EXHIBIT 10.11.2

Amendment No. 1 (the "Amendment") To
Employment Agreement (the "Employment Agreement") between
Jeffrey T. Hinson ("Employee") and Univision Management Co. ("Company")

Employee and Company agree to amend the Employment Agreement as follows:

        1.    Term.    The Term of the Employment Agreement is extended through
December 31, 2007, unless earlier terminated in accordance with the provisions
of the Employment Agreement.

        2.    Salary.    The annual Base Salary rate will be Six Hundred
Thousand Dollars ($600,000) for the annual period from January 1, 2007 through
December 31, 2007.

        3.    Effective Date of Amendment.    Upon execution by Employee and
Company, this Amendment will become effective as of December 31, 2004.

        4.    Other.    Except as provided in this Amendment, all other terms
and conditions in the Employment Agreement will remain in full force and effect,
and the Employment Agreement, as amended hereby, is ratified and confirmed.

    UNIVISION MANAGEMENT CO.
 
 
By:
 
/s/  C. DOUGLAS KRANWINKLE      

--------------------------------------------------------------------------------

C. Douglas Kranwinkle
Vice President and Secretary /s/  JEFFREY T. HINSON      

--------------------------------------------------------------------------------

Jeffrey T. Hinson        

--------------------------------------------------------------------------------