FORM 6-K

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                    Pursuant to Rule 13a-16 or 15d-16 of the
                             Securities Act of 1934

                           For the month of July 2003

                                 MULTICANAL S.A.
             (Exact name of Registrant as specified in its charter)

                                MULTICHANNEL S.A.
                 (Translation of Registrant's name into English)

                                   Avalos 2057
                         (1431) Buenos Aires, Argentina
                    (Address of principal executive offices)


Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.

                 Form 20-F   X                       Form 40-F
                           -----                               -----
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g-3-2(b) under the Securities Exchange Act of
1934.

                 Yes                                  No    X
                     ------                               -----

If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b):

                          82 - ______________________.

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  Multicanal S.A. Amends APE Solicitation and Launches Cash Option Solicitation


BUENOS AIRES, July 25, 2003 - Multicanal S.A. (the "Company") today announced
that it is amending its solicitation (the "APE Solicitation") from holders of
its 9 1/4% Notes due 2002, 10 1/2% Notes due 2007, 13.125% Series E Notes due
2009, Series C 10 1/2% Notes due 2018 and Series J Floating Rate Notes due 2003
(together, the "Existing Notes"), and other financial indebtedness (the "Bank
Debt" and together with the Existing Notes, the "Existing Debt") of powers of
attorney in favor of an attorney-in-fact, to execute an acuerdo preventivo
extrajudicial (the "APE") to increase the consideration offered to holders of
Existing Debt that participate in the APE Solicitation, amend the minimum
participation requirements of the APE Solicitation, amend certain conditions
precedent of the APE Solicitation and the Cash Tender Offer and effect certain
other amendments. As a result of such amendment, the Company has extended the
APE Solicitation until 5:00 p.m., New York City time, on September 30, 2003,
unless further extended by the Company in its sole discretion.

The Company's amended offers address requests submitted over the past several
months by creditors and are substantively responsive to the interests of all of
its stakeholders under the current circumstances. The Company remains committed
to preserving the continuity of its operations and is submitting the amendment
to its existing offers with the expectation that it will increase creditor
participation.

The Company also announced today that it is amending its offer to purchase for
cash (the "Cash Tender Offer", as amended, the "Cash Option Solicitation"). The
Cash Option Solicitation will expire at 5:00 p.m., New York City time, on
September 30, 2003, unless further extended by the Company in its sole
discretion.

As of 5:00 p.m., July 24, 2003, New York City time, holders of approximately
U.S.$239.7 million or 45.4% principal amount of Existing Debt in the aggregate
have either tendered in the Cash Tender Offer or agreed to participate in the
APE Solicitation.

The Cash Option Solicitation

The Offer to Purchase, dated January 31, 2003, as amended and supplemented by
the Supplement to Offer to Purchase dated March 26, 2003, has been amended and
restated as a Cash Option Solicitation Statement dated July 25, 2003. Certain
terms described in the Company's press releases dated January 31, 2003,
announcing the Cash Tender Offer, and the Company's press release dated March
26, 2003, extending the Cash Tender Offer, have been amended by the Cash Option
Solicitation Statement (the option to receive the Cash Payment (as defined
below) pursuant to the Cash Option Solicitation Statement, the "Cash Option").
These amendments include, among others:

o    Conditions: The Company has amended the conditions precedent relating to
     the Cash Tender Offer such that (i) holders of Existing Debt that elect the
     Cash Option will be required to execute the APE, (ii) for each U.S.$1,000
     principal amount of Existing Debt of such holder accepted by the Company
     pursuant to the terms of the Cash Option Solicitation a cash payment of
     U.S.$300 (the "Cash Payment") will be conditioned upon the final,
     non-appealable judicial approval (homologacion firme) of the APE by the
     Bankruptcy Court (the "Court Approval"), and (iii) the amount of Existing
     Debt to be accepted in the Cash Option Solicitation will be not more than
     U.S.$131 million (instead of a minimum of U.S.$100 million as previously
     announced).

o    Interest on Cash Payment: The Company will pay interest on the Cash
     Payment, such interest to accrue at a rate of 2% per annum from the APE
     Confirmation Date (as defined herein) to but excluding the date on which
     the Cash Payment is made.

The Company will not pay any accrued and unpaid interest (including default
interest and additional amounts, if any) on the Existing Debt that is tendered
for purchase in the Cash Option Solicitation. As of 5:00 p.m., July 24, 2003,
New York City time, approximately U.S.$90.4 million principal amount of Existing
Debt has been tendered in the Cash Tender Offer.

The Cash Option Solicitation will be subject to all terms and conditions
described in the Cash Option Solicitation Statement dated July 25, 2003.

