Entravision pays $21.7M immediate, restructures earn-out in Redmas Ventures acquisition

ENTRAVISION COMMUNICATIONS CORP

Immediate cash payment of $21,734,358 to Sorin Properties as first accelerated payment, replacing future earn-out obligations.
Sorin's board appointment and governance rights terminated; board member Adriana Cisneros resigns.
Second payment due April 2023: 49% of 2022 EBITDA × 4 × 75.04% ownership less first payment (min $0), plus $3.752M.
Third payment due April 2024: $3.752M base plus 49% of any 2023 EBITDA increase over 2022, capped at 2× multiple.
Acquisition agreement for remaining 49% of Redmas Ventures largely unchanged; guarantee by Entravision Communications.

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