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<SEC-DOCUMENT>0000903423-04-000708.txt : 20040727
<SEC-HEADER>0000903423-04-000708.hdr.sgml : 20040727
<ACCEPTANCE-DATETIME>20040723161727
ACCESSION NUMBER:		0000903423-04-000708
CONFORMED SUBMISSION TYPE:	8-A12B
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20040723

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:		8-A12B
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12610
		FILM NUMBER:		04929211

	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>8-A12B
<SEQUENCE>1
<FILENAME>grupotelevisa-8a12b.txt
<TEXT>

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                             ----------------------

                                    FORM 8-A
                FOR REGISTRATION OF CERTAIN CLASSES OF SECURITIES
                     PURSUANT TO SECTION 12(b) OR (g) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

                              GRUPO TELEVISA, S.A.
             (Exact Name of Registrant as Specified in Its Charter)

          United Mexican States                                   N/A
(State of Incorporation or Organization)                   (I.R.S. Employer
                                                          Identification no.)

     Av. Vasco de Quiroga No. 2000                                N/A
          Colonia Santa Fe
      01210 Mexico, D.F., Mexico
(Address of Principal Executive Offices)                       (Zip Code)




If this form relates to the                  If this form relates to the
registration of a class of                   registration of a class of
securities pursuant to Section               securities pursuant to Section
12(b) of the Exchange Act and is             12(g) of the Exchange Act and is
effective pursuant to General                effective pursuant to General
Instruction A.(c), please check              Instruction A.(d), please check
the following box. |X|                       the following box. |_|


<TABLE>
<CAPTION>
<S>                                                                           <C>
Securities Act registration statement file number to which this form relates:  N/A
</TABLE>

Securities to be registered pursuant to Section 12(b) of the Act:

     Title of Each Class                 Name of Each Exchange on Which
     to be so Registered                 Each Class is to be Registered
     -------------------                 ------------------------------
          B Shares                          New York Stock Exchange


Securities to be registered pursuant to Section 12(g) of the Act:

                                      None.

* Application to be made for listing, not for trading, but only in connection
with the registration of the Global Depositary Shares pursuant to the
requirements of the Securities and Exchange Commissions.

<PAGE>


Item 1. Description of Registrant's Securities to be Registered.

         At a general extraordinary meeting and at special meetings of the
shareholders of Grupo Televisa, S.A., or Televisa, held on April 16, 2004, our
shareholders approved the creation of a new class of capital stock, the B
Shares, and the distribution of new shares to our shareholders. These
transactions are described in the Information Statement, dated March 25, 2004,
which was submitted to the U.S. Securities and Exchange Commission (the
"Commission") on Form 6-K on March 25, 2004.

         At the general extraordinary and special shareholders meetings held on
April 16, 2004, amendments to our bylaws (estatutos) were also approved. Set
forth below is a summary description of certain significant provisions of our
bylaws after giving effect to these amendments, including a description of the B
Shares, and of certain provisions of Mexican law. This summary description does
not purport to be complete, and is qualified by reference in its entirety to the
exhibits attached hereto and incorporated herein by reference and to Mexican
law.

Capital Stock

         We have four classes of capital stock: A Shares, B Shares, D Shares and
L Shares. Our shares are publicly traded in Mexico in the form of certificados
de participacion ordinarios ("CPOs"), each representing 117 shares--25 A Shares,
22 B Shares, 35 D Shares and 35 L Shares, which are held in the CPO Trust. Our
shares also are publicly traded in the United States in the form of global
depositary shares ("GDSs"), each of which represents twenty CPOs.

         The A Shares and the B Shares are common or ordinary shares, with no
par value, no dividend preference and no preference upon liquidation. The D
Shares are limited-voting and preferred shares, with no par value, with the
limited voting rights as described under "Voting Rights and Shareholders'
Meetings--Holders of D Shares and L Shares" below, and the dividend preference
and liquidation preference described under "Preferential Rights of the D Shares"
below.

         The L Shares are limited-voting shares, with no par value, no dividend
preference, no preference upon liquidation and limited voting rights, as
described under "Voting Rights and Shareholders' Meetings--Holders of D Shares
and L Shares" below.

Organization and Register

         Televisa is a sociedad anonima, or limited liability stock corporation,
organized under the laws of Mexico in accordance with the Mexican Companies Law.
Televisa was incorporated under Public Deed Number 30,200, dated December 19,
1990, granted before Notary Public Number 73 of Mexico City, D.F., and
registered with the Public Registry of Commerce of Mexico City, under Commercial
Page (folio mercantil) Number 142,164. We have a general corporate purpose, the
specifics of which can be found in Article Four of our bylaws.

         We maintain a stock registry, and in accordance with Mexican law, we
only recognize those holders listed in our stock registry as our shareholders.
Our shareholders may hold their shares in the form of physical certificates or
through book-entries with institutions that have accounts with S.D. Indeval,
S.A. de C.V., Institucion para el Deposito de Valores, S.A. de C.V., or Indeval,
a privately owned securities depositary that acts as a clearinghouse, depositary
and custodian, as well as a settlement, transfer and registration agent for
Mexican Stock Exchange transactions. The CPO Trustee is the holder of record for
shares represented by CPOs. Accounts may be maintained at Indeval by brokers,
banks and other entities approved by the Comision Nacional Bancaria y de
Valores, or CNBV, the national securities and banking commission.

Major Shareholders

         Approximately 49.71% of the outstanding A Shares, 13.28% of the
outstanding B Shares, 13.82% of the outstanding D Shares and 13.82% of the
outstanding L Shares are held through a trust (the "Shareholder Trust"),
including shares in the form of CPOs. The beneficiaries of the Shareholder Trust
are a trust for the benefit of Emilio Azcarraga Jean (the "Azcarraga Trust"), a
trust for the benefit of Promotora Inbursa, S.A. de C.V. (the "Inbursa Trust"),
and a trust for the benefit of Maria Asuncion Aramburuzabala Larregui, Lucrecia
Aramburuzabala Larregui de Fernandez, Maria de las Nieves Fernandez Gonzalez,
Antonino Fernandez Rodriguez and Carlos Fernandez Gonzalez (the "Investor
Trust"). Promotora Inbursa, S.A. de C.V. is an indirect subsidiary of Grupo
Financiero Inbursa, S.A. de C.V.

