Exhibit 10.13

SUBSIDIARY GUARANTY

GUARANTY, dated as of July 18, 2001 (as amended, modified or supplemented from time to time, this "Guaranty"), made by each of the undersigned (each a
"Guarantor" and, together with each other entity that is required to execute a counterpart hereof pursuant to Section 25 hereof, the "Guarantors"). Except as otherwise defined herein, terms
used herein and defined in the Credit Agreement (as defined below) shall be used herein as therein defined.

W I T N E S S E T H:

WHEREAS, Univision Communications Inc. (the "United States Borrower"), Univision of Puerto Rico Inc.
(the "Puerto Rico Borrower", and together with the United States Borrower, the "Borrowers"), various
financial institutions from time to time party thereto (the "Lenders"), The Chase Manhattan Bank, as Administrative Agent (the
"Administrative Agent") and BNP Paribas, as Documentation Agent (the "Documentation Agent") have entered
into a Credit Agreement, dated as of July 18, 2001 (as amended, modified or supplemented from time to time, the "Credit Agreement"), providing
for the making of Loans to the Borrowers as contemplated therein (the Lender, the Administrative Agent and Documentation Agent herein called the "Lender
Creditors");

WHEREAS,
the Borrowers may from time to time enter into one or more (i) interest rate protection agreements (including, without limitation, interest rate swaps, caps, floors,
collars and similar agreements), (ii) foreign exchange contracts, currency swap agreements or other similar agreements or arrangements designed to protect against the fluctuations in currency
values and/or (iii) other types of hedging agreements from time to time (each such agreement or arrangement with an Other Creditor (as hereinafter defined), a "Hedging
Agreement"), with any Lender, any affiliate thereof or a syndicate of financial institutions organized by any such Lender or affiliate of any such Lender or affiliate (even if
any such Lender ceases to be a Lender under the Credit Agreement for any reason) and any such other institution that participates in such Hedging Agreements and their subsequent successors and assigns
collectively, the "Other Creditors", and together with the Lender Creditors, the "Creditors");

WHEREAS,
each Guarantor is a direct or indirect Subsidiary of the United States Borrower;

WHEREAS,
it is a requirement under the Credit Agreement that each Guarantor shall have executed and delivered this Guaranty; and

WHEREAS,
each Guarantor will obtain benefits from the incurrence of Loans by the Borrowers under the Credit Agreement and the entering into of Hedging Agreements and, accordingly,
desires to execute this Guaranty in order to satisfy the conditions described in the preceding paragraph and to induce the Lenders to maintain and make Loans (and issue Letters of Credit in the case
of the United States Borrower) to the Borrowers and the Other Creditors to maintain and enter into Hedging Agreements with the Borrowers;

NOW,
THEREFORE, in consideration of the foregoing and other benefits accruing to each Guarantor, the receipt and sufficiency of which are hereby acknowledged, each Guarantor hereby makes
the following representations and warranties to the Creditors and hereby covenants and agrees with each Creditor as follows:

1.    Each
Guarantor, jointly and severally, irrevocably and unconditionally guarantees: (i) to the Lender Creditors the full and prompt payment when due (whether at the
stated maturity, by acceleration or otherwise) of (x) the principal of and interest on any promissory notes issued by, and the Loans made to (and Letters of Credit issued for the account of the
United States Borrower), the Borrowers under the Credit Agreement (and all reimbursement obligations and amounts outstanding with respect to such Letters of Credit) and (y) all other
obligations (including obligations which, but for any automatic stay under Section 362(a) of the Bankruptcy Code, would become due) and liabilities owing by the Borrowers to the Lender
Creditors (including, without limitation, indemnities, Fees and

