Document:

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                                                                  Exhibit 10.30

                             SUBSCRIPTION AGREEMENT

Hispanic Television Networks, Inc.
6125 Airport Freeway, Suite 200
Ft. Worth, Texas 76117

Gentlemen:

         The undersigned understands that Hispanic Television Networks, Inc.,
a Delaware corporation (the "Company"), is offering for sale units (the
"Units") comprised of shares of its common stock, par value $.01 per share
(collectively the "Shares," and singlya "Share"), and warrants (collectively
the "Warrants," and singly a "Warrant") to purchase one Share at a purchase
price of $1.00. The Units include Class One Units and Class Two Units. The
Class One Units are comprised of four Shares and one Warrant, while the Class
Two Units are comprised of two Shares and one Warrant. The Shares and the
Warrants comprising the Units are detachable and separately transferable to
the extent provided for herein and by applicable law. The form of the
Warrants is attachedhereto as Exhibit A; provided, however, that in the
actual Warrants issued, the blanks in the form of Warrants regarding the
period of time during which the Warrants may be exercised shall be filled so
that such period of time shall run for one year afterthe actual Warrants are
issued. The undersigned further understands that the offering is being made
without registration under the Securities Act of 1933, as amended (the
"Securities Act") of the Shares, the Warrants comprising the Units or the
Shares to be acquired pursuant to exercises of the Warrants.

         1. SUBSCRIPTION FOR CLASS ONE UNITS. Subject to the terms and
conditions hereof, the undersigned hereby irrevocably subscribes for an
aggregate of 1,500,000 Class One Units (totalling 6,000,000 Shares and
1,500,000 Warrants) at a price of $1.00 per Unit. The purchase price for the
Class One Units is payable in full in immediately available funds upon the
full execution of this Agreement. Upon receipt from the undersigned of the
purchase price for the Class One Units, the Company shall deliver to the
undersigned certificates and instruments representing the Shares and the
Warrants being purchased.

         2. SUBSCRIPTION FOR CLASS TWO UNITS.

                  (a) Subject to the terms and conditions hereof, the
         undersigned hereby irrevocably subscribes for an aggregate of 5,000,000
         Class Two Units (totalling 10,000,000 Shares and 5,000,000 Warrants) at
         a price of $1.00 per Unit.

                  (b) Subject to Section 2(c) below, the Class Two Units to be
         sold and purchased pursuant to this Section 2 shall be sold and
         purchased in 10 closings (each referred to hereinafter as a "Closing").
         The first Closing shall occur 30 days after the execution anddelivery
         of this Agreement, and another Closing shall occur every 30 days
         thereafter until all 10 Closings have occurred. Each Closing shall
         occur at 9:00 a.m. at the offices of the Company, unless the parties
         hereto otherwise agree in writing. At each Closing, 500,000 Class Two
         Units (totalling 1,000,000 Shares and 500,000 Warrants) shall be sold
         and purchased. At each Closing, the undersigned shall deliver the
         aggregate purchase price for the Class Two Units being purchased in
         immediately available funds and the certificates required of the

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         undersigned as provided in Section 3(c) below, and the Company shall
         deliver certificates and instruments representing the Shares and the
         Warrants being purchased and the certificates required of the Company
         as provided in Section 3(c) below. Notwithstanding the preceding, the
         undersigned shall not be in breach of this Section 2 until the
         undersigned has failed to purchase any Class Two Units as required by
         this Section 2, the Company has given written notice to the undersigned
         of the undersigned's failure, and the undersigned has not within 10
         days after the foregoing notice fully cured such failure and completed
         the required purchase of Class Two Units.

                  (c) The obligations of the undersigned at a Closing are
         subject, at the undersigned's election, to the satisfaction on or prior
         to Closing of each of the following conditions: (i) each of the
         representations and warranties of the Company contained in this
         Agreement shall be true and correct in all respects at and as of the
         Closing as if each such representation and warranty was made at and as
         of the Closing, and at the Closing there shall be delivered to the
         undersigned a customary bring-down certificate (dated as of the Closing
         and signed by the Company) to the foregoing effect; and (ii) no suit or
         other proceeding by any third party shall be pending before any court
         or governmental agency seeking to restrain, prohibit or declare
         illegal, or seeking substantial damages from the undersigned in
         connection with, thetransactions contemplated by this Agreement. The
         obligations of the Company at a Closing are subject, at the Company's
         election, to the satisfaction on or prior to Closing of each of the
         following conditions: (x) each of the representations and warrantiesof
         the undersigned contained in this Agreement shall be true and correct
         in all respects at and as of the Closing as if each such representation
         and warranty was made at and as of the Closing, and at the Closing
         there shall be delivered to the Company a customary bring-down
         certificate (dated as of the Closing and signed by the undersigned) to
         the foregoing effect; (y) the undersigned shall have delivered to the
         Company a certificate signed by the undersigned containing such other
         representations and warranties of the undersigned as the Company shall
         believe necessary or advisable to determine that the issuance of the
         related Class Two Units is exempt from federal and state securities
         offering registration requirements; and (z) no suit or other proceeding
         by any third party shall be pending before any court or governmental
         agency seeking to restrain, prohibit or declare illegal, or seeking
         substantial damages from the Company in connection with, the
         transactions contemplated by this Agreement. In addition to the
         preceding, the undersigned agrees to furnish to the Company any other
         information required by the Company in order for the Company to
         determine that the issuance of any Class Two Units will not violate any
         laws, regulations or rules (including, without limitation, any federal
         or state securities laws, any rules of the National Association of
         Securities Dealers, or any rule, regulation, policy or decision of the
         Federal Communications Commission or the Communications Act of 1934, as
         amended). If the Company believes that the issuance of any Class Two
         Units will violate any such laws, regulations or rules, then the date
         of the related Closing shall be extended until all action believed by
         the Company to be necessary in order to avoid violating

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         such laws can be taken. Each of the Company and the undersigned agrees
         to use reasonable efforts to take all action believed by the Company
         to be necessary in order to avoid violating such laws.

