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<SEC-DOCUMENT>0000950123-04-003765.txt : 20040325
<SEC-HEADER>0000950123-04-003765.hdr.sgml : 20040325
<ACCEPTANCE-DATETIME>20040325135213
ACCESSION NUMBER:		0000950123-04-003765
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20030325
FILED AS OF DATE:		20040325

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GRUPO TELEVISA S A
		CENTRAL INDEX KEY:			0000912892
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEVISION BROADCASTING STATIONS [4833]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	033-69636
		FILM NUMBER:		04689267

	BUSINESS ADDRESS:	
		STREET 1:		AVENIDA CHAPULTEPEC NO 28
		CITY:			06724 MEXICO DF MEXI
		STATE:			O5
		ZIP:			00000

	MAIL ADDRESS:	
		STREET 1:		AVENIDA CHAPULTEPEC NO. 28
		STREET 2:		COLONIA DOCTORES

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GRUPO TELEVISA S A DE CV
		DATE OF NAME CHANGE:	19931001
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>y95575e6vk.htm
<DESCRIPTION>GRUPO TELEVISA, S.A.
<TEXT>
<HTML>
<HEAD>
<TITLE>GRUPO TELEVISA, S.A.</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<P align="center" style="font-size: 18pt"><B>FORM 6-K</B>


<P align="center" style="font-size: 10pt"><B>REPORT OF FOREIGN ISSUER<BR>
PURSUANT TO RULE 13a-16 OR 15d-16 OF<BR>
THE SECURITIES EXCHANGE ACT OF 1934</B>



<P align="center" style="font-size: 10pt"><B>For the month of March&nbsp;2004</B>


<P align="center" style="font-size: 24pt"><B>Grupo Televisa, S.A.</B>


<DIV align="center" style="font-size: 10pt">(Translation of registrant&#146;s name in English)</DIV>


<P align="center" style="font-size: 10pt"><B>Av. Vasco de Quiroga No.&nbsp;2000<BR>
Colonia Sante Fe<BR>
01210 M&#233;xico, D.F., M&#233;xico</B><BR>
(Address of Principal Executive Offices)



<P align="center" style="font-size: 10pt">(Indicate by check mark whether the registrant files or will file<BR>
annual reports under cover of Form&nbsp;20-F or Form&nbsp;40-F.)



<P align="center" style="font-size: 10pt">Form&nbsp;20-F <FONT face="Wingdings">&#120;</FONT> Form&nbsp;40-F <FONT face="Wingdings">&#111;</FONT>



<P align="center" style="font-size: 10pt">(Indicate by check mark whether the registrant by<BR>
furnishing the information contained in this form<BR>
is also thereby furnishing the information to the<BR>
Commission pursuant to Rule&nbsp;12g3-2(b) under the<BR>
Securities Exchange Act of 1934.)



<P align="center" style="font-size: 10pt">Yes <FONT face="Wingdings">&#111;</FONT> No <FONT face="Wingdings">&#120;</FONT>




<P align="center" style="font-size: 10pt">
</DIV>


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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="center" style="font-size: 10pt"><B>Information Statement dated March&nbsp;25, 2004</B>


<P align="center" style="font-size: 10pt"><IMG src="y95575y9557500.gif" alt="(TELEVISA LOGO)">


<P align="center" style="font-size: 10pt"><B>Grupo Televisa, S.A.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Information Statement relates to proposals that will be submitted to
shareholders of Grupo Televisa, S.A. (&#147;<B>Televisa</B>&#148;) for approval at meetings
scheduled for April&nbsp;16, 2004. We refer to these proposals as the
&#147;<B>Recapitalization</B>.&#148; In connection with the Recapitalization, amendments to the
instruments governing the <I>certificados de participaci&#243;n ordinarios</I>, or CPOs,
representing shares of Televisa will be proposed to CPO holders at a meeting
scheduled for April&nbsp;5, 2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Recapitalization principally comprises:


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a stock split in which each outstanding Televisa share will be
divided into 25 shares of the same class;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the creation of a new class of common or ordinary shares, the B
Shares (&#147;<B>B Shares</B>&#148;);</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a stock dividend in which we will distribute fourteen new
shares for every 25 shares outstanding after the stock split. This
distribution will include B Shares, D Shares and L Shares in
different combinations for each class of outstanding stock; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>amendments to our bylaws (<I>estatutos</I>) relating to these
transactions.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">Our shares trade primarily in the form of <I>certificados de participaci&#243;n
ordinarios </I>(&#147;<B>CPOs</B>&#148;), each currently representing one A Share, one D Share and
one L Share, and global depositary shares (&#147;<B>GDSs</B>&#148;), each representing 20 CPOs.
Following the Recapitalization, one CPO will represent 117
shares&#151;25 A Shares,
22 B Shares, 35 D Shares and 35 L Shares. One GDS will continue to represent
20 CPOs.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Recapitalization will increase the number of outstanding shares by a
factor of 39 but will not affect our total equity or dilute the equity interest
of any shareholder. See &#147;The Recapitalization&#148; for a discussion of the
resulting changes in the voting and preferred dividend rights of our
shareholders.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our controlling shareholder, Grupo Televicentro, S.A. de C.V.
(&#147;<B>Televicentro</B>&#148;), currently owns A Shares and a limited number of CPOs.
Following the Recapitalization, Televicentro will own shares of all four
classes and CPOs. We expect that, following the Recapitalization, Televicentro
will distribute all its shares and CPOs to its shareholders and cease to be a
shareholder of Televisa. We also expect that the Televicentro shareholders
will enter into arrangements relating to the voting and disposition of these
shares and CPOs. See &#147;Major Shareholders&#148; for a discussion of these
transactions and the effects on control of Televisa.