         The Azcarraga Trust beneficially owns 55.29% of the Televisa shares
held through the Shareholder Trust; the Inbursa Trust beneficially owns 24.70%;
and the Investor Trust beneficially owns 20.01%, of which 16.21% represents the
interests of the Aramburuzabala family, and 3.80% represents the interests of
the Fernandez family.

         The Televisa shares held through the Shareholder Trust are voted by the
trustee as instructed by a Technical Committee comprising five members--three
appointed by the Azcarraga Trust and one appointed by each of the Inbursa Trust
and the Investor Trust. Accordingly, except as described below, Emilio Azcarraga
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 Shares held through the Shareholder Trust for individuals designated
by Mr. Azcarraga Jean. The A Shares held through the Shareholder Trust
constitute a majority of the A 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 Shares. Accordingly, so long as non-Mexicans own more than a
minimal number of A Shares, Mr. Azcarraga Jean will have the ability to direct
the election of eleven out of 20 members of our Board.

         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 Azcarraga Jean will be entitled to nominate two individuals. The
Investor Trust will be entitled to nominate one individual so long as the shares
it holds through the Shareholder Trust constitute more than 2% 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 2% of the
total issued and outstanding Televisa shares, it will be entitled to nominate
two individuals. In the event the individual nominated by the Inbursa Trust is
not elected to our Board of Directors, then so long as Mr. Azcarraga Jean has
the ability to direct the election of eleven Board members, the A Shares held
through the Shareholder Trust will be voted for one individual nominated by the
Inbursa Trust to serve on our Board.

         Because the B Shares held through the Shareholder Trust constitute only
13.28% of the total B Shares outstanding, there can be no assurance that
individuals nominated by Shareholder Trust beneficiaries will be elected to our
Board. However, the B Shares held through the Shareholder Trust immediately
following the Televicentro Distribution will constitute a higher proportion of
the B 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.

         Emilio Azcarraga 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's board of
directors, if different from Emilio Azcarraga 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. Azcarraga Jean declines to do so, 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 2% of the total capital stock of Televisa.

         Voting Rights and Shareholders' Meetings

         Holders of A Shares. Holders of A Shares have the right to vote on all
matters subject to shareholder approval at any general meeting of shareholders
and have the right, voting as a class, to appoint eleven members of our Board of
Directors and the corresponding alternate directors. In addition, certain
corporate matters must be approved by an ordinary or an extraordinary general
meeting of shareholders at which a majority of the holders of A Shares vote in
favor. These matters include dividend payments, mergers, spin-offs, changes in
corporate purpose, changes of nationality and amendments to the anti-takeover
provisions of our bylaws.

         Holders of B Shares. Holders of B Shares have the right to vote on all
matters subject to shareholder approval at any general meeting of shareholders
and have the right, voting as a class, to appoint five members of our Board of
Directors and the corresponding alternate directors. The five directors and
corresponding alternate directors elected by the holders of the B Shares will be
elected at a shareholders meeting that must be held within the first four months
after the end of each year, beginning in 2005.

         Holders of D Shares and L Shares. Holders of D Shares, voting as a
class, are entitled to vote at special meetings to elect two of the members of
our Board of Directors and the corresponding alternate directors, each of which
must be an independent director. In addition, holders of D Shares are entitled
to vote on the following matters at extraordinary general meetings:

         o        our transformation from one type of company to another;

         o        any merger (even if we are the surviving entity);

         o        extension of our existence beyond our prescribed duration;

         o        our dissolution before our prescribed duration (which is
                  currently December 2089);

         o        a change in our corporate purpose;

         o        a change in our nationality; and

         o        the cancellation from registration of the D Shares or the
                  securities which represent the D Shares with the securities or
                  special section of the National Registry of Securities, or
                  NRS, and with any other Mexican or foreign stock exchange in
                  which such shares or securities are registered.

         Holders of L Shares, voting as a class, are entitled to vote at special
meetings to elect two of the members of our Board of Directors and the
corresponding alternate directors, each of which must be an independent
director. Holders of L Shares are also entitled to vote at extraordinary general
meetings on the following matters:

         o        our transformation from one type of company to another;

         o        any merger in which we are not the surviving entity; and

         o        the cancellation from registration of the L Shares or the
                  securities that represent the L Shares with the special
                  section of the NRS.

         The two directors and corresponding alternate directors elected by each
of the holders of the D Shares and the L Shares are elected annually at a
special meeting of those holders. Special meetings of holders of D Shares and L
Shares must also be held to approve the cancellation from registration of the D
Shares or L Shares or the securities representing any of such shares with the
securities and/or special sections of the NRS, as the case may be, and in the
case of D Shares, with any other Mexican or foreign stock exchange in which such
shares or securities are registered. All other matters on which holders of L
Shares or D Shares are entitled to vote must be considered at an extraordinary
general meeting. Holders of L Shares and D Shares are not entitled to attend or
to address meetings of shareholders at which they are not entitled to vote.
Under Mexican law, holders of L Shares and D Shares are entitled to exercise
certain minority protections. See "Other Provisions--Appraisal Rights and Other
Minority Protections."

         Other Rights of Shareholders. Under Mexican law, holders of shares of
any series are also entitled to vote as a class in a special meeting governed by
the same rules that apply to extraordinary general meetings, as described below,
on any action that would prejudice the rights of holders of shares of such
series, but not rights of holders of shares of other series, and a holder of
shares of such series would be entitled to judicial relief against any such
action taken without such a vote. Generally, the determination of whether a
particular shareholder action requires a class vote on these grounds could
initially be made by the Board of Directors or other party calling for
shareholder action. In some cases, under the Mexican Securities Market Law and
the Mexican Companies Law, the Board of Directors, the statutory auditors or a
Mexican court on behalf of those shareholders representing 10% of our capital
stock could call a special meeting. A negative determination would be subject to
judicial challenge by an affected shareholder, and the necessity for a class
vote would ultimately be determined by a court. There are no other procedures
for determining whether a particular proposed shareholder action requires a
class vote, and Mexican law does not provide extensive guidance on the criteria
to be applied in making such a determination.