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interest thereon) now existing or hereafter incurred under, arising out of or in connection with the Credit Agreement or any other Credit Document and the due performance and compliance with the
terms, conditions and agreements contained in the Credit Documents by the Borrowers (all such principal, interest, liabilities and obligations being herein collectively called the
"Credit Agreement Obligations"); and (ii) to each Other Creditor the full and prompt payment when due (whether at the stated maturity, by
acceleration or otherwise) of all obligations (including obligations which, but for any automatic stay under Section 362(a) of the Bankruptcy Code, would become due) and liabilities owing by
the Borrowers to the Other Creditors (including, without limitation, indemnities, fees and interest thereon) under any Hedging Agreements, whether now in existence or hereafter arising, and the due
performance and compliance by each of the Borrowers with all terms, conditions and agreements contained therein (all such obligations and liabilities under this clause (ii) being herein
collectively called the "Other Obligations", and together with the Credit Agreement Obligations are herein collectively called the
"Guaranteed Obligations"). Each Guarantor understands, agrees and confirms that the Creditors may enforce this Guaranty up to the full amount of the
Guaranteed Obligations against each Guarantor without proceeding against any other Guarantor, either Borrower, against any security for the Guaranteed Obligations, or against any other guarantor under
any other guaranty covering all or a portion of the Guaranteed Obligations. This Guaranty shall constitute a guaranty of payment and not of collection. All payments by each Guarantor under this
Guaranty shall be made on the same basis as payments by the Borrowers are made under Sections 2.09, 2.10 and 2.16 of the Credit Agreement.

2.    Additionally,
each Guarantor, jointly and severally, unconditionally and irrevocably, guarantees the payment of any and all Guaranteed Obligations of the Borrowers to the
Creditors whether or not due or payable by the Borrowers upon the occurrence in respect of the Borrowers of any of the events specified in Section 7.08 and 7.09 of the Credit Agreement, and
unconditionally and irrevocably, jointly and severally, promises to pay such Guaranteed Obligations to the Creditors, or order, on demand, in lawful money of the United States.

3.    The
liability of each Guarantor hereunder is exclusive and independent of any security for or other guaranty of the indebtedness of the Borrowers whether executed by such
Guarantor, any other Guarantor, any other guarantor or by any other party, and the liability of each Guarantor hereunder shall not be affected or impaired by (i) any direction as to application
of payment by the Borrowers or by any other party, (ii) any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the indebtedness of
the Borrowers, (iii) any payment on or in reduction of any such other guaranty or undertaking, (iv) any dissolution, termination or increase, decrease or change in personnel by the
Borrowers, (v) any payment made to any Creditor on the indebtedness which any Creditor repays the Borrowers pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or
other debtor relief proceeding, and each Guarantor waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding, (vi) any action or inaction by
the Creditors as contemplated in Section 6 hereof or (vii) any invalidity, irregularity or unenforceability of all or part of the Guaranteed Obligations or of any security therefor.

4.    The
obligations of each Guarantor hereunder are independent of the obligations of any other Guarantor, any other guarantor of the Borrowers or the Borrowers, and a
separate action or actions may be brought and prosecuted against each Guarantor whether or not action is brought against any other Guarantor, any other guarantor of the Borrowers or the Borrowers and
whether or not any other Guarantor, any other guarantor of the Borrowers or the Borrowers be joined in any such action or actions. Each Guarantor waives, to the fullest extent permitted by law, the
benefit of any statute of limitations affecting its liability hereunder or the enforcement thereof. Any payment by the Borrowers or other circumstance which operates to toll any statute of limitations
as to the Borrowers shall operate to toll the statute of limitations as to each Guarantor.

5.    Each
Guarantor hereby waives (to the fullest extent permitted by applicable law) notice of acceptance of this Guaranty and notice of any liability to which it may apply,
and waives promptness, diligence, presentment, demand of payment, protest, notice of dishonor or nonpayment of any such

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liabilities, suit or taking of other action by the Agents or any other Creditor against, and any other notice to, any party liable thereon (including such Guarantor or any other guarantor of the
Borrowers).