<P align="center">
<HR size="1" width="26%" align="center" noshade>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>We have prepared this Information Statement solely to provide information
to holders of our CPOs and GDSs, who will receive additional shares of Televisa
in the Recapitalization. It is not, and should not be construed as, an
inducement or encouragement to buy or sell any securities of Televisa.</B>

<P align="center">
<HR size="1" width="26%" align="center" noshade>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Neither the Securities and Exchange Commission nor any state securities
commission has approved or disapproved of the Recapitalization or passed upon
the accuracy or adequacy of this Information Statement or any document referred
to herein.<BR>Any representation to the contrary is a criminal offense.</B>

<P align="center">
<HR size="1" width="26%" align="center" noshade>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P><HR noshade><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The Mexican Comisi&#243;n Nacional Bancaria y de Valores (CNBV, the Mexican
National Securities and Banking Commission ) has authorized the
Recapitalization and the registration with the National Registry of Securities
of each class of our shares and the CPOs. The CNBV has not passed upon the
accuracy or adequacy of this Information Statement or any document referred to
herein.</B>

<P><HR noshade size="1" width="30%" align="center">
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The Ley del Mercado de Valores (the Mexican Securities Market Law, or
&#147;Securities Law&#148;) was amended in 2001 to limit the issuance and use of
limited-voting shares and non-voting shares and the use of mechanisms under
which common shares and limited or non-voting shares are jointly traded or
offered to the public. Our capital structure and our CPOs do not comply with
these limitations, and they will not comply after the Recapitalization.
However, pursuant to &#147;grandfathering&#148; provisions that permit arrangements that
were in place before the 2001 amendments became effective, our capital
structure and our CPOs before and after the Recapitalization have been
authorized by the CNBV and comply with Securities Law requirements.</B>

<P><HR noshade size="1" width="30%" align="center">


<P align="center" style="font-size: 10pt"><B>TELEVISA IS NOT ASKING YOU FOR A PROXY</B>

<P><HR noshade size="1" width="30%" align="center">


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Televisa has prepared this Information Statement to explain the
Recapitalization to holders of its CPOs and GDSs, who will receive additional
shares of Televisa in the Recapitalization. As a foreign private issuer,
Televisa is exempt from the requirements of the Securities Exchange Act of
1934, as amended (the &#147;<B>Exchange Act</B>&#148;) concerning proxy solicitations and
information statements.


<P align="center" style="font-size: 10pt"><B>TABLE OF CONTENTS</B>


<DIV align="left">
<!-- TOC -->
</DIV>
<DIV align="left">
<A name="tocpage"></A>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="55%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="92%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>


<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#101">Additional Information</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#102">Incorporation By Reference</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#103">Shareholder Inquiries</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#104">Summary</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#105">The Recapitalization</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#106">Major Shareholders</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#107">Forward-Looking Statements</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left">
<!-- /TOC -->
</DIV>

<P align="center" style="font-size: 10pt">2
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="101"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>ADDITIONAL INFORMATION</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Televisa files reports, including annual reports on Form 20-F, and other
information with the U.S. Securities and Exchange Commission (the &#147;<B>Commission</B>&#148;)
pursuant to the rules and regulations of the Commission that apply to foreign
private issuers. You may read and copy any materials we file with the
Commission at its Public Reference Room at 450 Fifth Street, NW, Washington, DC
20459. You may obtain information on the operation of the Public Reference
Room by calling the Commission at (800)&nbsp;SEC-0330. You may also read and copy
any materials we file with the Commission at the regional offices of the
Commission located at the Woolworth Building, 233 Broadway, 13<SUP>th</SUP>
Floor, New York, NY 10007 and Citicorp Center, 500 West Madison Street, Suite
1400, Chicago, IL 60661-2511.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may also read and copy materials we file with the Commission on our
website at http://www.esmas.com/televisahome/ingles/inversionistas.

<DIV align="left">
<A name="102"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>INCORPORATION BY REFERENCE</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are &#147;incorporating by reference&#148; documents that we file with the
Commission, which means that we disclose important information to you by
referring you to those documents. The information incorporated by reference
herein is considered to be part of this Information Statement, and we may amend
or supplement this Information Statement by submitting material to the
Commission on Form 6-K, which will automatically update and supersede this
information. We incorporate by reference the following documents:


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our annual report on Form 20-F for the fiscal year ended
December&nbsp;31, 2002, filed with the Commission on June&nbsp;30, 2003, as
amended on March&nbsp;3, 2004;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our reports on Form 6-K, submitted to the Commission on
December&nbsp;2, 2003 and December&nbsp;15, 2003, describing amendments to the
instruments governing our CPOs;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our reports on Form 6-K, submitted to the Commission on
February&nbsp;26 and 27, 2004, containing our earnings release for the
year ended December&nbsp;31, 2003 and preliminary unaudited financial
statements for the year ended December&nbsp;31, 2003; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any future filings by Televisa on Form 6-K after the date of
this Information Statement and prior to April&nbsp;16, 2004, that are
identified in such forms as being incorporated by reference into
this Information Statement.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may request a copy of any and all of the information that has been
incorporated by reference in this Information Statement and that has not been
delivered with this Information Statement, at no cost, by writing or
telephoning Televisa at Av. Vasco de Quiroga No.&nbsp;2000, Colonia Santa Fe, 01210
M&#233;xico, D.F., M&#233;xico, attention: Investor Relations, telephone (52-55)
5261-2000. You may also read and copy such information on our website at
http://www.esmas.com/televisahome/ingles/inversionistas.

<DIV align="left">
<A name="103"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>SHAREHOLDER INQUIRIES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders of Televisa with questions relating to the Recapitalization
should contact Televisa at Av. Vasco de Quiroga No.&nbsp;2000, Colonia Santa Fe,
01210 M&#233;xico, D.F., M&#233;xico, attention: Investor Relations, telephone (52-55)
5261-2000.



