EXHIBIT 10.10
 
                              EMPLOYMENT AGREEMENT
 
     This Employment Agreement (the "Agreement") entered into as of August 1,
2000, by and between Entravision Communications Corporation, a Delaware
corporation (together with its successors and assigns permitted under the
Agreement) (herein the "Company"), and Walter F. Ulloa (herein "Executive") with
reference to the following facts:
 
     WHEREAS, Executive has been employed pursuant to the terms of that certain
Employment Agreement by and between Entravision Communications Company, L.L.C.
(as predecessor to the Company) and Executive dated October 1, 1996 (the
"Original Agreement").
 
     WHEREAS, the Company and Executive desire to enter into an agreement to
provide for Executive's employment by the Company, upon the terms and conditions
set forth herein.
 
     WHEREAS, the Company and Executive desire to supersede and terminate the
Original Agreement in its entirety.
 
     NOW, THEREFORE, the parties hereto, intending to be legally bound, hereby
agree as follows:
 
     1.   Employment.  The Company hereby agrees to Executive's employment, and
          ----------                                                           
Executive hereby accepts such employment and agrees to perform his duties and
responsibilities, in accordance with the terms and conditions hereinafter set
forth.
 
          1.1  Employment Term.  The term of Executive's employment under this
               ---------------                                                
Agreement shall commence as of the date hereof (the "Effective Date") and shall
continue until the fifth (5/th/) anniversary of the Effective Date, unless
earlier terminated in accordance with Section 4 or Section 5 hereof.  The period
commencing as of the Effective Date and ending on the fifth (5/th/) anniversary
of the Effective Date, or such later date to which the term of Executive's
employment under the Agreement shall have been extended is hereinafter referred
to as the "Employment Term."
 
          1.2  Duties and Responsibilities.  Executive shall serve as Chairman
               ---------------------------                                    
and Chief Executive Officer of the Company. During the Employment Term,
Executive shall perform all duties and accept all responsibilities incident to
such position or other appropriate duties as may be assigned to him by the
Company's Board of Directors (the "Board").  Except to attend to those business
interests of Executive set forth on Schedule "1.2" attached hereto and
incorporated herein by this reference and any Opportunity (as defined in Section
3.2 hereof) which Executive pursues pursuant to Section 3.2, Executive shall
devote his full productive time and best efforts to the performing of his duties
and responsibilities under this Section 1.2.
 
          1.3  Base Salary.  For all of the services rendered by Executive
               -----------                                                
hereunder for the first calendar year following the Effective Date, the Company
shall pay Executive an annual base salary (his "Base Salary") of Six Hundred
Thousand Dollars ($600,000), payable in 
<PAGE>
 
installments at such times as the Company shall pay its other senior level
executives (but in any event no less often than monthly). On each of the first
four (4) anniversaries of the Effective Date, Executive's base salary shall be
increased by an increment of Fifty Thousand Dollars ($50,000).
 
          1.4  Annual Bonus. In addition to the Base Salary provided for in
               ------------                                                
Section 1.3 above, the Company shall pay Executive an annual bonus (the "Annual
Bonus") in an amount equal to: (i) seventy-five percent (75%) of Executive's
then-current Base Salary each calendar year during the Employment Term if the
total Company annual growth rate of earnings before interest, taxes,
depreciation and amortization as computed in accordance with generally accepted
accounting principles ("EBITDA") (pro forma as defined by the Board's
Compensation Committee) exceeds twenty percent (20%) over the previous calendar
year, sixty-three percent (63%) if EBITDA growth rate exceeds seventeen percent
(17%) over the previous calendar year, and fifty percent (50%) of the Base
Salary will be paid to Executive if EBITDA growth rate exceeds fourteen percent
(14%) over the previous calendar year and (ii) up to an additional twenty-five
percent (25%) of Executive's Base Salary may be paid at the end of each calendar
year based upon the discretion of the Compensation Committee of the Company's
Board taking into account achievement of operating and financial performance
goals and the increase in stockholder value.  The Annual Bonus for any partial
calendar year within the Employment Term shall be prorated and the EBITDA growth
targets shall be adjusted proportionately.  The Annual Bonus will be payable
promptly after the issuance of the Company's year-end audited financial
statements.
 