6.    Any
Creditor may at any time and from time to time without the consent of, or notice to, any Guarantor, without incurring responsibility to such Guarantor, without
impairing or releasing the
obligations of such Guarantor hereunder, upon or without any terms or conditions and in whole or in part:

(i)    change
the manner, place or terms of payment of, and/or change or extend the time of payment of, renew or alter, any of the Guaranteed Obligations, (including any
increase or decrease in the rate of interest thereon), any security therefor, or any liability incurred directly or indirectly in respect thereof, and the guaranty herein made shall apply to the
Guaranteed Obligations as so changed, extended, renewed or altered;

(ii)  take
and hold security for the payment of the Guaranteed Obligations and/or sell, exchange, release, surrender, realize upon or otherwise deal with in any manner and in
any order any property by whomsoever at any time pledged or mortgaged to secure, or howsoever securing, the Guaranteed Obligations or any liabilities (including any of those hereunder) incurred
directly or indirectly in respect thereof or hereof, and/or any offset thereagainst;

(iii)  exercise
or refrain from exercising any rights against each of the Borrowers, any Guarantor, any other guarantor of the Borrowers or others or otherwise act or refrain
from acting;

(iii)  settle
or compromise any of the Guaranteed Obligations, or any liability (including any of those hereunder) incurred directly or indirectly in respect thereof or
hereof, and may subordinate the payment of all or any part thereof to the payment of any liability (whether due or not) of the Borrowers to creditors of the Borrowers;

(iv)  apply
any sums by whomsoever paid or howsoever realized to any liability or liabilities of each of the Borrowers to the Creditors regardless of what liabilities of the
Borrowers remain unpaid;

(v)  release
or substitute any one or more endorsers, guarantors, Guarantors, the Borrowers or other obligors;

(vi)  consent
to or waive any breach of, or any act, omission or default under, the Hedging Agreements, the Credit Documents or any of the instruments or agreements referred
to therein, or otherwise amend, modify or supplement any of the Hedging Agreements, the Credit Documents or any of such other instruments or agreements; and/or

(vii) act
or fail to act in any manner referred to in this Guaranty which may deprive such Guarantor of its right to subrogation against the Borrowers to recover full
indemnity for any payments made pursuant to this Guaranty.

7.    No
invalidity, irregularity or unenforceability of all or any part of the Guaranteed Obligations or of any security therefor shall affect, impair or be a defense to this
Guaranty, and this Guaranty shall be primary, absolute and unconditional notwithstanding the occurrence of any event or the existence of any other circumstances which might constitute a legal or
equitable discharge of a surety or guarantor except payment in full of the Guaranteed Obligations.

8.    This
Guaranty is a continuing one and all liabilities to which it applies or may apply under the terms hereof shall be conclusively presumed to have been created in
reliance hereon. No failure or delay on the part of any Creditor in exercising any right, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of
any right, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein expressly specified are
cumulative and not exclusive of any rights or remedies which any Creditor would otherwise have. No notice to or demand on any Guarantor in any case shall entitle such Guarantor to any other further
notice or demand in similar or other circumstances or constitute a waiver of the rights of any Creditor to any other or further action in any circumstances without notice or demand. It is not
necessary for any Creditor to inquire into the

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capacity or powers of the Borrowers or any of their Subsidiaries or the officers, directors, partners or agents acting or purporting to act on its behalf, and any indebtedness made or created in
reliance upon the professed exercise of such powers shall be guaranteed hereunder.

9.    Any
indebtedness of the Borrowers now or hereafter held by any Guarantor is hereby subordinated to the indebtedness of the Borrowers to the Creditors; and such
indebtedness of the Borrowers to any Guarantor, if the Administrative Agent, after an Event of Default has occurred and is continuing, so requests, shall be collected, enforced and received by such
Guarantor as trustee for the Creditors and be paid over to the Creditors on account of the indebtedness of the Borrowers to the Creditors, but without affecting or impairing in any manner the
liability of such Guarantor under the other provisions of this Guaranty. Prior to the transfer by any Guarantor of any note or negotiable instrument evidencing any indebtedness of the Borrowers to
such Guarantor, such Guarantor shall mark such note or negotiable instrument with a legend that the same is subject to this subordination. Without limiting the generality of the foregoing, each
Guarantor hereby agrees with the Creditors that it will not exercise any right of subrogation which it may at any time otherwise have as a result of this Guaranty (whether contractual, under
Section 509 of the Bankruptcy Code or otherwise) until all Guaranteed Obligations have been irrevocably paid in full in cash.