<P align="center" style="font-size: 10pt">3
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="104"></A>
</DIV>
<DIV style="width: 100%; border: 1px solid black; padding: 12px;">
<P align="center" style="font-size: 10pt"><B>SUMMARY</B>



<P align="center" style="font-size: 10pt"><I>The following is a brief summary of information contained elsewhere in this Information Statement.</I>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="51%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><B>The Recapitalization</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">The Recapitalization comprises these steps:</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#149;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">a stock split in which each outstanding Televisa share will be divided into 25 shares of the same class;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#149;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">the creation of a new class of common or ordinary shares, the B Shares;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#149;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">a stock dividend in which we will distribute, to holders of outstanding shares, fourteen new shares (of various
classes depending on the class held) for every 25 shares outstanding after the stock split;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#149;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">an increase in the number of shares represented by each outstanding CPO, from three shares to 117 shares; and</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#149;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">amendments to our bylaws related to these transactions.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">The Recapitalization will increase the number of our outstanding shares by a factor of 39 but will not affect our
total equity or dilute the equity interest of any shareholder.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><B>Stock Split</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">In the first step of the Recapitalization, each outstanding Televisa share will be divided into 25 shares of the
same class.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><B>Rights of the B Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">The B Shares will be common or ordinary shares, like the A Shares, with no par value, no preferred dividend rights
and no preference upon liquidation. Holders of the B Shares will have the right to elect five out of 20 members of
our Board of Directors, at a shareholders meeting that must be held within the first four months after the end of
each year, beginning in 2005.</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">As is the case for the A Shares: (a)&nbsp;holders of B Shares will have the right to vote on all matters subject to
shareholder approval at any general meeting of shareholders, (b)&nbsp;holders of B Shares will have the right to vote at
special meetings of B Shares, on any matter subject to approval at such a meeting and (c)&nbsp;under Mexican law,
non-Mexicans may not own B Shares directly or exercise any voting rights in respect of B Shares, but they may hold
B Shares indirectly through the CPO Trust, which will control the voting of the B Shares.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><B>Stock Dividend</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Following the stock split, we will increase our
capital by incorporating approximately Ps. 906&nbsp;million of retained
earnings into capital stock and issuing approximately 132,560&nbsp;million new shares,
which will include B&nbsp;Shares, D&nbsp;Shares and L&nbsp;Shares in different combinations
for each class of outstanding stock. We will not receive any consideration for the
issuance of the new shares.</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>


</div>
<P align="center" style="font-size: 10pt">4
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif"></DIV>
<DIV align="left">
<A name="104"></A>
</DIV>
<DIV style="width: 100%; border: 1px solid black; padding: 12px;">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="51%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="top">
    <TD valign="top"><B>Capital Stock After the
Recapitalization</B>
</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Based on the number of shares outstanding at March&nbsp;24, 2004, the effect of the Recapitalization on our capital
stock will be as follows:</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="right">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="57%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Before the Recapitalization</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>After the Recapitalization</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(%)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(%)</B></TD>
</TR>


<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">A Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">4,989</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52.69</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124,736</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33.78</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">B Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,270</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.32</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">D Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">2,240</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23.65</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92,134</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24.95</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">L Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">2,240</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23.65</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92,134</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24.95</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"></DIV></TD>
    <TD>&nbsp;</TD>

<TD align="right" colspan="3"><HR noshade size="1"></TD>
    <TD>&nbsp;</TD>
    <TD align="right" colspan="3"><HR noshade size="1"></TD>
    <TD>&nbsp;</TD>
    <TD align="right" colspan="3"><HR noshade size="1"></TD>
    <TD>&nbsp;</TD>
    <TD align="right" colspan="3"><HR noshade size="1"></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">9,469</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">369,273</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" colspan="3"><HR noshade size="4"></TD>
    <TD>&nbsp;</TD>
    <TD align="right" colspan="3"><HR noshade size="4"></TD>
    <TD>&nbsp;</TD>
    <TD align="right" colspan="3"><HR noshade size="4"></TD>
    <TD>&nbsp;</TD>
    <TD align="right" colspan="3"><HR noshade size="4"></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="41%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="58%">&nbsp;</TD>

</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Distribution
of New
Shares</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The 25-for-1 stock split and the 14-for-25 stock dividend will result in the following changes:</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="41%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Before the Recapitalization</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>After the Recapitalization</B><HR size="1" noshade></TD>
</TR>


<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">one&nbsp;A&nbsp;Share&nbsp;....................................................
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">25 A Shares, four B Shares, five D Shares and five L Shares</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">one
D&nbsp;Share&nbsp;........................................
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">nine B Shares, 30 D Shares</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">one L Share&nbsp;.........................................
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">nine B Shares, 30 L Shares</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">one
CPO representing one A Share, one D Share and one L Share&nbsp;.....................................................
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">one CPO representing a total of 117 shares: 25 A Shares, 22 B Shares,
35 D Shares and 35 L Shares</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>

<TD valign="top" colspan="2"><DIV style="margin-left:0px; text-indent:-0px">one
GDS representing&nbsp;20&nbsp;CPOs&nbsp;........
</DIV></TD>

    <TD align="left" valign="top">one GDS representing 20 CPOs</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="41%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="58%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Recapitalization will increase the number of our outstanding shares by a factor of 39 but will not affect our
total equity or dilute the equity interest of any shareholder.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Televicentro
Distribution</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Our controlling shareholder, Televicentro, currently owns A Shares and a limited number of CPOs. Following the
Recapitalization, Televicentro will own shares of all four classes and CPOs. We expect that, following the
Recapitalization, Televicentro will distribute all its shares and CPOs to its shareholders and will cease to be a
shareholder of Televisa.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Major Shareholders</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Televicentro shareholders will enter into arrangements relating to the voting and disposition of the shares and
CPOs distributed by Televicentro. As a result of these arrangements, Emilio Azc&#225;rraga Jean will have the ability
to direct the election of eleven of the 20 members of our Board of Directors.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
The existing arrangements among the Televicentro shareholders will be terminated. These arrangements include a put
option that, in certain circumstances, would have required Emilio Azc&#225;rraga Jean to purchase the shares of
Televicentro capital stock owned by the other major shareholders of Televicentro. See &#147;Major Shareholders&#148; for a
discussion of these transactions and the effects on control of Televisa.</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>