         3. AGREEMENTS RELATING TO THE SUBSCRIPTIONS. In connection withthe
undersigned's subscription for the Units, the following additional agreement
were entered into by separate documentation:

                  (a) The persons whose names are set forth immediately below
         executed in favor of the undersigned a proxy with respect to the number
         of Shares respectively owned by such persons indicated to the immediate
         right of such persons' names below, and such proxies entitle the
         undersigned to vote all such Shares for a period of one year so long as
         the undersigned is current in his subscription obligations under
         Section 2 above:

                  Alan and Victoria Luckett                   13,146,716 Shares
                  Woodcrest Capital, LLC                      12,728,712 Shares
                  Jim Ryffel                                  10,274,000 Shares
                  Bob J. Bryant                                4,321,250 Shares
                  Donald B. Sallee                             4,578,823 Shares

                  (b) The persons whose names are set forth immediately below
         deposited into escrow (with Frederick R. Hoelke as escrow agent) the
         number of Shares respectively owned by such persons indicated to the
         immediate right of such persons' names below, with instructions to the
         escrow agent to convey to the Company as a contribution to capital 1/33
         of such Shares upon each Closing (and, after all Closings have been
         completed, every 30 days thereafter until all such Shares have been
         conveyed to the Company) and with instructions to the escrow agent to
         grant proxies to the undersigned entitling the undersigned to vote all
         such Shares not so conveyed to the Company so long as the undersigned
         is current in his subscription obligations under Section 2 above:

                  Alan and Victoria Luckett                   9,672,537 Shares
                  Woodcrest Capital, LLC                      9,546,534 Shares
                  Jim Ryffel                                  7,705,500 Shares
                  Bob J. Bryant                               3,240,938 Shares
                  Donald B. Sallee                            2,778,823 Shares

                  (c) In consideration of 400,000 restricted Shares to be issued
         by the Company within the next 90 days, Marco Camacho resigned as
         President of the Company and gave a full release of all claims against
         the Company and its directors, officers and assigns.

                  (d) Emilio Gorriti was elected to the Board of Directors of
         the Company and was elected President of the Company. Moreover, as soon
         as all regulatory

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         requirements constituting a condition precedent thereto (including,
         without limitation, those promulgated by any federal or state
         securities administrator, the National Association of Securities
         Dealers, or the Federal Communications Commission), all members of
         the Board of Directors of the Company (other than Mr. Gorriti and
         Jim Ryffel) shall resign from their seats on such.

                  (e) Goff Moore modified and granted an extension of the
         indebtedness owed by the Company to him as a condition precedent to the
         undersigned's execution of this Agreement.

         4. REPRESENTATIONS AND WARRANTIES OF THE COMPANY. The Company
represents and warrants that:

                  (a) the Company is a corporation duly organized, validly
         existing and in good standing under the laws of the State of Delaware,
         and has the requisite corporate power and authority to execute and
         deliver this Agreement and to perform its obligations hereunder;

                  (b) the execution, delivery and performance of this Agreement,
         and the execution, issuance, sale and delivery of the certificates
         representing the Shares and the Warrants being purchased and the Shares
         to be acquired pursuant to exercises of the Warrants have been duly
         authorized by all necessary corporate action on the part of the
         Company; and

                  (c) the Shares being acquired pursuant hereto and the Shares
         to be acquired pursuant to exercises of the Warrants being acquired
         pursuant hereto, when issued against delivery of the requisite
         consideration therefor, will be legally and validly issued, fully paid
         and nonassessable.

         5. REPRESENTATIONS AND WARRANTIES OF THE UNDERSIGNED. The undersigned
hereby represents and warrants to the Company and to each officer, director,
controlling person and agent of the Company that:

                  (a) GENERAL:

                           (i) The undersigned has all requisite authority to
                  enter into this Agreement and to perform all the obligations
                  required to be performed by the undersigned hereunder.

                           (ii) Neither the Company nor any person acting on
                  behalf of the Company has offered or sold any Units to the
                  undersigned by means of any form of general solicitation or
                  general advertising. The undersigned has not received, paid or
                  given, directly or indirectly, any commission or remuneration
                  for or on account of any sale, or the solicitation of any
                  sale, of any Units.

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                           (iii) The undersigned has received no representations
                  from the Company or from employees or agents of the Company
                  other than those contained herein. In the decision to invest
                  in the Units, the undersigned has relied solely upon a review
                  of the reports of the Company on file with the Securities
                  Exchange Commission (the "Commission") and on the answers to
                  such questions raised by the undersigned concerning the
                  transaction.

                  (b)      INFORMATION CONCERNING THE COMPANY:

                           (i) The undersigned is familiar with the business and
                  financial condition, properties, operations and prospects of
                  the Company.

                           (ii) The undersigned has been given full access to
                  all material information concerning the condition, properties,
                  operations and prospects of the Company. Among other things,
                  the undersigned has received and examined the Company's Annual
                  Report on Form 10-KSB for the Company's last fiscal year and
                  all Quarterly Reports on Form 10-QSB and Current Reports on
                  Form 8-K subsequent to the end of such fiscal year. The
                  undersigned has had an opportunity to ask questions of, and to
                  receive information from, the Company and persons acting on
                  its behalf concerning the terms and conditions of the
                  undersigned's investment in the Units, and to obtain any
                  additional information necessary to verify the accuracy of the
                  information and data received by the undersigned. The
                  undersigned is satisfied that there is no material information
                  concerning the condition, properties, operations and prospects
                  of the Company, of which the undersigned is unaware.

                           (iii) The undersigned has made such independent
                  investigation of the Company, its management and related
                  matters as the undersigned deemed to be necessary or advisable
                  in connection with this investment; and the undersigned has
                  received all information and data that the undersigned
                  believes to be necessary in order to reach an informed
                  decision as to the advisability of investing in the Units.

                           (iv) The undersigned understands that the purchase of
                  the Units involves various risks. Among other risks, the
                  undersigned understands that it is unlikely that any market
                  will develop for any resale of the Warrants comprising the
                  Units and that any dividend will be paid on the Shares, in
                  either case at any time in the near future.

                  (c)      STATUS OF UNDERSIGNED:

                           (i) The undersigned has such knowledge, skill and
                  experience in business, financial and investment matters so
                  that the undersigned is capable

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                  of evaluating the merits and risks of an investment in the
                  Units. To the extent necessary, the undersigned has retained
                  at the undersigned's own expense, and relied upon,
                  appropriate professional advice regarding the investment, tax
                  and legal merits and consequences of this Agreement and owning
                  the Units.

                           (ii) The undersigned represents that the undersigned
                  has reviewed the undersigned's financial condition and
                  commitments and that, based on such review, the undersigned is
                  satisfied that the undersigned (A) has adequate means of
                  providing for the undersigned's financial needs and possible
                  contingencies, (B) has no present or contemplated future need
                  to dispose of all or any of the Shares or Warrants comprising
                  the Units, or the Shares to be acquired pursuant to exercises
                  of the Warrants, to satisfy any existing or contemplated
                  undertaking, need or indebtedness, (C) is capable of bearing
                  the economic risk of the investment in the Units for the
                  indefinite future, and (D) has assets or sources of income
                  which, taken together, are more than sufficient so that the
                  undersigned could bear the risk of loss of the undersigned's
                  entire investment in the Units. The undersigned agrees to
                  furnish any additional information requested to assure
                  compliance with applicable federal and state securities laws
                  in connection with the purchase and sale of the Units.