10.  (a)
Each Guarantor waives any right (except as shall be required by applicable statute and cannot be waived) to require the Creditors to: (i) proceed against the
Borrowers, any other Guarantor, any other guarantor of the Borrowers or any other party; (ii) proceed against or exhaust any security held from the Borrowers or (iii) pursue any other
remedy in the Creditors' power whatsoever. Each Guarantor waives any defense based on or arising out of any defense of the Borrowers, any other Guarantor, any other guarantor of the Borrowers or any
other party other than payment in full of the Guaranteed Obligations, including, without limitation, any defense based on or arising out of the disability of the Borrowers, any other Guarantor, any
other guarantor of the Borrowers or any other party, or the unenforceability of the Guaranteed Obligations or any part thereof from any cause, or the cessation
from any cause of the liability of the Borrowers other than payment in full of the Guaranteed Obligations. The Creditors may, at their election, foreclose on any security held by the Agents or the
other Creditors by one or more judicial or nonjudicial sales, whether or not every aspect of any such sale is commercially reasonable (to the extent such sale is permitted by applicable law), or
exercise any other right or remedy the Creditors may have against the Borrowers or any other party, without affecting or impairing in any way the liability of any Guarantor hereunder except to the
extent the Guaranteed Obligations have been paid in full. Each Guarantor waives any defense arising out of any such election by the Creditors, even though such election operates to impair or
extinguish any right of reimbursement or subrogation or other right or remedy of such Guarantor against the Borrowers or any other party or any security.

(b)  Each
Guarantor waives all presentments, demands for performance, protests and notices, including, without limitation, notices of nonperformance, notices of protest,
notices of dishonor, notices of acceptance of this Guaranty, and notices of the existence, creation or incurring of new or additional indebtedness. Each Guarantor assumes all responsibility for being
and keeping itself informed of the Borrowers' financial condition and assets, and of all other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations and the nature, scope and
extent of the risks which such Guarantor assumes and incurs hereunder, and agrees that the Creditors shall have no duty to advise any Guarantor of information known to them regarding such
circumstances or risks.

11.  The
Creditors agree that this Guaranty may be enforced only by the action of the Administrative Agent acting upon the instructions of the Required Lenders (or, after the
date on which all Credit Document Obligations have been paid in full, the holders of at least a majority of the outstanding Other Obligations) and that no other Creditor shall have any right
individually to seek to enforce or to enforce this Guaranty, it being understood and agreed that such rights and remedies may be exercised by the Administrative Agent or the holders of at least a
majority of the outstanding Other Obligations, as the case may be, for the benefit of the Creditors upon the terms of this Guaranty. The Creditors further agree that this Guaranty may not be enforced
against any director, officer, employee, or stockholder of any Guarantor (except to the extent such stockholder is also a Guarantor hereunder).

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12.  In
order to induce the Lenders to make Loans pursuant to the Credit Agreement, and in order to induce the Other Creditors to execute, deliver and perform the Hedging
Agreements, each Guarantor represents, warrants and covenants that:



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13.  Each
Guarantor covenants and agrees that on and after the date hereof and until the termination of all the Commitments of all of the Lenders and all Hedging Agreements
and when no promissory note or Letter of Credit remains outstanding and all other Guaranteed Obligations have been paid in full (other than indemnities described in Section 10.03 of the Credit
Agreement which are not then due and payable), such Guarantor shall take, or will refrain from taking, as the case may be, all actions that are necessary to be taken or not taken so that no violation
of any provision, covenant or agreement contained in Article 5 or 6 of the Credit Agreement, and so that no Default or Event of Default, is caused by the actions of such Guarantor or any of its
Subsidiaries.