<P align="center" style="font-size: 10pt">5

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif"></DIV>

<DIV align="center"></DIV>
<DIV style="width: 100%; border: 1px solid black; padding: 12px;">

<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="56%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Listing and Trading</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Our CPOs will continue to trade on the Mexican Stock Exchange, and our GDSs will continue to trade on the New York
Stock Exchange. Our shares will not otherwise be listed or traded on any market.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Shareholder and CPO
Holder Approval of the
Recapitalization</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Recapitalization will be submitted to shareholders for approval at meetings scheduled for April&nbsp;16, 2004.
Under Mexican law, only holders of A Shares (including holders of CPOs or GDSs that are Mexican nationals and that
duly provide timely instructions to the CPO Trustee or the GDS Depositary, as the case may be) may vote at any
general extraordinary meeting. Our controlling shareholder, Televicentro, intends to vote all its A Shares in
favor of the Recapitalization.</td>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendments to the instruments governing our CPOs related to the Recapitalization will be proposed at a meeting of
CPO holders scheduled for April&nbsp;5, 2004 and require the approval of the CPO holders.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">At the annual ordinary general meeting of shareholders on April&nbsp;16, 2004, the shareholders will also consider
proposed cash dividends of Ps. 0.4066093362 per share outstanding before the Recapitalization, equal to Ps.
1.2198280086 per CPO, or Ps. 24.3965601720 per GDS, as well as recurring matters like the election of directors and
the approval of accounts. This Information Statement does not discuss matters other than the Recapitalization.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Certain U.S. and Mexican
Tax Consequences</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Recapitalization will have no Mexican income tax consequences for holders of our CPOs or GDSs, regardless of
the holder&#146;s nationality or tax residence. U.S. tax counsel has provided us with its opinion that the
Recapitalization should be treated as a tax-free transaction for U.S. federal income tax purposes.</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt">6


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="105"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>THE RECAPITALIZATION</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following is a description of the Recapitalization to be proposed to our
shareholders on April&nbsp;16, 2004.


<P align="left" style="font-size: 10pt"><B>The Stock Split and Stock Dividend</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will carry out a stock split in which each of our outstanding shares is
divided into 25 shares of the same class. Following the stock split and the
creation of the B Shares, we will increase our capital by incorporating
approximately Ps. 906&nbsp;million of retained earnings into capital stock and
issuing approximately 132,560&nbsp;million new shares, equal to fourteen new shares
(of various classes, depending on the class held), for every 25 shares
outstanding after the split.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will not receive any consideration for the issuance of the new shares.
The Recapitalization will increase the number of our outstanding shares by a
factor of 39 but will not affect our total equity or dilute the equity interest
of any shareholder, including holders of CPOs and GDSs.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table summarizes the effect of the stock split and the stock
dividend on a holder of one share of each class of our capital stock:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="14%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Before the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>After the Stock</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>14 New Shares Distributed</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Recapitalization</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Split</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Per 25 Shares (post-split)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>After the Recapitalization</B><HR size="1" noshade></TD>
</TR>


<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">one A Share
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">25 A Shares
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">four B Shares, five D Shares
and five L Shares
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">25 A Shares, four B Shares,
five D Shares and five L
Shares</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">one D Share
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">25 D Shares
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">nine B Shares, five D Shares
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">nine B Shares, 30 D Shares</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">one L Share
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">25 L Shares
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">nine B Shares, five L Shares
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">nine B Shares, 30 L Shares</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table summarizes the effect of the Recapitalization on the
total number of shares of each class of our capital stock, based on the number
of shares outstanding at March&nbsp;24, 2004:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="13%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Before the Recapitalization</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>After the Recapitalization</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(% of total</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(% of total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(% of total</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(% of total</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(millions)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>capital stock)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>voting stock)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(millions)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>capital stock)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>voting stock)</B><HR size="1" noshade></TD>
</TR>


<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Class&nbsp;A</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,989</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52.69</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124,736</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33.78</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67.42</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Class&nbsp;B</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#150;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#150;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#150;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,270</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.32</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32.58</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Class&nbsp;D</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,240</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23.65</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#150;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92,134</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24.95</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#150;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Class&nbsp;L</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,240</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23.65</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#150;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92,134</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24.95</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#150;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,469</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">369,273</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt"><B>Effect of the Recapitalization on A Shares, D Shares and L Shares</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Recapitalization will not change the voting and economic rights of the
A Shares, D Shares and L Shares, except in two respects. First, the number of
directors (and corresponding alternate directors) that the holders of A Shares
are entitled to designate will decrease from sixteen to eleven. Second, the
aggregate amount of the cumulative annual preferred dividend payable by the
Company will increase as a result of the stock dividend, while the per share
amount of the cumulative annual preferred dividend to which the holder of one D
Share is entitled will decrease as a result of the stock split.


<P align="center" style="font-size: 10pt">7
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For a description of the principal amendments to our bylaws that will be
adopted in connection with the Recapitalization, see &#147;&#151;Amendments to Our
Bylaws.&#148;


<P align="left" style="font-size: 10pt"><B>Effect of the Recapitalization on CPOs</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our shares trade in the form of CPOs, each currently representing one A
Share, one D Share and one L Share. The Recapitalization will increase the
number of shares represented by each CPO from three shares to 117 shares.
Following the Recapitalization, one CPO will represent 25 A Shares, 22 B
Shares, 35 D Shares and 35 L Shares.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While the dividend preference per D Share will decrease by a factor of 25
as a result of the stock split, the number of D Shares owned by a holder of one
CPO will increase by a factor of 35. Accordingly, the amount of the preferred
dividend on one CPO will increase by 40% (reflecting the 25-for-1 split and the
distribution in the stock dividend of ten D Shares to each holder of one CPO).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendments to the CPO Trust Agreement and the CPO Deed of Issuance related
to the Recapitalization will be submitted for the approval of the CPO holders
at a meeting scheduled for April&nbsp;5, 2004.


