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Entravision Communication’s largest business buys digital advertising for mobile app developers worldwide through Smadex and Adwake. Smadex uses its own AI to select and buy ad placements in real time, charging clients for agreed outcomes such as app installs or in-app purchases. Adwake uses third-party advertising technology, pays publishers and other media suppliers, and retains the difference between those costs and client fees. Gaming clients supply most of this business’s revenue, and one Hong Kong-based Smadex customer accounts for a substantial share of both the business’s and the company’s revenue.
Its other business operates U.S. television and radio stations and provides digital marketing for advertisers targeting Latino consumers. Advertisers pay to reach these audiences, sometimes buying digital campaigns alongside television and radio spots. Television distributors also pay to carry its station signals, providing a significant source of television revenue. Entravision is the largest affiliate group of Univision and UniMás: TelevisaUnivision supplies their network programming, sells national advertising and negotiates distribution fees on Entravision’s behalf, while Entravision sells local advertising and receives a share of the distribution fees.
The TelevisaUnivision agreements expire at the end of 2026; renewal negotiations have begun. This relationship ties television advertising to the networks’ audience appeal and carriage revenue to distributors’ subscriber bases. TelevisaUnivision also has consent rights over specified transactions, including mergers and disposal of affiliated station licenses. Broadcasting requires FCC licenses, while privacy laws and platform restrictions limit the data Smadex and Adwake can use to target and measure advertising.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Entravision’s results hinge on mobile-app performance-marketing demand and privately held TelevisaUnivision, whose programming, advertising-sales and retransmission agreements with Entravision expire at the end of 2026.
AppLovin competes for the mobile advertising budgets that pay Entravision’s Smadex to deliver app installs and purchases, while also supplying ad space Smadex buys. Watch access to that inventory: AppLovin can favor its own advertising demand or limit Smadex’s access to high-quality users.
Liftoff Mobile, Inc. both competes with Entravision’s Smadex for advertisers paying to acquire mobile-app users and supplies the ad space Smadex needs. Its advertising revenue from non-gaming apps offers a read on demand beyond games, including finance and entertainment apps that Smadex also serves.
Unity Software’s mobile advertising business competes with Entravision’s Smadex for developers’ spending on acquiring users and generating measurable actions. Watch Unity’s Grow Solutions revenue rather than its content-creation tools for a closer comparison with Smadex’s advertising business.
Meta Platforms competes with Entravision’s Smadex and Adwake for advertisers’ performance-marketing budgets, including spending to promote mobile apps. Watch advertising in Meta’s Family of Apps, which sells marketers placements on services such as Facebook and Instagram, rather than its hardware business.
Google competes with Entravision’s Smadex for mobile-app promotion budgets and with its broader digital services for advertiser spending. Google Services’ advertising on Search, YouTube and partner properties is the relevant business to watch against Smadex’s app-developer customers and Entravision’s local advertisers targeting Latino consumers.
Sinclair and Entravision both earn local television revenue from advertisers and distributors paying to carry their channels, supplemented by digital marketing services. Sinclair’s local media advertising and carriage-fee revenue offer a comparison for the two main sources of Entravision’s television income.
Nexstar Media Group, Inc. shares Entravision’s model of selling station advertising and charging distributors to carry channels, and its CW network supplies some Entravision stations with programming. Watch CW’s agreements with internet television distributors: the network’s terms determine Entravision’s revenue from those distributors for its CW stations.
Gray Media, Inc. and Entravision depend on local television audiences to attract advertisers and make their channels valuable to paying distributors. Gray’s local station ratings offer a comparison for Entravision’s investment in local news, which supports both advertising and carriage-fee revenue.
E.W. Scripps and Entravision both use community news and local audiences to sell television and digital advertising to businesses. Watch Scripps’ core advertising revenue across broadcast, digital and connected TV for a comparison with Entravision’s effort to retain advertisers as audiences move online.
Fox supplies programming to Entravision’s FOX-affiliated stations while its own television properties compete for viewers and advertisers. Fox’s agreements with internet television distributors determine Entravision’s FOX-station revenue from those distributors, making those terms worth watching.
Fed Interest Rate Decision
Entravision’s floating-rate debt moves with the Fed’s policy rate, affecting what the company pays to service its borrowing.
Expected4.0%Last release4.0%
If it comes in above expectations
Higher rates can raise interest on Entravision’s Term A and revolving borrowings, leaving less cash for operations and other needs.
If it comes in below expectations
Lower rates can ease interest costs on Entravision’s Term A and revolving borrowings, leaving more cash available for operations and other needs.
Entravision Communication earningsThis company
Entravision's report will show whether growth in its advertising technology and services business is translating into more segment profit as Smadex faces pressure on margins.
Compare advertising technology and services revenue with that segment's operating profit, then set both beside the media segment's result. If revenue and segment profit rise together, digital advertising is turning more sales into profit and better offsetting the media loss. If revenue rises but segment profit stalls or falls, growth is not bringing better returns and Smadex's margin pressure matters more. Segment operating profit excludes corporate expenses and certain other items, so read it alongside the media result.
Applovin Corporation earningsAPP
AppLovin's report offers a read on demand for app ads competing with Smadex and on the ad inventory Smadex may buy from AppLovin.
Look at AppLovin's advertising business and what it says about ad inventory and demand from outside buyers. Stronger demand alongside harder access to quality inventory for outside buyers would mean Smadex faces both more budget competition and tighter supply; demand growth with inventory still available to other buyers would make the supply risk less pressing. AppLovin's results cannot establish how much inventory Smadex itself can access, but they can signal the direction of the competitive and supply pressures.
Sinclair, Inc. earningsSBGI
Sinclair's report shows how local television advertising and carriage fees—the two revenue sources it shares with Entravision—are holding up.
Separate Sinclair's local media advertising revenue from its carriage-fee revenue. If both hold up, advertisers are still buying local television and distributors are still paying to carry stations, a supportive comparison for Entravision's TV business. If advertising weakens but fees hold, or the reverse, the pressure is concentrated in one revenue source and Entravision's own markets still matter. The companies serve different local markets, so Sinclair is a signal, not a substitute for Entravision's results.
Nexstar Media Group, Inc. earningsNXST
Nexstar's report may shed light on CW carriage terms, which affect what distributors pay Entravision for its CW-affiliated stations.
Watch what Nexstar says about CW agreements with internet television distributors and the related carriage revenue. Stronger terms or revenue would suggest distributors still value CW programming, a potentially supportive setting for Entravision's CW-affiliated stations; weaker terms would point to pressure on that revenue path. Nexstar's agreements are not Entravision's own contracts, so this is a signal about CW carriage economics, not Entravision's realized revenue.
Liftoff Mobile, Inc. earningsLFTO
Liftoff's report shows whether app advertisers beyond gaming are spending, a useful read on Entravision's ability to broaden its customer base beyond games.
Look at Liftoff's advertising revenue from non-gaming apps alongside its overall advertising business. If non-gaming revenue is also growing, app-ad demand extends beyond gaming, giving Entravision's work for other app categories a broader demand base. If overall business grows while non-gaming revenue remains weak, demand may still be concentrated in a few categories, making Entravision's reliance on gaming customers harder to reduce. Liftoff does not represent Entravision's customer mix, but it can show whether market demand is broadening.
