Univision Announces 2005 Second Quarter Results; Net Revenue Increases 3%; Operating Income Before Depreciation and Amortization Increases 3%; Upfront Sales Increase in the Mid 20% Range

-- Univision Network Is One of the 'Big 4' on Nearly 2 Out Of Every 3 Nights Among ALL Adults 18-34

-- Adult 18-49 Audience Up 18% in Primetime

-- Univision Radio Stations Rank #1 Among All Adults 25-54 in Los Angeles, Dallas, Phoenix & Fresno

Univision Communications Inc. (NYSE: UVN), the leadingSpanish-language media company in the United States, today announcedfinancial results for the second quarter ended June 30, 2005.

Consolidated second quarter 2005 net revenue increased 3% to$508.5 million from $495.3 million in 2004. Operating income beforedepreciation and amortization(1) increased 3% to $182.9 million in2005 from $177.5 million in 2004. Excluding the effect of a non-cashcharge, net income increased 1% to $84.4 million in 2005 from $83.7million in 2004 or $0.24 diluted earnings per share for both 2005 and2004. Net income includes a non-cash charge of $48.3 million ($0.14per diluted share) resulting from a decline in the fair value of ourinvestment relative to our cost basis in Entravision CommunicationsCorporation(2) ("Entravision") at June 30, 2005. Net income decreased57% to $36.1 million or $0.10 diluted earnings per share.

A. Jerrold Perenchio, Chairman and Chief Executive Officer said,"We continue to work diligently to monetize our operational successesand enhance shareholder value. Our Upfront is nearly completed, and weexpect an increase over last year in the mid 20% range, which issignificantly better than the slight declines in the reported Upfrontresults of the English language networks. Based on the meaningfulUpfront commitments we have received, we expect a strong 2006. Withour market leading positions and ability to attract young audiences,Univision media properties are undeniably the best way to reach theU.S. Hispanic consumer group -- a group whose buying power is nowapproximately $715 billion and is expected to more than double in thenext decade."

Ray Rodriguez, President and Chief Operating Officer, said, "Weare very pleased that all of our businesses continue to grow. Ourflagship television network delivered a larger total Adult 18-34audience than at least one of the 'Big 4' networks in primetime onnearly two out of every three nights this quarter and our radio groupincreased its leading position among Spanish-language formattedbroadcasters. Univision's music and online divisions also experiencedsuccess, as our Music Group maintained its industry-leading marketshare and Univision.com was once again named the #1 Spanish-languagewebsite by Nielsen. Even though our revenues in the second and thirdquarters are facing difficult comparisons from our performance lastyear and an overall soft television advertising market, we expect ourUpfront success, coupled with our continued ratings momentum, to driveimproved revenue growth in the fourth quarter and beyond."

The following table sets forth the Company's unaudited financialperformance for the three and six months ended June 30, 2005 and 2004by segment.
Unaudited Three Months Ended June 30,
----------------------------
Operating
Income (Loss)
Before
Depreciation
and
Dollars in millions Net Revenues Amortization
----------------------------
2005 2004 2005 2004
----------------------------
Television (a) $354.7 $349.7 $133.9 $134.4
Radio 99.3 91.0 41.9 34.8
Music (b) 48.9 50.4 7.0 10.4
Internet 5.6 4.2 0.1 (2.1)
----------------------------
Consolidated (c) $508.5 $495.3 $182.9 $177.5
============================

Unaudited Six Months Ended June 30,
----------------------------
Operating
Income (Loss)
Before
Depreciation
and
Dollars in millions Net Revenues Amortization
----------------------------
2005 2004 2005 2004
----------------------------
Television (a) $648.9 $609.0 $220.3 $209.4
Radio 170.8 154.3 60.8 50.6
Music (b) 111.1 76.8 19.1 12.2
Internet 10.7 8.1 (1.0) (4.6)
----------------------------
Consolidated (c) $941.5 $848.2 $299.2 $267.6
============================

