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December 02, 2000

Telemundo Communications Group, Inc. announced the closing of a company ownership restructuring transaction, effectively aligning the operations of Telemundo Group, the subsidiary of Telemundo Holdings that held the ownership interests in the Telemundo television stations, with those of Telemundo Network, the provider of programming to the Telemundo stations. Telemundo Communications Group, Inc. is now owned either directly or indirectly by Sony Pictures Entertainment, Liberty Media Corporation, BV Capital, Bastion Capital and Council Tree Communications.

As part of the restructuring, Council Tree Communications, that recently purchased Apollo Investment Fund's equity stake in Station Partners, the partnership between Apollo and Bastion Capital, contributed the Telemundo affiliated broadcast station KMAS, servicing the Denver, Colorado Springs and Pueblo, Colorado markets, to Telemundo.

Upon consummation of the transactions, the newly formed company announced James McNamara, previously the President and Chief Executive Officer of Telemundo Network, was appointed President and Chief Executive Officer of Telemundo Communications Group. Alan Sokol, previously the Chief Operating Officer of Telemundo Network, was appointed Chief Operating Officer of Telemundo Communications Group and Vincent Sadusky, previously Chief Financial Officer and Treasurer of Telemundo Holdings and Telemundo Group, was appointed Chief Financial Officer and Treasurer of Telemundo Communications Group.

"We are extremely pleased to bring a successful closing to this transaction, further strengthening Telemundo's sponsorship," said James McNamara. "It not only allows greater operating efficiencies and integration of our management teams, but also aligns our business goals in order to build upon our ongoing ratings and resulting revenue success."

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