14.  The
Guarantors hereby jointly and severally agree to pay all out-of-pocket costs and expenses of each Creditor in connection with the enforcement
of this Guaranty and the protection of such Creditor's rights hereunder, and in connection with any amendment, waiver or consent relating hereto (including, without limitation, the fees and
disbursements of counsel employed by the Agents or any of the Creditors).

15.  This
Guaranty shall be binding upon each Guarantor and its successors and assigns and shall inure to the benefit of the Creditors and their successors and assigns.

16.  Neither
this Guaranty nor any provision hereof may be changed, waived, discharged or terminated in any manner whatsoever unless in writing duly signed by the
Administrative Agent (with the consent of (x) the Required Lenders or, to the extent required by Section 10.02 of the Credit Agreement, all of the Lenders, at all times prior to the time
at which all Credit Agreement Obligations have been paid in full, or (y) the holders of at least a majority of the outstanding Other Obligations at all times after the time at which all Credit
Agreement Obligations have been paid in full) and each Guarantor directly affected thereby (it being understood that the addition or release of any Guarantor hereunder shall not constitute a change,
waiver, discharge or termination affecting any Guarantor other than the Guarantor so added or released);provided, that any change, waiver, modification
or variance adversely affecting the rights and benefits of a single class (as defined below) of Creditors (and not all Creditors in a like or similar manner) shall require the written consent of the
Requisite Creditors (as defined below) of such Class. For the purpose of this Guaranty, the term "Class" shall mean each class of Creditors, i.e., whether
(i) the Lender Creditors as holders of the Credit Agreement Obligations or (ii) the Other Creditors as holders of the Other
Obligations. For the purpose of this Guaranty, the term "Requisite Creditors" of any Class shall mean each of (i) with respect to the Credit Agreement Obligations, the Required Lenders and
(ii) with respect to the Other Obligations, the holders of at least a majority of all obligations outstanding from time to time under the Hedging Agreements.

17.  Each
Guarantor acknowledges that an executed (or conformed) copy of each of the Credit Documents and the Hedging Agreements has been made available to its principal
executive officers and such officers are familiar with the contents thereof.

18.  In
addition to any rights now or hereafter granted under applicable law (including, without limitation, Section 151 of the New York Debtor and Creditor Law) and
not by way of limitation of any such rights, upon the occurrence and during the continuance of an Event of Default (such term to mean and include any "Event of Default" as defined in the Credit
Agreement or any payment default under any Hedging Agreement and shall in any event, include, without limitation, any payment default on any of the Guaranteed Obligations continuing after any
applicable grace period), each Creditor is hereby authorized at any time or from time to time, without notice to any Guarantor or to any other Person, any such notice being expressly waived, to set
off and to appropriate and apply any and all deposits (general or special) and any other indebtedness at any time held or owing by such Creditor to or for the credit or the account of such Guarantor,
against and on account of the obligations and liabilities of such Guarantor to such Creditor under this Guaranty, irrespective of whether or not such Creditor shall have made any demand hereunder and
although said obligations, liabilities, deposits or claims, or any of them, shall be contingent or unmatured. Each Creditor acknowledges and agrees that

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the provisions of this Section 18 are subject to the sharing provisions set forth in Section 10.13(b) of the Credit Agreement.

19.  All
notices, requests, demands or other communications pursuant hereto shall be deemed to have been duly given or made when delivered to the Person to which such notice,
request, demand or other communication is required or permitted to be given or made under this Guaranty, addressed to such party at (i) in the case of any Lender Creditor, as provided in the
Credit Agreement, (ii) in the case of any Guarantor, at its address set forth opposite its signature below and (iii) in the case of any Other Creditor, at such address as such Other
Creditor shall have specified in writing to the Guarantor; or in any case at such other address as any of the Persons listed above may hereafter notify the others in writing.