(a) The Company began consolidating its variable interest entities
("VIE's")(3) on March 31, 2004. The TV-related VIE contributed net
revenues of $15.1 million and $14.2 million and $25.5 million and
$14.2 million for the three and six months ended June 30, 2005 and
2004, respectively. Operating income before depreciation and
amortization was $2.6 million and $1.8 million and $2.4 million
and $1.8 million for the three and six months ended June 30, 2005,
and 2004, respectively.
(b) The Music-related VIE contributed net revenues of $16.3 million
and $16.4 million and $36.6 million and $16.4 million for the
three and six months ended June 30, 2005 and 2004, respectively.
Operating income before depreciation and amortization was $3.0
million and $4.4 million and $6.8 million and $4.4 million for the
three and six months ended June 30, 2005, and 2004, respectively.
(c) The VIEs contributed in total net revenues of $31.4 million and
$30.6 million and $62.1 million and $30.6 million for the three
and six months ended June 30, 2005 and 2004, respectively.
Operating income before depreciation and amortization was $5.6
million and $6.2 million and $9.2 million and $6.2 million for the
three and six months ended June 30, 2005, and 2004, respectively.

PUERTO RICO ACQUISITION

On June 30, 2005, the Company closed its acquisition of WLII/WSUR,Inc. in Puerto Rico for approximately $190.0 million excludingacquisition costs. The Company consolidated the results of operationsof WLII/WSUR, Inc. under the guidelines of FIN 46, "Consolidation ofVariable Interest Entities", for the six months ended June 30, 2005.After June 30, 2005, WLII/WSUR, Inc. will now be consolidated as ownedstations and will no longer be considered VIE's.

SHARE REPURCHASE PLAN

On February 17, 2005, the Company announced that its Board ofDirectors approved the repurchase of up to $500 million of itsoutstanding Class A Common Stock. The share repurchases will be madein compliance with securities laws and other legal requirements. Theshare repurchase plan will expire on December 31, 2005.

During the six months ended June 30, 2005, the Company repurchased8,174,300 shares of Class A Common Stock at an aggregate price of$216.1 million, of which 7,489,500 shares were purchased in the laterthree months of that period at an aggregate price of $197.6 million.

THIRD QUARTER GUIDANCE

For the third quarter, Univision expects consolidated net revenuesto increase by low single digit percentages. Operating income beforedepreciation and amortization is expected to range between flat and anincrease of low single digit percentages. Depreciation andamortization expense is expected to be approximately $24 million.Diluted earnings per share are expected to be between $0.21 and $0.22in the third quarter of 2005 compared to $0.21 in the third quarter of2004.

TELEVISION HIGHLIGHTS

In the second quarter, the Univision, TeleFutura and GalavisionNetworks combined experienced primetime audience growth of 17% amongAdults 18-34 and 11% among Adults 18-49, compared to the same periodlast year.

Univision Network

The following table sets forth total audience (Hispanic andnon-Hispanic) and growth for the second quarter of 2005 as compared tothe second quarter of 2004, of the country's leading broadcastnetworks.
Total U.S. Primetime Audience Statistics
--------------------------------------------------------
2Q 2005 2Q 2005
18-34 Avg. 18-34 Growth 18-49 Avg. 18-49 Growth
Audience (000) 2Q05 vs 2Q04 Audience (000) 2Q05 vs 2Q04
--------------------------------------------------------
Univision 1,230 +25% 1,929 +18%
ABC 1,654 +14% 4,006 +16%
CBS 1,533 +11% 4,328 +8%
FOX 2,180 +3% 4,604 +7%
NBC 1,482 -28% 3,633 -24%
Big '4'
Weighted Avg. 1,673 -3% 4,104 -1%

UPN 850 +23% 1,651 +17%
WB 798 -14% 1,561 -5%
Top 6 English-
language
Weighted Avg. 1,484 -3% 3,550 0%

Source: NTI, NHTI (03/28/05-06/26/05) vs (03/29/04-06/27/04). Based
on network programming hours.
Univision primetime defined as M-Su 7p-11p. English-language
Broadcast Networks primetime defined as M-Sa 8-11p, Su 7-11p.

Univision remains the country's fifth most-watched network overallin primetime among all Adults 18-49 and 18-34. Univision ranked amongthe top four networks by delivering more total Adult viewers 18-34than at least one of the traditional 'Big 4' on nearly two out ofthree nights in the second quarter, ranking as the #1 network in thecountry on 10 nights, #2 on 18 nights, #3 on 15 nights and #4 on 13nights.

Locally, Univision stations were #1 in Los Angeles, Miami, SanAntonio (tie), Fresno and Bakersfield in primetime and #1 in total dayin Los Angeles, Miami, Dallas (tie), Phoenix and Fresno among Adults18-49.