          1.5  Stock Options.  Executive shall be eligible for grants of stock
               -------------                                                  
options, restricted stock and other equity incentives pursuant to the
Entravision Communications Corporation 2000 Omnibus Equity Incentive Plan on the
same terms applicable to the Company's other executive officers.
 
          1.6  Automobile Allowance.  During the Employment Term, Executive
               --------------------                                        
shall be entitled to receive a One Thousand Dollar ($1,000) monthly automobile
allowance, payable monthly in advance, which shall include all costs attendant
to the use of the automobile, including, but not limited to, liability and
property insurance coverage, costs of maintenance and fuel.  Notwithstanding the
foregoing, the amount of the monthly automobile allowance shall be reviewed by
the Company annually.
 
          1.7  Benefit Coverages.  During the Employment Term, Company shall
               -----------------                                            
provide medical and dental coverage for Executive and Executive's dependents at
no cost to Executive.  During such Employment Term, Executive shall also be
entitled to participate in all employee pension and welfare benefit plans and
programs made available to the Company's senior level executives as a group or
to its employees generally, as such plans or programs may be in effect from time
to time (the "Benefit Coverages"), including without limitation, pension, profit
sharing, savings and other retirement plans or programs, short-term and long-
term disability and life insurance plans, accidental death and dismemberment
protection and travel accident insurance.
 
                                      -2-
<PAGE>
 
          1.8  Reimbursement of Expenses; Vacation; Residence.  Executive shall
               ----------------------------------------------                  
be provided with full and prompt reimbursement of expenses related to his
employment by the Company (including mobile telephone usage) on a basis no less
favorable than that which may be authorized from time to time by the Board, in
its sole discretion, for senior level executives as a group, and entitled to not
less than four (4) weeks vacation per year and holidays in accordance with the
Company's normal personnel policies.  Executive currently resides in the Los
Angeles, California area, and the Company agrees that he shall not be required
to relocate his residence from that area without his prior written consent
(which may be withheld in his sole discretion), or from any other area to which
he may voluntarily move with the Company's prior written consent, during the
Employment Term.
 
          1.9  Tax Withholding.  The Company may withhold from any compensation
               ---------------                                                 
or other benefits payable under this Agreement all federal, state, city or other
taxes as shall be required pursuant to any law or governmental regulation or
ruling.
 
          1.10 Life Insurance.  The Company may obtain a "key man" life
               --------------                                          
insurance policy, or policies, on the life of Executive in face amounts to be
determined by the Company. The Company shall be the owner and beneficiary of
such life insurance policy; provided, however, upon the termination of
Executive's employment with the Company for any reason, the Company shall, upon
Executive's request, assign such life insurance to Executive, subject to the
Executive's obligation to maintain such life insurance after the Employment
Term.  Executive agrees to submit to a physical examination at any reasonable
time requested by the Company for the purpose of obtaining life insurance on the
life of Executive; provided, however, that the Company shall bear the entire
cost of such examination.
 
     2.   Indemnification; Insurance.  The Company shall indemnify the Executive
          --------------------------                                            
to the fullest extent allowed by applicable law pursuant to that certain
Indemnification Agreement dated  July 1, 2000, between the Executive and the
Company attached hereto as Exhibit "A" and incorporated herein by this
reference, as the same may be amended from time to time.  The Executive shall be
covered by the Company's director and officer liability insurance policy, if
any.
 
