Document:

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                                                                   EXHIBIT 10.11

                               PLEDGE AGREEMENT
                               ----------------

     This PLEDGE AGREEMENT, is dated as of April 20, 2000, and made by WALTER F.
ULLOA and PHILIP C. WILKINSON (each, a "Pledgor" and collectively, the
                                        -------
"Pledgors"), whose obligations hereunder are joint and several, in favor of
 --------
UNION BANK OF CALIFORNIA, N.A., a national banking association, as agent (the
"Agent") for the Lenders (as defined in the Loan Agreement referred to below,
 -----
the "Lenders").
     -------

                                   RECITALS
                                   --------

     A.   Concurrently herewith, (a) the Agent, the Lenders and LCG Acquisition
Corporation are entering into a Term Loan Agreement dated as of April 20, 2000
(said Agreement, as it may hereafter be amended, modified or restated from time
to time, herein referred to as the "Loan Agreement"), and (b) the Pledgors are
                                    --------------
entering into a Nonrecourse Guarantee dated as of even date herewith in favor of
the Agent for the benefit of the Lenders (said Guarantee, as it may hereafter be
amended, modified or restated from time to time, herein referred to as the
"Guarantee").
 ---------

     B.   The Loan Agreement requires, and the Pledgors desire, that the
Pledgors' obligations under the Guarantee be secured by this Agreement.

     C.   Terms defined in the Loan Agreement and not otherwise defined herein
have the same respective meanings when used herein, and the rules of
interpretation set forth in Section 1.2 of the Loan Agreement are incorporated
herein by reference.

                                   AGREEMENT
                                   ---------

     NOW, THEREFORE, in order to induce the Lenders to enter into the Loan
Agreement and for other good and valuable consideration, the receipt and
adequacy of which hereby are acknowledged, each Pledgor hereby represents,
warrants, covenants, agrees, assigns and grants as follows:

     1.   Definitions.  Unless the context otherwise requires, terms defined in
          -----------
the Uniform Commercial Code of the State of California (the "Uniform Commercial
                                                             ------------------
Code") and not otherwise defined in this Agreement or in the Loan Agreement
----
shall have the meanings defined for those terms in the Uniform Commercial Code.
In addition, the following terms shall have the meanings respectively set forth
after each:

     "Collateral" means and includes all present and future right, title and
      ----------
interest of each Pledgor in or to, and all rights and powers of each Pledgor to
transfer any interest in or to, any and all of the following property, whether
now owned or existing or hereafter arising or acquired and wheresoever located:
<PAGE>

     (a)  All Pledged Limited Liability Company Interests, and all rights,
preferences, privileges, dividends, distributions (in cash or in kind),
redemption payments or liquidation payments with respect thereto (but excluding
any dividends, distributions, redemption payments or liquidation payments to the
extent (x) received by such Pledgor and (y) paid in accordance with the terms of
the Loan Agreement);

     (b)  All rights, remedies, powers and/or privileges of such Pledgor with
respect to any of the foregoing; and

     (c)  Any and all proceeds and products of the foregoing, including without
limitation, all money, accounts, general intangibles, deposit accounts,
documents, instruments, chattel paper, goods, insurance proceeds and any other
tangible or intangible property received upon the sale or disposition of any of
the foregoing.

     "Limited Liability Company Acknowledgement" shall have the meaning ascribed
      -----------------------------------------
to it in Section 4(a) of this Agreement.

     "Limited Liability Company Assets" means all assets, whether tangible or
      --------------------------------
intangible and whether real, personal or mixed (including, without limitation,
all limited liability company capital and interests in other limited liability
companies), at any time owned or represented by any Limited Liability Company
Interests.

     "Limited Liability Company Interests" means the entire limited liability
      -----------------------------------
company interest at any time owned by either Pledgor in any Pledged Entity.

     "Limited Liability Company Notice" shall have the meaning ascribed to it in
      --------------------------------
Section 4(a) of this Agreement.

     "Pledged Collateral" means the Pledged Limited Liability Interests.
      ------------------

     "Pledged Entity" means each limited liability company set forth in Schedule
      --------------                                                    --------
A attached hereto, as such Schedule may be supplemented from time to time in
-
accordance with the terms of this Agreement.

     "Pledged Limited Liability Company Interests" means all interests in any
      -------------------------------------------
Pledged Entities held by any Pledgor, including, but not limited to, those
Limited Liability Company Interests identified in Schedule A attached hereto, as
                                                  ----------
such Schedule may be supplemented from time to time in accordance with the terms
of this Agreement, including, but not limited to, (i) all the capital thereof
and any Pledgor's interest in all profits, losses, Limited Liability Company
Assets and other distributions in respect thereof; (ii) all other payments due
or to become due to any Pledgor in respect of such Limited Liability Company
Interests; (iii) all of any Pledgor's claims, rights, powers, privileges,
authority, options, security interests, liens and remedies, if any in respect of
such Limited Liability Company Interests; (iv) all of any Pledgor's rights to
exercise and enforce every right, power, remedy, authority, option and privilege
relating to such Limited Liability Company Interests; and (v) all other property
hereafter delivered in substitution for or in addition to any of the foregoing
and all certificates and instruments representing or evidencing such other
property received, receivable or otherwise distributed in respect of or in
exchange for any or all thereof.

                                      -2-
<PAGE>

     "Secured Party" means, collectively, the Agent and the Lenders.
      -------------

     2.  Creation of Security Interest.  Each Pledgor hereby assigns and pledges
         -----------------------------
to the Agent for the ratable benefit of the Lenders, and grants to the Agent for
the ratable benefit of the Lenders, a security interest in and to, all right,
title and interest of such Pledgor in and to all presently existing and
hereafter acquired Collateral. The security interest and pledge created by this
Section 2 shall continue in effect so long as any Obligation (as defined below)
remains unpaid or any Commitment remains in effect.

     3.  Security for Obligations.  This Agreement and the security interests
         ------------------------
granted herein secure the prompt payment, in full in cash, and full performance
of, all obligations of each Pledgor now or hereafter existing under the
Guarantee, and any documents executed by any Pledgor in connection therewith,
whether for principal, interest, fees, expenses or otherwise, including without
limitation all obligations of each Pledgor now or hereafter existing under this
Agreement, and all interest that accrues (whether or not allowed) at the then
applicable rate (including interest at the rate for overdue payments described
in Section 2.6(c) of the Loan Agreement) specified in the Loan Agreement on all
or any part of any of such obligations after the filing of any petition or
pleading against the Borrower or any Pledgor for a proceeding under any
bankruptcy or related law (collectively, the "Obligations").
                                              -----------

     4.  Delivery of Pledged Collateral.
         ------------------------------

     (a)  With respect to each Limited Liability Company Interest, on (i) the
Closing Date (with respect to Limited Liability Company Interests existing on
such date) and (ii) the day on which any Limited Liability Company Interest
shall be acquired by any Pledgor (with respect to Limited Liability Company
Interests acquired after the Closing Date), a notice in the form set forth in
Schedule C attached hereto (the "Limited Liability Company Notice") shall be
----------                       --------------------------------
appropriately completed and delivered to each Pledged Entity, notifying each
Pledged Entity of the existence of this Agreement, a certified copy of this
Agreement shall be delivered by each Pledgor to the relevant Pledged Entity, and
each Pledgor shall have received and delivered to the Agent a copy of such
Limited Liability Company Notice, along with an acknowledgment in the form set
forth in Schedule C attached hereto (the "Limited Liability Company
         ----------                       -------------------------
Acknowledgment"), duly executed by the relevant Pledged Entity.
--------------

     (b)  Subject to any necessary prior approval of the FCC, the Agent shall
have the right, upon the occurrence and during the continuance of an Event of
Default, without notice to any Pledgor, to transfer to or to direct any Pledgor
or any nominee of any Pledgor to register or cause to be registered in the name
of the Agent or any of its nominees any or all of the Pledged Limited Liability
Company Interests. In addition, the Agent shall have the right at any time to
exchange certificates or instruments representing or evidencing Pledged Limited
Liability Company Interests for certificates or instruments of smaller or larger
denominations.

     5.   Further Assurances.
          ------------------

     (a)  At any time and from time to time at the reasonable written request of
the Agent, each Pledgor shall execute and deliver to the Agent, at such
Pledgor's expense, all such financing statements and other instruments,
certificates and documents in form and substance

                                      -3-
<PAGE>

reasonably satisfactory to the Agent, and perform all such other acts as shall
be necessary or reasonably desirable to fully perfect or protect or maintain,
when filed, recorded, delivered or performed, the Secured Party's security
interests granted pursuant to this Agreement or to enable the Lenders to
exercise and enforce their rights and remedies hereunder with respect to any
Collateral. Without limiting the generality of the foregoing, each Pledgor shall
execute and file such financing or continuation statements, or amendments
thereto, and such other instruments or notices, as may be necessary or
desirable, or as the Agent may reasonably request, in order to perfect and
preserve, with the required priority, the security interests granted, or
purported to be granted hereby.

     (b)  At any time and from time to time, the Agent shall be entitled to file
and/or record any or all such financing statements, instruments and documents
held by it, and any or all such further financing statements, documents and
instruments, relative to the Collateral or any part thereof in each instance,
and to take all such other actions as the Agent may reasonably deem appropriate
to perfect and to maintain perfected the security interests granted herein.

     (c)  Each Pledgor hereby authorizes the Agent to file one or more financing
or continuation statements, and amendments thereto, relative to all or any part
of the Collateral without the signature of such Pledgor where permitted by law.
A carbon, photographic or other reproduction of this Agreement or any financing
statement covering the Collateral or any part thereof shall be sufficient as a
financing statement where permitted by law.

     (d)  Each Pledgor shall furnish to the Agent from time to time statements
and schedules further identifying and describing the Collateral and such other
reports in connection with the Collateral as the Agent may reasonably request.
Upon any Pledgor's receipt or acquisition of any additional Limited Liability
Company Interest, such Pledgor shall, in addition to all other acts required to
be performed in respect thereof pursuant to this Agreement, supplement Schedule
                                                                       --------
A attached hereto to reflect such additional Pledged Collateral and, to the
-
extent such Limited Liability Company Interest is certificated, deliver to the
Agent the certificates therefor, accompanied by such instruments of transfer as
are acceptable to the Agent.

     (e)  With respect to any Collateral consisting of interests in limited
liability companies, or the like, each Pledgor hereby consents and agrees that,
upon the occurrence and during the continuance of an Event of Default, subject
to any necessary prior approval of the FCC, the Pledged Entities, or obligors on
any such Collateral, or any registrar or transfer agent or trustee for any such
Collateral, shall be entitled to accept the provisions of this Agreement as
conclusive evidence of the right of the Agent to effect any transfer or exercise
any right hereunder or with respect to any such Collateral subject to the terms
hereof, notwithstanding any other notice or direction to the contrary heretofore
or hereafter given by such Pledgor or any other Person to the Pledged Entities
or such obligors or to any such registrar or transfer agent or trustee.