         General shareholders' meetings may be ordinary general meetings or
extraordinary general meetings. Extraordinary general meetings are those called
to consider specific matters specified in Article 182 of the Mexican Companies
Law and our bylaws, including, among others, amendments to our bylaws, our
dissolution, liquidation or split-up, our merger and transformation from one
form of company to another, increases and reductions in our capital stock, the
approval of certain acquisitions of shares, including a change of control, as
set forth in the antitakeover provisions in our bylaws and any action for civil
liabilities against the members of our Board of Directors, members of our Audit
Committee or our statutory auditors. In addition, our bylaws require an
extraordinary general meeting to consider the cancellation of registration of
the D Shares or L Shares or the securities representing these shares with the
securities and/or special sections of the NRS, as the case may be, and in the
case of D Shares, with any other Mexican or foreign stock exchange in which such
shares or securities are registered. General meetings called to consider all
other matters are ordinary meetings which are held at least once each year
within four months following the end of each fiscal year. Shareholders may be
represented at any shareholders' meeting by completing a form of proxy provided
by us, which proxy is available within fifteen days prior to such meeting, and
designating a representative to vote on their behalf. The form of proxy must
comply with certain content requirements as set forth in the Mexican Securities
Market Law, as amended, and in our bylaws.

         Holders of CPOs. Holders of CPOs who are Mexican nationals or Mexican
corporations whose bylaws exclude foreign ownership of their shares are entitled
to exercise voting rights with respect to the A Shares, B Shares, D Shares and L
Shares underlying their CPOs. The CPO Trustee will vote such shares as directed
by Mexican holders of CPOs, which must provide evidence of Mexican nationality.
Non-Mexican holders of CPOs may only vote the L Shares held in the CPO Trust and
are not entitled to exercise any voting rights with respect to the A Shares, B
Shares and D Shares held in the CPO Trust. Voting rights in respect of these A
Shares, B Shares and D Shares may only be exercised by the CPO Trustee. A
Shares, B Shares and D Shares underlying the CPOs of non-Mexican holders or
holders that do not give timely instructions as to the voting of such shares,
(a) will be voted at special meetings of A Shares, B Shares or D Shares, as the
case may be, as instructed by the CPO Trust's Technical Committee (which
consists of members of the Board of Directors and/or Executive Committee, who
must be Mexican nationals), and (b) will be voted at any general meeting where
such series has the right to vote in the same manner as the majority of the
outstanding A Shares held by Mexican nationals or Mexican corporations
(directly, or through the CPO Trust, as the case may be) are voted at the
relevant meeting. L Shares underlying the CPOs of any holders that do not give
timely instructions as to the voting of such shares will be voted, at special
meetings of L Shares and at general extraordinary meetings where L Shares have
voting rights, as instructed by the Technical Committee of the CPO Trust. The
CPO Trustee must receive voting instructions five business days prior to the
shareholders meeting. Holders of CPOs that are Mexican nationals or Mexican
corporations whose bylaws exclude foreign ownership of their shares also must
provide evidence of nationality, such as a copy of a valid Mexican passport or
birth certificate, for individuals, or a copy of the bylaws, for corporations.

         As described under "Major Shareholders" above, A Shares held through
the Shareholder Trust constitute a majority of the A Shares whose holders are
entitled to vote them, because non-Mexican holders of CPOs and GDSs are not
permitted to vote the underlying A Shares. Accordingly, the vote of A Shares
held through the Shareholder Trust generally will determine how the A Shares
underlying our CPOs are voted. B Shares held through the Shareholder Trust
constitute approximately 13.28% of the outstanding B Shares but represent a
greater percentage of B Shares whose holders are entitled to vote them, because
non-Mexican holders of CPOs and GDSs are not permitted to vote the underlying B
Shares.

         Holders of GDRs. Global Depositary Receipts ("GDRs") 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. Each GDR evidences a specified number of GDSs. A GDR may represent any
number of GDSs. Only persons in whose names GDRs are registered on the books of
the Depositary will be treated by us and the Depositary as owners and holders of
GDRs. Each GDS represents the right to receive 20 CPOs which will be credited to
the account of Banco Inbursa, S.A., the Custodian, maintained with Indeval for
such purpose. Each CPO represents financial interests in, and limited voting
rights with respect to, 25 A Shares, 22 B Shares, 35 L Shares and 35 D Shares
held pursuant to the CPO Trust.

         The Depositary will mail information on shareholders' meetings to all
holders of GDRs. At least six business days prior to the relevant shareholders'
meeting, GDR holders may instruct the Depositary as to the exercise of the
voting rights, if any, pertaining to the CPOs represented by their GDSs, and the
underlying shares. Since the CPO Trustee must also receive voting instructions
five business days prior to the shareholders' meeting, the Depositary may be
unable to vote the CPOs and underlying shares in accordance with any written
instructions. Holders that are Mexican nationals or Mexican corporations whose
bylaws exclude foreign ownership of their shares are entitled to exercise voting
rights with respect to the A Shares, B Shares, D Shares and L Shares underlying
the CPOs represented by their GDSs. Such Mexican holders also must provide
evidence of nationality, such as a copy of a valid Mexican passport or birth
certificate, for individuals, or a copy of the bylaws, for corporations.

         Non-Mexican holders may exercise voting rights only with respect to L
Shares underlying the CPOs represented by their GDSs. They may not direct the
CPO Trustee as to how to vote the A Shares, B Shares or D Shares represented by
CPOs or attend shareholders' meetings. Under the terms of the CPO Trust
Agreement, the CPO Trustee will vote the A Shares, B Shares, D Shares and L
Shares represented by CPOs held by non-Mexican holders (including holders of
GDRs) as described under "Voting Rights and Shareholders' Meetings--Holders of
CPOs." If the Depositary does not timely receive instructions from a Mexican or
non-Mexican holder of GDRs as to the exercise of voting rights relating to the A
Shares, B Shares, D Shares or L Shares underlying the CPOs, as the case may be,
in the relevant shareholders' meeting then, if requested in writing by us, the
Depositary will give a discretionary proxy to a person designated by us, to vote
the shares. If no such written request is made by us, the Depositary will not
represent or vote, attempt to represent or vote any right that attaches to, or
instruct the CPO Trustee to represent or vote, the shares underlying the CPOs in
the relevant shareholders meeting and, as a result, the underlying shares will
be voted in the manner described under "Voting Rights and Shareholders'
Meetings--Holders of CPOs" with respect to shares for which timely instructions
as to voting are not given.

