# UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

# FORM 6-K

# REPORT OF
  FOREIGN ISSUER
  PURSUANT TO RULE 13a-16 OR 15d-16 OF
  THE SECURITIES EXCHANGE ACT OF 1934

# For the month
  of March 2004

Grupo
  Televisa, S.A.(Translation of registrants name in English)


Av.
  Vasco de Quiroga No. 2000
  Colonia Sante Fe 01210 México, D.F., México (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 12g3-2(b) under the
        Securities Exchange Act of 1934.) 
        Yes   No  X
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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# GRUPO TELEVISA
  ANNOUNCES RECAPITALIZATION

| |  | Grupo Televisa
      will undertake a share recapitalization to facilitate the incorporation
      of certain shares held by Grupo Televicentro S.A. de C.V., (Televicentro)
      into the Televisa CPO facility without diluting any Televisa shareholder.
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |   |                                                                                                                                                                                                                                                               
| |  | Televicentro
      will cease to be a shareholder of Televisa and its current shareholders
      will become direct shareholders in Televisa. The Televicentro shareholders
      agreement and the related Put Option will be terminated.                    
| |   |                                                                                                                                                                                                                                                               
| |  | Televicentro
      shareholders will enter into a Trust Agreement to govern the voting and
      potential disposition of their Televisa shares.                                                                                                              

Mexico City, March 25, 2004
   Grupo Televisa, S.A. (Televisa or the Company,
  NYSE: TV; BMV: TLEVISACPO) announced today a series of transactions to concentrate
  all equity ownership in the Company at the Televisa level. The initiatives fall
  into three categories as described below:

# 1. Televisa
  Share Recapitalization

Televisa will undergo a
  share recapitalization to incorporate a portion of the Televisa shares held
  by Televicentro into Televisas most widely held and traded equity vehicles
  (namely the CPO/GDS), and without any economic dilution to any shareholder.

| |  | Televisa
      will undertake a 25:1 stock split applicable to all Series A, D, and L Shares.                                                                                                                                  
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | A new series
      of common stock, the Series B Shares, will be created. These shares will
      be ordinary shares that, like the A Shares, will have the right to vote
      on all matters subject to shareholder approval.
| |  | A share dividend
      will be declared for all outstanding A, D, and L Shares. The following table
      shows the composition of the Televisa CPO after the stock split and the
      stock dividend mentioned above:        





|                                         | CPO Composition: | 
|---------------------------------------- | ---------------- | 
|                                         |                  | 
|                                         | A Shares         | 
|                                         |                  | 
|Original CPO                             | 1                | 
|                                         |                  | 
|CPO After Stock Split                    | 25               | 
|                                         |                  | 
|Stock Dividend                           | 0                | 
|                                         |                  | 
|CPO After Stock Split and Stock Dividend | 25               | 



Amendments will be made
  to the CPO program so that a CPO, previously comprised of 1 A Share, 1 D Share,
  and 1 L Share, will now be comprised of 25 A Shares, 22 B Shares, 35 D Shares,
  and 35 L Shares. Although the Televisa CPO will now consist of 117 shares, Televisa
  shareholders will continue to maintain their same economic ownership in the
  Company. Televisa GDSs will continue to consist of 20 CPOs and both CPOs and
  GDSs will continue to trade in the same form as they do today.

After giving effect to the
  stock split and the share dividend, Televisas share capital will be comprised
  as follows:

|Pre Stock Split
      and Share Dividend |           | Post Stock
      Split and Share Dividend
|---------------------------------------- | --------- | -----------------------------------------
|                                         |           |                                          
|Class of                                 | Total     |                                          
|Shares                                   | (Million) |                                          
|                                         |           |                                          
|A                                        | 4,989     |                                          
|                                         |           |                                          
|                                        |          |                                          
|                                         |           |                                          
|D                                        | 2,240     |                                          
|                                         |           |                                          
|L                                        | 2,240     |                                          
|                                         |           |                                          
|Total                                    | 9,469     |                                          

Televisa will continue to
  maintain a Board of Directors consisting of 20 members, 16 of which will be
  elected by the voting classes of common shares (A and B). In line with their
  respective proportions in the voting capital, A shareholders will be entitled
  to elect 11 Board members, while B shareholders will appoint 5 Board members.
  D and L shareholders will continue to be able to elect 2 Board members each.

# 2. Televicentro
  Capital Reduction

# 3. Trust Agreement

All Televicentro shareholders
  will enter into a Trust Agreement to which Mr. Azcárraga will contribute
  his entire position in Series A Televisa Shares and Inbursa and the Investors
  will contribute approximately 200 million and 162 million CPOs, respectively.
  The Trust Agreement provides for voting of the shares and other features designed
  to minimize the market impact of potential sales of Televisa shares by Televicentro
  shareholders in the future. Major terms of the Agreement include:



| |  | In the election
      of directors and other relevant matters, all Series A Shares in the Trust
      Agreement will be voted according to instructions issued by a technical
      committee controlled by Mr. Azcárraga.                                                                                                                                     
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | In the election
      of directors, all B Shares in the Trust agreement will be voted for two
      directors nominated by Mr. Azcárraga, two directors nominated by
      the Investors and one director nominated by Inbursa, so long as each of
      the Investors and Inbursa holds more than 2% of the capital stock of Televisa
      through the Trust.
| |  | No sales
      of any Televisa shares by any Trust Agreement participant until July 1,
      2005.                                                                                                                                                                                                                                                             
| |  | No sales
      by Inbursa on 1/3 of its original position until July 1, 2009.                                                                                                                                                                                                                                                                                  