     6.   Voting Rights; Dividends; etc.  Subject to any necessary prior
          -----------------------------
approval from the FCC, so long as no Event of Default shall have occurred and be
continuing:

     (a)  Voting Rights.  Each Pledgor shall be entitled to exercise any and all
          -------------
voting and other consensual rights pertaining to the Pledged Limited Liability
Company Interests (including,

                                      -4-
<PAGE>

but not limited to, all voting, consent, administration, management and other
rights and remedies under any limited liability company agreement or otherwise
with respect to the Pledged Limited Liability Company Interests), or any part
thereof, for any purpose not inconsistent with the terms of this Agreement, the
Loan Agreement or the other Loan Documents; provided, however, that such Pledgor
                                            --------  -------
shall not exercise any such right if it would result in a Default.

     (b)  Dividend and Distribution Rights.  Subject to the terms of the Loan
          --------------------------------
Agreement, each Pledgor shall be entitled to receive and to retain and use (and
the Agent and the Lenders shall have no security interest in) any and all
dividends or distributions paid in respect of the Pledged Limited Liability
Company Interests in accordance with the terms of the Loan Agreement; provided,
                                                                      --------
however, that any and all
-------

          (i)   non-cash dividends or distributions in the form of capital
     stock, certificated limited liability company interests, instruments or
     other property received, receivable or otherwise distributed in respect of,
     or in exchange for, any Pledged Limited Liability Company Interests,

          (ii)  dividends and other distributions paid or payable in cash in
     respect of any Pledged Limited Liability Company Interests in connection
     with a partial or total liquidation or dissolution or in connection with a
     reduction of capital, capital surplus or paid-in-surplus, and

          (iii) cash paid, payable or otherwise distributed in redemption of, or
     in exchange for, any Pledged Limited Liability Company Interests,

shall forthwith be delivered to the Agent, in the case of (i) above, to be held
as Collateral and shall, if received by any Pledgor, be received in trust for
the benefit of the Secured Party, be segregated from the other property of such
Pledgor and forthwith be delivered to the Agent as Collateral in the same form
as so received (with any necessary endorsements), and in the case of (ii) and
(iii) above, to be applied to the Obligations or otherwise to be held as
Collateral.

     7.   Rights as to Pledged Collateral During Event of Default.  When an
          -------------------------------------------------------
Event of Default has occurred and is continuing, subject to any necessary prior
approval of the FCC:

     (a)  Voting, Dividend and Distribution Rights.  At the option of the Agent,
          ----------------------------------------
all rights of each Pledgor to exercise the voting and other consensual rights
that it would otherwise be entitled to exercise pursuant to Section 6(a) above,
and to receive the dividends and distributions that it would otherwise be
authorized to receive and retain pursuant to Section 6(b) above, shall cease,
and all such rights shall thereupon become vested in the Agent who shall
thereupon have the sole right to exercise such voting and other consensual
rights and to receive and to hold as Collateral such dividends and distributions
during the continuance of such Event of Default.

     (b)  Dividends and Distributions Held in Trust.  All dividends and other
          -----------------------------------------
distributions that are received by any Pledgor contrary to the provisions of
Section 7(a) of this Agreement shall be received in trust for the benefit of the
Secured Party, shall be segregated from other funds of such Pledgor and
forthwith shall be paid over to the Agent as Collateral in the same form as so
received (with any necessary endorsements).

                                      -5-
<PAGE>

     8.   Irrevocable Proxy.  Each Pledgor hereby revokes all previous proxies
          -----------------
with regard to the Pledged Limited Liability Company Interests and, subject to
any necessary prior approval of the FCC, appoints the Agent as its proxy-holder
and attorney-in-fact to attend and vote at any and all meetings of the members
of the Pledged Entities (whether or not such Pledged Limited Liability Company
Interests are transferred into the name of the Agent), and any adjournments
thereof, held on or after the date of the giving of this proxy and to execute
any and all written consents, waivers and ratifications of the Pledged Entities
executed on or after the date of the giving of this proxy and prior to the
termination of this proxy with the same effect as if such Pledgor had personally
attended the meetings or had personally voted on its Limited Liability Company
Interests or had personally signed the consents, waivers or ratifications;
provided, however, that the Agent as proxy-holder shall have rights hereunder
--------  -------
only upon the occurrence and during the continuance of an Event of Default and
subject to Section 14(j) hereof.  Each Pledgor hereby authorizes the Agent to
substitute another Person (which Person shall be a successor to the rights of
the Agent hereunder, a nominee appointed by the Agent to serve as proxy-holder,
or otherwise as approved by such Pledgor in writing, such approval not to be
unreasonably withheld) as the proxy-holder and, upon the occurrence or during
the continuance of any Event of Default, hereby authorizes and directs the
proxy-holder to file this proxy and the substitution instrument with the
appropriate officer of the Pledged Entity.  This proxy is coupled with an
interest and is irrevocable until such time as no part of any Commitment remains
outstanding and all Obligations have been indefeasibly paid in full.

     9.   Pledgors' Representations and Warranties.  Each Pledgor represents and
          ----------------------------------------
warrants as follows:

     (a)  Each Pledgor is an individual and resides in the County and the State
specified therefor on the signature pages hereof.

     (b)  Each Pledgor is the legal and beneficial owner of the Collateral free
and clear of all Liens (other than Liens in favor of the lenders under the
Entravision Credit Agreement (the "ECC Lien")). Each Pledgor has the legal
                                   --------
right to grant the security interests in the Collateral purported to be granted
hereby, and to execute, deliver and perform this Agreement. The pledge of the
Collateral pursuant to this Agreement creates a valid security interest in the
Collateral. Upon the filing of appropriate financing statements in the filing
offices set forth on Schedule B attached hereto and the giving of a Limited
                     ----------
Liability Company Notice to the Pledged Entities, the Secured Party will have a
perfected security interest in the Collateral subject only to the ECC Lien.

     (c)  The Pledged Limited Liability Company Interests have been duly
authorized and validly issued and are fully paid and nonassessable.

     (d)  No consent of any Person, including any member in a Pledged Entity, is
required for the pledge by any Pledgor of the Collateral.

     (e)  The Pledged Limited Liability Company Interests described on Schedule
                                                                       --------
A attached hereto constitute all of the Limited Liability Company Interests of
-
each Pledgor and each Pledgor's respective percentage interest in each such
Pledged Entity is as set forth on Schedule A attached hereto.
                                  ----------

                                      -6-
<PAGE>

     (f)  Subject to Section 14(j) hereof, no authorization, approval or other
action by, and no notice to or filing with, any Governmental Authority (other
than such authorizations, approvals and other actions as have already been taken
and are in full force and effect) is required (A) for the pledge of the
Collateral or the grant of the security interest in the Collateral by any
Pledgor hereby or for the execution, delivery or performance of this Agreement
by any Pledgor, or (B) for the exercise by the Agent of the voting rights in the
Pledged Limited Liability Company Interests or of any other rights or remedies
in respect of the Collateral hereunder.

     10.  Pledgors' Covenants.  In addition to the other covenants and
          -------------------
agreements set forth herein and in the other Loan Documents, each Pledgor
covenants and agrees as follows:

     (a)  Each Pledgor will pay, prior to delinquency, all taxes, charges, Liens
and assessments against the Collateral owned by it, except those with respect to
which the amount or validity is being contested in good faith by appropriate
proceedings and with respect to which reserves in conformity with GAAP have been
provided on the books of such Pledgor.

     (b)  No Pledgor will move his or her residence from the location set forth
on the signature pages hereof except upon not less than 20 days' prior notice to
the Agent and such Pledgor's prior compliance with all applicable requirements
of Section 5 hereof necessary to perfect the Lenders' security interest
hereunder.

     (c)  No Pledgor shall withdraw as a member of any Pledged Entity, or file
or pursue or take any action that may, directly or indirectly, cause a
dissolution or liquidation of or with respect to any Pledged Entity or seek a
partition of any property of any Pledged Entity.

     (d)  Subject to the provisions of Section 14(j) hereof, each Pledgor agrees
to take any action which the Agent may reasonably request in order to obtain
from the FCC such approval as may be necessary to enable the Lenders to exercise
and enjoy the full rights and benefits granted to them by this Agreement,
including the use of such Pledgor's best efforts to assist in obtaining the
approval of the FCC for any action or transaction contemplated by this Agreement
for which such approval is required by law.

     11.  Agent's Rights Regarding Collateral.  At any time and from time to
          -----------------------------------
time, the Agent (for the benefit of the Secured Party) may, to the extent
necessary or desirable to protect the security hereunder, but the Agent shall
not be obligated to: (a) (whether or not a Default has occurred) itself or
through its representatives, at its own expense, upon reasonable notice and at
such reasonable times during usual business hours, visit and inspect the
properties of the Pledged Entities and examine and make abstracts from any of
the books and records of those Pledged Entities at any reasonable time and as
often as may reasonably be desired and discuss the business, operations,
properties and financial and other condition of any Pledged Entity or (b) if a
Default has occurred and is continuing, at the expense of the Pledgors, perform
any obligation of any Pledgor under this Agreement. Neither the Agent nor the
Lenders shall be under any duty or obligation whatsoever to take any action to
preserve any rights of or against any prior or other parties in connection with
the Collateral, to exercise any voting rights or managerial rights with respect
to any Collateral or to make or give any presentments for payment, demands for
performance, notices of non-performance, protests, notices of protest, notices
of dishonor or notices of any other nature whatsoever in connection with the
Collateral or the Obligations.

                                      -7-
<PAGE>

Neither the Agent nor the Lenders shall be under any duty or obligation
whatsoever to take any action to protect or preserve the Collateral or any
rights of any Pledgor therein, or to make collections or enforce payment
thereon, or to participate in any foreclosure or other proceeding in connection
therewith.

     Nothing contained herein shall be construed to make the Agent or any Lender
liable as a member of any Pledged Entity, and the Agent or any Lenders by virtue
of this Agreement or otherwise (except as referred to in the following sentence)
shall not have any of the duties, obligations or liabilities of a member of any
Pledged Entity.  The parties hereto expressly agree that, unless the Agent shall
become the absolute owner of a Pledged Limited Liability Company Interest
pursuant hereto, this Agreement shall not be construed as creating a partnership
or joint venture among the Agent, any Lender, any Pledged Entity or the Borrower
and/or any Pledgor.  Except as provided in the immediately preceding sentence,
the Agent, by accepting this Agreement, did not intend to become a member of any
Pledged Entity or otherwise be deemed to be a co-venturer with respect to any
Pledgor or any Pledged Entity, either before or after an Event of Default shall
have occurred.