TeleFutura Network

In the second quarter of 2005, the TeleFutura Network's total dayaudience decreased 11% among Adults 18-49 and 9% among Adults 18-34,while Telemundo's audiences decreased 28% and 20%, respectively.

The TeleFutura Network matched Telemundo's Adult 18-34 total dayviewership, tying for the #2 Spanish-language network spot, anddelivered nearly 90% of Telemundo's Hispanic Adult 18-49 audience intotal day in the second quarter of 2005. TeleFutura was also the #2broadcast network in any language, behind only Univision, in earlymorning, daytime, late fringe and weekend daytime among HispanicAdults 18-34 and 18-49.

Galavision Network

The Galavision Network delivered record second quarter audiencelevels in primetime and total day, increasing its Hispanic Adult 18-49viewership by 11% in primetime and 15% in total day compared to secondquarter last year. Galavision outdelivered all other 14 measuredSpanish-language cable networks and remained the undisputed #1Spanish-language cable network in primetime and total day amongHispanic Adults 18-49 and 18-34. In addition, for the thirdconsecutive quarter, Galavision was the #1 cable network in primetimein any language for Hispanic Adults and Men 18-34.

RADIO HIGHLIGHTS

Univision Radio's net revenues grew 9% in the second quarter,significantly outperforming the industry, as a whole, which was flatas reported by the Radio Advertising Bureau. Second quarter revenuegrowth was broad-based, showing strength in local, national, andnetwork revenues. Based upon station ratings reported by Arbitronthrough August 3, 2005, Univision Radio experienced growth in severalkey markets, including Los Angeles, Chicago, Dallas and Phoenix in theSpring 2005 book. Univision Radio's outstanding programming andeffective cross promotion with Univision's local television stationshas resulted in continued success in Los Angeles, as KSCA once againcaptured the #1 position and KLVE tied for the #2 position among allradio stations in Los Angeles in the Adult 25-54 demographic (Hispanicand Non-Hispanic). In addition, KSCA's morning show ranked as the #1morning show in all of Los Angeles across all key age demographics.Among the more than 80 radio stations in Los Angeles, Univision Radiocaptures 13.4% of all listening in the Adult 25-54 demographic in LosAngeles. In Dallas, Univision Radio's KESS made history, becoming thefirst Spanish-language radio station to capture the #1 position amongall stations in the market.

MUSIC HIGHLIGHTS

Univision Music Group accounted for an average of 37 of the Top100 Latin album titles sold in the U.S. and over 35% of all units soldduring the 2005 second quarter, according to Nielsen Soundscan.Univision Music Group recordings held the #1 position on the RegionalMexican Nielsen Soundscan chart for the entire second quarter.

INTERNET HIGHLIGHTS

Univision.com achieved positive operating results for the firsttime in its history reporting operating income before depreciation andamortization of $0.1 million for the second quarter. Univision.comincreased its page impressions 55% and unique visits 38% in the 2005second quarter, compared to second quarter last year. According to aNielsen Media Research study announced during the quarter, for thefifth consecutive year Univision was named the most visitedSpanish-language website among Spanish-dominant and bilingual HispanicInternet users age 16+.

CONFERENCE CALL AND WEBCAST

Univision will review its quarter-end financial results in aconference call with the investment community on Thursday, August 4,2005, at 5:30 p.m. ET/2:30 p.m. PT. The call can be accessed bydialing (913) 981-4900 or via webcast at www.univision.net. Thewebcast will be available for one year. The call transcript will alsobe available on www.univision.net and the replay will be available forfive days by dialing 888-203-1112 (within U.S.) or 719-457-0820(outside U.S.) and entering reservation number: 3468939.

ABOUT UNIVISION

Univision Communications Inc. is the premier Spanish-languagemedia company in the United States. Its operations include UnivisionNetwork, the most-watched Spanish-language broadcast televisionnetwork in the U.S. reaching 98% of U.S. Hispanic Households;TeleFutura Network, a general-interest Spanish-language broadcasttelevision network, which was launched in 2002 and now reaches 85% ofU.S. Hispanic Households; Galavision, the country's leadingSpanish-language cable network; Univision Television Group, which ownsand operates 63 television stations in major U.S. Hispanic markets andPuerto Rico; Univision Radio, the leading Spanish-language radio groupwhich owns and/or operates 66 radio stations in 16 of the top 25 U.S.Hispanic markets and 4 stations in Puerto Rico; Univision Music Group,which includes Univision Records, Fonovisa Records, and a 50% interestin Mexico-based Disa Records labels as well as Fonomusic and AmericaMusical Publishing companies; and Univision Online, the premierSpanish-language Internet destination in the U.S. located atwww.univision.com. Univision Communications also has a 50% interest inTuTv, a joint venture formed to broadcast Televisa's pay televisionchannels in the U.S., and a non-voting 27% interest in EntravisionCommunications Corporation, a public Spanish-language media company.Univision Communications is headquartered in Los Angeles withtelevision network operations in Miami and television and radiostations and sales offices in major cities throughout the UnitedStates.