         If the Depositary does not timely receive instructions from a Mexican
or non-Mexican holder of GDRs as to the exercise of voting rights relating to
the underlying CPOs in the relevant CPO holders' meeting, the Depositary and the
Custodian will take such actions as are necessary to cause such CPOs to be
counted for purposes of satisfying applicable quorum requirements and, unless we
in our sole discretion have given prior written notice to the Depositary and the
Custodian to the contrary, vote them in the same manner as the majority of the
CPOs are voted at the relevant CPOs holders' meeting.

         Under the terms of the CPO Trust, beginning in December 2008, a
non-Mexican holder of CPOs or GDSs may instruct the CPO Trustee to request that
we issue and deliver certificates representing each of the shares underlying its
CPOs so that the CPO Trustee may sell, to a third party entitled to hold the
shares, all of those shares and deliver to the holder any proceeds derived from
the sale.

Dividend Rights

         At our annual ordinary general shareholders' meeting, our Board of
Directors is required to submit our financial statements from the previous
fiscal year to the holders of our A Shares and B Shares for their approval. Once
our shareholders approve these financial statements, they must then allocate our
net profits for the previous fiscal year. Under Mexican law, at least 5% of our
net profits must be allocated to a legal reserve, until the amount of this
reserve equals 20% of our paid-in capital stock. Thereafter, our shareholders
may allocate our net profits to any special reserve, including a reserve for
share repurchases. After this allocation, the remainder of our net profits will
be available for distribution as dividends. The vote of the majority of the A
Shares is necessary to approve dividend payments. As described below, in the
event that dividends are declared, holders of D Shares will have preferential
rights to dividends as compared to holders of A Shares, B Shares and L Shares.
Holders of A Shares, B Shares and L Shares have the same financial or economic
rights, including the participation in any of our profits.

Preferential Rights of D Shares

         Holders of D Shares are entitled to receive a cumulative fixed
preferred annual dividend in the amount of Ps. 0.00034177575 per D Share before
any dividends are payable in respect of A Shares, B Shares and L Shares. If we
pay any dividends in addition to the D Share fixed preferred dividend, then such
dividends shall be allocated as follows:

         o        first, to the payment of dividends with respect to the A
                  Shares, the B Shares and the L Shares, in an equal amount per
                  share, up to the amount of the D Share fixed preferred
                  dividend; and

         o        second, to the payment of dividends with respect to the A
                  Shares, B Shares, D Shares and L Shares, such that the
                  dividend per share is equal.

Upon any dissolution or liquidation of our company, holders of D Shares are
entitled to a liquidation preference equal to:

         o        accrued but unpaid dividends in respect of their D Shares;
                  plus

         o        the theoretical value of their D Shares as set forth in our
                  bylaws. See "Other Provisions--Dissolution or Liquidation."

Limitation on Capital Increases

         Our bylaws provide that, in the event shares of a given series are
issued as a result of a capital increase (in respect of a cash capital
contribution), each holder of shares of that series will have a preferential
right to subscribe to new shares of that series, in proportion to the number of
such holder's existing shares of that series. In addition, primary issuances of
A Shares, B Shares, D Shares and L Shares in the form of CPOs may be limited
under the Mexican Securities Market Law, as amended. As a result of
grandfathering provisions, our existing CPO structure will not be affected by
the amendments to the law. However, in the case of primary issuances of
additional A Shares, B Shares, L Shares and D Shares in the form of CPOs, any
new L Shares and D Shares may be required to be converted into A Shares or other
voting stock within a term specified by the CNBV, which in no event shall exceed
five years. Moreover, under the Mexican Securities Market Law, as amended, the
aggregate amount of shares of an issuer with limited or non-voting rights may
not exceed 25% of the total shares held by public investors. The vote of holders
of a majority of the A Shares is necessary to approve capital increases.

Preemptive Rights

         In the event of a capital increase, a holder of existing shares of a
given series has a preferential right to subscribe to a sufficient number of
shares of the same series in order to maintain the holder's existing
proportionate holdings of shares of that series. Shareholders must exercise
their preemptive rights within the time period fixed by our shareholders at the
meeting approving the issuance of additional shares. This period must continue
for at least fifteen days following the publication of notice of the issuance in
the Diario Oficial de la Federacion and in a newspaper of general circulation in
Mexico City. Under Mexican law, shareholders cannot waive their preemptive
rights in advance or be represented by an instrument that is negotiable
separately from the corresponding share.

         U.S. holders of GDSs may exercise preemptive rights only if we register
any newly issued shares under the Securities Act of 1933, as amended, or qualify
for an exemption from registration. We intend to evaluate at the time of any
offering of preemptive rights the costs and potential liabilities associated
with registering additional shares. In addition, if our shareholders' meeting
approves the issuance of shares of a particular series, holders of shares of
other series may be offered shares of that particular series.

Limitations on Share Ownership

         Ownership by non-Mexicans of shares of Mexican enterprises is regulated
by the Foreign Investment Law and the accompanying Foreign Investment
Regulations. The Economics Ministry and the Foreign Investment Commission are
responsible for the administration of the Foreign Investment Law and the Foreign
Investment Regulations. The Foreign Investment Law reserves certain economic
activities exclusively for the Mexican State, certain other activities
exclusively for Mexican individuals or Mexican corporations, and limits the
participation of non-Mexican investors to certain percentages in regard to other
enterprises engaged in activities specified therein. Foreign investors may
freely participate in up to 100% of the capital stock of Mexican companies or
entities except for those existing companies engaged in specific activities, as
described below and those with assets exceeding specified amounts established
annually by the Foreign Investment Commission, in which case an approval from
the Foreign Investment Commission will be necessary in order for foreign
investment to exceed 49% of the capital stock. The Foreign Investment Law
reserves certain economic activities exclusively for the Mexican state and
reserves certain other activities (including television and radio broadcasting)
exclusively for Mexican nationals, consisting of Mexican individuals and Mexican
corporations the charters of which contain a prohibition on ownership by
non-Mexicans of the corporation's capital stock (a "foreign exclusion clause").
However, the Foreign Investment Law grants broad authority to the Foreign
Investment Commission to allow foreign investors to own specified interests in
the capital of certain Mexican enterprises. In particular, the Foreign
Investment Law provides that certain investments are considered "neutral
investments" and are not included in the calculation of the foreign investment
percentage for the relevant Mexican entity.