                  (d)      RESTRICTIONS ON TRANSFER OR SALE OF UNITS:

                           (i) The undersigned is acquiring the Units solely for
                  the undersigned's own beneficial account, for investment
                  purposes, and not with a view to, or for resale in connection
                  with, any distribution of such Units. The undersigned
                  understands that the Shares and Warrants comprising the Units
                  and the Shares to be acquired pursuant to exercises of the
                  Warrants have not been and will not be registered under the
                  Securities Act or any state securities laws because of
                  exemptions provided for by Sections 4(2) and 4(6) of the
                  Securities Act, Rules 505 and 506 of Regulation D under the
                  Securities Act, and limited offering exemptions under the
                  state securities laws of each jurisdiction in which the Units
                  will be offered. Certain of the foregoing exemptions depend in
                  part upon the investment intent of the undersigned and of the
                  other representations made by the undersigned in this
                  Agreement. The undersigned understands that the Company is
                  relying upon the representations and agreements contained in
                  this Agreement (and any supplemental information) for the
                  purpose of determining whether this transaction meets the
                  requirements for such exemptions.

                           (ii) The undersigned understands that the Shares and
                  Warrants comprising the Units and the Shares to be acquired
                  pursuant to exercises of the Warrants are and will be
                  "restricted" under applicable federal securities laws and that
                  the Securities Act and the rules of the Commission provide in

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                  substance that the undersigned may dispose of the Shares or
                  Warrants comprising the Units or the Shares to be acquired
                  pursuant to exercises of the Warrants only pursuant to an
                  effective registration statement under the Securities Act or
                  an exemption therefrom (such as pursuant to Rule 144 under the
                  Securities Act), and the undersigned understands that the
                  Company has no obligation or intention to register the Shares
                  or Warrants comprising the Units or the Shares to be acquired
                  pursuant to exercises of the Warrants thereunder, or to take
                  action so as to permit sales pursuant to the Securities Act
                  (including Rule 144 thereunder). Accordingly, the undersigned
                  understands that under the Commission's rules, the undersigned
                  may dispose of the Shares or Warrants comprising the Units or
                  the Shares to be acquired pursuant to exercises of the
                  Warrants principally only in "private placements" which are
                  exempt from registration under the Securities Act, in which
                  event the transferee will acquire "restricted securities"
                  subject to the same limitations as in the hands of the
                  undersigned. As a consequence, the undersigned understands
                  that the undersigned must bear the economic risks of the
                  investment in the Units for an indefinite period of time.

                           (iii) The undersigned agrees: (A) that the
                  undersigned will not sell, assign, pledge, give, transfer or
                  otherwise dispose of the Shares or Warrants comprising the
                  Units or the Shares to be acquired pursuant to exercises of
                  the Warrants or any interest therein, or make any offer or
                  attempt to do any of the foregoing, except pursuant to a
                  registration of the Shares or Warrants comprising the Units or
                  the Shares to be acquired pursuant to exercises of the
                  Warrants under the Securities Act and all applicable state
                  securities laws or in a transaction which, in the written
                  opinion of counsel for the undersigned satisfactory to the
                  Company (which requirement may be waived by the Company upon
                  advice of counsel), is exempt from the registration provisions
                  of the Securities Act and all applicable state securities
                  laws; (B) that the certificates for the Shares and Warrants
                  comprising the Units and the Shares to be acquired pursuant to
                  exercises of the Warrants will bear a legend making reference
                  to the foregoing restrictions; and (C) that the Company and
                  any transfer agent for the Shares or Warrants comprising the
                  Units or the Shares to be acquired pursuant to exercises of
                  the Warrants shall not be required to give effect to any
                  purported transfer of such Shares or Warrants except upon
                  compliance with the foregoing restrictions.

                           (iv) The undersigned has not offered or sold any
                  Shares or Warrants comprising the undersigned's Units or the
                  Shares to be acquired pursuant to exercises of the Warrants
                  and has no present intention of reselling or otherwise
                  disposing of any portion of the Shares or Warrants comprising
                  the undersigned's Units or the Shares to be acquired pursuant
                  to exercises of the Warrants either currently or after the
                  passage of a fixed or determinable period of time or upon the
                  occurrence or nonoccurrence of any

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                  predetermined event or circumstance.

         6. WAIVER, AMENDMENT. Neither this Agreement nor any provisions
hereof shall be modified, changed, discharged or terminated except by an
instrument in writing signed by the party against whom any waiver, change,
discharge or termination is sought.

         7. ASSIGNABILITY. Neither this Agreement nor any right, remedy,
obligation or liability arising hereunder or by reason hereof shall be
assignable by either the Company or the undersigned without the prior written
consent of the other party.

         8. APPLICABLE LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAW OF THE STATE OF TEXAS, REGARDLESS OF THE LAW THAT
MIGHT BE APPLIED UNDER PRINCIPLES OF CONFLICTS OF LAW.

         9. SECTION AND OTHER HEADINGS. The section and other headings
contained in this Agreement are for reference purposes only and shall not
affect the meaning or interpretation of this Agreement.

         10. COUNTERPARTS. This Agreement may be executed in any number of
counterparts, each of which when so executed and delivered shall be deemed to
be an original and all of which together shall be deemed to be one and the
same agreement.

         11. NOTICES. All notices and other communications provided for
herein shall be in writing and shall be deemed to have been duly given if
delivered personally or sent by registered or certified mail, return receipt
requested, postage prepaid:

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                  (a)      If to the Company, to it at the following address:

                           Hispanic Television Networks, Inc.
                           6125 Airport Freeway, Suite 200
                           Ft. Worth, Texas 76117
                           Attention: President

                  (b)      If to the undersigned, to the undersigned at the
                           address set forth on the signature page hereto; or at
                           such other address as either party shall have
                           specified by notice in writing to the other.

         12. BINDING EFFECT. The provisions of this Agreement shall be
binding upon and accrue to the benefit of the parties hereto and their
respective heirs, legal representatives, successors and assigns.