     3.   Proprietary Information; Non-Compete.
          ------------------------------------ 
 
          3.1  Confidential Information.  Executive recognizes and acknowledges
               ------------------------                                        
that by reason of his employment by and service to the Company during and, if
applicable, after the Employment Term, he has had and will continue to have
access to certain confidential and proprietary information relating to the
Company's business ("Confidential Information"). Executive covenants that he
will not, unless expressly authorized in writing by the Company, at any time
during the course of his employment divulge or disclose any Confidential
Information to any person, firm or corporation except in connection with the
performance of his duties for the Company and in a manner consistent with the
Company's policies regarding Confidential Information.  Executive also covenants
that at any time after the termination of such employment, directly or
indirectly, he will not divulge or disclose any Confidential Information to any
person, firm or corporation, unless such information is in the public domain
through no 
 
                                      -3-
<PAGE>
 
fault of Executive or except when required to do so by law. All written
Confidential Information (including without limitation, in any computer or other
electronic format) which comes into Executive's possession during the course of
his employment shall remain the property of the Company. Except as required in
the performance of Executive's duties for the Company, or unless expressly
authorized in writing by the Company, Executive shall not remove any written
Confidential Information from the Company's premises, except in connection with
the performance of his duties for the Company and in a manner consistent with
the Company's policies regarding Confidential Information. Upon termination of
Executive's employment, Executive agrees immediately to return to the Company
all written Confidential Information in his possession.
 
          3.2  Non-Compete.  Except for those existing business activities set
               -----------                                                    
forth on Schedule "1.2" attached hereto, Executive shall not engage in,
independently or with others, any business activity of any type or description
that is in competition with the Company. Notwithstanding the foregoing,
Executive may own securities of publicly traded or private companies competitive
with the business of Company so long as such shares do not constitute five
percent (5%) or more of the outstanding securities of any such company.
 
          Executive further agrees that for as long as the Agreement remains in
effect and for a period of twelve (12) months after the termination of this
Agreement by Company for Cause or by Executive after a Constructive Termination
Without Cause (as defined in Section 4.4 below), Executive will not induce or
attempt to induce, directly or indirectly, any person to leave his or her
employment with Company.
 
     4.   Termination.  The Employment Term shall terminate upon the occurrence
          -----------                                                          
of any one of the following events:
 
          4.1  Disability.  The Company may terminate the Employment Term if
               ----------                                                   
Executive is unable substantially to perform his duties and responsibilities
hereunder to the full extent required by the Company by reason of illness,
injury or incapacity for six (6) consecutive months, or for more than six (6)
months in the aggregate during any period of twelve (12) calendar months.  In
the event of such termination, the Company shall pay Executive his Base Salary
through the date of such termination.  In addition, Executive shall be entitled
to the following: (i) a pro rata Annual Bonus for the year of termination; (ii)
any other amounts earned, accrued or owing but not yet paid under Section 1
above; (iii) continued participation for the Remaining Employment Term in those
Benefit Coverages in which he was participating on the date of termination
which, by their terms, permit a former employee to participate; and (iv) any
other benefits in accordance with applicable plans and programs of the Company.
In such event, the Company shall have no further liability or obligation to
Executive for compensation under this Agreement except as otherwise specifically
provided in this Agreement.  Executive agrees, in the event of a dispute under
this Section 4.1, to submit to a physical examination by a licensed physician
selected by the Company.  The Company agrees that Executive shall have the right
to have his personal physician present at any examination conducted by the
physician selected by the Company.
 
                                      -4-
<PAGE>
 
          4.2  Death.  The Employment Term shall terminate in the event of
               -----                                                      
Executive's death.  In such event, the Company shall pay to Executive's
executors, legal representatives or administrators, as applicable, Executive's
Base Salary through the date of such termination.  In addition, Executive's
estate shall be entitled to (i) a pro rata Annual Bonus for the year of
termination; (ii) any other amounts earned, accrued or owing but not yet paid
under Section 1 above; and (iii) any other benefits in accordance with
applicable plans and programs of the Company.  The Company shall have no further
liability or obligation under this Agreement to his executors, legal
representatives, administrators, heirs or assigns or any other person claiming
under or through him except as otherwise specifically provided in this
Agreement.
 
          4.3  Cause.  The Company may terminate the Employment Term, at any
               -----                                                        
time, for "Cause," in which event all payments under this Agreement shall cease,
except for Base Salary to the extent already accrued.  For purposes of this
Agreement, Executive's employment may be terminated for "Cause" (i) immediately
if Executive is convicted of a felony or (ii) following the determination by the
Board (without Executive's participation) that Executive has engaged in
intentional fraud, intentional misconduct  or intentional misappropriation of
Company assets.
 
