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PERENCHIO-LED INVESTOR GROUP AGREES TO BUY HALLMARK'S UNIVISION NETWORK AND STATION GROUP

 PERENCHIO-LED INVESTOR GROUP AGREES TO BUY
 HALLMARK'S UNIVISION NETWORK AND STATION GROUP
 LOS ANGELES, April 8 /PRNewswire/ -- An investor group led by A. Jerrold Perenchio has agreed to purchase the businesses of Univision Holdings Inc., a subsidiary of Hallmark Cards Inc., that includes the largest Spanish-language television network and television station group in the United States. Univision had revenues of more than $200 million in 1991. The total purchase price is $550 million, and the transaction is subject to regulatory approvals.
 Univision, headquartered in Miami, reaches nearly 90 percent of U.S. Hispanic television households via cable and satellite-interconnected broadcast affiliates. The transaction includes the Univision network; nine full-power Spanish-language television stations in Los Angeles, New York, Miami, San Francisco, Dallas, San Antonio, Albuquerque, Phoenix and Fresno; and four low-power television stations in key markets.
 "This is one of those combinations people dream about," said Perenchio. "The U.S. Hispanic marketplace is growing dramatically and is ready to support the highest quality in television entertainment, news and public affairs, and cultural and children's programming. Hallmark has done an excellent job of developing Univision's resources, which are its superb talent and outstanding management. Now, with the investor group, we have an even broader range of capabilities to support the next stage in Univision's development."
 "We've been pleased with our association with Univision and have continually invested in improving the network," said Irvine O. Hockaday Jr., president and chief executive officer of Hallmark. "But we realized it would have been difficult to expand both Univision and our cable television properties. When we were approached by Perenchio, we evaluated his proposal and found Perenchio and his investors to be uniquely qualified to build and improve the Univision franchise."
 Perenchio has been a successful entrepreneurial investor and businessman in the media and communications industry over the last 20 years. His diverse activities have included serving as chief executive officer of three media companies, being the lead investor in several investor partnerships, and acting as financial advisor to major media companies in connection with acquisitions and restructuring transactions. His entrepreneurial activities have included significant investments in broadcasting and cable television. In 1975, he formed a company which owned and operated Channel 52 in Los Angeles, which went on to become the most successful over-the-air subscription television service in the United States. That station's daytime operation was devoted to Spanish-language broadcasting until it was sold in 1982. Perenchio's interest in Spanish-language television expanded further in 1977 when he acquired Channel 47, a Spanish-language television station in New York City. Under his operation, the technical performance of the station was improved and it developed into a viable Spanish-language operation including program production of special events. His other media and communications interests include 12 years as chief executive officer of Tandem Productions, which produced "All in the Family" and under his direction grew into a multi-media business involved in television syndication, motion picture production, home video distribution and cable television.
 Perenchio is best known as the former co-owner with Norman Lear of Embassy Communications, which produced the hit television series "The Jeffersons" and "One Day at a Time," as the former owner of the Loews Theaters, the fifth largest theater chain in the United States, and as the partner with Richard and Lili Fini Zanuck in the Zanuck Co., producer of the Academy Award-winning "Driving Miss Daisy."
 The Perenchio group's other investors are Venevision, Venezuela's foremost broadcasting communications company, and Grupo Televisa, S.A. de C.V., Mexico's leading media and communications company. The programming of both Venevision and Grupo Televisa is recognized throughout the Spanish-speaking world for its high quality and diversity. Because of Grupo Televisa's participation in the investor group, its current U.S. Spanish-language network, Galavision, will be restructured at closing.
 Hallmark Cards Inc., based in Kansas City, Mo., is the world's largest publisher of greeting cards and related personal communications products. Hallmark's Crown Media subsidiary owns a substantial interest in Cencom Cable Associates Inc. which serves over 700,000 cable subscribers worldwide.
 -0- 4/8/92
 /CONTACT: Steven Doyal of Hallmark Cards Inc., 816-274-4314; or Brian Regan or Elliot Fischoff of Hill and Knowlton Entertainment, 213-954-5800, or Mary Jo Manning of Hill and Knowlton Inc., 202-944-5109, for the purchasing group/ CO: Hallmark Cards Inc. ST: California IN: ENT SU: TNM


CH-AL -- LA015 -- 6186 04/08/92 11:09 EDT
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Date:Apr 8, 1992
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