----------------------------
irreparable damage would occur if any of the provisions of this Agreement were
not performed in accordance with these specific terms or were otherwise
breached.  It is accordingly agreed that the parties shall be entitled to seek
an injunction or injunctions to prevent breaches of this Agreement and to
enforce specifically the terms and provisions hereof in any court of the United
States or any state having jurisdiction, this being in addition to any other
remedy to which they are entitled at law or in equity.  In addition, if any
provision in this Agreement shall constitute the granting of a proxy, the
parties hereto agree that such proxy shall be deemed to be coupled with an
interest.

                 [Remainder of Page Intentionally Left Blank]

                                      -23-
<PAGE>

     IN WITNESS WHEREOF, the parties have executed this Investor Rights
Agreement as of the date first above written.

                    ENTRAVISION COMMUNICATIONS CORPORATION

                    By: /s/ Walter F. Ulloa
                       ------------------------------------------------------
                         Walter F. Ulloa, Chairman and Chief Executive Officer

                    By: /s/ Jeanette L. Tully
                       ------------------------------------------------------
                         Jeanette L. Tully, Chief Financial Officer

                    ENTRAVISION COMMUNICATIONS COMPANY, L.L.C.

                    By: /s/ Walter F. Ulloa
                       ------------------------------------------------------
                         Walter F. Ulloa, Chairman and Chief Executive Officer

                    By: /s/ Jeanette L. Tully
                       ------------------------------------------------------
                         Jeanette L. Tully, Chief Financial Officer

                    TSG CAPITAL FUND III, L.P.

                    By: /s/ Darryl B. Thompson
                       ------------------------------------------------------
                    Name:____________________________________________________
                    Title:___________________________________________________

                    /s/ Walter F. Ulloa
                    ---------------------------------------------------------
                    Walter F. Ulloa
                    Philip C. Wilkinson by Walter F. Ulloa, as his attorney in
                    fact
                    /s/ Walter F. Ulloa
                    ---------------------------------------------------------
                    Philip C. Wilkinson

                    /s/ Paul A. Zevnik
                    ---------------------------------------------------------
                    Paul A. Zevnik

           [Counterpart Signature Page to Investor Rights Agreement]
<PAGE>

                                  EXHIBIT "A"

TSG Capital Fund III, L.P.
177 Broad Street, 12/th/ Floor
Stamford, Connecticut 06901

Walter F. Ulloa
2425 Olympic Boulevard, Suite 6000 West
Santa Monica, California 90404

Philip C. Wilkinson
5770 Ruffin Road
San Diego, California 92123

Paul A. Zevnik
1299 Pennsylvania Avenue, N.W., 9th Floor
Washington, D.C. 20004

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