The APE Solicitation
--------------------

The APE Solicitation is subject to several conditions precedent described below.
Upon Court Approval, each holder that accepted the APE Solicitation will
receive, for each U.S.$1,000 principal amount of Existing Debt tendered in
connection with the APE Solicitation, at its option, either (i) U.S.$1,050
principal amount of the Company's 10-Year Step-Up Notes (the "10-Year Notes") or
(ii) U.S.$440 principal amount of either (A) the Company's 7% 7-Year Notes (the
"7-Year Fixed Rate Notes") or (B) the Company's 7-Year Floating Rate Notes (the
"7-Year FRNs", together with the 7-Year Fixed Rate Notes, the "7-Year Notes",
and the 7-Year Notes together with the 10-Year Notes, the "New Notes"), and 641
of the Company's class C shares of common stock (the "Class C Shares"). The
Company is seeking to (i) exchange approximately U.S.$76.5 million principal
amount of its Existing Debt for U.S.$80.3 million of 10-Year Notes, (ii)
exchange approximately U.S.$143.0 million principal amount of its Existing Debt
for U.S.$143.0 million of its 7-Year Notes and (iii) capitalize approximately
U.S.$181.9 million principal amount of its Existing Debt. The Company is seeking
to retire approximately U.S.$130 million pursuant to the terms of the Cash
Option Solicitation. The Company will not pay any accrued and unpaid interest
(including default interest and additional amounts, if any) on the Existing Debt
that is exchanged or capitalized pursuant to the APE. As of 5:00 p.m., July 24,
2003, New York City time, holders of approximately U.S.$149.3 million principal
amount or, after giving effect to the Cash Tender Offer at the level provided as
a condition to the APE, 34.9% principal amount, of Existing Debt have agreed to
participate in the APE Solicitation.

The APE Solicitation will remain in all respects subject to all terms and
conditions described in the Solicitation Statement dated February 7, 2003, as
amended and supplemented by the Supplement to Solicitation Statement dated March
26, 2003 and the Second Supplement to Solicitation Statement dated July 25,
2003. Certain terms described in the Company's press releases dated February 7,
2003, announcing the APE Solicitation, and the Company's press release dated
March 26, 2003, extending the APE Solicitation, have been amended by the Second
Supplement to Solicitation Statement, including, among others:



o    Conditions:

     -    The Company has amended the minimum participation requirement in the
          APE Solicitation from 70% of the aggregate principal amount of the
          Existing Debt outstanding after giving effect to the Cash Tender Offer
          to holders that account for at least sixty-six and sixty-seven
          hundredths percent (66.67%) of the sum of (1) 100% of the Bank Loans
          and (2) Existing Notes held by holders that attend and vote in an APE
          Confirmation Meeting (the "Relevant Debt") shall have tendered or
          agreed to participate in the APE Solicitation and the Cash Option
          Solicitation. "APE Confirmation Meeting" means any meeting of holders
          of our Existing Debt that we may convene or cause to be convened
          that may be required to (a) confirm each such holder's acceptance of
          (i) the APE Solicitation or the Cash Option Solicitation, as the case
          may be, and the option(s) elected by such holder and (ii) the APE
          and/or (b) give effect to the APE, in accordance with Section 45 bis
          of the Argentine Bankruptcy Law.

     -    The Company has amended the conditions precedent relating to the Cash
          Tender Offer such that (i) holders of Existing Debt that elect to
          participate in the Cash Option Solicitation will be required to
          execute the APE, (ii) payment of the Cash Payment will be conditioned
          upon the Court Approval, and (iii) the amount of Existing Debt to be
          accepted in the Cash Option Solicitation will be not more than
          U.S.$131 million (instead of a minimum of U.S.$100 million as
          previously announced).

     -    The Company has amended the condition precedent relating to the APE
          Solicitation regarding the amount of Existing Debt to be tendered in
          the Cash Option Solicitation to an amount not more than U.S.$131
          million (instead of a minimum of U.S.$100 million as previously
          announced).

     -    The Company has included a cap of U.S.$324.9 million on the aggregate
          amount of Existing Debt that may elect the Combined Option. Any
          amounts in excess of U.S.$324.9 million will be prorated and
          reallocated to the Par Option, and to the extent that the maximum
          amount of the Par Option has been allocated, ratably to the Cash
          Option.

     -    The Company has reduced to U.S.$76.5 million (from U.S.$120 million as
          previously announced) the cap on the aggregate amount of Existing Debt
          that may elect the Par Option. Any amounts in excess of U.S.$76.5
          million will be prorated and reallocated to the Combined Option, and
          to the extent that the maximum amount of the Combined Option has been
          allocated, ratably to the Cash Option.

o    Consideration for Combined Option: The Company has increased the
     consideration payable by the Company to holders of Existing Debt that elect
     the Combined Option from U.S.$315 of either 7-Year Fixed Rate Notes or
     7-Year FRNs and 598 Class C Shares (as previously announced) to U.S$440 of
     either 7-Year Fixed Rate Notes or 7-Year FRNs and 641 Class C Shares, in
     each case for each U.S.$1,000 tendered in the Combined Option.

o    Consideration for Par Option: The Company has increased the consideration
     payable by the Company to holders of Existing Debt that elect the Par
     Option from U.S.$1,000 principal amount of our 10-Year Notes to U.S.$1,050
     for each U.S.$1,000 tendered in the Par Option.