     12.  Collections on the Collateral.  Except as provided to the contrary in
          -----------------------------
the Loan Agreement, each Pledgor shall have the right to use and to continue to
make collections on and receive dividends and other proceeds of all of the
Collateral in the ordinary course of business so long as no Event of Default
shall have occurred and be continuing. Upon the occurrence and during the
continuance of an Event of Default, at the option of the Agent, each Pledgor's
right to make collections on and receive dividends and other proceeds of the
Collateral and to use or dispose of such collections and proceeds shall
terminate, and any and all dividends, proceeds and collections, including all
partial or total prepayments, then held or thereafter received on or on account
of the Collateral will be held or received by such Pledgor in trust for the
Secured Party and immediately delivered in kind to the Agent (duly endorsed to
the Agent, if required), to be applied to the Obligations or held as Collateral,
as the Agent shall elect. Upon the occurrence and during the continuance of an
Event of Default, the Agent shall have the right at all times to receive,
receipt for, endorse, assign, deposit and deliver, in the name of the Agent or
the Lenders or in the name of any Pledgor, any and all checks, notes, drafts and
other instruments for the payment of money constituting proceeds of or otherwise
relating to the Collateral; and each Pledgor hereby authorizes the Agent to
affix, by facsimile signature or otherwise, the general or special endorsement
of such Pledgor, in such manner as the Agent shall deem advisable, to any such
instrument in the event the same has been delivered to or obtained by the Agent
without appropriate endorsement, and the Agent and any collecting bank are
hereby authorized to consider such endorsement to be a sufficient, valid and
effective endorsement by such Pledgor, to the same extent as though it were
manually executed by the duly authorized representative of such Pledgor,
regardless of by whom or under what circumstances or by what authority such
endorsement actually is affixed, without duty of inquiry or responsibility as to
such matters, and each Pledgor hereby expressly waives demand, presentment,
protest and notice of protest or dishonor and all other notices of every kind
and nature with respect to any such instrument.

     13.  Possession of Collateral by Agent.  All the Collateral now, heretofore
          ---------------------------------
or hereafter delivered to the Agent shall be held by the Agent in its
possession, custody and control. Any or all of the Collateral delivered to the
Agent constituting cash or cash equivalents shall, prior to the occurrence of
any Event of Default, be held in an interest-bearing account with one or more of

                                      -8-
<PAGE>

the Lenders, and shall be, upon request of the Pledgor that has delivered such
Collateral, invested in investments permitted by Section 6.7(c) of the Loan
Agreement.  Nothing herein shall obligate Agent to obtain any particular return
thereon.  Upon the occurrence and during the continuance of an Event of Default,
whenever any of the Collateral is in the Agent's possession, custody or control,
the Agent may use and consume the Collateral, whether for the purpose of
preserving and/or protecting the Collateral, or for the purpose of performing
any of any Pledgor's obligations with respect thereto, or otherwise, and,
subject to the terms of Section 9.7 of the Loan Agreement, any or all of the
Collateral delivered to the Agent constituting cash or cash equivalents shall be
applied by the Agent to payment of the Obligations to the extent permitted by
the terms of the Loan Agreement or otherwise held as Collateral as the Agent
shall elect.  The Agent may at any time deliver or redeliver the Collateral or
any part thereof to the Pledgor that has delivered such Collateral, and the
receipt of any of the same by such Pledgor shall be complete and full
acquittance for the Collateral so delivered, and the Agent thereafter shall be
discharged from any liability or responsibility arising after such delivery to
such Pledgor.  So long as the Agent exercises reasonable care with respect to
any Collateral in its possession, custody or control, neither the Agent nor the
Lenders shall have any liability for any loss of or damage to any Collateral,
and in no event shall the Agent or the Lenders have liability for any diminution
in value of the Collateral occasioned by economic or market conditions or
events, absent the gross negligence or willful misconduct of the Agent or any of
the Lenders.  The Agent shall be deemed to have exercised reasonable care within
the meaning of the preceding sentence if the Collateral in the possession,
custody or control of the Agent is accorded treatment substantially equal to
that which the Agent accords similar property for its own account, it being
understood that neither the Agent nor the Lenders shall have any responsibility
for (a) ascertaining or taking action with respect to calls, conversions,
exchanges, maturities, tenders or other matters relating to any Collateral,
whether or not the Agent or any Lender has or is deemed to have knowledge of
such matters, or (b) taking any necessary steps to preserve rights against any
Person with respect to any Collateral.

     14.  Remedies.
          --------

     (a)  Rights Upon Event of Default.  Upon the occurrence and during the
          ----------------------------
continuance of an Event of Default, each Pledgor shall be in default hereunder
and the Agent for the benefit of the Secured Party shall have, in any
jurisdiction where enforcement is sought, in addition to all other rights and
remedies that the Agent on behalf of the Secured Party may have under this
Agreement and under applicable laws or in equity, all rights and remedies of a
secured party under the Uniform Commercial Code as enacted in any such
jurisdiction in effect at that time, and in addition the following rights and
remedies, all of which may be exercised with or without further notice to any
Pledgor except such notice as may be specifically required by applicable law:
(a) to foreclose the Liens and security interests created hereunder or under any
other Loan Document by any available judicial procedure or without judicial
process; (b) to sell, assign or otherwise dispose of any Collateral or any part
thereof, either at public or private sale [or at any broker's board, in lot or
in bulk], for cash, on credit or otherwise, with or without representations or
warranties and upon such terms as shall be commercially reasonable; (c) to
collect by legal proceedings or otherwise all dividends, distributions,
interest, principal or other sums now or hereafter payable upon or on account of
the Collateral; (d) to enter into any extension, reorganization, disposition,
merger or consolidation agreement, or any other agreement relating to or
affecting the Collateral, and in connection therewith the Agent may deposit or
surrender

                                      -9-
<PAGE>

control of the Collateral and/or accept other property in exchange for the
Collateral as the Agent reasonably deems appropriate and is commercially
reasonable; (e) to settle, compromise or release, on terms acceptable to the
Agent, in whole or in part, any amounts owing on the Collateral and/or any
disputes with respect thereto; (f) to enforce payment and prosecute any action
or proceeding with respect to any or all of the Collateral and take or bring, in
the name of the Secured Party or in the name of any Pledgor, any and all steps,
actions, suits or proceedings deemed necessary or reasonably desirable by the
Agent to effect collection of or to realize upon the Collateral, including any
judicial or nonjudicial foreclosure thereof or thereon, and each Pledgor
specifically consents to any nonjudicial foreclosure of any or all of the
Collateral or any other action taken by the Lenders which may release any
obligor from personal liability on any of the Collateral, and each Pledgor
waives (such waiver not to affect the Agent's agreement to give notice of sale
in certain circumstances pursuant to Section 14(d)), to the extent permitted by
applicable law, any right to receive notice of any public or private judicial or
nonjudicial sale or foreclosure of any security or any of the Collateral, and
any money or other property received by the Agent in exchange for or on account
of the Collateral, whether representing collections or proceeds of Collateral,
and whether resulting from voluntary payments or foreclosure proceedings or
other legal action taken by the Agent or any Pledgor, may be applied by the
Agent, without notice to any Pledgor, to the Obligations in such order and
manner as the Agent in its sole discretion shall determine; (g) to insure,
protect and preserve the Collateral; (h) to exercise all rights, remedies,
powers or privileges provided under any of the Loan Documents; and (i) to
remove, from any premises where the same may be located, the Collateral and any
and all documents, instruments, files and records, and any receptacles and
cabinets containing the same, relating to the Collateral, and the Agent may, at
the cost and expense of the Pledgors, use such of its supplies, equipment,
facilities and space at its places of business as may be necessary or
appropriate to properly administer, process, store, control, prepare for sale or
disposition and/or sell or dispose of the Collateral or to properly administer
and control the handling of collections and realizations thereon, and the Agent
shall be deemed to have a rent-free tenancy of any premises of the Pledgors for
such purposes and for such periods of time as reasonably required by the Agent.

     Nothing herein contained shall be construed to give the Agent or the
Lenders or any purchaser of the Collateral the right to operate any of the
Stations or the Entravision Stations without the prior consent of the FCC, to
the extent required by law or the terms of any Media License or Entravision
Media License.

     (b)  Possession by Agent.  Upon the occurrence and during the continuance
          -------------------
of an Event of Default, the Agent also shall have the right, without notice or
demand (other than any notice required by Section 7 of the Loan Agreement),
either in person, by agent or by a receiver to be appointed by a court in
accordance with the provisions of applicable law (and each Pledgor hereby
expressly consents, to the fullest extent permitted by applicable law, upon the
occurrence and during the continuance of an Event of Default to the appointment
of such a receiver), and, to the extent permitted by applicable law, without
regard to the adequacy of any security for the Obligations, to take possession
of the Collateral or any part thereof and to collect and receive the rents,
issues, profits, income and proceeds thereof. The taking possession of the
Collateral by the Agent shall not cure or waive any Event of Default or notice
thereof or invalidate any act done pursuant to such notice. The rights, remedies
and powers of any receiver appointed by a court shall be as ordered by said
court.

                                      -10-
<PAGE>

     (c)  Sale of Collateral.  Any public or private sale or other disposition
          ------------------
of the Collateral may be held at any office of the Agent, or at any Pledgor's
place of business, if any, or at any other place permitted by applicable law,
and without the necessity of the Collateral's being within the view of
prospective purchasers. The Agent may direct the order and manner of sale of the
Collateral, or portions thereof, as it in its sole and absolute discretion may
determine provided such sale is commercially reasonable, and each Pledgor
expressly waives, to the extent permitted by applicable law, any right to direct
the order and manner of sale of any Collateral. The Agent or any Person acting
on the Agent's behalf may bid and purchase at any such sale or other
disposition.

     (d)  Notice of Sale.  Unless the Collateral is perishable or threatens to
          --------------
decline speedily in value or is of a type customarily sold on a recognized
market, the Agent will give the Pledgor that has pledged such Collateral
reasonable notice of the time and place of any public sale thereof or of the
time on or after which any private sale thereof is to be made. The requirement
of reasonable notice conclusively shall be met if such notice is mailed,
certified mail, postage prepaid, to such Pledgor at its address set forth on the
signature page hereto or delivered or otherwise sent to such Pledgor, at least
five (5) Business Days before the date of the sale. Each Pledgor expressly
waives, to the fullest extent permitted by applicable law, any right to receive
notice of any public or private sale of any Collateral or other security for the
Obligations except as expressly provided for in this paragraph. The Agent shall
not be obligated to make any sale of the Collateral if it shall determine not to
do so regardless of the fact that notice of sale of the Collateral may have been
given. The Agent may, without notice or publication, except as required by
applicable law, adjourn the sale from time to time by announcement at the time
and place fixed for sale, and such sale may, without further notice (except as
required by applicable law), be made at the time and place to which the same was
so adjourned.