         13. INDEMNIFICATION. The undersigned acknowledges that the
undersigned understands the meaning and legal consequences of the
representations, warranties, and covenants set forth in Section 5hereof and
that the Company has relied and will rely upon such representations,
warranties and covenants. Therefore, the undersigned hereby agrees to
indemnify and hold harmless the Company and the officers, directors,
controlling persons and agents of the Company from and against any and all
loss, claim, damage, liability or expense, and any action in respect thereof,
joint or several, to which any such person may become subject, due to or
arising out a breach of any such representation, warranty, or covenant,
together with all reasonable costs and expenses (including attorneys' fees)
incurred by any such person in connection with any action, suit, proceeding,
demand, assessment, or judgment incident to any of the matters so indemnified
against. Notwithstanding the foregoing, however, no representation, warranty,
acknowledgment, or agreement made herein by the undersigned shall in any
manner be deemed to constitute a waiver of any rights granted to the
undersigned under federal or state securities laws.

         14. SURVIVAL. All representations, warranties and covenants
contained in this Agreement and the indemnification contained in Section 13
shall survive (i) the acceptance of the subscription by the Company and (ii)
the death, disability or dissolution of the undersigned.

         15. NOTIFICATION OF CHANGES. The undersigned hereby covenants and
agrees to notify the Company upon the occurrence of any event prior to the
closing of the purchase of the Units pursuant to this Agreement which would
cause any representation, warranty, or covenant of the undersigned contained
in this Agreement to be false or incorrect.

         16. PIGGY-BACK REGISTRATION RIGHTS.

   (a) For purposes of this Section 16, all shares of Common Stock
constituting a part of either a Class One Unit or a Class Two Unit are
referred to as the "Registrable Shares."

   (b) If at any time after the date hereof the Company proposes to register
any Common Stock under the Securities Act of 1933, as amended (the "Act"),
for sale to the public for cash, the

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Company shall give written notice to the undersigned of its intention so to
do at least 20 days prior to filing the related registration statement (the
"Registration Statement"). Upon the written request of the undersigned, given
within 10 daysafter receipt of any such notice, to register any Registrable
Shares, the Company shall use its best efforts to cause all Registrable
Shares, as to which registration shall have been so requested, to be included
in the securities to be covered by the Registration Statement, all to the
extent requisite to permit the sale or other disposition by the undersigned
of the Registrable Shares requested to be so registered; provided, however,
that:

                  (i) If, at any time after giving such written notice of its
         intention to register any securities and prior to the effective date of
         the Registration Statement, the Company shall determine for any reason
         not to register such securities, the Company may, at its election, give
         written notice of such determination to the undersigned, and thereupon
         the Company shall be relieved of its obligation to register any
         Registrable Shares in connection with such registration;

                  (ii) If such registration involves an underwritten offering,
         the undersigned must sell its Registrable Shares to the underwriters
         selected by the Company on the same terms and conditions as apply to
         the Company (except as otherwise agreed to by the Company in writing);
         and

                  (iii) The Company shall be obligated to keep the Registration
         Statement effective only for six months after its initial effective
         date.

The number of Registrable Shares to be included in an underwritten offering
may be reduced, pro rata among all the Company's stockholders selling shares
in the offering, in a ratio equal to the respective amounts of shares
proposed to be sold by such stockholders, if and to the extent that the
managing underwriter shall advise the undersignedand the Company by letter of
its belief that the number of securities requested to be registered exceeds
the number that can be sold in (or during the term of) such offering without
adversely affecting the marketing of the securities to be sold by the Company.

         (c) In connection with the registration provided for hereunder, the
undersigned shall use reasonable efforts to cooperate with the Company and
shall furnish to the Company in writing such information with respect to it
and its proposed distribution as shall be reasonably necessary in order to
assure compliance with federal and applicable state securities laws.

         (d) The Company shall pay all expenses incurred by the Company in
complying with its registration obligations pursuant to this
Agreement,including, without limitation, all registration, qualification, and
filing fees, blue sky fees and expenses, printing expenses, fees and
disbursements of counsel and independent public accountants for the Company,
all expenses of the underwriter customarily paid by issuers or sellers of
securities (including fees of the National Association of Securities Dealers,
Inc.), transfer taxes, escrow fees, fees of transfer agents and registrars,
and costs of insurance. The undersigned shall pay all underwriting discounts
and selling commissions applicable to the sale of the Registrable Shares
being registered.

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         (e) (i) The Company shall protect, indemnify and hold the
undersigned, and its officers, directors, stockholders, attorneys,
accountants, employees, affiliates, successors and assigns, harmless from any
and all demands, claims, actions, causes of actions, lawsuits, proceedings,
investigations, judgments, losses, damages, injuries, liabilities,
obligations, expenses and costs (including costs of litigation and attorneys'
fees), arising out of or based upon (aa) any untrue statement or alleged
untrue statement of any material fact contained in or incorporated by
reference into the Registration Statement, any preliminary prospectus or
final prospectus contained therein, or any amendment or supplement thereto,
(bb) the omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein not
misleading, or (cc) any material violation by the Company of any rule or
regulation promulgated under Act applicable to the Company and relating to
action or inaction by the Company in connection with any such registration;
provided, however, that the Company shall not be liable in the case of (aa)
and (bb)above if and to the extent that the event otherwise giving rise to
indemnification arises out of or is based upon an untrue statement or alleged
untrue statement or omission or alleged omission made in conformity with
information furnished by a person otherwise entitled to indemnification in
writing specifically for use in the Registration Statement or prospectus or
information contained in a writing that has been expressly approved by a
person otherwise entitled to indemnification.

                  (ii) The undersigned shall protect, indemnify and hold the
Company and its officers, directors, stockholders, attorneys, accountants,
employees, affiliates, successors and assigns, harmless from any and all
demands, claims, actions, causes of actions, lawsuits, proceedings,
investigations, judgments, losses, damages, injuries, liabilities,
obligations, expenses and costs (including costs of litigation and attorneys'
fees), arising out of or based upon (aa) any untrue statement or alleged
untrue statement of any material fact contained in or incorporated by
reference into the Registration Statement, any preliminary prospectus or
final prospectus contained therein, or any amendment or supplement thereto,
(bb) the omission or alleged omission to state therein a materialfact
required to be stated therein or necessary to make the statements therein not
misleading, or (cc) any material violation by the undersigned of any rule or
regulation promulgated under the Act applicable to the undersigned and
relating to action or inaction by the undersigned in connection with any such
registration; provided, however, that the undersigned shall be liable in the
case of (aa) and (bb) above only if and to the extent that the event giving
rise to indemnification arises out of or is basedupon an untrue statement or
alleged untrue statement or omission or alleged omission made in conformity
with information furnished by the undersigned in writing specifically for use
in the Registration Statement or prospectus or information contained in
awriting that has been expressly approved by the undersigned.