          4.4  Termination by the Company Without Cause.  The Company may
               ----------------------------------------                  
terminate the Employment Term, at any time, without Cause.  In the event
Executive is terminated without Cause, Executive shall be entitled to receive:
(i) any amounts earned, accrued or owing but not yet paid pursuant to Section 1
above; (ii) a lump sum severance payment in an aggregate amount equal to the
remaining balance of Executive's Employment Term (calculated as a fraction with
twelve (12) months equaling 1) times the then-current base salary and
Executive's then-current base salary plus (y) three (3) times Executive's then-
current maximum bonus pursuant to Section 1.4 above (computed by annualizing the
Company's EBITDA through the end of the year of termination); (iii) a
continuation of all Benefit Coverages for which Executive is eligible to
participate as of the Termination Date in a fashion which is similar to those
which Executive is receiving immediately prior to the Termination Date for a
period of two (2) years after such termination without cause; and (iv)
acceleration of all unvested stock options held by Executive.  Amounts payable
and benefits to be received pursuant to subsections (i), (ii), (iii) and (iv) of
the preceding sentence will be collectively referred to herein as the "Severance
Package."
 
          4.5  Constructive Termination Without Cause.
               -------------------------------------- 
 
               (a)  Constructive Termination Without Cause shall mean a
termination of the Executive's employment at his initiative following the
occurrence, without the Executive's written consent, of one or more of the
following events:
 
                    i)   a reduction in Executive's then current Base Salary;
 
                    ii)  a material diminution in Executive's duties, title,
     responsibilities, authority as Chairman and Chief Executive Officer or the
     assignment to 
 
                                      -5-
<PAGE>
 
     Executive of duties which are materially inconsistent with his duties or
     which materially impair the Executive's ability to function in his then
     current position; and
 
                    iii) a requirement by the Company that Executive move his
     residence from Los Angeles, California, or from any other area to which he
     may have voluntarily moved with the Company's prior written consent.
 
               (b)  In the event of a Constructive Termination Without Cause,
Executive shall be entitled to receive the Severance Package.
 
     5.   Payments Upon a Change in Control.
          --------------------------------- 
 
          5.1  Definitions.  For all purposes of this Section 5, the following
               -----------                                                    
terms shall have the meanings specified in this Section 5.1 unless the context
clearly otherwise requires:
 
               (a)  "Change in Control" means:
 
                    (i)   a merger or acquisition in which the Company is not
the surviving entity, except for a transaction the principal purpose of which is
to change the State of the Company's incorporation;
 
                    (ii)  a stockholder approved sale, transfer or other
disposition of all or substantially all of the assets of the Company;
 
                    (iii) a transfer of all or substantially all of the
Company's assets pursuant to a partnership or joint venture agreement or similar
arrangement where the Company's resulting interest is less than fifty percent
(50%);
 
                    (iv)  any reverse merger in which the Company is the
surviving entity but in which fifty percent (50%) or more of the Company's
outstanding voting stock is transferred to holders different from those who held
the stock immediately prior to such merger;
 
                    (v)   on or after the date hereof, a change in ownership of
the Company through an action or series of transactions, such that any person is
or becomes the beneficial owner, directly or indirectly, of securities of the
Company representing fifty percent (50%) or more of the securities of the
combined voting power of the Company's outstanding securities; or
 
                    (vi)  a majority of the members of the Board are replaced
during any twelve-month period by directors whose appointment or election is not
endorsed by a majority of the members of the Board prior to the date of such
appointment of election.
 
               (b)  "Termination Date" shall mean the date of receipt of a
Notice of Termination of this Agreement or any later date specified therein.
 
                                      -6-
<PAGE>
 
               (c)  "Termination of Employment" shall mean the termination of
Executive's actual employment relationship with the Company.
 
