Univision Communications Inc. announces third quarter results.

LOS ANGELES--(BUSINESS WIRE)--Nov. 4, 1996--Univision Communications Inc. (NYSE: UVN) Monday announced increased net revenue and EBITDA for the third quarter ended Sept. 30, 1996.

On a pro forma basis, third quarter net revenues were $92.9 million, a 17 percent increase over the third quarter of 1995. Pro forma operating income before depreciation and amortization (EBITDA) was $35.5 million for the third quarter, a 23 percent increase over the comparable 1995 period. These increases were the result of higher revenues at both the company's network and owned stations.

Pro forma net revenue for the nine months ended Sept. 30, 1996 increased by 14 percent to $263.8 million. Pro forma EBITDA for the nine month period increased by 18 percent over the comparable 1995 period to $97.3 million.

George Blank, executive vice president and chief financial officer, stated: "Univision's continued ratings dominance among Hispanic households has resulted in accelerated revenue growth and excellent operating results. We look forward to continued growth and to creating value for our new shareholders."

On a pro forma basis, the company's three and nine months results were: -0-

                            Three Months Ended      Nine Months Ended
$, Millions                      Sept. 30,              Sept. 30,
(Except per share amounts)  1996   1995  Change    1996    1995  Change

Net revenues               $92.9  $79.3   17%    $263.8  $232.0   14%

Broadcast cash flow         38.3   31.2   23%     104.1    89.0   17%

EBITDA                      35.5   28.8   23%      97.3    82.4   18%

Extraordinary loss           --     --              --    (20.8)

Net income (loss)           10.6    2.2            22.2   (17.1)

Earnings (loss) per
 common share/1              .19    .04             .39    (.30)
Weighted avg. shares
 outstanding                57.0   57.0            57.0    57.0

1/ Excluding the extraordinary losses for the nine months ended
Sept. 30, 1995, which related to the pro forma repurchase and
defeasance of the outstanding 11.75 percent senior subordinated
notes at Jan. 1, 1995, the earnings per share for the nine months in
1996 were 39 cents compared with 6 cents in the 1995 period.

Prior to the company's initial public offering on Sept. 27, 1996 and its subsequent corporate reorganization on Oct. 2, 1996 ("the reorganization"), the company's owned stations and the network were operated separately, had different management and ownership structures, and, accordingly, reported financial information separately. As a result of the reorganization, Univision will report financial information on a consolidated basis that includes the network.

The unaudited pro forma results of operations presented above reflect the reorganization as if it had occurred on Jan. 1, 1995 after including the adjustments for interest expense on reorganization debt, amortization of goodwill and reorganization-related financing costs, and the elimination of the management fees paid to the partners of the network prior to the reorganization. The unaudited pro forma results of operations do not purport to represent what Univision's results of operations would actually have been if these transactions in fact had occurred on the dates assumed or to project results of operations for any future date or periods.

Univision is the leading Spanish-language television broadcaster in the United States. The company's network is the most watched television network (English- or Spanish-language) among Hispanic households and provides the Univision affiliates with 24 hours per day of Spanish-language programming. Univision owns and operates 11 full-power and seven low-power UHF stations. The company also owns Galavision, the leading U.S. Spanish-language cable network. -0-

           Univision Communications Inc. and Subsidiaries
   Unaudited Pro Forma Condensed Consolidated Statement of Operations
                       (Dollars in Millions)

                                Three Months Ended  Nine Months Ended
                                     Sept. 30,          Sept. 30,
                                  1996     1995       1996      1995

Net revenues                     $92.9    $79.3     $263.8    $232.0

Direct operating expenses         30.9     27.2       88.1      80.7

Selling, general &
 administrative expenses          23.7     20.9       71.6      62.3

Corporate charges                  2.8      2.4        6.8       6.6

Depreciation & amortization       13.6     13.5       41.3      39.9

Operating income                  21.9     15.3       56.0      42.5

Interest expense                  10.9     11.0       32.8      33.6

Amortization of deferred
 financing costs                   0.3      0.3        0.9       0.9

Non-recurring expense              --       1.8        --        1.8

Income before taxes &
 extraordinary loss on
 extinguishment of debt           10.7      2.2       22.3       6.2

Provision for income taxes         0.1      --         0.1       2.5

Income before extraordinary
 loss on extinguishment of debt   10.6      2.2       22.2       3.7

Extraordinary loss on
 extinguishment of debt            --       --         --      (20.8)

Net income (loss)                $10.6     $2.2      $22.2    ($17.1)

CONTACT: Univision Communications Inc.

Andrew Hobson, Executive Vice President, 212/455-5310