         In order to comply with these restrictions, we have limited the
ownership of our A Shares and B Shares to Mexican individuals, Mexican companies
the charters of which contain a foreign exclusion clause, credit institutions
acting as trustees (such as the CPO Trustee) in accordance with the Foreign
Investment Law and the Foreign Investment Regulations, and trusts or stock
purchase, investment and retirement plans for Mexican employees. The criteria
for an investor to qualify as Mexican under our bylaws are stricter than those
generally applicable under the Foreign Investment Law and Foreign Investment
Regulations. A holder that acquires A Shares or B Shares in violation of the
restrictions on non-Mexican ownership will have none of the rights of a
shareholder with respect to those A Shares or B Shares and could also be subject
to monetary sanctions. The D Shares are subject to the same restrictions on
ownership as the A Shares and B Shares. However, the foregoing limitations do
not affect the ability of non-Mexican investors to hold A Shares, B Shares, D
Shares and L Shares through CPOs, or L Shares directly, because such instruments
constitute a "neutral investment" and do not affect control of the issuing
company, pursuant to the exceptions contained in the Foreign Investment Law. The
sum of the total outstanding number of A Shares and B Shares is required to
exceed at all times the sum of the total outstanding L Shares and D Shares.

         The Foreign Investment Law and Foreign Investment Regulations also
require that we and the CPO Trust register with the National Registry of Foreign
Investments. In addition to the limitations established by the Foreign
Investment Law, the Mexican Federal Radio and Television Law provides
restrictions on ownership by non-Mexicans of shares of Mexican enterprises
holding concessions for radio and television such as those held indirectly by
us. Non-Mexican states and governments are prohibited under our bylaws and
Mexican Federal Radio and Television Law from owning shares of Televisa and are,
therefore, prohibited from being the beneficial or record owners of the A
Shares, B Shares, D Shares, L Shares, CPOs and GDSs. We have been advised by our
Mexican counsel, Mijares, Angoitia, Cortes y Fuentes, S.C., that ownership of
the A Shares, B Shares, D Shares, L Shares, CPOs and GDSs by pension or
retirement funds organized for the benefit of employees of non-Mexican state,
municipal or other governmental agencies will not be considered as ownership by
non-Mexican states or governments for the purpose of our bylaws or the Radio and
Television Law.

Ownership Restrictions

         We may restrict transfers or, to the extent permitted under applicable
law, cause the mandatory sale or disposition of CPOs and GDRs where such
transfer or ownership, as the case may be, might result in ownership of CPOs or
GDRs exceeding the limits under applicable law or our bylaws, the CPO Trust
Agreement or the CPO Deed. Non-Mexican states and governments are prohibited
under our bylaws and Radio and Television Law from owning our shares and are,
therefore, prohibited from being beneficial or record owners of GDRs.

Other Provisions

         Forfeiture of Shares. As required by Mexican law, our bylaws provide
that for L Shares and CPOs, our non-Mexican shareholders formally agree with the
Foreign Affairs Ministry:

         o        to be considered as Mexicans with respect to the L Shares and
                  CPOs that they acquire or hold, as well as to the property,
                  rights, concessions, participations or interests owned by us
                  or to the rights and obligations derived from any agreements
                  we have with the Mexican government; and

         o        not to invoke the protection of their own governments with
                  respect to their ownership of L Shares and CPOs.

Failure to comply is subject to a penalty of forfeiture of such a shareholder's
capital interests in favor of Mexico. In the opinion of Mijares, Angoitia,
Cortes y Fuentes, S.C., our Mexican counsel, under this provision a non-Mexican
shareholder is deemed to have agreed not to invoke the protection of its own
government by asking such government to interpose a diplomatic claim against the
Mexican government with respect to the shareholder's rights as a shareholder,
but is not deemed to have waived any other rights it may have, including any
rights under the United States securities laws, with respect to its investment
in Televisa. If the shareholder should invoke governmental protection in
violation of this agreement, its shares could be forfeited to the Mexican
government.

         Exclusive Jurisdiction. Our bylaws provide that legal action relating
to the execution, interpretation or performance of the bylaws shall be brought
only in courts located in Mexico City.

         Duration. Our corporate existence under our bylaws continues until
2089.

         Dissolution or Liquidation. Upon any dissolution or liquidation of our
company, our shareholders will appoint one or more liquidators at an
extraordinary general shareholders' meeting to wind up our affairs. The approval
of holders of the majority of the A Shares is necessary to appoint or remove any
liquidator. Upon a dissolution or liquidation, holders of D Shares will be
entitled to both accrued but unpaid dividends in respect of their D Shares, plus
the theoretical value of their D Shares (as set forth in our bylaws). The
theoretical value of our D Shares is Ps. 0.00683551495 per share. Thereafter, a
payment per share will be made to each of the holders of A Shares, B Shares and
L Shares equivalent to the payment received by each of the holders of D Shares.
The remainder will be distributed equally among all shareholders in proportion
to their number of shares and amount paid.

         Redemption. Our bylaws provide that we may redeem our shares with
distributable profits without reducing our capital stock by way of a shareholder
resolution at an extraordinary shareholders' meeting. In accordance with Mexican
law and our bylaws:

         o        any redemption shall be made on a pro-rata basis among all of
                  our shareholders;

         o        to the extent that a redemption is effected through a public
                  tender offer on the Mexican Stock Exchange, the shareholders'
                  resolution approving the redemption may empower our Board to
                  specify the number of shares to be redeemed and appoint the
                  related intermediary or purchase agent; and

         o        any redeemed shares must be cancelled.