     (e)  Private Sales.  Whether or not any Collateral has been effectively
          -------------
registered under the Securities Act of 1933, as amended, or other applicable
laws, the Agent may, in its sole and absolute discretion, sell all or any part
of such Collateral at private sale in such manner and under such circumstances
as the Agent may deem necessary or advisable in order that the sale may be
lawfully conducted in a commercially reasonable manner. Without limiting the
foregoing, the Agent may (i) approach and negotiate with a limited number of
potential purchasers, and (ii) restrict the prospective bidders or purchasers to
persons who will represent and agree that they are purchasing such Collateral
for their own account for investment and not with a view to the distribution or
resale thereof. In the event that any such Collateral is sold at private sale,
each Pledgor agrees to the extent permitted by applicable law that if such
Collateral is sold for a price which is commercially reasonable, then (A) such
Pledgor shall not be entitled to a credit against the Obligations in an amount
in excess of the purchase price, and (B) the Lenders shall not incur any
liability or responsibility to such Pledgor in connection therewith,
notwithstanding the possibility that a substantially higher price might have
been realized at a public sale. Each Pledgor recognizes that a ready market may
not exist for such Collateral if it is not regularly traded on a recognized
securities exchange, and that a sale by the Agent of any such Collateral for an
amount less than a pro rata share of the fair market value of any Pledged
Entity's assets minus liabilities may be commercially reasonable in view of the
difficulties that may be encountered in attempting to sell a large amount of
such Collateral or Collateral that is privately traded.

                                      -11-
<PAGE>

     (f)  Title of Purchasers.  Upon consummation of any sale of Collateral
          -------------------
hereunder, the Agent on behalf of the Secured Party shall have the right to
assign, transfer and deliver to the purchaser or purchasers thereof the
Collateral so sold. Each such purchaser at any such sale shall hold the
Collateral so sold absolutely free from any claim or right upon the part of the
Pledgor that has pledged such Collateral or any other Person claiming through
such Pledgor, and each Pledgor hereby waives (to the extent permitted by
applicable laws) all rights of redemption, stay and appraisal that it now has or
may at any time in the future have under any rule of law or statute now existing
or hereafter enacted. If the sale of all or any part of the Collateral is made
on credit or for future delivery, the Agent shall not be required to apply any
portion of the sale price to the Obligations until such amount actually is
received by the Agent, and any Collateral so sold may be retained by the Agent
until the sale price is paid in full by the purchaser or purchasers thereof. The
Secured Party shall not incur any liability in case any such purchaser or
purchasers shall fail to pay for the Collateral so sold, and, in case of any
such failure, the Collateral may be sold again.

     (g)  Disposition of Proceeds of Sale.  The proceeds resulting from the
          -------------------------------
collection, liquidation, sale or other disposition of the Collateral shall be
applied, first, to the reasonable costs and expenses (including reasonable
         -----
attorneys' fees) of retaking, holding, storing, processing and preparing for
sale, selling, collecting and liquidating the Collateral, and the like; second,
                                                                        ------
to the satisfaction of all Obligations; and third, any surplus remaining after
                                            -----
the satisfaction of all Obligations, provided no Commitment exists, to be paid
over to the Pledgor that has pledged such Collateral or to whomsoever may be
lawfully entitled to receive such surplus.

     (h)  Certain Waivers.  To the extent permitted by applicable law, each
          ---------------
Pledgor waives all claims, damages and demands against the Agent and the Lenders
arising out of the repossession, retention or sale of the Collateral, or any
part or parts thereof, except to the extent any such claims, damages and awards
arise out of the gross negligence or willful misconduct of the Agent or the
Lenders.

     (i)  Remedies Cumulative.  The rights and remedies provided under this
          -------------------
Agreement are cumulative and may be exercised singly or concurrently, and are
not exclusive of any other rights and remedies provided by law or equity.

     (j)  Compliance with Communications Act.
          ----------------------------------

          (i)  Notwithstanding any other provision of this Agreement, any
     foreclosure on, sale, transfer or other disposition of, or the exercise of
     any right to vote or consent with respect to, any of the Collateral as
     provided herein or any other action taken or proposed to be taken by the
     Agent hereunder that would affect the operational, voting or other control
     of any entity holding a Media License or an Entravision Media License shall
     be made in accordance with the Communications Act and the terms of each
     Media License or Entravision Media License, including, to the extent
     applicable under the Communications Act in effect at the time of a Default,
     any requirement that there be a public or private sale.

                                      -12-
<PAGE>

          (ii)  Notwithstanding anything to the contrary contained in this
     Agreement, or in the Loan Agreement or the other Loan Documents or in any
     other related instrument, the Agent shall not, without first obtaining any
     consent or approval of the FCC, take any action pursuant to this Agreement
     that would constitute or result in any change of control of a Subsidiary
     holding a Media License or an Entravision Media License if any such change
     in control would require, under then existing law, the prior approval of
     the FCC.

          (iii) If an Event of Default shall have occurred and be continuing,
     each Pledgor shall take any action which the Agent may reasonably request
     in the exercise of its rights and remedies under this Agreement in order to
     transfer and assign to the Agent or to one or more third parties as the
     Agent may designate, or to a combination of the foregoing, the Collateral
     for the purposes of a public or private sale. To enforce the provisions of
     this Section 14, the Agent is empowered to request, and each Pledgor agrees
     to authorize, the appointment of a receiver or trustee from any court of
     competent jurisdiction. Such receiver or trustee shall be instructed to
     seek from the FCC (and any other Governmental Authority, if required) any
     necessary prior consent to an involuntary transfer of control or assignment
     of any Media License or Entravision Media License or of any entity whose
     limited liability company interests are subject to this Agreement, for the
     purpose of seeking a bona fide purchaser to whom such Media License or
     Entravision Media License or control of such entity ultimately will be
     transferred or assigned in connection with a public or private sale. Each
     Pledgor hereby agrees to authorize (including such Pledgor's execution of
     any necessary or appropriate applications or other instruments) such an
     involuntary transfer of control or assignment upon the reasonable request
     of the receiver or trustee so appointed; and, if any Pledgor's approval is
     required by the court and such Pledgor shall refuse to authorize such
     transfer or assignment, then, to the extent permitted by the Communications
     Act in effect at such time and provided that such Pledgor has been given 5
     Business Days' prior written notice telecopied to its telecopier number set
     forth on the signature pages hereof and such Pledgor has not responded by
     executing any such applications or other instruments, the clerk of the
     court may execute in the place of such Pledgor any application or other
     instrument necessary or appropriate for the obtaining of such consent. Upon
     the occurrence and during the continuance of an Event of Default, each
     Pledgor shall further use its best efforts to assist in obtaining the
     approval of the FCC (and that required by any other Governmental Authority)
     for any action or transaction contemplated by this Agreement, including
     without limitation, the preparation, execution and filing with the FCC of
     the assignor's or transferor's portion of any application or applications
     for consent to the assignment of any Media License or Entravision Media
     License or transfer of control of any entity holding or controlling any
     Media License or Entravision Media License as may be necessary or
     appropriate under the Communications Act for approval of the transfer or
     assignment of any portion of the Collateral or any Media License or
     Entravision Media License. Each Pledgor further agrees that, because of the
     unique nature of its undertaking in this Section 14, the same may be
     specifically enforced, and it hereby waives, and agrees to waive, any claim
     or defense that the Agent or the Lenders would have an adequate remedy at
     law for the breach of this undertaking and any requirement for the posting
     of bond or other security. This Section 14 shall not be deemed to limit any
     other rights of the Agent and the Lenders available under applicable law
     and consistent with the Communications Act.

                                      -13-
<PAGE>

     (k)  Notice.  The Agent shall use reasonable efforts to give the relevant
          ------
Pledgor prior written notice of the exercise of any remedy provided for herein,
provided that the failure to give such notice after reasonable efforts shall not
--------
subject the Agent or any Lender to liability and shall not affect the validity
or exercise of any remedy hereunder.

     15.  Agent Appointed Attorney-in-Fact.  To the full extent permitted by
          --------------------------------
applicable law, including the Communications Act, and subject to Section 14(j)
hereof, each Pledgor hereby irrevocably appoints the Agent as such Pledgor's
attorney-in-fact, effective upon and during the continuance of an Event of
Default, with full authority in the place and stead of such Pledgor, and in the
name of such Pledgor, or otherwise, from time to time, in the Agent's sole and
absolute discretion to do any of the following acts or things:  (a) to do all
acts and things and to execute all documents necessary or advisable to perfect
and continue perfected the security interests created by this Agreement and to
preserve, maintain and protect the Collateral; (b) to do any and every act which
such Pledgor is obligated to do under this Agreement; (c) to prepare, sign, file
and record, in such Pledgor's name, any financing statement covering the
Collateral; (d) to endorse and transfer the Collateral upon foreclosure by the
Agent; and (e) to file any claims or take any action or institute any
proceedings which the Agent may reasonably deem necessary or desirable for the
protection or enforcement of any of the rights of the Lenders with respect to
any of the Collateral; provided, however, that the Agent shall be under no
                       --------  -------
obligation whatsoever to take any of the foregoing actions, and neither the
Agent nor the Lenders shall have any liability or responsibility for any act or
omission (other than the Agent's or the Lenders' own gross negligence or willful
misconduct) taken with respect thereto.  Each Pledgor hereby agrees to repay
within 10 Business Days after demand all reasonable out-of-pocket costs and
expenses (including attorneys' fees) incurred or expended by the Agent in
exercising any right or taking any action under this Agreement.

     16.  Costs and Expenses.  Each Pledgor agrees to pay to the Agent all
          ------------------
reasonable costs and out-of-pocket expenses (including, without limitation,
reasonable attorneys' fees and disbursements) incurred by the Agent in the
enforcement or attempted enforcement of this Agreement, whether or not an action
is filed in connection therewith, and in connection with any waiver or amendment
of any term or provision hereof. All reasonable advances, charges, costs and
expenses, including reasonable attorneys' fees and disbursements, incurred or
paid by the Agent in exercising any right, privilege, power or remedy conferred
by this Agreement (including, without limitation, the right to perform any
Obligation of any Pledgor), or in the enforcement or attempted enforcement
thereof, shall be secured hereby and shall become a part of the Obligations and
shall be due and payable to the Agent by each Pledgor on demand therefor.
Notwithstanding the terms of this Section 16, no Pledgor shall be liable for any
expenses or fees covered by this Section 16 unless such Pledgor has, through
such Pledgor's own actions, prevented or attempted to prevent enforcement of the
rights and remedies of the Agent and the Lenders under this Agreement.