                  (iii) Promptly after receipt by an indemnified party under
this Section (e) of notice of the threat or commencement of any action, such
indemnified party shall, if a claim in respectthereof is to be made against
an indemnifying party hereunder, notify each such indemnifying party in
writing thereof, but the omission so to notify an indemnifying party shall
not relieve it from any liability which it may have to any indemnified party
to the extent that the indemnifying party is not prejudice as a result
thereof. In case any such action shall be brought against any indemnified
party and it shall notify an indemnifying party of the commencement thereof,
the indemnifying party shall be entitled to participate in and, to the extent
it shall wish, to

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assume and undertake the defense thereof with counsel reasonably satisfactory
to such indemnified party, and, after notice from the indemnifying party to
such indemnified party of its election so to assume and undertake the defense
thereof, the indemnifying party shall not be liable to such indemnified party
under this Section (e) for any legal expenses subsequently incurred by such
indemnified party in connection with the defense thereof other than
reasonable costs of investigation and of liaison with counsel so elected;
provided, however, that, if the defendants in any such action include both an
indemnified party and an indemnifying party and the related indemnified party
shall have reasonablyconcluded that there may be reasonable defenses
available to it which are different from or additional to those available to
the indemnifying party or if the interests of the indemnified party
reasonably may be believed to conflict with the interests of the indemnifying
party, the indemnified party shall have the right to select separate counsel
and to assume such legal defenses and otherwise to participate in the defense
of such action, with the expenses and fees of such separate counsel and other
expensesrelated to such participation to be reimbursed by the indemnifying
party as incurred. No indemnifying party shall be subject to any liability
for any settlement made without consent which shall not be unreasonably
withheld. No indemnifying party shall consent to the entry of any judgment or
enter into any settlement which does not include as an unconditional term
thereof the giving by the claimant or plaintiff to such indemnified party of
a release from all liability with respect to such claim or litigation.

                  IN WITNESS WHEREOF, the undersigned has executed this
Subscription Agreement this _____ day of ___________________, 2001.

                                       C. NETWORKS L.L.C.

                                       By:    /s/ Emilio Gorriti
                                          --------------------------------------

                                       Name:
                                            ------------------------------------

                                       Title:
                                             -----------------------------------

                                       Address:
                                               ---------------------------------

                                       -----------------------------------------

                                       12
<PAGE>

Accepted as of

__________________ _____, 2001.

HISPANIC TELEVISION NETWORKS, INC.

By  /s/ Marco Camacho
  ---------------------------------
  ______________________________, President

                                       13
<PAGE>

                                   CERTIFICATE

         Each of the undersigned hereby certifies and acknowledges that the
undersigned has signed and executed the foregoing agreement with multiple
original signature pages at separate locations to be effective immediately
upon signing and that the transmission of a telecopier facsimile of their
respective signatures, each to the other, shall be sufficient to cause the
mutual delivery of this executed agreement in order to bind the parties and
make the agreement effective upon the date of signing. It is further
certified, acknowledged and agreed that the original signature pages are to
be circulated hereafter but that the failure of any party to obtain the
original signature pages hereafter shall not affect the validity and
effectiveness of this agreement which is effective from and after the
execution by all parties and the transmission by telecopier facsimile of the
signature of all parties, each to the other.

         IN WITNESS WHEREOF, the parties hereto have signed their names
hereto as of the first date written above.

HISPANIC TELEVISION NETWORKS, INC.  C. NETWORKS L.L.C.

By   /s/ Marco Camacho                 By:  /s/ Emilio Goritti
  -------------------------------         -------------------------------

______________________, President      Name:
                                            -----------------------------

                                       Title:
                                             ----------------------------

                                       14<PAGE>

                                                                  Exhibit 10.31

THIS WARRANT AND THE SHARES OF COMMON STOCK THAT MAY BE PURCHASED ON THE
EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR ANY STATE SECURITIES LAWS. THIS WARRANT AND THE SHARES OF COMMON
STOCK THAT MAY BE PURCHASED ON THE EXERCISE HEREOF ARE BEING OFFERED AND SOLD
FOR INVESTMENT. EXCEPT AS PROVIDED IN SECTION 7(B) HEREOF, THIS WARRANT MAY
NOT BE TRANSFERRED. THE SHARES OF COMMON STOCK ISSUED OR ISSUABLE UPON
EXERCISE OF THIS WARRANT ARE SUBJECT TO THE RESTRICTIONS ON TRANSFER SET
FORTH IN SECTION 4 OF THIS WARRANT.

                       HISPANIC TELEVISION NETWORKS, INC.

                           WARRANT FOR THE PURCHASE OF
                            SHARES OF COMMON STOCK OF
                       HISPANIC TELEVISION NETWORKS, INC.
                            (A DELAWARE CORPORATION)

                  VOID AFTER 5:00 P.M., CENTRAL STANDARD TIME,
                                       ON
                                FEBRUARY 5, 2002

         Hispanic Television Networks, Inc., a Delaware corporation (the
"Company"), hereby certifies that the C. Networks L.L.C. (together with its
successors and permitted assigns, the "Registered Holder"), is entitled,
subject to the terms set forth below, to purchase from the Company, at any
time or from time to time on or after February 5, 2001 and on or before
February 5, 2002 at not later than 5:00 p.m. (Central Standard Time),
1,500,000 shares of Common Stock, $.01 par value, of the Company ("Common
Stock"), at a purchase price of $1.00 per share. The number of shares
purchasable upon exercise of this Warrant, and the purchase price per share,
each as adjusted from time to time pursuant to the provisions of this
Warrant, are hereinafter referred to as the "Warrant Stock" and the "Purchase
Price", respectively.

1.       Exercise.

         (a) This Warrant may be exercised by the Registered Holder, in whole
or in part, by surrendering this Warrant, with the purchase form appended
hereto as Exhibit A duly executed by such Registered Holder, at the principal
office of the Company, or at such other office or agency as the Company may
designate, accompanied by payment in full, by bank or certified check in
lawful money of the United States, of the Purchase Price payable in respect
of the number of shares of Warrant Stock purchased upon such exercise.

         (b) Each exercise of this Warrant shall be deemed to have been
effected immediately prior to the close of business on the day on which this
Warrant shall have been surrendered to the Company as provided in subsection
1(a) above. At such time, the person or persons in whose name or names any
certificates for Warrant Stock shall be issuable upon such exercise as
provided in subsection 1(c) below shall be deemed to have become the holder
or holders of record of the Warrant Stock represented by such certificates.