20.  If
claim is ever made upon any Creditor for repayment or recovery of any amount or amounts received in payment or on account of any of the Guaranteed Obligations and any
of the aforesaid payees repays all or part of said amount by reason of (i) any judgment, decree or order of any court or administrative body having jurisdiction over such payee or any of its
property or (ii) any settlement or compromise of any such claim effected by such payee with any such claimant (including either Borrower), then and in such event each Guarantor agrees that any
such judgment, decree, order, settlement or compromise shall be binding upon such Guarantor, notwithstanding any revocation hereof or the cancellation of any promissory note or any Hedging Agreement
or other instrument evidencing any liability of the Borrowers, and such Guarantor shall be and remain liable to the aforesaid payees hereunder for the amount so repaid or recovered to the same extent
as if such amount had never originally been received by any such payee.

21.  (A)
THIS GUARANTY AND THE RIGHTS AND OBLIGATIONS OF THE CREDITORS AND OF THE UNDERSIGNED HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE
STATE OF NEW YORK.

(B)  ANY
LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS GUARANTY OR ANY OTHER CREDIT DOCUMENT TO WHICH ANY GUARANTOR IS A PARTY MAY BE BROUGHT IN THE COURTS OF THE STATE OF
NEW YORK OR OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS GUARANTY, EACH GUARANTOR HEREBY IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT
OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS WITH RESPECT TO SUCH ACTIONS OR PROCEEDINGS. EACH GUARANTOR FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF
PROCESS OUT OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO EACH GUARANTOR AT ITS ADDRESS SET
FORTH OPPOSITE ITS SIGNATURE BELOW, SUCH SERVICE TO BECOME EFFECTIVE 30 DAYS AFTER SUCH MAILING. EACH GUARANTOR HEREBY IRREVOCABLY WAIVES ANY OBJECTION TO SUCH SERVICE OF PROCESS AND FURTHER
IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY ACTION OR PROCEEDING COMMENCED HEREUNDER OR UNDER ANY OTHER CREDIT DOCUMENT TO WHICH SUCH GUARANTOR IS A PARTY THAT SERVICE OF PROCESS WAS IN
ANY WAY INVALID OR INEFFECTIVE. NOTHING HEREIN SHALL AFFECT THE RIGHT OF ANY OF THE CREDITORS TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE
PROCEED AGAINST EACH GUARANTOR IN ANY OTHER JURISDICTION.

(C)  EACH
GUARANTOR HEREBY IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY OF THE AFORESAID ACTIONS OR PROCEEDINGS ARISING
OUT OF OR IN CONNECTION WITH THIS GUARANTY OR ANY OTHER CREDIT DOCUMENT BROUGHT IN THE COURTS REFERRED TO IN CLAUSE (B) ABOVE AND HEREBY FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR
CLAIM IN ANY SUCH COURT THAT SUCH ACTION OR

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PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

(D)  EACH
GUARANTOR HEREBY IRREVOCABLY WAIVES ALL RIGHTS TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS GUARANTY, THE OTHER
CREDIT DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

(E)  EACH
GUARANTOR WARRANTS AND AGREES THAT EACH OF THE WAIVERS SET FORTH ABOVE IS MADE WITH FULL KNOWLEDGE OF ITS SIGNIFICANCE AND CONSEQUENCES AND THAT IF ANY OF SUCH
WAIVERS ARE DETERMINED TO BE CONTRARY TO ANY APPLICABLE LAW OR PUBLIC POLICY, SUCH WAIVERS SHALL BE EFFECTIVE ONLY TO THE MAXIMUM EXTENT PERMITTED BY LAW.