     17.  Transfers and Other Liens.  Each Pledgor agrees that, except as
          -------------------------
specifically permitted under the Loan Agreement or any other Loan Document, it
will not (a) sell, assign, exchange, transfer or otherwise dispose of, or
contract to sell, assign, exchange, transfer or otherwise dispose of, or grant
any option with respect to, any of the Collateral, or (b) create or permit to
exist any Lien upon or with respect to any of the Collateral, except for Liens
in favor of the Agent for the benefit of the Lenders.

                                      -14-
<PAGE>

     18.  Understandings With Respect to Waivers and Consents.  Each Pledgor
          ---------------------------------------------------
warrants and agrees that each of the waivers and consents set forth herein are
made with full knowledge of their significance and consequences, with the
understanding that events giving rise to any defense or right waived may
diminish, destroy or otherwise adversely affect rights which such Pledgor
otherwise may have against the Secured Party or others, or against any
Collateral. If any of the waivers or consents herein are determined to be
unenforceable under applicable law, such waivers and consents shall be effective
to the maximum extent permitted by law.

     19.  Amendments, Etc.  No amendment or waiver of any provision of this
          ---------------
Agreement nor consent to any departure by any Pledgor herefrom (other than
supplements to the Schedules hereto in accordance with the terms of this
Agreement) shall in any event be effective unless the same shall be in writing
and made in accordance with Section 9.1 of the Loan Agreement, and then such
waiver or consent shall be effective only in the specific instance and for the
specific purpose for which given.

     20.  Notices.  All notices and other communications provided for hereunder
          -------
shall be given in the manner set forth in Section 9.2 of the Loan Agreement, and
if to the Agent, to the address set forth for it in Section 9.2 of the Loan
Agreement and if to any Pledgor, to the address set forth for it on the
signature pages hereof.

     21.  Continuing Security Interest: Transfer of Notes; Termination.  (a)
          ------------------------------------------------------------
This Agreement shall create a continuing security interest in the Collateral and
shall (i) remain in full force and effect until indefeasible payment in full in
cash of the Obligations and the termination or expiration of the Commitments,
(ii) be binding upon each Pledgor, its successors and assigns and (iii) inure,
together with the rights and remedies of the Lenders hereunder, to the benefit
of the Agent, any successor Agent and the Lenders, subject to the terms and
conditions of the Loan Agreement. Subject to the terms of the Loan Agreement,
any Lender may assign or otherwise transfer the Guarantee, any Loans, its
Commitment or any rights in the Collateral held by it to any other Person, and
such other Person shall thereupon become vested with all the benefits in respect
thereof granted to such Agent or Lender herein or otherwise. Nothing set forth
herein or in any other Loan Document is intended or shall be construed to give
to any other party any right, remedy or claim under, to or in respect of this
Agreement or any other Loan Document or any Collateral. Each Pledgor's
successors and assigns shall include, without limitation, a receiver, trustee or
debtor-in-possession thereof or therefor, provided that, none of the rights or
                                          -------- ----
obligations of any Pledgor hereunder may be assigned or otherwise transferred
without the prior written consent of the Lenders.

     22.  Release of Pledgors.  This Agreement and all obligations of the
          -------------------
Pledgors hereunder and all security interests granted hereby shall be released
and terminated when the following has occurred, as applicable, (i) all
Obligations have been indefeasibly paid in full in cash and when all Commitments
have expired or have otherwise been terminated or (ii) if the Lenders shall give
their prior written consent to the transfer of the Pledged Limited Liability
Company Interests, upon the effectiveness of such consent. Upon such release and
termination of all Obligations and such expiration or termination of all
Commitments and the security interest hereunder, all rights in and to the
Collateral pledged or assigned by each Pledgor hereunder shall automatically
revert to such Pledgor, and the Agent and the Lenders shall return any pledged
Collateral in their possession to such Pledgor, or to the Person or Persons
legally

                                      -15-
<PAGE>

entitled thereto, and shall endorse, execute, deliver, record and file all
instruments and documents, and do all other acts and things, reasonably required
for the return of the Collateral to such Pledgor, or to the Person or Persons
legally entitled thereto, and to evidence or document the release of the
interests of the Secured Party arising under this Agreement, all as reasonably
requested by, and at the sole expense of, such Pledgor.

     23.  GOVERNING LAW.  THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND
          -------------
INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF CALIFORNIA (WITHOUT
REFERENCE TO ITS CHOICE OF LAW RULES).

     24.  Form of Pledged Limited Liability Interests/Covenant Not to Dilute.
          ------------------------------------------------------------------
Each Pledgor represents, warrants and covenants to the Secured Party that all of
the Pledged Limited Liability Company Interests are in the form (certificated or
uncertificated) indicated on Schedule A attached hereto (as contemplated by
                             ----------
Article 8 of the Uniform Commercial Code), and covenants to the Lenders that it
will (i) not at any time cause or permit any Pledged Entities to issue any
additional membership interests or any other rights or options to acquire any
additional limited liability company interests, other than to a Pledgor or as
otherwise permitted under the Loan Agreement, and (ii) pledge to the Agent in
accordance with the terms hereof, immediately upon and to the extent of such
Pledgor's acquisition (directly or indirectly) thereof, any and all additional
Limited Liability Company Interests of each Pledged Entity.

     25.  Alternative Dispute Resolution.
          ------------------------------

     (a)  Claims Subject To Judicial Reference; Selection Of Referee.  All
          ----------------------------------------------------------
Claims, including any and all questions of law or fact relating thereto, shall,
at the written request of any Party, be determined by Reference. The Parties
shall select a single neutral referee, who shall be a retired state or federal
judge with at least five years of judicial experience in civil matters. In the
event that the Parties cannot agree upon a referee, the referee shall be
appointed by the court. The Parties shall equally bear the fees and expenses of
the referee unless the referee otherwise provides in the statement of decision.

     (b)  Waiver Of Jury Trial.  In connection with a Reference or any other
          --------------------
action or proceeding, whether brought in state or federal court, the Parties
hereby expressly, intentionally and deliberately waive any right they may
otherwise have to trial by jury of any Claim.

     (c)  Conduct Of Reference.  Except as provided in this Section 25, the
          --------------------
Reference shall be conducted pursuant to Applicable State Law. The referee shall
determine all issues relating to the applicability, interpretation, legality and
enforceability of this Section 25.

     (d)  Provisional Remedies, Self-Help And Foreclosure.  No provision of this
          -----------------------------------------------
Section 25 shall limit the right of any party to (i) exercise self-help remedies
including set-off, (ii) foreclose against or sell any Collateral, by power of
sale or otherwise or (iii) obtain or oppose provisional or ancillary remedies
from a court of competent jurisdiction before, after or during the pendency of
the Reference. The exercise of, or opposition to, any such remedy does not waive
the right of any Party to Reference pursuant to this Section 25.

                                      -16-
<PAGE>

     (e)  Limitation On Damages.  In the event that punitive damages are
          ---------------------
permitted under Applicable State Law, the amount thereof shall not exceed a sum
equal to three times the amount of actual damages as determined by the referee.

     (f)  Severability.  In the event that any provision of this Section 25 is
          ------------
to be illegal or unenforceable, the remainder of this Section 25 shall remain in
full force and effect.

     (g)  Miscellaneous.  In the event that multiple Claims are asserted, some
          -------------
of which are found not subject to this Section 25, the Parties agree to stay the
proceedings of the Claims not subject to this Section 25 until all other Claims
are resolved in accordance with this Section. In the event that Claims are
asserted against multiple parties, some of whom are not subject to this Section,
the Parties agree to sever the Claims subject to this Section 25 and resolve
them in accordance with this Section 25. In the event of any challenge to the
legality or enforceability of this Section 25, the prevailing Party shall be
entitled to recover the costs and expenses, including reasonable attorneys'
fees, incurred by it in connection therewith. Applicable State Law shall govern
the interpretation of this Section 25.

     (h)  Defined Terms.  As used in this Section 25, the following terms shall
          -------------
have the respective meanings set forth below:

     "Applicable State Law":  the law of the State of California; provided,
      --------------------
however, that if any Party seeks to (i) exercise self-help remedies, including
set-off, (ii) foreclose against or sell any Collateral, by power of sale or
otherwise or (iii) obtain or oppose provisional or ancillary remedies from a
court of competent jurisdiction before, after or during the pendency of the
Reference, the law of the state where such Collateral is located shall govern
the exercise of or opposition to such rights and remedies.

     "Claim":  any claim, cause of action, action, dispute or controversy
      -----
between or among the Parties, whether sounding in contract, tort or otherwise,
which arises out of or relates to: (i) this Agreement; (ii) any negotiations or
communications relating to this Agreement, whether or not incorporated into this
Agreement or any indebtedness evidenced thereby; or (iii) any alleged
agreements, promises, representations or transactions in connection therewith.

     "Party":  any Pledgor, any Lender or the Agent.
      -----

     "Reference":  a judicial reference conducted pursuant to this Section 25 in
      ---------
accordance with Applicable State Law, as in effect at the time the referee is
selected pursuant to Section 25.

     26.  Counterparts.  This Agreement may be executed in any number of
          ------------
counterparts and by different parties hereto in separate counterparts, each of
which shall be deemed to be an original, but all of which taken together shall
constitute one and the same agreement.

     27.  Recourse.  Notwithstanding any provision of this Agreement to the
          --------
contrary, the obligations and liabilities of each Pledgor hereunder shall be
limited to the Collateral and, if an Event of Default and/or a default by any
Pledgor hereunder or under the Guarantee shall occur and be continuing, the
Agent's and the Lenders' sole recourse against such Pledgor shall be to the
Collateral.

                                      -17-
<PAGE>

     IN WITNESS WHEREOF, each Pledgor has executed this Agreement as of the date
first written above.

                                    PLEDGOR
                                    -------

                                    /s/ Walter F. Ulloa
                                    ------------------------------------
                                    WALTER F. ULLOA

                                    Residence:

                                    Los Angeles County, California

                                    Address for Notices:

                                    657 Amalfi Drive
                                    Pacific Palisades, CA 90272
                                    Telecopier: 310-454-4983

                                      S-1
<PAGE>

                                    /s/ Philip C. Wilkinson
                                    -------------------------------------------
                                    PHILIP C. WILKINSON

                                    By Walter F. Ulloa, his attorney-in-fact

                                    Residence:

                                    San Diego County, California

                                    Address for Notices:

                                    P.O. Box 2630
                                    Rancho Santa Fe, CA  92067
                                    Telecopier:  619-756-9438

                                      S-2
<PAGE>

Schedule A  Pledged Collateral
Schedule B  UCC Filing Offices
Schedule C  Form of Limited Liability Company Notice

The registrant hereby agrees to furnish a copy of any omitted schedule or
exhibit upon request.