               (d)  "Termination Upon a Change in Control" shall mean a
Termination of Employment upon or within one (1) year after a Change in Control
initiated by the Company for any reason permitted under this Agreement other
than (x) the Executive's disability, as described in Section 4.1 hereof, (y)
death, or (z) for "Cause," as described in Section 4.3 hereof.
 
          5.2  Notice of Termination.  Any Termination upon a Change in Control
               ---------------------                                           
shall be communicated by a Notice of Termination to the other party hereto given
in accordance with Section 13 hereof.  For purposes of this Agreement, a "Notice
of Termination" means a written notice which (i) indicates the specific
termination provision in this Agreement relied upon, (ii) briefly summarizes the
facts and circumstances deemed to provide a basis for a Termination of
Employment and the applicable provision hereof, and (iii) if the Termination
Date is other than the date of receipt of such notice, specifies the Termination
Date (which date shall not be more than fifteen (15) days after the giving of
such notice).
 
          5.3  Severance Compensation upon Termination.  In the event of
               ---------------------------------------                  
Executive's Termination upon a Change in Control, Executive shall be entitled to
receive the Severance Package.  In such event, the Company shall have no further
liability or obligation to Executive for compensation under this Agreement
except as otherwise specifically provided in this Agreement.  A voluntary
resignation by Executive shall not be deemed a breach of this Agreement and
shall not effect any rights of Executive accrued through the date of such
resignation.
 
     6.   Acceleration of Equity Incentives.  As of the occurrence of the
          ---------------------------------                              
termination of Executive's employment by the Company without Cause, by Executive
in the event of a Constructive Termination Without Cause,  a termination upon a
Change in Control, notwithstanding any provision in the Entravision 2000 Omnibus
Equity Incentive Plan (or any agreement entered into thereunder or any successor
stock compensation plan or agreement thereunder) to the contrary, any stock
option then held by Executive shall be exercisable and any restriction on any
restricted stock then held by Executive shall lapse or be deemed fully
satisfied, as applicable.
 
     7.   Non-Exclusivity of Rights.  Nothing in this Agreement shall prevent or
          -------------------------                                             
limit Executive's continuing or future participation in or rights under any
benefit, bonus, incentive or other plan or program provided by the Company or
any affiliate and for which executive may qualify; provided, however, that if
Executive becomes entitled to and receives all of the payments provided for in
this Agreement, Executive hereby waives his right to receive payments under any
severance plan or similar program applicable to all employees of the Company.
 
     8.   Survivorship.  The respective rights and obligations of the parties
          ------------                                                       
hereunder shall survive any termination of the Executive's employment to the
extent necessary to the intended preservation of such rights and obligations.
 
                                      -7-
<PAGE>
 
     9.   Release.  Upon receipt of the Severance Package pursuant to Sections
          -------                                                             
4.4, 4.5 or 5.3 shall be in lieu of all other amounts payable by the Company to
Executive and in settlement and complete release of all claims Executive may
have against the Company other than those arising pursuant to payment of the
Severance Package.  Executive acknowledges and agrees that execution of the
general release of claims in favor of the Company setting forth the terms of
this Section 9 and otherwise reasonably acceptable to the Company and Executive
shall be a condition precedent to the Company's obligation to pay the Severance
Package to Executive. The cash portion of the Severance Package shall be due and
payable by the Company within thirty (30) days after applicable termination of
the Employment Period.
 
     10.  Mitigation.  There shall be no offset against amounts due the
          ----------                                                   
Executive under this Agreement on account of any remuneration attributable to
any subsequent employment that he may obtain.
 
