January 18, 2003

At the Univision shareholder meeting set for Feb. 28, stockholders will be asked to vote on two separate proposals: the issuance of Univision common shares pursuant to its merger with Hispanic Broadcasting, and an amendment to Univision's certificate of incorporation that increases the company's total authorized class A common stock. On that same day, HBC shareholders will vote on the company's merger agreement with Univision. Both companies are asking shareholders to vote by proxy if they do not plan on attending their respective meeting. The merger calls for HBC to become a subsidiary of Univision.

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