                                      C-1<PAGE>

                                                                   EXHIBIT 10.18

                           INDEMNIFICATION AGREEMENT
                           -------------------------

     This Indemnification Agreement (the "Agreement") is made and entered into
as of ________________, 2000 by and between Entravision Communications
Corporation, a Delaware corporation (the "Company"), and _______________________
(the "Indemnitee").

     WHEREAS, the Indemnitee is an officer or director of the Company and
performs a valuable services for the Company.

     WHEREAS, the First Restated Certificate of Incorporation (the "Certificate
of Incorporation") of the Company provides for the indemnification of the
officers or directors of the Company to the maximum extent authorized by the
Delaware General Corporation Law, as amended (the "Law").

     WHEREAS, the Certificate of Incorporation and the Law, by their
nonexclusive nature, permit contracts between the Company and the officers or
directors of the Company with respect to indemnification of such officers or
directors.

     WHEREAS, in accordance with the authorization as provided by the Law, the
Company may purchase and maintain a policy or policies of directors' and
officers' liability insurance, covering certain liabilities which may be
incurred by its officers or directors in the performance of their obligations to
the Company.

     WHEREAS, in order to induce the Indemnitee to continue to serve as an
officer or director of the Company, the Company has determined and agreed to
enter into this contract with the Indemnitee.

     NOW, THEREFORE, in consideration of the Indemnitee's service as an officer
or director after the date hereof, the parties hereto agree as follows:

     1.   Indemnity of the Indemnitee.  The Company hereby agrees to hold
          ---------------------------
harmless and indemnify the Indemnitee to the full extent authorized or permitted
by the provisions of the Law, as such may be amended from time to time, and
Article 11 of the Certificate of Incorporation, as such may be amended.  In
furtherance of the foregoing indemnification, and without limiting the
generality thereof:

          (a) Other Than Proceedings by or in the Right of the Proceedings
              ------------------------------------------------------------
Company. The Indemnitee shall be entitled to the rights of indemnification
-------
provided in this Section l(a) if, by reason of his or her Corporate Status (as
defined below), he or she is, or is threatened to be made, a party to or
participant in any Proceeding (as defined below) other than a Proceeding by or
in the right of the Company.  Pursuant to this Section 1(a), the Indemnitee
shall be indemnified against all Expenses (as defined below), judgments,
penalties, fines and amounts paid in settlement actually and reasonably incurred
by him or her or on his or her behalf in
<PAGE>

connection with such Proceeding or any claim, issue or matter therein, if he or
she acted in good faith and in a manner he or she reasonably believed to be in
or not opposed to the best interests of the Company and, with respect to any
criminal Proceeding, had no reasonable cause to believe his or her conduct was
unlawful.

          (b) Proceedings by or in the Right of the Company.  The Indemnitee
              ---------------------------------------------
shall be entitled to the rights of indemnification provided in this Section 1(b)
if, by reason of his or her Corporate Status, he or she is, or is threatened to
be made, a party to or participant in any Proceeding brought by or in the right
of the Company.  Pursuant to this Section 1(b), the Indemnitee shall be
indemnified against all Expenses actually and reasonably incurred by him or her
or on his or her behalf in connection with such Proceeding if he or she acted in
good faith and in a manner he or she reasonably believed to be in or not opposed
to the best interests of the Company; provided, however, that, if applicable law
so provides, no indemnification against such Expenses shall be made in respect
of any claim, issue or matter in such Proceeding as to which the Indemnitee
shall have been adjudged to be liable to the Company unless and to the extent
that the Chancery Court of Delaware shall determine that such indemnification
may be made.

          (c) Indemnification for Expenses of a Party Who Is Wholly or Partly
              ---------------------------------------------------------------
Successful.  Notwithstanding any other provision of this Agreement, to the
----------
extent that the Indemnitee is, by reason of his or her Corporate Status, a party
to and is successful, on the merits or otherwise, in any Proceeding, he or she
shall be indemnified to the maximum extent permitted by law against all Expenses
actually and reasonably incurred by him or her or on his of her behalf in
connection therewith.  If the Indemnitee is not wholly successful in such
Proceeding but is successful, on the merits or otherwise, as to one or more but
less than all claims, issues or matters in such Proceeding, the Company shall
indemnify the Indemnitee against all Expenses actually and reasonably incurred
by him or her or on his or her behalf in connection with each successfully
resolved claim, issue or matter.  For purposes of this Section 1(c) and without
limitation, the termination of any claim, issue or matter in such a Proceeding
by dismissal, with or without prejudice, shall be deemed to be a successful
result as to such claim, issue or matter.

     2.   Additional Indemnity.  In addition to, and without regard to any
          --------------------
limitations on, the indemnification provided for in Section 1 above, the Company
shall and hereby does indemnify and hold harmless the Indemnitee against all
Expenses, judgments, penalties, fines and amounts paid in settlement actually
and reasonably incurred by him or her or on his or her behalf if, by reason of
his or her Corporate Status, he or she is, or is threatened to be made, a party
to or participant in any Proceeding (including a Proceeding by or in the right
of the Company), including, without limitation, all liability arising out of the
negligence or active or passive wrongdoing of the Indemnitee.  The only
limitation that shall exist upon the Company's obligations pursuant to this
Agreement shall be that the Company shall not be obligated to make any payment
to the Indemnitee that is finally determined (under the procedures, and subject
to the presumptions, set forth in Sections 6 and 7 below) to be unlawful under
Delaware law.

                                      -2-
<PAGE>

     3.   Contribution in the Event of Joint Liability.
          --------------------------------------------

          (a) Whether or not the indemnification provided in Sections 1 and 2
hereof is available, in respect of any threatened, pending or completed action,
suit or proceeding in which the Company is jointly liable with the Indemnitee
(or would be if joined in such action, suit or proceeding), the Company shall
pay, in the first instance, the entire amount of any judgment or settlement of
such action, suit or proceeding without requiring the Indemnitee to contribute
to such payment and the Company hereby waives and relinquishes any right of
contribution it may have against the Indemnitee.  The Company shall not enter
into any settlement of any action, suit or proceeding in which the Company is
jointly liable with the Indemnitee (or would be if joined in such action, suit
or proceeding) unless such settlement provides for a full and final release of
all claims asserted against the Indemnitee.

          (b) Without diminishing or impairing the obligations of the Company
set forth in the preceding subparagraph, if, for any reason, the Indemnitee
shall elect or be required to pay all or any portion of any judgment or
settlement in any threatened, pending or completed action, suit or proceeding in
which the Company is jointly liable with the Indemnitee (or would be if joined
in such action, suit or proceeding), the Company shall contribute to the amount
of expenses (including attorney's fees), judgments, fines and amounts paid in
settlement actually and reasonably incurred and paid or payable by the
Indemnitee in proportion to the relative benefits received by the Company and
all officers, directors or employees of the Company other than the Indemnitee
who are jointly liable with the Indemnitee (or would be if joined in such
action, suit or proceeding), on the one hand, and the Indemnitee, on the other
hand, from the transaction from which such action, suit or proceeding arose;
provided, however, that the proportion determined on the basis of relative
benefit may, to the extent necessary to conform to law, be further adjusted by
reference to the relative fault of the Company and all officers, directors or
employees of the Company other than the Indemnitee who are jointly liable with
the Indemnitee (or would be if joined in such action, suit or proceeding), on
the one hand, and the Indemnitee, on the other hand, in connection with the
events that resulted in such expenses, judgments, fines or settlement amounts,
as well as any other equitable considerations which the law may require to be
considered.  The relative fault of the Company and all officers, directors or
employees of the Company other than the Indemnitee who are jointly liable with
the Indemnitee (or would be if joined in such action, suit or proceeding), on
the one hand, and the Indemnitee, on the other hand, shall be determined by
reference to, among other things, the degree to which their actions were
motivated by intent to gain personal profit or advantage, the degree to which
their liability is primary or secondary, ad the degree to which their conduct is
active or passive.

          (c) The Company hereby agrees to fully indemnify and hold the
Indemnitee harmless from any claims of contribution which may be brought by
officers, directors or employees of the Company other than the Indemnitee who
may be jointly liable with the Indemnitee.

                                      -3-
<PAGE>

     4.   Indemnification for Expenses of a Witness.  Notwithstanding any other
          -----------------------------------------
provision of this Agreement, to the extent that the Indemnitee is, by reason of
his or her Corporate Status, a witness in any Proceeding to which the Indemnitee
is not a party, he or she shall be indemnified against all Expenses actually and
reasonably incurred by him or her or on his or her behalf in connection
therewith.

     5.   Advancement of Expenses.  Notwithstanding any other provision of this
          -----------------------
Agreement, the Company shall advance all Expenses incurred by or on behalf of
the Indemnitee in connection with any Proceeding by reason of the Indemnitee's
Corporate Status within ten (10) days after the receipt by the Company of a
statement or statements from the Indemnitee requesting such advance or advances
from time to time, whether prior to or after final disposition of such
Proceeding.  Such statement or statements shall reasonably evidence the Expenses
incurred by the Indemnitee and shall include or be preceded or accompanied by an
undertaking by or on behalf of the Indemnitee to repay any Expenses advanced if
it shall ultimately be determined that the Indemnitee is not entitled to be
indemnified against such Expenses.  Any advances and undertakings to repay
pursuant to this Section 5 shall be unsecured and interest free.
Notwithstanding the foregoing, the obligation of the Company to advance Expenses
pursuant to this Section 5 shall be subject to the condition that, if, when and
to the extent that the Company determines that the Indemnitee would not be
permitted to be indemnified under applicable law, the Company shall be entitled
to be reimbursed, within thirty (30) days of such determination, by the
Indemnitee (who hereby agrees to reimburse the Company) for all such amounts
theretofore paid; provided, however, that if the Indemnitee has commenced or
thereafter commences legal proceedings in a court of competent jurisdiction to
secure a determination that the Indemnitee should be indemnified under
applicable law, any determination made by the Company that the Indemnitee would
not be permitted to be indemnified under applicable law shall not be binding and
the Indemnitee shall not be required to reimburse the Company for any advance of
Expenses until a final judicial determination is made with respect thereto (as
to which all rights of appeal therefrom have been exhausted or lapsed).

