Exhibit 11.1

GRUPO CLARÍN

POLICIES AND PROCEDURES

Code: MC-RH-P001-01
Issue Date: 01/01/2001

HUMAN
RESOURCES

ETHICS
POLICY AND CONFLICTS OF INTEREST

Scope:
Multicanal and its controlled companies

Improvement
of Processes and ResultsMULTICANAL

---





CONTENTS

|   |         |                                         |                                                                  |    | Page
|-- | ------- | --------------------------------------- | ---------------------------------------------------------------- | -- | ----
|1. | GENERAL |                                         | 3                                                               
|   | 1.1.    | Purpose                                 |                                                                  | 3 
|   | 1.2.    | Background                              |                                                                  | 3 
|   | 1.3.    | Scope and sectors of application        |                                                                  | 3 
|   | 1.4.    | Effect                                  |                                                                  | 3 
|   | 1.5.    | Sector of Origin                        |                                                                  | 3 
|   | 1.6.    | Issuing Authority                       |                                                                  | 3 
|2. | POLICY  |                                         | 3                                                               
|   | 2.1.    | Ethics policy and conflicts of interest |                                                                  | 3 
|   |         | 2.1.1.                                  | General                                                          |    | 3   
|   |         | 2.1.2.                                  | Principles and objectives                                        |    | 4   
|   |         | 2.1.3.                                  | Basic conduct principles in the relationship with employees      |    | 4   
|   |         | 2.1.4.                                  | Basic conduct principles in political and governmental relations |    | 5   
|   |         | 2.1.5.                                  | Ethics in the conduction of business                             |    | 6   
|   |         | 2.1.6.                                  | Conflicts of interest                                            |    | 6   
|   |         | 2.1.7.                                  | Relevant Information                                             |    | 7   
|   |         | 2.1.8.                                  | Confidential Information                                         |    | 7   
|   |         | 2.1.9.                                  | Protection of the Company's property                             |    | 8   
|   |         | 2.1.10.                                 | Expression of opinions in public surveys                         |    | 9   
|   |         | 2.1.11.                                 | Bribery and bribery offer                                        |    | 9   
|   |         | 2.1.12.                                 | Performance  Doubts                                             |    | 9   
|   |         | 2.1.13.                                 | Annual sworn statement                                           |    | 9   
|   |         | 2.1.14.                                 | Enforcement Authority                                            |    | 9   
|   | 2.2.    | Direct References                       |                                                                  | 10
|   | 2.3.    | Responsibilities                        |                                                                  | 10

2

---



1.     GENERAL

1.1.Purpose



1.2.Background



1.3.Scope and sectors of application



1.4.Effect



1.5.Sector of Origin



1.6.Issuing Authority



2.POLICY

2.1.Ethics policy and conflicts of interest



3

---











4

---







5

---









6

---







7

---





8

---







9

---





2.2.Direct References



2.3.Responsibilities



10

---





QuickLinks