Televisa shareholders meetings
  have been called for April 16, 2004 for shareholders meetings to vote on the
  resolutions needed to implement the share recapitalization.
  An Information Statement filed with the SEC and the Mexican Stock Exchange and
  a detailed presentation more fully describing the transaction are available
  on our website at:http://www.esmas.com/televisahome/ingles/inversionistas

Goldman, Sachs & Co.
  is acting as financial advisor to Grupo Televisa on its share recapitalization.

Grupo Televisa S.A.,
  is the largest media company in the Spanish-speaking world, and a major player
  in the international entertainment business. It has interests in television
  production and broadcasting, programming for pay television, international distribution
  of television programming, direct-to-home satellite services, publishing and
  publishing distribution, cable television, radio production and broadcasting,
  professional sports and show business promotions, feature film production and
  distribution, and the operation of a horizontal Internet portal. Grupo Televisa
  also has an unconsolidated equity stake in Univision, the leading Spanish-language
  television company in the United States.

This press release contains
  forward-looking statements regarding the Companys results and prospects.
  Actual results could differ materially from these statements. The forward-looking
  statements in this press release should be read in conjunction with the factors
  described in Item 3. Key Information  Forward-Looking Statements
  in the Companys Annual Report on Form 20-F, which, among others, could
  cause actual results to differ materially from those contained in forward-looking
  statements made in this press release and in oral statements made by authorized
  officers of the Company. Readers are cautioned not to place undue reliance on
  these forward-looking statements, which speak only as of their dates. The Company
  undertakes no obligation to publicly update or revise any forward-looking statements,
  whether as a result of new information, future events or otherwise.

# # #

Contacts:
           Investor Relations:
                 
  Michel Boyance / Alejandro Eguiluz
                 
  Grupo Televisa, S.A.
                 
  Av. Vasco de Quiroga No. 2000
                 
  Colonia Santa Fe
                 
  01210 México, D.F. 
                 
  (5255) 5261-2000



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# GRUPO TELEVISA
  ESTABLISHES DIVIDEND POLICY

| | Mexico City, March
        25, 2004  Grupo Televisa, S.A. (Televisa or the Company,
        NYSE: TV; BMV: TLEVISACPO) announced today that its Board of Directors
        has approved a Dividend Policy under which the Company will pay an annual
        regular dividend of MXP$0.35 per CPO.
      
      In addition, Televisas
        Board of Directors also approved today a special dividend of MXP$0.87
        per CPO, for a total dividend of MXP$1.22 per CPO, to be paid before May
        31, 2004.
      
      Going forward, to
        the extent that the Company does not find attractive investment opportunities,
        it will continue to return capital to its shareholders, over and above
        the regular dividend, in the form of special dividends and/or share repurchases.
        Televisa is confident that its financial strength provides the opportunity
        to share profits with its shareholders while still investing in its strategy
        for long-term growth.
      
      Televisa shareholders
        meetings have been called for April 16, 2004 to vote on the resolutions
        needed to approve the proposed cash dividend.
      
      Grupo Televisa
        S.A., is the largest media company in the Spanish-speaking world, and
        a major player in the international entertainment business. It has interests
        in television production and broadcasting, programming for pay television,
        international distribution of television programming, direct-to-home satellite
        services, publishing and publishing distribution, cable television, radio
        production and broadcasting, professional sports and show business promotions,
        feature film production and distribution, and the operation of a horizontal
        Internet portal. Grupo Televisa also has an unconsolidated equity stake
        in Univision, the leading Spanish-language television company in the United
        States.
      
      This press release
        contains forward-looking statements regarding the Companys results
        and prospects. Actual results could differ materially from these statements.
        The forward-looking statements in this press release should be read in
        conjunction with the factors described in Item 3. Key Information
         Forward-Looking Statements in the Companys Annual Report
        on Form 20-F, which, among others, could cause actual results to differ
        materially from those contained in forward-looking statements made in
        this press release and in oral statements made by authorized officers
        of the Company. Readers are cautioned not to place undue reliance on these
        forward-looking statements, which speak only as of their dates. The Company
        undertakes no obligation to publicly update or revise any forward-looking
        statements, whether as a result of new information, future events or otherwise.
      # #
        #
      Contacts:
                 Investor Relations:
                       
        Michel Boyance / Alejandro Eguiluz
                       
        Grupo Televisa, S.A.
                       
        Av. Vasco de Quiroga No. 2000
                       
        Colonia Santa Fe
                       
        01210 México, D.F. 
                       
        (5255) 5261-2000 | 
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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.

|                           | GRUPO
      TELEVISA, S.A. 
            (Registrant)                                   
|-------------------------- | ---------------------------------------------------------------------------------------
|                           |                                                                                        
|Date:
      March 25, 2004 | By:/s/ Juan S. Mijares
      Name:  Juan S. Mijares
      Title:   Legal Representative