     6.   Procedures and Presumptions for Determination of Entitlement to
          ---------------------------------------------------------------
Indemnification.  It is the intent of this Agreement to secure for the
---------------
Indemnitee rights of indemnity that are as favorable as may be permitted under
the law and public policy of the State of Delaware.  Accordingly, the parties
agree that the following procedures and presumptions shall apply in the event of
any question as to whether the Indemnitee is entitled to indemnification under
this Agreement:

          (a) To obtain indemnification (including, without limitation, the
advancement of Expenses and contribution by the Company) under this Agreement,
the Indemnitee shall submit to the Company a written request, including therein
or therewith such documentation and information as is reasonably available to
the Indemnitee and is reasonably necessary to determine whether and to what
extent the Indemnitee is entitled to indemnification.  The Secretary of the
Company shall, promptly upon receipt of such a request for indemnification,
advise the Board of Directors in writing that the Indemnitee has requested
indemnification.

                                      -4-
<PAGE>

          (b) Upon written request by the Indemnitee for indemnification
pursuant to the first sentence of Section 6(a) above, a determination, if
required by applicable law, with respect to the Indemnitee's entitlement thereto
shall be made in the specific case by one of the following three methods, which
shall be at the election of the Indemnitee: (i) by a majority vote of the
disinterested directors, even though less than a quorum, (ii) by independent
legal counsel in a written opinion or (iii) by the stockholders.

          (c) If the determination of entitlement to indemnification is to be
made by Independent Counsel (as defined below) pursuant to Section 6(b) above,
the Independent Counsel shall be selected as provided in this Section 6(c).  The
Independent Counsel shall be selected by the Indemnitee (unless the Indemnitee
shall request that such selection be made by the Board of Directors).  The
Indemnitee or the Company, as the case may be, may, within ten (10) days after
such written notice of selection shall have been given, deliver to the Company
or to the Indemnitee, as the case may be, a written objection to such selection;
provided, however, that such objection may be asserted only on the ground that
the Independent Counsel so selected does not meet the requirements of
"Independent Counsel" as defined in Section 13 below, and the objection shall
set forth with particularity the factual basis of such assertion.  Absent a
proper and timely objection, the person so selected shall act as Independent
Counsel.  If a written objection is made and substantiated, the Independent
Counsel selected may not serve as Independent Counsel unless and until such
objection is withdrawn or a court has determined that such objection is without
merit.  If, within twenty (20) days after submission by the Indemnitee of a
written request for indemnification pursuant to Section 6(a) above, no
Independent Counsel shall have been selected and not objected to, either the
Company or the Indemnitee may petition the Chancery Court of Delaware or other
court of competent jurisdiction for resolution of any objection which shall have
been made by the Company or the Indemnitee to the other's selection of
Independent Counsel and/or for the appointment as Independent Counsel of a
person selected by the court or by such other person as the court shall
designate, and the person with respect to whom all objections are so resolved or
the person so appointed shall act as Independent Counsel under Section 6(b)
above.  The Company shall pay any and all reasonable fees and expenses of
Independent Counsel incurred by such Independent Counsel in connection with
acting pursuant to Section 6(b) above, and the Company shall pay all reasonable
fees and expenses incident to the procedures of this Section 6(c), regardless of
the manner in which such Independent Counsel was selected or appointed.

          (d) In making a determination with respect to entitlement to
indemnification hereunder, the person or persons or entity making such
determination shall presume that the Indemnitee is entitled to indemnification
under this Agreement if the Indemnitee has submitted a request for
indemnification in accordance with Section 6(a) above.  Anyone seeking to
overcome this presumption shall have the burden of proof and the burden of
persuasion, by clear and convincing evidence.

          (e) The Indemnitee shall be deemed to have acted in good faith if the
Indemnitee's action is based on the records or books of account of the
Enterprise (as defined

                                      -5-
<PAGE>

below), including financial statements, or on information supplied to the
Indemnitee by the officers of the Enterprise in the course of their duties, or
on the advice of legal counsel for the Enterprise or on information or records
given or reports made to the Enterprise by an independent certified public
accountant or by an appraiser or other expert selected with reasonable care by
the Enterprise. In addition, the knowledge and/or actions, or failure to act, of
any director, officer, agent or employee of the Enterprise shall not be imputed
to the Indemnitee for purposes of determining the right to indemnification under
this Agreement. Whether or not the foregoing provisions of this Section 6(e) are
satisfied, it shall in any event be presumed that the Indemnitee has at all
times acted in good faith and in a manner he reasonably believed to be in or not
opposed to the best interests of the Company. Anyone seeking to overcome this
presumption shall have the burden of proof and the burden of persuasion, by
clear and convincing evidence.

          (f) If the person, persons or entity empowered or selected under this
Section 6 to determine whether the Indemnitee is entitled to indemnification
shall not have made a determination within thirty (30) days after receipt by the
Company of the request therefor, the requisite determination of entitlement to
indemnification shall be deemed to have been made and the Indemnitee shall be
entitled to such indemnification, absent (i) a misstatement by the Indemnitee of
a material fact, or an omission of a material fact necessary to make the
Indemnitee's statement not materially misleading, in connection with the request
for indemnification, or (ii) a prohibition of such indemnification under
applicable law; provided, however, that such thirty (30) day period may be
extended for a reasonable time, not to exceed an additional fifteen (15) days,
if the person, persons or entity making the determination with respect to
entitlement to indemnification in good faith requires such additional time for
the obtaining or evaluating documentation and/or information relating thereto;
and provided, further, that the foregoing provisions of this Section 6(g) shall
not apply if the determination of entitlement to indemnification is to be made
by the stockholders pursuant to Section 6(b) above and if (i) within fifteen
(15) days after receipt by the Company of the request for such determination the
Board of Directors or the Disinterested Directors (as defined below), if
appropriate, resolve to submit such determination to the stockholders for their
consideration at an annual meeting thereof to be held within seventy-five (75)
days after such receipt and such determination is made thereat, or (ii) a
special meeting of stockholders is called within fifteen (15) days after such
receipt for the purpose of making such determination, such meeting is held for
such purpose within sixty (60) days after having been so called and such
determination is made thereat.

          (g) The Indemnitee shall cooperate with the person, persons or entity
making such determination with respect to the Indemnitee's entitlement to
indemnification, including providing to such person, persons or entity upon
reasonable advance request any documentation or information which is not
privileged or otherwise protected from disclosure and which is reasonably
available to the Indemnitee and reasonably necessary to such determination.  Any
Independent Counsel, member of the Board of Directors, or stockholder of the
Company shall act reasonably and in good faith in making a determination under
the Agreement of the Indemnitee's

                                      -6-
<PAGE>

entitlement to indemnification. Any costs or expenses (including attorney's fees
and disbursements) incurred by the Indemnitee in so cooperating with the person,
persons or entity making such determination shall be borne by the Company
(irrespective of the determination as to the Indemnitee's entitlement to
indemnification) and the Company hereby indemnifies and agrees to hold the
Indemnitee harmless therefrom.

          (h) The Company acknowledges that a settlement or other disposition
short of final judgment may be successful if it permits a party to avoid
expense, delay, distraction, disruption and uncertainty.  In the event that any
action, claim or proceeding to which the Indemnitee is a party is resolved in
any manner other than by adverse judgment against the Indemnitee (including,
without limitation, settlement of such action, claim or proceeding with or
without payment of money or other consideration) it shall be presumed that the
Indemnitee has been successful on the merits or otherwise in such action, suit
or proceeding.  Anyone seeking to overcome this presumption shall have the
burden of proof and the burden of persuasion, by clear and convincing evidence.

     7.   Remedies of the Indemnitee.
          --------------------------

          (a) In the event that (i) a determination is made pursuant to Section
6 above that the Indemnitee is not entitled to indemnification under this
Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 5
above, (iii) no determination of entitlement to indemnification shall have been
made pursuant to Section 6(b) above within ninety (90) days after receipt by the
Company of the request for indemnification, (iv) payment of indemnification is
not made pursuant to this Agreement within ten (10) days after receipt by the
Company of a written request therefor or (v) payment of indemnification is not
made within ten (10) days after a determination has been made that the
Indemnitee is entitled to indemnification or such determination is deemed to
have been made pursuant to Section 6 above, the Indemnitee shall be entitled to
an adjudication in an appropriate court of the State of Delaware, or in any
other court of competent jurisdiction, of his or her entitlement to such
indemnification.  The Indemnitee shall commence such proceeding seeking an
adjudication within one hundred eighty (180) days following the date on which
the Indemnitee first has the right to commence such proceeding pursuant to this
Section 7(a).  The Company shall not oppose the Indemnitee's right to seek any
such adjudication.

          (b) In the event that a determination shall have been made pursuant to
Section 6(b) above that the Indemnitee is not entitled to indemnification, any
judicial proceeding commenced pursuant to this Section 7 shall be conducted in
all respects as a de novo trial, on the merits and the Indemnitee shall not be
prejudiced by reason of that adverse determination under Section 6(b) above.

          (c) If a determination shall have been made pursuant to Section 6(b)
above that the Indemnitee is entitled to indemnification, the Company shall be
bound by such

                                      -7-
<PAGE>

determination in any judicial proceeding commenced pursuant to this Section 7,
absent a prohibition of such indemnification under applicable law.

          (d) In the event that the Indemnitee, pursuant to this Section 7,
seeks a judicial adjudication of his or her rights under, or to recover damages
for breach of, this Agreement, or to recover under any directors' and officers'
liability insurance policies maintained by the Company the Company shall pay on
his or her behalf, in advance, any and all expenses (of the types described in
the definition of Expenses in Section 13 below) actually and reasonably incurred
by him or her in such judicial adjudication, regardless of whether the
Indemnitee ultimately is determined to be entitled to such indemnification,
advancement of expenses or insurance recovery.

          (e) The Company shall be precluded from asserting in any judicial
proceeding commenced pursuant to this Section 7 that the procedures and
presumptions of this Agreement are not valid, binding and enforceable and shall
stipulate in any such court that the Company is bound by all the provisions of
this Agreement.

     8.   Non-Exclusivity; Survival of Rights; Insurance; Subrogation.
          -----------------------------------------------------------

          (a) The rights of indemnification as provided by this Agreement shall
not be deemed exclusive of any other rights to which the Indemnitee may at any
time be entitled under applicable law, the Certificate of Incorporation, the
Bylaws of the Company, any agreement, a vote of stockholders or a resolution of
directors or otherwise.  No amendment, alteration or repeal of this Agreement or
of any provision hereof shall limit or restrict any right of the Indemnitee
under this Agreement in respect of any action taken or omitted by such the
Indemnitee in his or her Corporate Status prior to such amendment, alteration or
repeal.  To the extent that a change in the Law, whether by statute or judicial
decision, permits greater indemnification than would be afforded currently under
the Certificate of Incorporation and this Agreement, it is the intent of the
parties hereto that the Indemnitee shall enjoy by this Agreement the greater
benefits so afforded by such change.  No right or remedy herein conferred is
intended to be exclusive of any other right or remedy, and every other right and
remedy shall be cumulative and in addition to every other right and remedy given
hereunder or now or hereafter existing at law or in equity or otherwise.  The
assertion or employment of any right or remedy hereunder, or otherwise, shall
not prevent the concurrent assertion or employment of any other right or remedy.