         Share Repurchases. As required by Mexican law, our bylaws provide that
we may repurchase our shares on the Mexican Stock Exchange at then prevailing
market prices. The amount of capital stock allocated to share repurchases and
the amount of the corresponding reserve created for this purpose is determined
annually by our shareholders at a ordinary general shareholders' meeting. The
aggregate amount of resources allocated to share repurchases in any given year
cannot exceed the total amount of our net profits in any given year, including
retained earnings. Share repurchases must be charged to either our net worth if
the repurchased shares remain in our possession or our capital stock if the
repurchased shares are converted into treasury shares, in which case our capital
stock is reduced automatically in an amount equal to the theoretical value of
any repurchased shares. Any surplus is charged to the reserve for share
repurchases, if any. If the purchase price of the shares is less than the
theoretical value of the repurchased shares, our capital stock account will be
affected by an amount equal to the theoretical value of the repurchased shares.
Under Mexican law, we are not required to create a special reserve for the
repurchase of shares, nor do we need the approval of our Board to effect share
repurchases. In addition, any repurchased shares cannot be represented at any
shareholders' meeting.

         Conflicts of Interest. Under the Mexican Securities Market Law, any
shareholder or director that votes on a transaction in which his, her or its
interests conflict with our interests may be liable for damages, but only if the
transaction would not have been approved without his, her or its vote. In
addition, any member of the Board of Directors that votes on a transaction in
which his, her or its interests conflict with our interests may be liable for
damages. Our existing bylaws do not contain any provisions that govern or limit
the ability of our directors or shareholders to vote on transactions in which
their interests conflict with our interests. In addition, our existing bylaws do
not contain any provisions that govern or limit the ability of our directors, in
the absence of an independent quorum, to borrow from us or to vote compensation
to themselves or any other member of our Board of Directors or any committee of
our Board of Directors. We have established a Related Party Transactions
Committee to review and approve transactions and arrangements with our principal
shareholders, directors, executive officers and other related parties. In
addition, pursuant to the Mexican Securities Market Law our Audit Committee must
prepare and render statements to the Board as to the fairness of transactions
and arrangements with related parties, and these transactions and arrangements
must be approved by our Board of Directors. Members of our Board, members of our
Audit Committee and our Statutory Auditor could be liable to our stockholders
for breach of their duty of loyalty to the corporation to the extent that these
persons approve transactions in which they have a conflict of interest.

         Appraisal Rights and Other Minority Protections. Whenever our
shareholders approve a change in our corporate purpose or jurisdiction of
organization or our transformation from one type of company to another, any
shareholder entitled to vote that did not vote in favor of these matters has the
right to receive payment for its A Shares, B Shares, D Shares or L Shares in an
amount calculated in accordance with Mexican law. However, shareholders must
exercise their appraisal rights within fifteen days after the shareholders'
meeting at which the matter was approved.

         Because the CPO Trustee must vote at a general shareholders' meeting
the A Shares, B Shares and D Shares held by non-Mexicans in the CPO Trust in the
same manner as the majority of the A Shares held by Mexican nationals (directly,
or through the CPO Trust, as the case may be), the A Shares, B Shares and D
Shares underlying CPOs held by non-Mexicans will not be voted against any change
that triggers the appraisal rights of the holders of these shares. Therefore,
these appraisal rights will not be available to holders of CPOs (or GDRs) with
respect to A Shares, B Shares or D Shares. The CPO Trustee will exercise such
other corporate rights at special shareholders' meetings with respect to the
underlying A Shares, B Shares and D Shares as may be directed by the Technical
Committee of the CPO Trust.

         Our bylaws include provisions that permit:

         o        holders of at least 10% of our outstanding capital stock to
                  call a shareholders' meeting in which they are entitled to
                  vote;

         o        subject to the satisfaction of certain requirements under
                  Mexican law, holders of at least 15% of our outstanding
                  capital stock to bring an action for civil liabilities against
                  our directors;

         o        holders of at least 10% of our shares that are entitled to
                  vote and are represented at a shareholders' meeting to request
                  postponement of resolutions with respect to any matter on
                  which they were not sufficiently informed; and

         o        subject to the satisfaction of certain requirements under
                  Mexican law, holders of at least 20% of our outstanding
                  capital stock to contest and suspend any shareholder
                  resolution.

         In addition, in accordance with the Mexican Securities Market Law, we
are also subject to certain corporate governance requirements, including the
requirement to maintain an audit committee and to elect independent directors.
The protections afforded to minority shareholders under Mexican law are
generally different from those in the United States and many other
jurisdictions. Substantive Mexican law concerning fiduciary duties of directors
has not been the subject of extensive judicial interpretation in Mexico, unlike
many states in the United States where duties of care and loyalty elaborated by
judicial decisions help to shape the rights of minority shareholders. Mexican
civil procedure does not contemplate class actions or shareholder derivative
actions, which permit shareholders in U.S. courts to bring actions on behalf of
other shareholders or to enforce rights of the corporation itself. Shareholders
in Mexico also cannot challenge corporate actions taken at shareholders'
meetings unless they meet stringent procedural requirements. See "Voting Rights
and Shareholders' Meetings." As a result of these factors, it is generally more
difficult for our minority shareholders to enforce rights against us or our
directors or principal shareholders than it is for shareholders of a corporation
established under the laws of a state of the United States. In addition, under
U.S. securities laws, as a foreign private issuer we are exempt from certain
rules that apply to domestic U.S. issuers with equity securities registered
under the Security Exchange Act of 1934, as amended, including the proxy
solicitation rules. We are also exempt from many of the corporate governance
requirements of the New York Stock Exchange.