<P align="left" style="font-size: 10pt"><B>Effect of the Recapitalization on GDSs</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our shares also trade in the form of GDSs, each representing 20 CPOs.
Global Depositary Receipts (&#147;<B>GDRs</B>&#148;) evidencing GDSs are issued by the
Depositary, JPMorgan Chase Bank, pursuant to the Deposit Agreement we entered
into with the Depositary and all holders from time to time of GDSs.
Following the Recapitalization, one GDS will continue to represent 20 CPOs, and
each GDR will continue to represent the same number of GDSs as before the
Recapitalization. No approval or other action will be required by holders of
GDSs.


<P align="left" style="font-size: 10pt"><B>Delivery of New Shares</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following the April&nbsp;16, 2004 meetings and the completion of all required
corporate and regulatory authorizations, we will deliver the shares issued in
the Recapitalization to our shareholders, generally through S.D. Indeval, S.A.
de C.V., Instituci&#243;n para el Dep&#243;sito de Valores, which is the clearing system
for securities traded on the Mexican Stock Exchange. At that time, we also
will deposit into the CPO Trust the new shares to be held by the CPO Trustee on
behalf of holders of CPOs (including CPOs held in the form of GDSs).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For shareholders who hold share certificates in physical form, delivery
will be made at the offices of Televisa after appropriate notice is published
following the April&nbsp;16, 2004 meetings.


<P align="left" style="font-size: 10pt"><B>The B Shares</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will create a new class of capital stock, the B Shares, with no par
value. The B Shares will be common or ordinary shares, like the A Shares, with
no preferred dividend rights and no preference upon liquidation. Holders of
the B Shares will have the right to elect five out of 20 members of our Board
of Directors at a shareholders meeting that must be held within the first four
months after the end of each year, beginning in 2005.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As is the case for the A Shares: (a)&nbsp;holders of B Shares will have the
right to vote on all matters subject to shareholder approval at any general
meeting of shareholders, (b)&nbsp;holders of B Shares will have the right to vote at
special meetings of B Shares, on any matter subject to approval at such a
meeting and (c)&nbsp;under Mexican law, non-Mexicans may not own B Shares directly or
exercise any voting rights in respect of B Shares, but they may hold B Shares
indirectly through the CPO Trust, which will control the voting of the B
Shares.



<P align="center" style="font-size: 10pt">8
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">





<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexican law requires that only holders of CPOs or GDSs that are Mexican
nationals or Mexican corporations whose bylaws exclude foreign ownership of
their shares will be entitled to exercise voting rights with respect to common
shares of Televisa, including the B Shares underlying the CPOs or GDSs. Under
the existing instruments governing the CPOs, A Shares underlying CPOs of
non-Mexican holders are voted with the majority of A Shares at shareholders
meetings. After the Recapitalization, common shares (A Shares and B Shares)
underlying the CPOs of non-Mexican holders or holders that do not give timely
instructions as to the voting of such shares (a)&nbsp;will be voted at special
meetings of A Shares or B Shares, as the case may be, as instructed by the
Technical Committee of the CPO Trust and (b)&nbsp;will be voted at general meetings
in the same manner as the majority of the A Shares.


<P align="left" style="font-size: 10pt"><B>Amendments to Our Bylaws</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To implement the Recapitalization, proposals to amend our bylaws will be
submitted to shareholders on April&nbsp;16, 2004. The principal changes to our
bylaws will be as follows:


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The bylaws will provide for the creation of the B Shares and
for the increased number of A Shares, D Shares and L Shares.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The composition of our Board of Directors will change so that
(a)&nbsp;holders of A Shares, voting as a class, will be entitled to
designate eleven out of 20 Board members (and the corresponding
alternate directors), and (b)&nbsp;holders of B Shares, voting as a
class, will be entitled to designate five Board members (and the
corresponding alternate directors). The election of directors at
the annual meeting scheduled for April&nbsp;16, 2004 will take place
before these changes become effective. Holders of D Shares and
holders of L Shares, in each case voting as a class at a special
meeting, each will continue to have the right to designate two Board
members (and the corresponding alternate directors), who must be
independent directors as currently provided in our bylaws.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The bylaws will be amended to reflect the reduction in the
theoretical value of each share as a result of the stock split.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The bylaws will provide that certain corporate extraordinary
matters&#151;such as mergers, spin-offs, changes in corporate purpose,
changes of nationality and amendments to the anti-takeover
provisions of our bylaws&#151;will require the approval of a general
extraordinary meeting of shareholders at which a majority of holders
of A Shares present or represented vote in favor.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><B>Approval by Holders of Shares and CPOs</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Board of Directors decided on March&nbsp;24, 2004, to propose the
Recapitalization to our shareholders at meetings scheduled for April&nbsp;16, 2004.
At the annual ordinary general meeting scheduled for the same date, holders of
A Shares will be asked also to consider proposed cash dividends of
approximately Ps. 3,850&nbsp;million in the aggregate, equal to Ps. 0.4066093362 per
share outstanding before the Recapitalization, equal to Ps. 1.2198280086 per
CPO, or Ps. 24.3965601720 per GDS, as well as recurring matters like the
election of directors and the approval of accounts. This Information Statement
does not discuss matters other than the Recapitalization.


<P align="center" style="font-size: 10pt">9
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendments to the CPO Trust Agreement and the CPO Deed of Issuance related
to the Recapitalization will be proposed to the CPO holders at a meeting
scheduled for April&nbsp;5, 2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our controlling shareholder, Televicentro, intends to vote all its A
Shares and CPOs in favor of the Recapitalization and the amendments to the
instruments governing the CPOs.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Televisa is not asking you for a proxy, and you are requested not to send
Televisa a proxy. </B>In accordance with Mexican law, notice of the shareholders
meetings will be given by publication in a Mexican newspaper at least 15&nbsp;days
prior to the date of the meetings. Notice of the CPO holders meeting will be
given by publication in a Mexican newspaper and the Diario Oficial de la
Federaci&#243;n (the Official Gazette of the Federation) 10&nbsp;days prior to the
meeting. We will not conduct any proxy solicitation for these meetings.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The instruments governing our CPOs and the Deposit Agreement establish
procedures for holders of CPOs and GDSs that are entitled to do so to instruct
the CPO Trustee or the Depositary, as the case may be, as to the voting of
their CPOs, the CPOs underlying their GDSs and the A Shares underlying their
CPOs and GDSs. In addition, the Depositary will send a GDS voting card to
persons in whose names GDRs are registered on the books of the Depositary on
March&nbsp;17, 2004. Such persons may instruct the Depositary as to the exercise of
the voting rights, if any, pertaining to their GDSs.