22.  In
the event that all of the capital stock of one or more Guarantors is sold or otherwise disposed of or liquidated in compliance with the requirements of
Section 6.03 of the Credit Agreement (or such sale or other disposition has been approved in writing by the Required Lenders (or all Lenders if required by Section 10.02 of the Credit
Agreement)) and the proceeds of such sale, disposition or liquidation are applied in accordance with the provisions of the Credit Agreement, to the extent applicable, such Guarantor shall be released
from this Guaranty and this Guaranty shall, as to each such Guarantor or Guarantors, terminate, and have no further force or effect (it being understood and agreed that the sale of one or more Persons
that own, directly or indirectly, all of the capital stock of any Guarantor shall be deemed to be a sale of such Guarantor for the purposes of this Section 22).

23.  All
payments made by any Guarantor hereunder will be made without setoff, counterclaim or other defense.

24.  This
Guaranty may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which when so executed and delivered
shall be an original, but all of which shall together constitute one and the same instrument. A set of counterparts executed by all the parties hereto shall be lodged with the United States Borrower
and the Administrative Agent.

25.  It
is understood and agreed that any Subsidiary of the United States Borrower that is required to execute a counterpart of this Guaranty pursuant to the Credit Agreement
after the date hereof shall automatically become a Guarantor hereunder by executing a counterpart hereof and delivering the same to the Administrative Agent.

26.  It
is the desire and intent of each Guarantor and the Creditors that this Guaranty shall be enforced against each Guarantor to the fullest extent permissible under the
laws and public policies applied in each jurisdiction in which enforcement is sought. If, however, and to the extent that, the obligations of each Guarantor under this Guaranty shall be adjudicated to
be invalid or unenforceable for any reason (including, without limitation, because of any applicable state or federal law relating to fraudulent conveyances or transfers), then the amount of the
Guaranteed Obligations of such Guarantor shall be deemed to be reduced and such Guarantor shall pay the maximum amount of the Guaranteed Obligations which would be permissible under applicable law.

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* *

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IN
WITNESS WHEREOF, each Guarantor has caused this Guaranty to be executed and delivered as of the date first above written.

|Notice Address for each Subsidiary Guarantor:                                                                                                                                                                                                                                                                                                                                                  |  | UNIVISION OF PUERTO RICO INC.                           
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | --------------------------------------------------------
|Univision Communications Inc.
c/o Chartwell Partners
1999 Avenue of the Stars, Suite 3050
Los Angeles, CA 90067
Attention:    George Blank
Telephone:    (201) 287-4301
Facsimile:    (201) 287-9577
Attention:    Andrew Hobson
Telephone:    (310) 556-7690
Facsimile:    (310) 556-7615
Attention:    C. Douglas Kranwinkle, Esq.
Telephone:    (310) 556-3568
Facsimile:    (310) 556-3568 |  | By:                                                     
|                                                                                                                                                                                                                                                                                                                                                                                               |  | PTI HOLDINGS, INC.,as a Guarantor                       
|                                                                                                                                                                                                                                                                                                                                                                                               |  | By:                                                     
|                                                                                                                                                                                                                                                                                                                                                                                               |  | UNIVISION TELEVISION GROUP, INC.,as a Guarantor         
|                                                                                                                                                                                                                                                                                                                                                                                               |  | By:                                                     
|                                                                                                                                                                                                                                                                                                                                                                                               |  | THE UNIVISION NETWORK LIMITED PARTNERSHIP,as a Guarantor
|                                                                                                                                                                                                                                                                                                                                                                                               |  | By:                                                     
|                                                                                                                                                                                                                                                                                                                                                                                               |  | By:                                                     

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| |  | GALAVISION, INC.,as a Guarantor           
| |  | ------------------------------------------
| |  | By:                                       
| |  | SUNSHINE ACQUISITION L.P.,as a Guarantor  
| |  | By:                                       
| |  | By:                                       
| |  | SUNSHINE ACQUISITION CORP.,as a Guarantor 
| |  | By:                                       
| |  | UNIVISION ACQUISITION CORP.,as a Guarantor
| |  | By:                                       
| |  | UNIVISION ONLINE, INC.,as a Guarantor     
| |  | By:                                       