         (c) As soon as practicable after the exercise of this Warrant in
full or in part, and in any

<PAGE>

event within ten (10) days thereafter, the Company at its expense shall cause
to be issued in the name of, and delivered to, the Registered Holder, or,
subject to the terms and conditions hereof, as the Registered Holder (upon
payment by the Registered Holder of any applicable transfer taxes) may direct:

                  (i) a certificate or certificates for the number of full
shares of Warrant Stock to which such Registered Holder shall be entitled upon
such exercise plus, in lieu of any fractional share to which such Registered
Holder would otherwise be entitled, cash in an amount determined pursuant to
Section 3 hereof, and

                  (ii) in case such exercise is in part only, a new warrant
or warrants (dated the date hereof) of like tenor, calling in the aggregate
on the face or faces thereof for the number of shares of Warrant Stock equal
(without giving effect to any adjustment therein) to the number of such
shares called for on the face of this Warrant minus the number of such shares
purchased by the Registered Holder upon such exercise as provided in
subsection 1(a) above.

2.       Adjustments.

         (a) If the outstanding shares of the Company's Common Stock shall be
subdivided into a greater number of shares or a dividend in Common Stock
shall be paid in respect of Common Stock, the Purchase Price in effect
immediately prior to such subdivision or at the record date of such dividend
shall simultaneously with the effectiveness of such subdivision or
immediately after the record date of such dividend be proportionately
reduced. If the outstanding shares of Common Stock shall be combined into a
smaller number of shares, the Purchase Price in effect immediately prior to
such combination shall, simultaneously with the effectiveness of such
combination, be proportionately increased. When any adjustment is required to
be made in the Purchase Price, the number of shares of Warrant Stock
purchasable upon the exercise of this Warrant shall be changed to the number
determined by dividing (i) an amount equal to the number of shares issuable
upon the exercise of this Warrant immediately prior to such adjustment,
multiplied by the Purchase Price in effect immediately prior to such
adjustment, by (ii) the Purchase Price in effect immediately after such
adjustment.

         (b) If there shall occur any capital reorganization or
reclassification of the Company's Common Stock (other than a change in par
value or a subdivision or combination as provided for in subsection 2(a)
above), or any consolidation or merger of the Company with or into another
corporation, or a transfer of all or substantially all of the assets of the
Company, or the payment of a liquidating distribution then, as part ofany
such reorganization, reclassification, consolidation, merger, sale or
liquidating distribution, lawful provision shall be made so that the
Registered Holder of this Warrant shall have the right thereafter to receive
upon the exercise hereof (to the extent, if any, still exercisable) the kind
and amount of shares of stock or other securities or property which such
Registered Holder would have been entitled to receive if, immediately prior
to any such reorganization, reclassification, consolidation, merger, sale or
liquidating distribution, as the case may be, such Registered Holder had held
the number of shares of Common Stock which were then purchasable upon the
exercise of this Warrant. In any such case, appropriate adjustment (as
reasonably determinedby the Board of Directors of the Company) shall be made
in the

                                       2
<PAGE>

application of the provisions set forth herein with respect to the rights and
interests thereafter of the Registered Holder of this Warrant such that the
provisions set forth in this Section 2 (including provisions with respect to
adjustment of the Purchase Price) shall thereafter be applicable, as nearly
as is reasonably practicable, in relation to any shares of stock or other
securities or property thereafter deliverable upon the exercise ofthis Warrant.

         (c) In any case in which this Section 2 shall require that any
adjustment in the number of shares of Warrant Stock or other property for
which this Warrant may be exercised be made effective as of a record date for
a specified event, the Company may elect to defer until the occurrence of
such event issuing to the Registered Holder the amount of Warrant Stock and
other property, if any, issuable upon exercise of this Warrant after such
record date that is over and above the Warrant Stock andother property, if
any, issuable upon exercise of this Warrant as in effect prior to such
adjustment; provided that upon request the Company shall deliver to the
Registered Holder a due bill or other appropriate instrument evidencing the
Registered Holder's right to receive such additional shares or property upon
the occurrence of the event requiring such adjustment.

         (d) When any adjustment is required to be made in the Purchase
Price, the Company shall promptly mail to the Registered Holder a certificate
setting forth the Purchase Price after such adjustment and setting forth a
brief statement of the facts requiring such adjustment. Such certificate
shall also set forth the kind and amount of stock or other securities or
property for which this Warrant shall be exercisable following the occurrence
of any of the events specified in subsection 2(a) or 2(b) above.

3.       Fractional Shares.

         The Company shall not be required upon the exercise of this Warrant
to issue any fractional shares, but shall make an adjustment therefor in cash
on the basis of the mean between the low bid and high asked prices of the
Warrant Stock on the OTC Bulletin Board, or the mean between the low bid and
high asked prices of the Warrant Stock on the over-the-counter market as
reported by the National Association of Securities Dealers Automated
Quotations ("NASDAQ") System or the closing market price of the Warrant Stock
on a national securities exchange on the trading day immediately prior to the
date of exercise, whichever is applicable, or if none is applicable, then on
the basis of the then market value of the Warrant Stock as shall be
reasonably determined by the Board of Directors of the Company.

4.       Limitation on Sales.

         (a) The Registered Holder, and each subsequent holder of this
Warrant, if any, acknowledges that this Warrant and the Warrant Stock have
not been registered under the Securities Act of 1933, as now in force or
hereafter amended, or any successor legislation (the "Act"), and agrees not
to sell, pledge, distribute, offer for sale, transfer or otherwise dispose of
this Warrant or any Warrant Stock issued upon its exercise in the absence of
(i) an effective registration statement under the Act as to this Warrant or
such Warrant Stock and registration or qualification of this Warrant or such
Warrant Stock under any applicable blue sky or state securities law then in
effect, or (ii) an opinion of counsel, satisfactory to the Company, that such
registration and qualification

                                       3
<PAGE>

are not required. Without limiting the generality of the foregoing, unless
the offering and sale of the Warrant Stock to be issued upon the particular
exercise of this Warrant shall have been effectively registered under the
Act, the Company shall be under no obligation to issuethe shares covered by
such exercise unless and until the Registered Holder shall have executed an
investment letter in form and substance satisfactory to the Company,
including a warranty at the time of such exercise that the Registered Holder
is acquiringsuch shares for the Registered Holder's own account, for
investment and not with a view to, or for sale in connection with, the
distribution of any such shares, in which event the Registered Holder shall
be bound by the provisions of a legend to such effect on the certificate(s)
representing the Warrant Stock. In addition, without limiting the generality
of the foregoing, the Company may delay issuance of the Warrant Stock until
completion of any action or obtaining of any consent, which the Company
believes necessary or advisable under any applicable law (including without
limitation state securities or "blue sky" laws).