For more information, please visit www.univision.net.

FORWARD LOOKING STATEMENTS

This press release contains forward-looking statements thatinvolve risks and uncertainties, including those relating toUnivision's future success and growth. Factors that could cause actualresults to differ materially from those expressed or implied by theforward-looking statements include cancellations or reductions inadvertising; regional downturns in economic conditions in those areaswhere our principal radio and television stations are located; changesin the rules and regulations of the FCC; an increase in the preferenceamong Hispanics for English-language programming; the need for anyunanticipated expenses; competitive pressures from other broadcastersand other entertainment and news media; unanticipated interruptions inour broadcasting for any reason, including acts of terrorism;write-downs of the carrying value of assets due to an impairment inour investment in cost method investees; and failure to achieveprofitability, growth or anticipated cash flows from acquisitions.Actual results may differ materially due to these risks anduncertainties as well as those described in Univision's filings withthe Securities and Exchange Commission. Univision assumes noobligation to update forward-looking information contained in thispress release.

Reconciliation of Operating Income Before Depreciation andAmortization

The Company uses the key indicator of operating income beforedepreciation and amortization primarily to evaluate the Company'soperating performance and for planning and forecasting future businessoperations. In addition, this key indicator is commonly used as ameasure of performance for broadcast companies, is used by investorsto measure a company's ability to service debt and other cash needs,and provides investors the opportunity to evaluate the Company'sperformance as it is viewed by management. Operating income beforedepreciation and amortization is not, and should not be used as, anindicator of or an alternative to operating income, net income or cashflow as reflected in the consolidated financial statements, is not ameasure of financial performance under generally accepted accountingprinciples (GAAP) and should not be considered in isolation or as asubstitute for measures of performance prepared in accordance withGAAP. Since the definition of operating income before depreciation andamortization may vary among companies and industries it should not beused as a measure of performance among companies.
(1) See tables on page 5 for a reconciliation of the non-GAAP
(Generally Accepted Accounting Principles) term "operating income
before depreciation and amortization" to net income, which is the
most directly comparable GAAP financial measure.
(2) See Page 8 - Our Investment in Entravision Communications
Corporation.
(3) See Page 8 - Adoption of FIN 46 "Consolidation of Variable
Interest Entities."

The tables below set forth a reconciliation of operating income before
depreciation and amortization to consolidated net income and to
operating income for each segment, which are the most directly
comparable GAAP financial measures.

Unaudited
Dollars in millions Three Months Ended June 30, 2005
---------------------------------------------
Consolidated Television Radio Music Internet
------------ ---------- ----- ----- --------
Operating income before
depreciation and
amortization $182.9 $133.9 $41.9 $7.0 $0.1
Depreciation and
amortization 23.4 16.8 2.8 3.4 0.4
---------------------------------------------
Operating income (loss) 159.5 $117.1 $39.1 $3.6 $(0.3)
================================
Other (income) expense:
Interest expense, net 19.0
Stock dividend (0.5)
Equity income in
unconsolidated
subsidiaries (0.2)
Amortization of
deferred financing
costs 0.9
Nontemporary decline in
fair value of
investment 48.3
Noncontrolling interest
of variable interest
entities 0.2
Provision for income
taxes 55.7
-------------
Net income $36.1
=============

Unaudited
Dollars in millions Three Months Ended June 30, 2004
---------------------------------------------
Consolidated Television Radio Music Internet
------------ ---------- ----- ----- --------
Operating income (loss)
before depreciation and
amortization $177.5 $134.4 $34.8 $10.4 $(2.1)
Depreciation and
amortization 27.3 16.2 5.0 5.1 1.0
---------------------------------------------
Operating income (loss) 150.2 $118.2 $29.8 $5.3 $(3.1)
================================
Other (income) expense:
Interest expense, net 15.4
Stock dividend (0.5)
Equity loss in
unconsolidated
subsidiaries/other 0.9
Amortization of
deferred financing
costs 0.9
Noncontrolling interest
of variable interest
entities 1.5
Provision for income
taxes 48.3
-------------
Net income $83.7
=============