Antitakeover Protections

         General. Our bylaws provide that, subject to certain exceptions, (i)
any person, entity or group of persons and/or entities that wishes to acquire
beneficial ownership of common Shares (as defined below) which, when coupled
with common Shares previously beneficially owned by such persons or their
affiliates, represent 10% or more of our outstanding common Shares, (ii) any
competitor or group of competitors that wishes to acquire beneficial ownership
of Shares which, when coupled with shares previously beneficially owned by such
competitor, group of competitors or their affiliates, represent 5% or more of
our outstanding capital stock, (iii) any person, entity or group of persons
and/or entities that wishes to acquire beneficial ownership of common Shares
representing 10% or more of our outstanding common Shares, and (iv) any
competitor or group of competitors that wishes to acquire beneficial ownership
of shares representing 5% or more of our capital stock, must obtain the prior
approval of our Board of Directors and/or of our shareholders, as the case may
be, subject to certain exceptions summarized below. Holders that acquire Shares
in violation of these requirements will not be considered the beneficial owners
of such Shares under our bylaws and will not be registered in our stock
registry. Accordingly, these holders will not be able to vote such Shares or
receive any dividends, distributions or other rights in respect of these Shares.
In addition, pursuant to our bylaws, these holders will be obligated to pay us a
penalty in an amount equal to the market value of the Shares so acquired.

         Pursuant to our bylaws, "Shares" are defined as the shares (of any
class or series) representing our capital stock, and any instruments or
securities that represent such shares or that grant any right with respect to or
are convertible into those shares, expressly including CPOs.

         Pursuant to our bylaws, a "competitor" is generally defined as any
person or entity who, directly or indirectly, is engaged in any of the following
businesses or activities: television production and broadcasting, pay television
production, program licensing, direct-to-home satellite services, publishing
(newspaper and/or magazine), publishing distribution, music recording, cable
television, the transmission of programming and/or other content by any other
means known or to be known, radio broadcasting and production, the promotion of
professional sports and other entertainment events, paging services, production,
feature film/motion picture production and distribution, dubbing and/or the
operation of an Internet portal. A "competitor" is also defined to include any
person, entity and/or group that is engaged in any type of business or activity
in which we may be engaged from time to time and from which we derive 5% or more
of our consolidated income.

         Board Notices, Meetings, Quorum Requirements and Approvals. To obtain
the prior approval of our Board, a potential acquiror must properly deliver a
written notice that states, among other things: (i) the number and class/type of
our Shares it beneficially owns, (ii) the percentage of Shares it beneficially
owns with respect to both our outstanding capital stock and the respective
class/type of our Shares, (iii) the number and class/type of Shares it intends
to acquire, (iv) the number and class/type of Shares it intends to grant or
share a common interest or right, (v) its identity, or in the case of an
acquiror which is a corporation, trust or legal entity, its shareholders or
beneficiaries as well as the identity and nationality of each person effectively
controlling such corporation, trust or legal entity, (vi) its ability to acquire
our Shares in accordance with our bylaws and Mexican law, (vii) its source of
financing the intended acquisition, (viii) if it has obtained any financing from
one of its related parties for the payment of the Shares, (ix) the purpose of
the intended acquisition, (x) if it intends to acquire additional common Shares
in the future, which coupled with the current intended acquisition of common
Shares and the common Shares previously beneficially owned by the potential
acquiror, would result in ownership of 20% or more of our common Shares, (xi) if
it intends to acquire control of us in the future, (xii) if the acquiror is our
competitor or if it has any direct or indirect economic interest in or family
relationship with one of our competitors, and (xiii) the identity of the
financial institution, if any, that will act as the underwriter or broker in
connection with any tender offer.

         Either the Chairman, the Secretary or the Alternate Secretary of our
Board of Directors must call a Board meeting within 10 calendar days following
the receipt of the written notice and the Board meeting must be held within 45
calendar days following the call. Action by written consent is not permitted.
With the exception of acquisitions that must be approved by the general
extraordinary shareholder's meeting as described below in "Shareholder Notices,
Meetings, Quorum Requirements and Approvals," in order to proceed with any
acquisition of Shares that requires Board authorization as set forth in our
bylaws, such acquisition must be approved by at least the majority of the
members of our Board present at a meeting at which at least 75% of the members
of our Board are present. Such acquisitions must be acted upon by our Board
within 60 calendar days following the receipt of the written notice described
above, unless the Board determines that it does not have sufficient information
upon which to base its decision. In such case, the Board shall deliver a written
request to the potential acquiror for any additional information that it deems
necessary to make its determination. The 60 calendar days referred to above will
commence following the receipt of the additional information from the potential
acquiror to render its decision.

         Shareholder Notices, Meetings, Quorum Requirements and Approvals. In
the event (i) of a proposed acquisition of Shares that would result in a "change
of control," (ii) that our Board cannot hold a Board meeting for any reason,
(iii) of a proposed acquisition by a competitor and having certain
characteristics, or (iv) that the Board determines that the proposed acquisition
must be approved by our shareholders at a general extraordinary shareholders'
meeting, among others, then the proposed acquisition must be approved by the
holders of at least 75% of our outstanding common Shares at a general
extraordinary shareholders' meeting (both in the case of first and subsequent
calls) at which the holders of at least 85% of our outstanding common Shares are
present. In addition, any proposed merger, spin-off, or capital increase or
decrease which results in a change of control must also be approved by the
holders of at least 75% of our outstanding common Shares at a general
extraordinary shareholders' meeting (both in the case of first and subsequent
calls) at which the holders of at least 85% of our outstanding common Shares are
present. Pursuant to our bylaws, a "change of control" is defined as the
occurrence of any of the following: (i) the acquisition or transfer of ownership
of a majority of our outstanding common Shares, (ii) the ability of a person,
entity or group (other than the person who currently has the ability to,
directly or indirectly, elect a majority of the members of our Board of
Directors) to elect a majority of the members of our Board of Directors or (iii)
the ability of a person, entity or group (other than the person who currently
has the ability to, directly or indirectly, determine our administrative
decisions or policies) to determine our administrative decisions or policies. In
the event that the general extraordinary shareholders' meeting must approve the
proposed acquisition, either the Chairman, the Secretary or the Alternate
Secretary of our Board of Directors must publish a call for a general
extraordinary shareholders' meeting in the Official Gazette of the Federation
and two other newspapers of general circulation in Mexico City at least 30
calendar days prior to such meeting (both in the case of first and subsequent
calls). Once the call for the general extraordinary shareholders' meeting has
been published, all information related to the agenda for the meeting must be
available for review by the holders of common shares at the offices of our
Secretary.