<P align="left" style="font-size: 10pt"><B>Approvals and Consents</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The CNBV has authorized the Recapitalization and the registration of the
shares to be issued in the Recapitalization with the National Registry of
Securities. The B Shares will be registered under the Exchange Act.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In compliance with Mexican law, the Comisi&#243;n Federal de Competencia (the
Federal Competition Commission) has been notified of certain transactions among
the shareholders of Televicentro related to the Recapitalization. The
amendments to the CPO Trust Agreement that will be proposed in connection with
the Recapitalization have been approved by the Direcci&#243;n General de Inversi&#243;n
Extranjera de la Secretar&#237;a de Econom&#237;a (the Foreign Investment Bureau of the
Ministry of the Economy).


<P align="left" style="font-size: 10pt"><B>Withdrawal Rights</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Recapitalization will not give rise to a right for any shareholder to
dissent and withdraw its capital from Televisa in return for a cash payment.


<P align="left" style="font-size: 10pt"><B>Listing and Trading</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our CPOs will continue to trade on the Mexican Stock Exchange, and our
GDSs will continue to trade on the New York Stock Exchange. Our shares will
not otherwise be listed or traded on any market.


<P align="left" style="font-size: 10pt"><B>Certain Tax Consequences of the Recapitalization</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Mexican Tax Consequences</I>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This summary describes the principal Mexican income tax consequences of
the Recapitalization to a holder of Televisa CPOs or GDSs, regardless of the
holder&#146;s nationality or tax residence. It does not purport to be a
comprehensive description of all of the tax consequences of the
Recapitalization that may be relevant to such holders.


<P align="center" style="font-size: 10pt">10
</DIV>

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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Each holder of Televisa CPOs or GDSs should consult such holder&#146;s own tax
advisor concerning the overall tax consequences to it, including the
consequences of the Recapitalization arising under foreign, state and local
laws.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ch&#233;vez, Ruiz, Zamarripa y Cia., S.C. (&#147;<B>Ch&#233;vez Ruiz</B>&#148;), Mexican tax advisor
to Televisa, has provided to the Board of Directors of Televisa an opinion
regarding the Mexican tax consequences of the Recapitalization. That opinion
was rendered on the basis of facts, representations and assumptions set forth
or referred to in the opinion. The opinion of Ch&#233;vez Ruiz is that the
Recapitalization has no Mexican income tax consequences for holders of Televisa
CPOs or GDSs, regardless of a holder&#146;s nationality or tax residence, and that
no other Mexican tax would be levied on the payments and distributions to be
made to such holders in the Recapitalization.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The opinion of Ch&#233;vez Ruiz described above is not binding on the
Secretar&#237;a de Hacienda y Cr&#233;dito P&#250;blico (the SHCP, the Ministry of Finance and
Public Credit) or the courts, and no rulings will be sought from the SHCP on
any of the issues discussed in this section.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>United States Tax Consequences</I>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This summary describes the principal U.S. federal income tax consequences
of the Recapitalization to U.S. Holders (as defined below) of Televisa CPOs or
GDSs. It does not purport to be a comprehensive description of all of the tax
consequences of the Recapitalization that may be relevant to such a U.S.
Holder. This summary applies only to U.S. Holders of Televisa CPOs or GDSs
holding the CPOs or GDSs as capital assets and does not apply to special
classes of U.S. Holders such as dealers in securities or currencies, holders
with a functional currency other than the U.S. dollar, holders of 10% or more
of the shares of Televisa (whether held through CPOs or GDSs or directly or
both), tax-exempt organizations, financial institutions, holders liable for the
alternative minimum tax, securities traders electing to account for their
investment in Televisa CPOs or GDSs on a mark-to-market basis, and persons
holding Televisa CPOs or GDSs in a hedging transaction or as part of a straddle
or conversion transaction.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this discussion, a &#147;<B>U.S. Holder</B>&#148; is a holder of Televisa
CPOs or Televisa GDSs that is (i)&nbsp;a citizen or resident of the United States of
America, (ii)&nbsp;a corporation organized under the laws of the United States of
America or any state thereof, or (iii)&nbsp;otherwise subject to U.S. federal income
taxation on a net income basis with respect to the Televisa CPOs or GDSs. For
U.S. federal income tax purposes, a U.S. Holder of GDSs and CPOs is generally
treated as if it were the direct owner of the underlying Televisa shares.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Each U.S. Holder should consult such holder&#146;s own tax advisor concerning
the overall tax consequences to it, including the consequences of the
Recapitalization arising under foreign, state and local laws.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleary, Gottlieb, Steen &#038; Hamilton, U.S. tax counsel to Televisa, has
provided to the Board of Directors of Televisa an opinion regarding certain
U.S. federal income tax consequences of the Recapitalization. That opinion was
rendered on the basis of facts, representations and assumptions set forth or
referred to in the opinion. In rendering this opinion, U.S. tax counsel
required and relied upon factual representations as set forth in certificates
of officers of Televisa. The opinion of U.S. tax counsel is that the
Recapitalization should constitute a tax-free transaction for U.S. federal
income tax purposes. Accordingly, (i)&nbsp;a U.S. Holder should recognize no gain
or loss for U.S. federal income tax purposes in respect of new shares issued
pursuant to the Recapitalization, (ii)&nbsp;a U.S. Holder should include its tax
holding period in the CPOs or GDSs in its holding period for new shares
received in the Recapitalization, and (iii)&nbsp;to the extent it becomes necessary
for a U.S. Holder to determine the separate bases for the shares underlying a GDS or CPO, the U.S. Holder should be required to
allocate its tax basis in each GDS or CPO held prior to the Recapitalization
among, on the one hand, the shares underlying that GDS or CPO prior to the
Recapitalization, and, on the other hand, the new shares received in the
Recapitalization, all in proportion to their respective fair market values as
of the date of the Recapitalization.