Unaudited
Dollars in millions Six Months Ended June 30, 2005
---------------------------------------------
Consolidated Television Radio Music Internet
------------ ---------- ----- ----- --------
Operating income (loss)
before depreciation and
amortization $299.2 $220.3 $60.8 $19.1 $(1.0)
Depreciation and
amortization 47.2 33.0 6.0 7.4 0.8
---------------------------------------------
Operating income (loss) 252.0 $187.3 $54.8 $11.7 $(1.8)
================================
Other (income) expense:
Interest expense, net 38.4
Stock dividend (0.9)
Equity income in
unconsolidated
subsidiaries (0.2)
Amortization of
deferred financing
costs 1.6
Nontemporary decline in
fair value of
investment 48.3
Noncontrolling interest
of variable interest
entities (0.7)
Provision for income
taxes 84.9
-------------
Net income $80.6
=============

Unaudited
Dollars in millions Six Months Ended June 30, 2004
---------------------------------------------
Consolidated Television Radio Music Internet
---------------------------------------------
Operating income (loss)
before depreciation and
amortization $267.6 $209.4 $50.6 $12.2 $(4.6)
Depreciation and
amortization 51.9 32.3 10.2 7.4 2.0
---------------------------------------------
Operating income (loss) 215.7 $177.1 $40.4 $4.8 $(6.6)
================================
Other (income) expense:
Interest expense, net 31.1
Stock dividend (5.5)
Equity loss in
unconsolidated
subsidiaries/other 1.9
Amortization of
deferred financing
costs 1.8
Noncontrolling interest
of variable interest
entities 1.5
Provision for income
taxes 69.6
-------------
Net income $115.3
=============

Adoption of FIN 46 "Consolidation of Variable Interest Entities"

On March 31, 2004, the Company was required to adopt FIN 46. FIN46 provides guidelines about when a company should consolidate in itsfinancial statements the assets, liabilities and operating results ofanother entity (variable interest entity or "VIE"). Under theguidelines of FIN 46, the Company is required to consolidate DisaRecords, a Mexico-based music recording and publishing company owned50% by the Company and 50% by the Chavez family. The Company has acall right and the Chavez family has a put right, which requires theCompany to purchase the remaining 50% of Disa Records for $75.0million, subject to certain upward adjustments.

Under the guidelines of FIN 46, the Company was also required toconsolidate WLII/WSUR, Inc., a Delaware corporation ("WLII/WSUR")owned 100% by Raycom Media, Inc. ("Raycom") for the six months endedJune 30, 2005. WLII/WSUR owns two television stations operating inPuerto Rico. The Company acquired WLII/WSUR on June 30, 2005.

The consolidation of the VIEs has no effect on net income orearnings per share.

Reconciliation of Net Income Excluding the Charge on Entravision

The Company is using the term net income excluding the charge onEntravision primarily for comparison purposes.
$ in millions (except per share Three Months Ended Six Months Ended
data) June 30, 2005 June 30, 2005
------------- -------------
Net income excluding the charge
on Entravision $84.4 $128.9
Entravision charge (48.3) (48.3)
------------------ ----------------
Net Income $36.1 $80.6
================== ================

Diluted earnings per share
Net income per share excluding
the charge on Entravision $0.24 $0.37
Entravision charge per share (0.14) (0.14)
------------------ ----------------
Net Income per share $0.10 $0.23
================== ================

