Exhibit 8.1



List of Subsidiaries



The following is a list of the Company’s
significant subsidiaries, all of which were organized in Mexico:





|Radio Stations:                                  |  |  | 
|------------------------------------------------ |  |  | 
|                                                 |  |  | 
|XEQR, S.A. de C.V.                               |  |  | 
|                                                 |  |  | 
|XERC, S.A. de C.V.                               |  |  | 
|                                                 |  |  | 
|XEEST, S.A. de C.V.                              |  |  | 
|                                                 |  |  | 
|XEQR-FM, S.A. de C.V.                            |  |  | 
|                                                 |  |  | 
|XERC-FM, S.A. de C.V.                            |  |  | 
|                                                 |  |  | 
|XEJP-FM, S.A. de C.V.                            |  |  | 
|                                                 |  |  | 
|XEDKR-AM, S.A. de C.V.                           |  |  | 
|                                                 |  |  | 
|Radio Red, S.A. de C.V.                          |  |  | 
|                                                 |  |  | 
|Radio Red-FM, S.A. de C.V.                       |  |  | 
|                                                 |  |  | 
|Radio Sistema Mexicano, S.A.                     |  |  | 
|                                                 |  |  | 
|Estación Alfa, S.A. de C.V.                      |  |  | 
|                                                 |  |  | 
|Emisora 1150, S.A. de C.V.                       |  |  | 
|                                                 |  |  | 
|Grupo Radio Centro LA, LLC                       |  |  | 
|                                                 |  |  | 
|Marketing Companies:                             |  |  | 
|                                                 |  |  | 
|GRC Comunicaciones, S.A. de C.V.                 |  |  | 
|                                                 |  |  | 
|GRC Radiodifusión, S.A. (formerly Aerocer, S.A.) |  |  | 











|Service Companies:                                         |  |  | 
|---------------------------------------------------------- |  |  | 
|                                                           |  |  | 
|Promotora Técnica de Servicios Profesionales, S.A. de C.V. |  |  | 
|                                                           |  |  | 
|Publicidad y Promociones Internacionales, S.A. de C.V.     |  |  | 
|                                                           |  |  | 
|To2 México, S.A. de C.V.                                   |  |  | 
|                                                           |  |  | 
|Promo Red, S.A. de C.V.                                    |  |  | 
|                                                           |  |  | 
|                                                           |  |  | 
|Real Estate Companies:                                     |  |  | 
|                                                           |  |  | 
|Universal de Muebles e Inmuebles, S.A. de C.V.             |  |  | 
|                                                           |  |  | 
|Inmobiliaria Radio Centro,  S.A. de C.V.                   |  |  | 
|                                                           |  |  | 
|Sub-holding Companies:                                     |  |  | 
|                                                           |  |  | 
|Desarrollos Empresariales,  S.A. de C.V.                   |  |  | 
|                                                           |  |  | 
|Radiodifusión Red, S.A. de C.V.                            |  |  | 
|                                                           |  |  | 
|Enlaces Troncales, S.A. de C.V.                            |  |  | 
|                                                           |  |  | 
|Non-Operating Companies:                                   |  |  | 
|                                                           |  |  | 
|Música, Música, Música, S.A. de C.V.                       |  |  | 
|                                                           |  |  | 
|Promotora de Éxitos, S.A. de C.V.                          |  |  | 
|                                                           |  |  | 
|Producciones Artísticas Internacionales, S.A. de C.V.      |  |  |