     11.  Gross-Up Amounts.  If, in the opinion of tax counsel selected by the
          ----------------                                                    
Company and reasonably acceptable to the Executive, the Executive has received
compensation hereunder which constitutes an "excess parachute payment," as
defined in Section 280G of the Internal Revenue Code, arising from the Change of
Control, the Company will pay Executive an additional amount (the "Additional
Amount") equal to the sum of: (A) all taxes payable by Executive under Section
4999 of the Internal Revenue Code applicable to such "excess parachute payment"
and the Additional Amount; and (B) all federal, state and local income and
employment taxes payable by Executive with respect to the Additional Amount.  In
the event that amounts are paid to Executive as Additional Amounts pursuant to
the preceding sentence and the amount of taxes payable by Executive under
Section 4999 of the Internal Revenue Code applicable to any compensation paid
pursuant to this Agreement is subsequently determined to be less than the amount
taken into account hereunder, Executive shall repay to the Company, at the time
that the amount of such reduced amount of taxes is finally determined, the
portion of such Additional Amount attributable to such reduction in the amount
of such taxes plus interest on the amount of such repayment at the rate provided
in Section 1274(b)(2)(B) of the Internal Revenue Code.  In the event that the
amount of taxes payable by Executive under Section 4999 of the Internal Revenue
Code applicable to any compensation paid pursuant to this Agreement is
subsequently determined to be in excess of the amount taken into account
hereunder (including by reason of any payment the existence or amount of which
cannot be determined at the time of the payment of any Additional Amounts), the
Company shall make additional payments of Additional Amounts to Executive in
respect of such excess (plus any interest, penalties or additions payable by
Executive with respect to such excess taxes) at the time such excess is finally
determined.
 
     12.  Arbitration; Expenses.
          --------------------- 
 
          (a) In the event of any dispute under the provisions of this Agreement
other than a dispute in which the sole relief sought is an equitable remedy such
as an injunction, the parties shall be required to have the dispute, controversy
or claim settled by arbitration in the City of Los Angeles, California in
accordance with the commercial arbitration rules then in effect 
 
                                      -8-
<PAGE>
 
of the American Arbitration Association, before a panel of three arbitrators,
two of whom shall be selected by the Company and Executive, respectively, and
the third of whom shall be selected by the other two arbitrators. Any award
entered by the arbitrators shall be final, binding and nonappealable and
judgment may be entered thereon by either party in accordance with applicable
law in any court of competent jurisdiction. This arbitration provision shall be
specifically enforceable. The fees of the American Arbitration Association and
the arbitrators and any expenses relating to the conduct of the arbitration
(including reasonable attorneys' fees and expenses) shall be paid as determined
by the arbitrators.
 
          (b)  In the event of an arbitration or lawsuit by either party to
enforce the provisions of this Agreement following a Change in Control, if
Executive prevails on any material issue which is the subject of such
arbitration or lawsuit, he shall be entitled to recover from the Company the
reasonable costs, expenses and attorneys' fees he has incurred attributable to
such issue.
 
     13.  Notices.  Any notice required to be given hereunder shall be delivered
          -------                                                               
personally, shall be sent by first class mail, postage prepaid, return receipt
requested, by overnight courier, or by facsimile, to the respective parties at
the addresses given below, which addresses may be changed by the parties by
notice conforming to the requirements of this Agreement.
 
     If to the Company, to:         Entravision Communications Corporation
                                    Attn:  Philip C. Wilkinson
                                    2425 Olympic Boulevard, Suite 6000 West
                                    Santa Monica, California  90404
 
     With a required copy to:       Kenneth D. Polin, Esq.
                                    Zevnik Horton Guibord McGovern
                                      Palmer & Fognani, L.L.P.
                                    101 West Broadway, Seventeenth Floor
                                    San Diego, California  92101
 
     If to Executive, to:           Walter F. Ulloa
                                    15304 Sunset Boulevard, Suite 204
                                    Pacific Palisades, California  90272
 
Any such notice deposited in the mail shall be conclusively deemed delivered to
and received by the addressee four (4) days after deposit in the mail, if all of
the foregoing conditions of notice shall have been satisfied.  All facsimile
communications shall be deemed delivered and received on the date of the
facsimile, if (a) the transmittal form showing a successful transmittal is
retained by the sender, and (b) the facsimile communication is followed by
mailing a copy thereof to the addressee of the facsimile in accordance with this
paragraph.  Any communication sent by overnight courier shall be deemed
delivered on the earlier of proof of actual receipt or the first day upon which
the overnight courier will guarantee delivery.
 