Our Investment in Entravision Communications Corporation

The Company currently owns approximately 36.9 million shares ofnon-voting Class U common stock of Entravision at an average costbasis of $9.10 per share which represents an approximate 27% ownershipof Entravision on a fully-converted basis. As part of the consentdecree with the United States Department of Justice, the Company isrequired to sell enough of its Entravision stock so that our ownershipinterest of Entravision on a fully-converted basis does not exceed 15%by March 26, 2006. The closing price of Entravision at June 30, 2005was $7.79 per share and the stock has traded below our cost basissince May of 2004. While we do not believe it reflects the truelong-term economic value of Entravision's assets or the potentialfuture growth of the Entravision stock price, based on ourinterpretation of accounting rules which specify that an impairmentthat is other than temporary (not necessarily permanent) must berecognized as an impairment charge, we have written down ourinvestment in Entravision to $7.79 per share resulting in a charge of$48.3 million with no corresponding tax benefit since it is morelikely than not that the related deferred tax asset will not berealized. A new cost basis is established with the charge.Accordingly, subsequent sales of stock may result in gains or lossesby comparing our newly established cost basis ($7.79 per share) to thefair value of the Entravision stock at the transaction date. The fairvalue of Entravision stock at August 3, 2005 was $8.61 per share. OnJuly 26, 2005, the Company announced that it had entered into adefinitive agreement with Entravision to acquire radio stations KBRG(FM) and KLOK (AM) serving the San Francisco/San Jose, Californiamarket from Entravision for $90.0 million. It is expected that theCompany will pay for the acquisition with shares of Entravision commonstock held by the Company.
UNIVISION COMMUNICATIONS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
For the Three and Six Months Ended June 30,
(Dollars and share data in millions, except per share data)

Three Months Ended Six Months Ended
June 30, June 30,
--------------------------------------------
2005 2004 2005 2004
---- ---- ---- ----
(Unaudited)(Unaudited)(Unaudited)(Unaudited)
Net revenues:
Television, radio and
Internet services $459.6 $444.9 $830.4 $771.4

Music products and
publishing 48.9 50.4 111.1 76.8
--------------------------------------------

Total net revenues 508.5 495.3 941.5 848.2
--------------------------------------------

Direct operating expenses
of television, radio and
Internet services 153.1 144.0 300.4 276.1

Direct operating expenses
of music products and
publishing 26.9 27.3 64.5 42.7
--------------------------------------------
Total direct operating
expenses (excluding
depreciation and
amortization) 180.0 171.3 364.9 318.8
--------------------------------------------

Selling, general and
administrative expenses
(excluding depreciation
and amortization) 145.6 146.5 277.4 261.7

Depreciation and
amortization 23.4 27.3 47.2 52.0
--------------------------------------------

Operating income 159.5 150.2 252.0 215.7

Other expense (income):
Interest expense, net 19.0 15.4 38.4 31.1

Amortization of deferred
financing costs 0.9 0.9 1.6 1.8

Equity (income) loss in
unconsolidated
subsidiaries/other (0.2) 0.9 (0.2) 1.9

Nontemporary decline in
fair value of
investment 48.3 - 48.3 -

Stock dividend (0.5) (0.5) (0.9) (5.5)

Noncontrolling interest
of variable interest
entities 0.2 1.5 (0.7) 1.5
--------------------------------------------

Income before taxes 91.8 132.0 165.5 184.9

Provision for income taxes 55.7 48.3 84.9 69.6
--------------------------------------------

Net income $36.1 $83.7 $80.6 $115.3
============================================

Basic earnings per share
------------------------
Net income per share $0.11 $0.26 $0.25 $0.36

Weighted average common
shares outstanding 318.7 322.5 321.1 322.4

Diluted earnings per share
--------------------------
Net income per share(1) $0.10 $0.24 $0.23 $0.33

Weighted average common
shares outstanding 347.9 352.8 350.3 353.0

(1) Includes a non-cash charge of $48.3 million or $0.14 per diluted
share for the three and six months ended June 30, 2005.

UNIVISION COMMUNICATIONS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in millions, except share and per share data)

June 30, December 31,
ASSETS 2005 2004(1)
-------------- ------------
Current assets: (Unaudited)
Cash and cash equivalents(2) $87.6 $189.9
Accounts receivable, net 388.4 331.8
Program rights 36.9 34.4
Prepaid expenses and other 104.1 82.4
-------------- ------------
Total current assets 617.0 638.5

Property and equipment, net 538.2 551.1
Intangible assets, net 4,278.5 4,283.0
Goodwill 2,235.1 2,199.2
Deferred financing costs, net 8.8 10.4
Program rights 32.7 36.9
Investments in equity method investees 64.3 63.9
Investments in cost method investees 323.6 371.0
Other assets 25.4 73.1
-------------- ------------
Total assets $8,123.6 $8,227.1
============== ============