         (b) The Registered Holder agrees, and each other holder of Warrant
Stock agrees, if requested by the Company and/or the representative of the
underwriters underwriting an offering of Common Stock (or other securities of
the Company) from time to time, not tosell or otherwise transfer or dispose
of any Warrant Stock then held by the Registered Holder and/or such other
holder during such period of time following the effective date of any
registration statement of the Company filed under the Act for the period of
time with respect to which a majority of the executive officers of the
Company agree not to sell shares of Common Stock (or other securities of the
Company). Such agreement shall be in writing in a form satisfactory to the
Company and such representative. The Company may impose stop-transfer
instructions with respect to the Warrant Stock subject to the foregoing
restriction until the end of such period.

5.       Reservation of Stock.

         The Company shall at all times reserve and keep available, solely
for issuance and delivery upon the exercise of this Warrant, such shares of
Warrant Stock and other stock, securities and property, as from time to time
shall be issuable upon the exercise of this Warrant.

6.   Replacement of Warrants.

         Upon receipt of evidence reasonably satisfactory to the Company of
the loss, theft, destruction or mutilation of this Warrant and (in the case
of loss, theft or destruction) upon delivery of an indemnity agreement (with
surety if reasonably required) in an amount reasonably satisfactory to the
Company, or (in the case of mutilation) upon surrender and cancellation of
this Warrant, the Company shall issue, in lieu thereof, a new Warrant of like
tenor.

7.       Transfers. etc.

         Subject to Section 4 above:

         (a) The Company shall maintain a register containing the names and
addresses of the Registered Holders of this Warrant. The Registered Holder
may change the Registered Holder's address as shown on the warrant register
by written notice to the Company requesting such change.

                                       4
<PAGE>

         (b) This Warrant shall not be transferable by the Registered Holder
and shall be exercisable only by the Registered Holder; provided that this
Warrant may be transferred to, and may be exercisable by, any company that
directly, or indirectly through one or more intermediaries, is controlled by,
or is under common control with, the Registered Holder. Subject to the
foregoing, this Warrant shall not be assigned, pledged or hypothecated in any
way (whether by operation of law or otherwise) and shall not be subject to
execution, attachment or similar process without the prior written consent of
the Company. Any attempted transfer, assignment, pledge, hypothecation or
other disposition of this Warrant or of any rights granted hereunder contrary
to the provisions of this Section 7, or the levy of any attachment or similar
process upon this Warrant or such rights, shall be null and void.

          (c) Until any transfer of this Warrant is made in the warrant
register, the Company may treat the Registered Holder of this Warrant as the
absolute owner hereof for all purposes; provided, however, that if and when
this Warrant is properly assigned in blank, the Company may (but shall not be
obligated to) treat the bearer hereof as the absolute owner hereof for all
purposes, notwithstanding any notice to the contrary.

8.       Mailing of Notices, etc.

         All notices and other communications from the Company to the
Registered Holder of this Warrant shall be mailed by first-class certified or
registered mail, postage prepaid, to the address furnished to the Company in
writing by the last Registered Holder of this Warrant who shall have
furnished an address to the Company in writing. All notices and other
communications from the Registered Holder of this Warrant or in connection
herewith to the Company shall be mailed by first-class certified or
registered mail, postage prepaid, to the Company at its offices at 6125
Airport Freeway, Suite 200, Ft. Worth, Texas 76117, or such other address as
the Company shall so notify the Registered Holder.

9.       No Rights as Stockholder.

         Until the exercise of this Warrant, the Registered Holder of this
Warrant shall not have or exercise any rights by virtue hereof as a
stockholder of the Company.

                                       5
<PAGE>

10.      Change or Waiver.

         Any term of this Warrant may be changed or waived only by an
instrument in writing signed by the party against which enforcement of the
change or waiver is sought.

11.      Headings.

         The headings in this Warrant are for purposes of reference only and
shall not limit or otherwise affect the meaning of any provision of this
Warrant.

12.      Governing Law.

         THIS WARRANT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF DELAWARE.

13.      Piggy-Back Registration Rights.

         (a) For purposes of this Section 13, all shares of Common Stock
acquired pursuant to an exercise of this Warrant are referred to as the
"Registrable Shares."

         (b) If at any time after the date hereof the Company proposes to
register any Common Stock under the Securities Act of 1933, as amended (the
"Act"), for sale to the public for cash, the Company shall give written
notice to Registered Holder of its intention so to do at least 20 days prior
to filing the related registration statement (the "Registration Statement").
Upon the written request of Registered Holder, given within 10 days after
receipt of any such notice, to register any Registrable Shares, the Company
shall use its best efforts to cause all Registrable Shares, as to which
registration shall have been so requested, to be included in the securities
to be covered by the Registration Statement, all to the extent requisite to
permit the sale or other disposition by Registered Holder of the Registrable
Shares requested to be so registered; provided, however, that:

                  (i) If, at any time after giving such written notice of its
         intention to register any securities and prior to the effective date of
         the Registration Statement, the Company shall determine for any reason
         not to register such securities, the Company may, at its election, give
         written notice of such determination to Registered Holder, and
         thereupon the Company shall be relieved of its obligation to register
         any Registrable Shares in connection with such registration;

                  (ii) If such registration involves an underwritten offering,
         Registered Holder must sell its Registrable Shares to the underwriters
         selected by the Company on the same terms and conditions as apply to
         the Company (except as otherwise agreed to by the Company in writing);
         and

                  (iii) The Company shall be obligated to keep the Registration
         Statement effective only for six months after its initial effective
         date.

                                       6
<PAGE>

The number of Registrable Shares to be included in an underwritten offering
may be reduced, pro rata among all the Company's stockholders selling shares
in the offering, in a ratio equal to the respective amounts of shares
proposed to be sold by such stockholders, if and to the extent that the
managing underwriter shall advise Registered Holder and the Company by letter
of its belief that the number of securities requested to be registered
exceeds the number that can be sold in (or during the term of) such offering
without adversely affecting the marketing of the securities to be sold by the
Company.

         (c) In connection with the registration provided for hereunder,
Registered Holder shall use reasonable efforts to cooperate with the Company
and shall furnish to the Company in writing such information with respect to
it and its proposed distribution as shall be reasonably necessary in order to
assure compliance with federal and applicable state securities laws.