          (b) To the extent that the Company maintains an insurance policy or
policies providing liability insurance for directors, officers, employees, or
agents or fiduciaries of the Company or of any other corporation, partnership,
joint venture, trust, employee benefit plan or other enterprise which such
person serves at the request of the Company, the Indemnitee shall be covered by
such policy or policies in accordance with its or their terms to the maximum
extent of the coverage available for any such director, officer, employee or
agent under such policy or policies.

                                      -8-
<PAGE>

          (c) In the event of any payment under this Agreement, the Company
shall be subrogated to the extent of such payment to all of the rights of
recovery of the Indemnitee, who shall execute all papers required and take all
action necessary to secure such rights, including execution of such documents as
are necessary to enable the Company to bring suit to enforce such rights.

          (d) The Company shall not be liable under this Agreement to make any
payment of amounts otherwise indemnifiable hereunder if and to the extent that
the Indemnitee has otherwise actually received such payment under any insurance
policy, contract, agreement or otherwise.

     9.   Exception to Right of Indemnification.  Notwithstanding any other
          -------------------------------------
provision of this Agreement, the Indemnitee shall not be entitled to
indemnification under this Agreement with respect to any Proceeding brought by
the Indemnitee, or any claim therein, unless (i) the bringing of such Proceeding
or making of such claim shall have been approved by the Board of Directors of
the Company or (ii) such Proceeding is being brought by the Indemnitee to
assert, interpret or enforce his or her rights under this Agreement.

     10.  Duration of Agreement.  All agreements and obligations of the Company
          ---------------------
contained herein shall continue during the period the Indemnitee is an officer
or director of the Company (or is or was serving at the request of the Company
as a director, officer, employee or agent of another corporation, partnership,
joint venture, trust or other enterprise) and shall continue thereafter so long
as the Indemnitee shall be subject to any Proceeding (or any proceeding
commenced under Section 7 above) by reason of his or her Corporate Status,
whether or not he is acting or serving in any such capacity at the time any
liability or expense is incurred for which indemnification can be provided under
this Agreement.  This Agreement shall be binding upon and inure to the benefit
of and be enforceable by the parties hereto and their respective successors
(including any direct or indirect successor by purchase, merger, consolidation
or otherwise to all or substantially all of the business or assets of the
Company), assigns, spouses, heirs, executors and personal and legal
representatives.  This Agreement shall continue in effect regardless of whether
the Indemnitee continues to serve as an officer or director of the Company or
any other Enterprise at the Company's request.

     11.  Security.  To the extent requested by the Indemnitee and approved by
          --------
the Board of Directors of the Company, the Company may at any time and from time
to time provide security to the Indemnitee for the Company's obligations
hereunder through an irrevocable bank line of credit, funded trust or other
collateral.  Any such security, once provided to the Indemnitee, may not be
revoked or released without the prior written consent of the Indemnitee, which
shall not be unreasonably withheld.

     12.  Enforcement.
          -----------

                                      -9-
<PAGE>

          (a) The Company expressly confirms and agrees that it has entered into
this Agreement and assumed the obligations imposed on it hereby in order to
induce the Indemnitee to serve as an officer or director of the Company, and the
Company acknowledges that the Indemnitee is relying upon this Agreement in
serving as an officer or director of the Company.

          (b) The Agreement constitutes the entire agreement between the parties
hereto with respect to the subject matter hereof and supersedes all prior
agreements and understandings, oral, written and implied, between the parties
hereto with respect to the subject matter hereof.

     13.  Definitions.  For purposes of this Agreement:
          -----------

          (a) "Corporate Status" shall describe the status of a person who is or
was a director, officer, employee or agent or fiduciary of the Company or of any
other corporation, partnership, joint venture, trust, employee benefit plan or
other enterprise which such person is or was serving at the express written
request of the Company.

          (b) "Disinterested Director" shall mean a director of the Company who
is not and was not a party to the Proceeding in respect of which indemnification
is sought by the Indemnitee.

          (c) "Enterprise" shall mean the Company and any other corporation,
partnership, joint venture, trust, employee benefit plan or other enterprise of
which the Indemnitee is or was serving at the express written request of the
Company as a director, officer, employee, agent or fiduciary.

          (d) "Expenses" shall include all reasonable attorney's fees,
retainers, court costs, transcript costs, fees of experts, witness fees, travel
expenses, duplicating costs, printing and binding costs, telephone charges,
postage, delivery service fees, and all other disbursements or expenses of the
types customarily incurred in connection with prosecuting, defending, preparing
to prosecute or defend, investigating, participating or being or preparing to be
a witness in a Proceeding.

          (e) "Independent Counsel" shall mean a law firm, or a member of a law
firm, that is experienced in matters of corporation law and neither presently
is, nor in the past five (5) years has been, retained to represent: (i) the
Company or the Indemnitee in any matter material to either such party (other
than with respect to matters concerning the Indemnitee under this Agreement, or
of other indemnitees under similar indemnification agreements); or (ii) any
other party to the Proceeding giving rise to a claim for indemnification
hereunder.  Notwithstanding the foregoing, the term "Independent Counsel" shall
not include any person who, under the applicable standards of professional
conduct then prevailing, would have a conflict of interest in representing
either the Company or the Indemnitee in an action to determine the Indemnitee's
rights under this Agreement.  The Company agrees to pay the reasonable fees of
the Independent Counsel referred to above and to fully indemnify such counsel
against any and all Expenses,

                                      -10-
<PAGE>

claims, liabilities and damages arising out of or relating to this Agreement or
its engagement pursuant hereto.

          (f) "Proceeding" shall include any threatened, pending or completed
action, suit, arbitration, alternate dispute resolution mechanism,
investigation, inquiry, administrative hearing or any other actual, threatened
or completed proceeding, whether brought by or in the right of the Company or
otherwise and whether civil, criminal, administrative or investigative, in which
the Indemnitee was, is or will be involved as a party or otherwise, by reason of
the fact that the Indemnitee is or was a director of the Company, by reason of
any action taken by him or of any inaction on his or her part while acting as an
officer or director of the Company, or by reason of the fact that he or she is
or was serving at the request of the Company as a director, officer, employee or
agent of another corporation, partnership, joint venture, trust or other
Enterprise; in each case whether or not he or she is acting or serving in any
such capacity at the time any liability or expense is incurred for which
indemnification can be provided under this Agreement; including one pending on
or before the date of this Agreement; and excluding one initiated by an the
Indemnitee pursuant to Section 7 above to enforce his or her rights under this
Agreement.

     14.  Severability.  If any provision or provisions of this Agreement shall
          ------------
be held by a court of competent jurisdiction to be invalid, void, illegal or
otherwise unenforceable for any reason whatsoever: (i) the validity, legality
and enforceability of the remaining provisions of this Agreement (including,
without limitation, each portion of any section of this Agreement containing any
such provision held to be invalid, illegal or unenforceable, that is not itself
invalid, illegal or unenforceable) shall not in any way be affected or impaired
thereby and shall remain enforceable to the fullest extent permitted by law; and
(ii) to the fullest extent possible, the provisions of this Agreement
(including, without limitation, each portion of any section of this Agreement
containing any such provision held to be invalid, illegal or unenforceable, that
is not itself invalid, illegal or unenforceable) shall be construed so as to
give effect to the intent manifested thereby.

     15.  Modification and Waiver.  No supplement, modification, termination or
          -----------------------
amendment of this Agreement shall be binding unless executed in writing by both
of the parties hereto.  No waiver of any of the provisions of this Agreement
shall be deemed or shall constitute a waiver of any other provisions hereof
(whether or not similar) nor shall such waiver constitute a continuing waiver.

     16.  Notice by the Indemnitee.  The Indemnitee agrees promptly to notify
          ------------------------
the Company in writing upon being served with any summons, citation, subpoena,
complaint, indictment, information or other document relating to any Proceeding
or matter which may be subject to indemnification covered hereunder.  The
failure to so notify the Company shall not relieve the Company of any obligation
which it may have to the Indemnitee under this Agreement or otherwise unless and
only to the extent that such failure or delay materially prejudices the Company.

                                      -11-
<PAGE>

     17.  Notices.  All notices, requests, demands and other communications
          -------
hereunder shall be in writing and shall be deemed to have been duly given if (i)
delivered by hand and receipted for by the party to whom said notice or other
communication shall have been directed, or (ii) mailed by certified or
registered mail with postage prepaid, on the third (3rd) business day after the
date on which it is so mailed to the addresses for the Company and the
Indemnitee set forth on the signature page hereto, or to such other address as
may have been furnished to the Indemnitee by the Company or to the Company by
the Indemnitee, as the case may be.

     18.  Counterparts; Facsimile.  This Agreement may be executed in one or
          -----------------------
more counterparts, each of which shall for all purposes be deemed to be an
original but all of which together shall constitute one and the same Agreement.
Only one such counterpart signed by the party against whom enforceability is
sought needs to be produced to evidence the existence of this Agreement.  To the
maximum extent permitted by applicable law, this Agreement may be executed by
facsimile.

     19.  Headings.  The headings of the paragraphs of this Agreement are
          --------
inserted for convenience only and shall not be deemed to constitute part of this
Agreement or to affect the construction thereof.

     20.  Governing Law.  The parties agree that this Agreement shall be
          -------------
governed by, and construed and enforced in accordance with, the laws of the
State of Delaware without application of the conflict of laws principles
thereof.

     21.  Gender.  Use of the masculine pronoun shall be deemed to include usage
          ------
of the feminine pronoun where appropriate.

                  [Remainder of Page Intentionally Left Blank]

                                      -12-
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement on and
as of the day and year first above written.

Company                  ENTRAVISION COMMUNICATIONS CORPORATION

                         By:____________________________________________________
                         Name:__________________________________________________
                         Title:_________________________________________________

                         Address:   2425 Olympic Boulevard, Suite 6000 West
                                    Santa Monica California 94101

Indemnitee
                         _______________________________________________________
                         ___________________________

                         Address:_______________________________________________
                                 _______________________________________________

                 [Signature Page to Indemnification Agreement]

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