o    The New Notes: The Company has amended the interest payment provisions of
     the New Notes to provide that interest will accrue from the date on which
     an APE Confirmation Meeting at which a majority of the Impaired Creditors
     tendering Existing Debt that account for at least sixty-six and sixty-seven
     hundredths percent (66.67%) of the Relevant Debt have voted in support of
     the APE is held (the "APE Confirmation Date") through but excluding the
     date of the Court Approval. In addition, the Company has amended the
     interest payment provisions of the 10-Year Notes to increase the rate of
     interest to accrue on the principal amount of our 10-Year Notes from 2.0%,
     3.0% and 4.0% for the applicable interest periods to 2.5%, 3.5% and 4.5%,
     respectively. The Company has also amended the interest payment provisions
     of the 7-Year FRNs to provide for quarterly interest payments (instead of
     semi-annually as previously announced).

In order to participate in the APE Solicitation, as amended, or the Cash Option
Solicitation, a holder of Existing Debt must execute and deliver the letter of
transmittal that was included with the APE Solicitation, as amended, or the Cash
Option Solicitation (the "Letter of Transmittal"), regardless of whether such
holder has already executed a Letter of Transmittal in respect of the APE
Solicitation or delivered its Existing Notes into the Cash Tender Offer, as the
case may be. If any such holder of Existing Debt does not complete a new Letter
of Transmittal, the Existing Debt held by such holder shall be deemed not to
have been tendered into the APE Solicitation or the Cash Option Solicitation, as
the case may be.

A holder of Existing Debt that has tendered in either the Cash Tender Offer or
the APE Solicitation prior to the date hereof shall have the right to withdraw
from the Cash Tender Offer or the APE Solicitation, as the case may be, at any
time, unless such holder subsequently participates in the Cash Option
Solicitation or the APE Solicitation by delivering the applicable Letter of
Transmittal. A Holder of Existing Debt that elects to participate in the APE
Solicitation or the Cash Option Solicitation after the date hereof will not be
entitled to withdraw its power of attorney and tenders; provided that if both
(1) the Bankruptcy Court has not on or prior to September 30, 2003 scheduled an
APE Confirmation Meeting, and (2) we extend the expiration date of the APE
Solicitation to a date later than September 30, 2003, we will give participants
five business days from September 30, 2003 to withdraw their powers of attorney
and any debt tendered. If the Bankruptcy Court has on or prior to September 30,
2003 scheduled an APE Confirmation Meeting, unless we otherwise provide, holders
will not be permitted to withdraw their powers of attorney and any debt tendered
as a result of our extending the expiration date of the APE Solicitation to a
date later than September 30, 2003.

The Company has requested the consent of the financial institutions that had
executed our Support Agreements to amend such agreements to provide, among other
things, that such financial institutions will participate in the APE
Solicitation or the Cash Option Solicitation, as the case may be, by (i) casting
their vote confirming the APE at one or more APE Confirmation Meetings, and (ii)
executing the APE promptly after we execute the APE and in any event no later
than two business days thereafter. The Support Agreements, as amended, will
provide for certain termination events, including that the Bankruptcy Court has
not on or prior to September 30, 2003 scheduled an APE Confirmation Meeting. We
can give no assurance that the financial institutions will consent to such
amendments, or that they will participate in the APE Solicitation or the Cash
Option Solicitation, as the case may be.

                                      * * *

THIS PRESS RELEASE IS NOT AN OFFER FOR SALE OF THE SECURITIES IN THE UNITED
STATES OR IN ANY OTHER JURISDICTION WHERE SUCH OFFER IS PROHIBITED, AND NEITHER
THE APE NOR ANY OF THE SECURITIES TO BE ISSUED PURSUANT TO THE APE, IF APPROVED,
MAY BE SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR IN ANY OTHER
JURISDICTION WHERE SUCH SALE IS PROHIBITED. THE COMPANY DOES NOT INTEND TO
REGISTER THE APE OR ANY OF THE SECURITIES TO BE ISSUED PURSUANT TO THE APE IN
THE UNITED STATES OR TO CONDUCT A PUBLIC OFFERING OF THE APE OR SUCH SECURITIES
IN ANY JURISDICTION OTHER THAN THOSE AS IT MAY FROM TIME TO TIME PUBLISH.

The Information Agent for both the Cash Option Solicitation and the APE
Solicitation is D.F. King & Co., Inc. and its telephone number is (212)
493-6920. The Depositary for the Cash Option Solicitation and the Exchange Agent
for the APE Solicitation is JPMorgan Chase Bank and its telephone number is
(212) 623-5162.

                                      * * *


               This amendment notice is dated as of July 25, 2003.


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                                    SIGNATURE


Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

                                                MULTICANAL S.A.



Buenos Aires, Argentina, July 25, 2003          By: /s/ Adrian Meszaros
                                                    -----------------------
                                                    Adrian Meszaros
                                                    Chief Financial Officer