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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The opinion of U.S. tax counsel described above is not binding on the
Internal Revenue Service (the &#147;Service&#148;) or the courts, and no rulings will be
sought from the Service on any of the issues discussed in this Information
Statement.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Tax Consequences of Cash Dividends</I>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The principal Mexican and U.S. federal tax consequences (to holders of our
CPOs or GDSs that are not resident in Mexico for tax purposes) of cash
dividends are described under &#147;Taxation&#148; in our annual report on Form 20-F for
the year ended December&nbsp;31, 2002.


<P align="left" style="font-size: 10pt"><B>Financial Advisors</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman, Sachs &#038; Co. has acted as financial advisors to Televisa in
connection with the Recapitalization and the Televicentro Distribution.


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<P align="center" style="font-size: 10pt"><B>MAJOR SHAREHOLDERS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set forth below is a description of transactions to be undertaken by our
controlling shareholder, Televicentro, and its shareholders in connection with
the Recapitalization.


<P align="left" style="font-size: 10pt"><B>The Televicentro Distribution</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The ownership of Televicentro&#146;s equity is currently as follows: a trust
for the benefit of Emilio Azc&#225;rraga Jean (the &#147;<B>Azc&#225;rraga Trust</B>&#148;) owns 55.29%; a
trust for the benefit of Promotora Inbursa, S.A. de C.V. (the &#147;<B>Inbursa Trust</B>&#148;)
owns 24.70%; and a trust for the benefit of five individual members of the
Aramburuzabala and Fernandez families (the &#147;<B>Investor Trust</B>&#148;) owns 20.01%.
Promotora Inbursa is an indirect subsidiary of Grupo Financiero Inbursa, S.A.
de C.V. The interests of the Aramburuzabala family represent 16.21%, and the
interests of the Fernandez family represent 3.80%, of Televicentro&#146;s capital
stock.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Televicentro shareholders will contribute all their shares in
Televicentro to a trust (the &#147;<B>Shareholder Trust</B>&#148;) prior to the April&nbsp;16, 2004
shareholders meetings. Televicentro will distribute all its Televisa shares
and CPOs to the Shareholder Trust (the &#147;<B>Televicentro Distribution</B>&#148;) and, as a
result, will cease to be a shareholder of Televisa. The Televisa shares
beneficially owned by the Inbursa Trust and the Investor Trust will be
deposited in the CPO Trust in exchange for 200&nbsp;million CPOs and 164&nbsp;million
CPOs, respectively. The Shareholder Trust will release two million CPOs to
members of the Fernandez family, leaving the Investor Trust with 162&nbsp;million
CPOs.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Televicentro currently owns 2,348&nbsp;million A Shares, 53&nbsp;million D Shares
and 53&nbsp;million L Shares. Following the Recapitalization, the Televicentro
Distribution and related transactions, the beneficiaries of the Shareholder
Trust will own Televisa shares (including shares in the form of CPOs) as shown
in the table below.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="21%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>A Shares</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>B Shares</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>D Shares</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>L Shares</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>All Shares</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Beneficial Owner</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(%)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(%)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(%)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(%)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(%)</B></TD>
</TR>


<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Azc&#225;rraga Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,970</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42.47</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53,172</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.40</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Inbursa Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,995</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,395</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.29</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,993</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.59</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,993</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.59</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,375</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.33</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Investor Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,042</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.24</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,557</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.90</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,659</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,659</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,918</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.12</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62,007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">49.71</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,001</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">13.28</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,729</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">13.82</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,729</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">13.82</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95,465</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">25.85</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Televisa shares and CPOs held through the Shareholder Trust by the
Azc&#225;rraga Trust, the Inbursa Trust and the Investor Trust will constitute
approximately 49.71% of the outstanding A Shares, approximately 13.28% of the
outstanding B Shares, and approximately 37.84% of the total number of
outstanding A Shares and B Shares combined. These shares will be held by the
trustee of the Shareholder Trust, subject to an agreement that will provide for
the voting and disposition of these shares and CPOs.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the Televicentro Distribution, the existing arrangements among the
Televicentro shareholders, which are described under &#147;Major Shareholders and
Related Party Transactions&#148; in our annual report on Form 20-F for the fiscal
year ended December&nbsp;31, 2002, will be terminated. These arrangements include a
put option that, in certain circumstances, would have required Emilio Azc&#225;rraga
Jean to purchase the shares of Televicentro capital stock owned by the Inbursa
Trust and the Investor Trust.


