EXHIBIT 10.16.1

EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENTis entered into effective as of July 1, 2004, by and between Univision
Communications Inc., a Delaware corporation ("Company"), and Robert V. Cahill ("Employee").

RECITALS

WHEREAS, Company desires to employ Employee and Employee desires to accept such employment on the terms and
conditions set forth herein;

NOW, THEREFORE,in consideration of the mutual covenants contained herein, Employee and Company agree as follows:

1.Definitions/Interpretation.The terms and conditions of
Sections 1-9 (the "Express Terms and Conditions"), together with the "Standard Terms and Conditions" attached hereto and incorporated herein by reference, are collectively referred
to as the "Agreement". All capitalized terms in the Agreement shall have the meaning set forth in the Express Terms and Conditions, except as otherwise specifically defined in the Standard Terms and
Conditions. In the event of a conflict, the Express Terms and Conditions shall prevail over the Standard Terms and Conditions. All references to "Section" are Sections of the Standard Terms and
Conditions unless expressly stated otherwise.

2.Employment/Term.On the terms and subject to the conditions set forth in this
Agreement, Company hereby employs Employee and Employee hereby accepts such employment for the period commencing on July 1, 2004, and ending on December 31, 2006 (the "Term").

3.Base Salary.Company will pay to Employee a base salary (the "Base Salary") at the
annualized rate of Six Hundred Fifty Thousand Dollars ($650,000) during the period from July 1, 2004 through December 31, 2006. Such Base Salary will be earned weekly, in arrears, and be
payable no less frequently than monthly, in accordance with Company's customary practices.

4.Duties.    Employee will perform the duties and responsibilities and render services in
the capacity of Vice Chairman and Secretary for the Company, or in any other capacity as Company may from time to time prescribe. Employee will observe and comply with all rules, regulations,
policies, orders and directions, whether oral or written, as Company may prescribe from time to time ("Company's Policies").

5.Bonuses.Company may or may not, in its sole and absolute discretion, award Employee
a bonus.

6.Benefits.Company will provide to Employee all insurance and other benefits that
Company provides to employees of Company generally (the "Benefits"); subject, however, to Employee's eligibility to participate in such Benefits under Company's Policies.

7.Business Expenses.Company will reimburse Employee for all reasonable and necessary
business expenditures made by Employee in accordance with Company's Policies.

8.Car Allowance.Company shall provide Employee a car allowance of Six Hundred Dollars
($600) per month during the Term, less required withholdings and applicable deductions.

9.Place of Employment.Employee's principal place of employment will be Los Angeles,
California, or at such other place as may be mutually determined by Company and Employee. Notwithstanding the foregoing, Employee will engage in temporary travel as Company may reasonably request or
as may be required to carry out Employee's duties and responsibilities hereunder.

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IN WITNESS WHEREOF,the parties have executed this Agreement as of the date first above written.

|                                    |  | UNIVISION COMMUNICATIONS INC.
|----------------------------------- |  | -----------------------------
|                                    |  | By:                          
|/s/ROBERT V. CAHILLRobert V. Cahill |  |                              

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STANDARD TERMS AND CONDITIONS

1.Exclusivity of Services.



2.Termination.



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3.Renewal.



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4.Confidentiality/Trade Secrets/Unfair Competition; Competitive Activities; Proprietary Rights.



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5.Conflicts of Interest.Employee represents and warrants that Employee is familiar with the provisions of
Sections 317 and 507 of the Communications Act of 1934, as amended, recognizes Employee's responsibilities and personal liabilities thereunder, and will fully comply with those provisions during the
Term. Specifically, Employee will not, without the prior knowledge and written consent of Company in each instance: (a) engage in any business or economic activity that would create a conflict
of interest in the selection of broadcast matter; (b) accept any favors, loans, entertainment or anything of value from persons seeking the airing of any matter in return therefor; or
(c) promote over the air any activity or matter in which Employee or any affiliate of Employee has a direct or indirect financial interest. Employee will provide Company with such information
and execute such certifications as Company may from time to time reasonably require to enable Company to discharge its obligations under the above-referenced statutory provisions.

6.Miscellaneous.



| |  | If to Company to:
| |  | -----------------
| |  |                  
| |  | With copies to:  
| |  |                  



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