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| |  | UNIVISIONEV HOLDINGS, LLC,as a Guarantor          
| |  | ---------------------------------------------------
| |  | By:                                                
| |  | By:                                                
| |  | UNIVISION MUSIC, INC., as a Guarantor              
| |  | By:                                                
| |  | UNIVISION OF DALLAS INC.,as a Guarantor            
| |  | By:                                                
| |  | UNIVISION OF HOLLYWOOD, FLORIDA INC.,as a Guarantor
| |  | By:                                                
| |  | UNIVISION SPANISH MEDIA INC.,as a Guarantor        
| |  | By:                                                
| |  | UNIVISION OF ATLANTA INC.,as a Guarantor           
| |  | By:                                                

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| |  | UNIVISION PARTNERSHIP OF DALLAS,as a Guarantor             
| |  | -----------------------------------------------------------
| |  | By:                                                        
| |  | By:                                                        
| |  | By:                                                        
| |  | UNIVISION PARTNERSHIP OF ATLANTA,as a Guarantor            
| |  | By:                                                        
| |  | By:                                                        
| |  | By:                                                        
| |  | UNIVISION PARTNERSHIP OF HOLLYWOOD, FLORIDA, as a Guarantor
| |  | By:                                                        
| |  | By:                                                        
| |  | By:                                                        
| |  | STATION WORKS, LLC,as a Guarantor                          
| |  | By:                                                        
| |  | By:                                                        

---

| |  | KWEX LICENSE PARTNERSHIP, G.P., as a Guarantor                                   
| |  | ---------------------------------------------------------------------------------
| |  | By:                                                                              
| |  | By:                                                                              
| |  | KUVN LICENSE PARTNERSHIP, G.P.,as a Guarantor                                    
| |  | By:                                                                              
| |  | By:                                                                              
| |  | KMEX LICENSE PARTNERSHIP, G.P.,,as a Guarantor                                   
| |  | By:                                                                              
| |  | By:                                                                              
| |  | KDTV LICENSE PARTNERSHIP, G.P.,as a Guarantor                                    
| |  | By:                                                                              
| |  | By: /s/ROBERT V. CAHILLName: Robert V. Cahill
Title: Vice President and Secretary

---

| |  | KFTV LICENSE PARTNERSHIP, G.P.,as a Guarantor
| |  | ---------------------------------------------
| |  | By:                                          
| |  | By:                                          
| |  | KTVW LICENSE PARTNERSHIP, G.P.,as a Guarantor
| |  | By:                                          
| |  | By:                                          
| |  | KXLN LICENSE PARTNERSHIP, G.P.,as a Guarantor
| |  | By:                                          
| |  | By:                                          
| |  | WGBO LICENSE PARTNERSHIP, G.P.,as a Guarantor
| |  | By:                                          
| |  | By:                                          

---

| |  | WXTV LICENSE PARTNERSHIP, G.P.,as a Guarantor
| |  | ---------------------------------------------
| |  | By:                                          
| |  | By:                                          
| |  | WLTV LICENSE PARTNERSHIP, G.P.,as a Guarantor
| |  | By:                                          
| |  | By:                                          
| |  | KUVS LICENSE PARTNERSHIP, G.P.,as a Guarantor
| |  | By:                                          
| |  | By:                                          
| |  | KUVI LICENSE PARTNERSHIP, G.P.,as a Guarantor
| |  | By:                                          
| |  | By:                                          

Accepted
and Agreed to:

THE
CHASE MANHATTAN BANK,
as Administrative Agents for the Lenders

|By: |  | /s/TRACEY NAVIN EWING                          |  |  |  | 
|--- |  | ---------------------------------------------- |  |  |  | 
|    |  | Name: Tracey Navin Ewing
Title: Vice President |  |  |  | 

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