<P align="center" style="font-size: 10pt">13
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>The Shareholder Trust</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Voting of Shares</I>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Televisa shares held through the Shareholder Trust will be voted by
the trustee as instructed by a Technical Committee comprising five
members&#151;three appointed by the Azc&#225;rraga Trust and one appointed by each of the
Inbursa Trust and the Investor Trust. Accordingly, except as described below,
Emilio Azc&#225;rraga Jean will control the voting of the shares held through the
Shareholder Trust. In elections of directors, the Technical Committee will
instruct the trustee to vote the A&nbsp;Shares held through the Shareholder Trust
for individuals designated by Mr.&nbsp;Azc&#225;rraga Jean. The A&nbsp;Shares held through
the Shareholder Trust after the Televicentro Distribution will constitute a
majority of the A&nbsp;Shares whose holders are entitled to vote them, because
non-Mexican holders of CPOs and GDSs are not permitted by law to vote the
underlying A&nbsp;Shares. Accordingly, after the Televicentro Distribution, and so
long as non-Mexicans own more than a minimal number of A&nbsp;Shares, Mr.&nbsp;Azc&#225;rraga
Jean will have the ability to direct the election of eleven out of 20 members
of our Board.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with the trust agreement, the Technical Committee will
instruct the trustee to vote the B Shares held through the Shareholder Trust
for a total of five individuals as members of our Board, who will be designated
as follows. Emilio Azc&#225;rraga Jean will be entitled to nominate two
individuals. The Investor Trust will be entitled to nominate two individuals
so long as the shares it holds through the Shareholder Trust constitute more
than two percent of the total issued and outstanding Televisa shares. Until
the Inbursa Trust is entitled to release all its Televisa shares from the
Shareholder Trust, and so long as the shares it holds through the Shareholder
Trust constitute more than two percent of the total issued and outstanding
Televisa shares, it will be entitled to nominate one individual.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because the B Shares held through the Shareholder Trust following the
Televicentro Distribution will constitute only 13.28% of the total
B&nbsp;Shares
outstanding, there can be no assurance that individuals nominated by
Shareholder Trust beneficiaries will be elected to our Board.
However, the B&nbsp;Shares held through the Shareholder Trust following the Televicentro
Distribution will constitute a higher proportion of the B&nbsp;Shares whose holders
are entitled to vote them, because non-Mexican holders of CPOs and GDSs are not
permitted by law to vote the underlying B Shares.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emilio Azc&#225;rraga Jean has agreed to consult with the Inbursa Trust and the
Investor Trust as to the voting of shares held through the Shareholder Trust on
matters specifically set forth in the Shareholder Trust Agreement, including
increases or reductions in the capital stock of Televisa; merger, split-up,
dissolution, liquidation or bankruptcy proceedings of Televisa; related party
transactions, extensions of credit or share repurchases, in each case exceeding
specified thresholds; and selection of the chairman of Televisa&#146;s board of
directors, if different from Emilio Azc&#225;rraga Jean. If either of the Inbursa
Trust or the Investor Trust requests that shares be voted in a particular way
on such a matter, and Mr.&nbsp;Azc&#225;rraga Jean declines to do so, then
notwithstanding the arrangements described below, such party may immediately
release its Televisa shares from the Shareholder Trust. These consultation
rights will terminate as to either the Inbursa Trust or the Investor Trust if
it ceases to be party to the Shareholder Trust or if it owns less than two
percent of the total issued and outstanding Televisa shares.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Release of Shares</I>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The beneficiaries of the Shareholder Trust will have only limited rights
to transfer or pledge their trust interests without the consent of the other
trust beneficiaries, but they may transfer freely to affiliated parties as
defined in the Shareholder Trust Agreement.


<P align="center" style="font-size: 10pt">14
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before July&nbsp;1, 2005, the Shareholder Trust beneficiaries will not be
permitted to release shares from the trust. Beginning July&nbsp;1, 2005, the
Investor Trust may release or sell any or all of its shares from the
Shareholder Trust. The Inbursa Trust may release or sell up to two-thirds of
its shares from July&nbsp;1, 2005 through June&nbsp;30, 2009 and any or all of its shares
beginning July&nbsp;1, 2009. The Azc&#225;rraga Trust may release or sell any or all of
its shares from the Shareholder Trust beginning July&nbsp;1, 2005, but upon any such
release or sale, the Inbursa Trust may freely release or sell any or all of its
shares.


<P align="center" style="font-size: 10pt">15
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="107"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>FORWARD-LOOKING STATEMENTS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Some of the statements in this Information Statement are forward-looking.
In addition, Televisa may make forward-looking statements in future filings
with the Commission and in written material, press releases and oral statements
issued by or on behalf of it. Forward-looking statements include statements
regarding Televisa&#146;s intent, belief or current expectations or those of its
officers (including statements preceded by, followed by or that include
forward-looking terminology such as &#147;may&#148;, &#147;will&#148;, &#147;should&#148;, &#147;believes&#148;,
&#147;expects&#148;, &#147;anticipates&#148;, &#147;estimates&#148;, &#147;continues&#148;, or similar expressions or
comparable terminology) with respect to various matters. These matters
include:


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>projections of operating revenues, net income (loss), net
income (loss)&nbsp;per share, capital expenditures, liquidity, dividends,
capital structure or other financial items or ratios;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>statements of our or our affiliates&#146; and partners&#146; plans,
objectives or goals, including those relating to anticipated trends,
competition, regulation and rates;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>statements about our or our affiliates&#146; and partners&#146; future
economic performance or that of M&#233;xico or other countries in which
we operate or have investments; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>statements of assumptions underlying these statements.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is important to note that Televisa&#146;s actual results could differ
materially from those anticipated in these forward-looking statements depending
on various important factors. These important factors include economic and
political conditions and government policies in M&#233;xico and elsewhere, inflation
rates, exchange rates and exchange controls in M&#233;xico, rate adjustments,
regulatory developments, technological improvements, customer demand and
competition. This list of factors is not exclusive and other risks and
uncertainties may cause actual results to differ materially from those in
forward-looking statements.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All information and forward-looking statements contained in this
Information Statement are based on information available to Televisa on the
date hereof. Televisa does not undertake to update any information or
forward-looking statement that may be made by it or on Televisa&#146;s behalf, in
this Information Statement or otherwise, except in the normal course of its
public disclosures.


<P>
<HR noshade width="26%" align="center" size="1">
<P>




<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>No person is authorized to give any information or to make any
representation not contained or incorporated herein by reference, and, if given
or made, such information or representation must not be relied upon as having
been authorized by Televisa.</B>


<P>
<HR noshade width="26%" align="center" size="1">
<P>





<P align="center" style="font-size: 10pt">16
</DIV>


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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt">SIGNATURE


<P align="left" style="font-size: 10pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="center">GRUPO TELEVISA, S.A.<BR></TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="center">(Registrant)<BR></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date:
March&nbsp;25,&nbsp;2004
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Juan S. Mijares</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Juan S. Mijares</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Legal Representative</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt">
</DIV>


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`
end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