         Mandatory Tender Offers in the Case of Certain Acquisitions. If either
our Board of Directors or our shareholders at a general extraordinary
shareholders' meeting, as the case may be, authorize an acquisition of common
Shares which increases the acquiror's ownership to 20% or more, but not more
than 50%, of our outstanding common Shares, without such acquisition resulting
in a change of control, then the acquiror must effect its acquisition by way of
a cash tender offer for a specified number of shares equal to the greater of (x)
the percentage of common Shares intended to be acquired or (y) 10% of our
outstanding capital stock. In the event that our shareholders approve an
acquisition that would result in a change of control, the acquiror must effect
its acquisition by way of a cash tender offer for 100% of our total outstanding
capital stock at a price which cannot be lower than the highest of the
following: (i) the book value of the common Shares as reported on the last
quarterly income statement approved by the Board of Directors, (ii) the highest
closing price of the common Shares, CPOs and/or GDSs on any stock exchange
during any of the three hundred-sixty-five (365) days preceding the date of the
shareholders' resolution approving the acquisition; or (iii) the highest price
paid for any Shares at any time by the acquiror. All tender offers must be made
in Mexico and the United States within 60 days following the date on which the
acquisition was approved by our Board of Directors or shareholders' meeting, as
the case may be. All holders must be paid the same price for their common
Shares. The provisions of our bylaws summarized above regarding mandatory tender
offers in the case of certain acquisitions are generally more stringent than
those provided for under the Mexican Securities Market Law. In accordance with
the Mexican Securities Market Law, bylaw provisions regarding mandatory tender
offers in the case of certain acquisitions may differ from the requirements set
forth in such law, provided that those provisions are more protective to
minority shareholders than those afforded by law. In these cases, the relevant
bylaw provisions, and not the relevant provisions of the Mexican Securities
Market Law, will apply to certain acquisitions specified therein.

         Exceptions. The provisions of our bylaws summarized above will not
apply to (i) transfers of common shares and/or CPOs by operation of the laws of
inheritance, (ii) acquisitions of common shares and/or CPOs by any person who,
directly or indirectly, is entitled to appoint the greatest number of members to
our Board of Directors, as well as by (A) entities controlled by such person,
(B) affiliates of such person, (C) the estate of such person, (D) certain family
members of such person, and (E) such person, when such person acquires any
common shares and/or CPOs from any entity, affiliate, person or family member
referred to in (A), (B) and (D) above, and (iii) acquisitions or transfers of
common shares and/or CPOs by us, our subsidiaries or affiliates, or any trust
created by us or any of our subsidiaries.

         Amendments to the Antitakeover Provisions. Any amendments to these
antitakeover provisions must be authorized by the CNBV and registered before the
Public Registry of Commerce at our corporate domicile.



<PAGE>


Item 2.    Exhibits.

         99. Information Statement dated March 25, 2004, submitted to the
Commission on Form 6-K on March 25, 2004.

         1.1. English translation of Amended and Restated Bylaws (Estatutos
Sociales) of the Registrant, dated as of April 16, 2004.

         2.11. Form of Deposit Agreement between the Registrant, JPMorgan Chase
Bank, as depositary and all holders and beneficial owners of the Global
Depositary Shares, evidenced by Global Depositary Receipts (previously filed
with the Securities and Exchange Commission as an Exhibit to the Registrant's
Registration Statement on Form F-6 (File number 333-99195) and incorporated
herein by reference).

         2.12. Form of Trust Agreement dated November 22, 1993 between Nacional
Financiera, S.N.C., as CPO Trustee, Grupo Televisa, S.A. and Emilio Azcarraga
Milmo, together with an English translation thereof (previously filed with the
Securities and Exchange Commission as an Exhibit to Amendment No. 1 to the
Registration's Registration Statement on Form F-6 (File number 33-71810), as
amended, and incorporated herein by reference).

<PAGE>

                                    SIGNATURE

                  Pursuant to the requirements of Section 12 of the Securities
Exchange Act of 1934, the Registrant has duly caused this registration statement
or amendment thereto to be signed on its behalf by the undersigned, thereunto
duly authorized.

                                                   Grupo Televisa, S.A.
                                                            (Registrant)



Date: July 21, 2004                      By: /s/ Salvi Folch/ Juan Mijares
                                             --------------------------------
                                             Name:  Salvi Folch/ Juan Mijares
                                             Title: Legal Representatives

<PAGE>

                                INDEX TO EXHIBITS

         Exhibit No.                                  Exhibit
         -----------                                  -------


         99                            Information Statement dated March 25,
                                       2004, submitted to the Securities and
                                       Exchange Commission on Form 6-K on
                                       March 25, 2004

         1.1                           English translation of Amended and
                                       Restated Bylaws (Estatutos Sociales) of
                                       the Registrant, dated as of April 16,
                                       2004 2004 (previously filed with the
                                       Securities and Exchange Commission as
                                       an Exhibit to the Registrant's annual
                                       report on Form 20-F on June 30, 2004
                                       (File number 033-69636) and incorporated
                                       herein by reference)


         2.11                          Form of Deposit Agreement between the
                                       Registrant, JPMorgan Chase Bank, as
                                       depositary and all holders and beneficial
                                       owners of the Global Depositary Shares,
                                       evidenced by Global Depositary Receipts
                                       (previously filed with the Securities and
                                       Exchange Commission as an Exhibit to the
                                       Registrant's Registration Statement on
                                       Form F-6 (File number 333-99195) and
                                       incorporated herein by reference)

         2.12                          Form of Trust Agreement dated November
                                       22, 1993 between Nacional Financiera,
                                       S.N.C., as CPO Trustee, Grupo Televisa,
                                       S.A. and Emilio Azcarraga Milmo, together
                                       with an English translation thereof
                                       (previously filed with the Securities and
                                       Exchange Commission as an Exhibit to
                                       Amendment No. 1 to the Registration's
                                       Registration Statement on Form F-6 (File
                                       number 33-71810), as amended, and
                                       incorporated herein by reference)

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<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="logo.gif" width="119" height="97">


<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">
</DIV>

<!-- PAGEBREAK -->
<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>

<!-- 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="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>

<!-- 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="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>

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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="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

<!-- 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="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.


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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.



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<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.


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<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.


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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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<DIV align="left">
<A name="106"></A>
</DIV>

<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
</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"><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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<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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<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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end

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