         (d) The Company shall pay all expenses incurred by the Company in
complying with its registration obligations pursuant to this Agreement,
including,without limitation, all registration, qualification, and filing
fees, blue sky fees and expenses, printing expenses, fees and disbursements
of counsel and independent public accountants for the Company, all expenses
of the underwriter customarily paid byissuers or sellers of securities
(including fees of the National Association of Securities Dealers, Inc.),
transfer taxes, escrow fees, fees of transfer agents and registrars, and
costs of insurance. Registered Holder shall pay all underwriting discountsand
selling commissions applicable to the sale of the Registrable Shares being
registered.

         (e) (i) The Company shall protect, indemnify and hold Registered
Holder, and its officers, directors, stockholders, attorneys, accountants,
employees, affiliates, successors and assigns, harmless from any and all
demands, claims, actions, causes of actions, lawsuits, proceedings,
investigations, judgments, losses, damages, injuries, liabilities,
obligations, expenses and costs (including costs of litigation andattorneys'
fees), arising out of or based upon (aa) any untrue statement or alleged
untrue statement of any material fact contained in or incorporated by
reference into the Registration Statement, any preliminary prospectus or
final prospectus contained therein, or any amendment or supplement thereto,
(bb) the omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein not
misleading, or (cc) any material violation by the Company ofany rule or
regulation promulgated under Act applicable to the Company and relating to
action or inaction by the Company in connection with any such registration;
provided, however, that the Company shall not be liable in the case of (aa)
and (bb) above if and to the extent that the event otherwise giving rise to
indemnification arises out of or is based upon an untrue statement or alleged
untrue statement or omission or alleged omission made in conformity with
information furnished by a person otherwise entitled to indemnification in
writing specifically for use in the Registration Statement or prospectus or
information contained in a writing that has been expressly approved by a
person otherwise entitled to indemnification.

                  (ii) Registered Holder shall protect, indemnify and hold
the Company and its officers, directors, stockholders, attorneys,
accountants, employees, affiliates, successors and assigns, harmless from any
and all demands, claims, actions, causes of actions, lawsuits, proceedings,
investigations, judgments, losses, damages, injuries, liabilities,
obligations, expenses

                                       7
<PAGE>

and costs (including costs of litigation and attorneys' fees), arising out of
or based upon (aa) any untrue statement or alleged untrue statement of any
material fact contained in or incorporated by reference into the Registration
Statement, any preliminary prospectus or final prospectus contained therein,
or any amendment or supplement thereto, (bb) the omission or alleged omission
to state therein a material factrequired to be stated therein or necessary to
make the statements therein not misleading, or (cc) any material violation by
Registered Holder of any rule or regulation promulgated under the Act
applicable to Registered Holder and relating to action or inaction by
Registered Holder in connection with any such registration; provided,
however, that Registered Holder shall be liable in the case of (aa) and (bb)
above only if and to the extent that the event giving rise to indemnification
arises out of or is based upon an untrue statement or alleged untrue
statement or omission or alleged omission made in conformity with information
furnished by Registered Holder in writing specifically for use in the
Registration Statement or prospectus or information contained in a writing
that has been expressly approved by Registered Holder.

                  (iii) Promptly after receipt by an indemnified party under
this Section (e) of notice of the threat or commencement of any action, such
indemnified party shall, if a claim in respect thereof is to be made against
an indemnifying party hereunder, notify each such indemnifying party in
writing thereof, but the omission so to notify an indemnifying party shall
not relieve it from any liability which it may have to any indemnifiedparty
to the extent that the indemnifying party is not prejudice as a result
thereof. In case any such action shall be brought against any indemnified
party and it shall notify an indemnifying party of the commencement thereof,
the indemnifying party shall be entitled to participate in and, to the extent
it shall wish, to assume and undertake the defense thereof with counsel
reasonably satisfactory to such indemnified party, and, after notice from the
indemnifying party to such indemnified party of its election so to assume and
undertake the defense thereof, the indemnifying party shall not be liable to
such indemnified party under this Section (e) for any legal expenses
subsequently incurred by such indemnified party in connection with the
defense thereofother than reasonable costs of investigation and of liaison
with counsel so elected; provided, however, that, if the defendants in any
such action include both an indemnified party and an indemnifying party and
the related indemnified party shall have reasonably concluded that there may
be reasonable defenses available to it which are different from or additional
to those available to the indemnifying party or if the interests of the
indemnified party reasonably may be believed to conflict with the interests
of the indemnifying party, the indemnified party shall have the right to
select separate counsel and to assume such legal defenses and otherwise to
participate in the defense of such action, with the expenses and fees of such
separate counsel and other expenses related to such participation to be
reimbursed by the indemnifying party as incurred. No indemnifying party shall
be subject to any liability for any settlement made without consent which
shall not be unreasonably withheld. No indemnifying partyshall consent to the
entry of any judgment or enter into any settlement which does not include

                                       8
<PAGE>

as an unconditional term thereof the giving by the claimant or plaintiff to
such indemnified party of a release from all liability with respect to such
claim or litigation.

                                   HISPANIC TELEVISION NETWORKS, INC.

                                   By:    /s/James A. Ryffel
                                     -------------------------------------
                                          James A. Ryffel,
                                          Chairman of the Board

                                   C. NETWORKS L.L.C.

                                   By:
                                      ------------------------------------

                                   Name: /s/ Emilio Gorriti
                                       -----------------------------------

                                   Title:
                                         ---------------------------------

                                       9
<PAGE>

                                    EXHIBIT A

                                  PURCHASE FORM

To:      Hispanic Television Networks, Inc.
         6125 Airport Freeway, Suite 200
         Ft. Worth, Texas 76117

         The undersigned pursuant to the provisions set forth in the attached
Warrant hereby irrevocably elects to purchase _________ shares of the Common
Stock (the "Common Stock") covered by such Warrant and herewith makes payment
of $_____________, representing the full purchase price for such shares at
the price per share provided for in such Warrant.

         The undersigned understands and acknowledges the terms and
restrictions on the right to transfer or dispose of the Common Stock set
forth in Section 4 of the attached Warrant, which the undersigned has
carefully reviewed. The undersigned consents to the placing of a legend
referring to such restrictions onthe certificate for the Common Stock being
purchased and the placing of stop transfer orders until the Common Stock may
be transferred in accordance with the terms of such restrictions.

                                   By:
                                      ---------------------------------

                                   Name:
                                        -------------------------------

                                   Dated:
                                         ------------------------------

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