                                      -9-
<PAGE>
 
     14.  Contents of Agreement; Amendment and Assignment.
          ----------------------------------------------- 
 
          (a)  This Agreement supersedes all prior agreements, including, but
not limited to, the Original Agreement, and sets forth the entire understanding
between the parties hereto with respect to the subject matter hereof and cannot
be changed, modified, extended or terminated except upon written amendment
approved by the Company and executed on its behalf by a duly authorized officer.
 
          (b)  All of the terms and provisions of this Agreement shall be
binding upon and inure to the benefit of and be enforceable by the respective
heirs, executors, administrators, legal representatives, successors and assigns
of the parties hereto, except that the duties and responsibilities of Executive
hereunder are of a personal nature and shall not be assignable or delegable in
whole or in part by Executive.
 
     15.  Severability.  If any provision of this Agreement or application
          ------------                                                    
thereof to anyone or under any circumstances is adjudicated to be invalid or
unenforceable in any jurisdiction, such invalidity or unenforceability shall not
affect any other provision or application of this Agreement which can be given
effect without the invalid or unenforceable provision or application and shall
not invalidate or render unenforceable such provision or application in any
other jurisdiction.  If any provision is held void, invalid or unenforceable
with respect to particular circumstances, it shall nevertheless remain in full
force and effect in all other circumstances.
 
     16.  Remedies Cumulative; No Waiver.  No remedy conferred upon a party by
          ------------------------------                                      
this Agreement is intended to be exclusive of any other remedy, and each and
every such remedy shall be cumulative and shall be in addition to any other
remedy given hereunder or now or hereafter existing at law or in equity.  No
delay or omission by a party in exercising any right, remedy or power hereunder
or existing at law or in equity shall be construed as a waiver thereof, and any
such right, remedy or power may be exercised by such party from time to time and
as often as may be deemed expedient or necessary by such party in its sole
discretion.
 
     17.  Beneficiaries; References.  Executive shall be entitled, to the extent
          -------------------------                                             
permitted under any applicable law, to select and change a beneficiary or
beneficiaries to receive any compensation or benefit payable hereunder following
Executive's death by giving the Company written notice thereof.  In the event of
Executive's death or a judicial determination of his incompetence, reference in
this Agreement to Executive shall be deemed, where appropriate, to refer to his
beneficiary, estate or other legal representative.
 
     18.  Captions.  All section headings and captions used in this Agreement
          --------                                                           
are for convenience only and shall in no way define, limit, extend or interpret
the scope of this Agreement or any particular section hereof
 
     19.  Executed Counterparts.  This Agreement may be executed in one or more
          ---------------------                                                
counterparts, all of which when fully-executed and delivered by all parties
hereto and taken 
 
                                      -10-
<PAGE>
 
together shall constitute a single agreement, binding against each of the
parties. To the maximum extent permitted by law or by any applicable
governmental authority, any document may be signed and transmitted by facsimile
with the same validity as if it were an ink-signed document. Each signatory
below represents and warrants by his signature that he is duly authorized (on
behalf of the respective entity for which such signatory has acted) to execute
and deliver this instrument and any other document related to this transaction,
thereby fully binding each such respective entity.
 
     20.  Governing Law.  This Agreement shall be governed by and interpreted
          -------------                                                      
under the laws of the State of California without giving effect to any conflict
of laws provisions.
 
                  [Remainder of Page Left Intentionally Blank]
 
                                      -11-
<PAGE>
 
     IN WITNESS WHEREOF, the undersigned, intending to be legally bound, have
executed this Agreement as of the date first above written.
 
Company                      ENTRAVISION COMMUNICATIONS CORPORATION
                             a Delaware corporation
 
 
                             By: /s/ Philip C. Wilkinson
                                 -----------------------------------------------
                                     Philip C. Wilkinson
                                     President and Chief Operating Officer
 
Executive
 
                                 /s/ Walter F. Ulloa
                                 -----------------------------------------------
                                     Walter F. Ulloa
 
                    [Signature Page to Employment Agreement]