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities $250.6 $229.5
Income taxes 22.9 2.2
Accrued interest 23.2 23.1
Accrued license fees 16.8 13.6
Program rights obligations 21.4 18.3
Current portion of long-term debt and
capital lease obligations 4.3 4.8
-------------- ------------
Total current liabilities 339.2 291.5

Long-term debt 1,373.1 1,190.4
Capital lease obligations 35.4 37.3
Program rights obligations 26.1 30.9
Deferred tax liabilities 997.4 975.8
Other long-term liabilities 36.3 54.1
-------------- ------------
Total liabilities 2,807.5 2,580.0
-------------- ------------

Noncontrolling interest of variable
interest entities 55.4 259.4
-------------- ------------

Stockholders' equity:
Preferred stock, $.01 par value (10,000,000
shares authorized; none issued or
outstanding) - -
Common stock, $.01 par value (1,040,000,000
shares authorized; 324,810,071 and
324,349,028 shares issued, including
shares in treasury, at June 30, 2005 and
December 31, 2004, respectively) 3.2 3.2
Paid-in-capital 4,648.6 4,640.6
Deferred compensation (1.6) (1.8)
Retained earnings 849.9 769.3
Accumulated other comprehensive losses (1.1) (1.4)
-------------- ------------
5,499.0 5,409.9
Less common stock held in treasury
(9,191,480 and 1,017,180 shares at June
30, 2005 and December 31, 2004,
respectively) (238.3) (22.2)
-------------- ------------
Total stockholders' equity 5,260.7 5,387.7
-------------- ------------
Total liabilities and stockholders' equity $8,123.6 $8,227.1
============== ============

(1) Includes certain reclassifications to conform to the current
year's presentation.
(2) Includes cash and cash equivalents of $26.0 million and $25.8
million related to the VIEs at June 30, 2005 and December 31,
2004, respectively.

UNIVISION COMMUNICATIONS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Six Months Ended June 30,
(Dollars in millions)

2005 2004
----------- -----------
(Unaudited) (Unaudited)
Net income $80.6 $115.3
Adjustments to reconcile net income to net cash
from operating activities:
Depreciation 39.2 40.4
(Gain) loss on sale of property and equipment (1.7) 0.2
Equity (income) loss in unconsolidated
subsidiaries (0.2) 1.5
Nontemporary decline in fair value of
investment 48.3 -
Amortization of intangible assets and deferred
financing costs 9.7 13.4
Deferred income taxes 20.9 29.0
Stock dividend (0.9) (5.5)
Noncontrolling interest of variable interest
entities (0.7) 0.8
Other non-cash items 0.6 (0.4)
Changes in operating assets and liabilities,
net of assets acquired and liabilities
assumed:
Accounts receivable (55.4) (43.1)
Program rights 1.7 16.5
Prepaid expenses and other assets 14.3 11.1
Accounts payable and accrued liabilities 8.6 (16.5)
Income taxes 23.7 21.2
Income tax benefit from options exercised 3.6 1.6
Accrued interest 0.1 0.1
Accrued license fees 3.2 2.8
Program rights obligations (1.7) (11.3)
Other, net (6.3) (4.8)
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Net cash provided by operating activities 187.6 172.3
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Cash flow from investing activities:
Acquisitions, net of acquired cash (220.2) (135.6)
Purchase of Los Angeles building - (52.5)
Capital expenditures (38.8) (30.0)
Investment in unconsolidated subsidiaries (5.4) 1.7
Cash of variable interest entities - 12.2
Proceeds from sale of property and equipment 5.1 0.4
Other, net (1.6) (0.1)
----------- -----------
Net cash used in investing activities (260.9) (203.9)
----------- -----------

Cash flow from financing activities:
Proceeds from issuance of long-term debt 185.0 170.0
Repayment of long-term debt (2.3) (142.7)
Proceeds from issuance of common stock - 599.4
Repurchase of common stock - (599.4)
Exercise of stock options 4.4 7.7
Purchases of treasury shares (216.1) -
Payment of offering costs - (0.1)
Deferred financing costs - (0.3)
----------- -----------
Net cash (used in) provided by financing
activities (29.0) 34.6
----------- -----------

Net (decrease) increase in cash (102.3) 3.0
Cash and cash equivalents, beginning of period 189.9 76.7
----------- -----------

Cash and cash equivalents, end of period $87.6 $79.7
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Supplemental disclosure of cash flow
information:
Interest paid $34.1 $36.4
Income taxes paid $35.2 $11.8