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Exhibit 4.8  

          

  

 
 

INSTRUCTIONS FOR USE OF UNITEDGLOBALCOM, INC.
  CLASS B AND CLASS C COMMON STOCK RIGHTS CERTIFICATES    
    

CONSULT
UNITEDGLOBALCOM, INC.

AS TO ANY QUESTIONS 

        THE
RIGHTS WILL EXPIRE AT 5:00 P.M., NEW YORK CITY TIME, ON                            , 2004, UNLESS
EXTENDED AS DESCRIBED IN THE PROSPECTUS. 

        The
following instructions relate to a rights offering (the "Rights Offering") by UnitedGlobalCom, Inc., a Delaware corporation (the "Company"), to the holders of Class B
common stock, par value $.01 per share ("Class B Common Stock"), of the Company, and to the holders of Class C common stock, par value $.01 per share ("Class C Common Stock"), of
the Company, as described in the Company's prospectus, dated                            , 2004 (the
"Prospectus"). Stockholders of record at the close of business on                            ,
2004 (the "Record Date"), are receiving one transferable subscription right for each share of the Company's common stock, without regard to class, held by them at the Record Date. Holders of
Class A common stock, par value $.01 per share ("Class A Common Stock"), of the Company are receiving transferable subscription rights to acquire shares of Class A Common Stock,
holders of Class B Common Stock are receiving transferable subscription rights ("Class B Rights") to acquire shares of Class B Common Stock and holders of Class C Common
Stock are receiving transferable subscription rights ("Class C Rights") to acquire shares of Class C Common Stock. Class B Common Stock and Class C Common Stock are
sometimes referred to herein collectively as "Common Stock," and Class B Rights and Class C Rights are sometimes referred to herein collectively as "Rights." "Class B
Rightsholder" means a holder of Class B Rights, "Class C Rightsholder" means a holder of Class C Rights, and a "Rightsholder" means either a Class B Rightsholder or a
Class C Rightsholder. References herein to a "Class" mean that the
Class B Common Stock, the Class B Rights and the Class B Rightsholders are considered separately from the Class C Common Stock, the Class C Rights and the
Class C Rightsholders. 

        Each
Right is exercisable, upon payment of $            per share (the "Subscription Price"), to purchase    shares of Common Stock of the same Class (the "Basic
Subscription Privilege"). In addition, subject to the proration described below, each Rightsholder that fully exercises its Basic Subscription Privilege with respect to all Rights of a particular
Class that it holds in the same capacity pursuant to a single Rights certificate (a "Rights Certificate") also has the right to subscribe at the Subscription Price for additional shares of Common
Stock of the same Class (the "Oversubscription Privilege"). If shares of Common Stock of a particular Class being offered in the Rights Offering remain available for purchase following the exercise of
the Basic Subscription Privilege by Rightsholders of that Class prior to the Expiration Time (the "Excess Shares"), Rightsholders of that Class who have exercised their Oversubscription Privilege to
subscribe for a number of Excess Shares will be permitted to purchase those shares of any class of the Company's common stock that subject to the proration described below. If there are not a
sufficient number of Excess Shares of a Class to satisfy all subscriptions pursuant to the exercise of the Oversubscription Privilege for that Class, the Excess Shares of that Class will be allocated
pro rata (subject to the elimination of fractional shares) among Rightsholders of that Class exercising their Oversubscription Privilege in proportion to the number of shares of any class of the
Company's common stock that each such Rightsholder purchased pursuant to the exercise of its basic subscription privilege with respect to any class of rights distributed by the Company in the Rights
Offering; provided, however, that if such pro rata allocation results in any Rightsholder being allocated a greater number of Excess Shares than such Rightsholder subscribed for pursuant to the
exercise of such Rightsholder's Oversubscription Privilege, then such Rightsholder will be allocated only such number of Excess Shares as such Rightsholder subscribed for, and the remaining Excess
Shares will be allocated among all other Rightsholders of the same Class exercising their Oversubscription Privileges. 

 

        No
fractional shares or cash in lieu thereof will be issued or paid. Instead, the number of shares of Common Stock each Rightsholder is entitled to acquire has been rounded upward to the
nearest whole share. Nominee holders of Common Stock that hold, on the Record Date, shares for the account of more than one beneficial owner may exercise the number of Rights to which all such
beneficial owners in the aggregate would otherwise have been entitled if they had been direct record holders of Common Stock on the Record Date, provided such nominee holder makes a proper showing to
the Company, as determined in the Company's sole and absolute discretion. 

        The
Subscription Price for Common Stock is payable, at the option of each Rightsholder, by certified check or bank draft drawn upon a U.S. bank or by postal, telegraphic or express money
order payable to the Company, or by wire transfer of immediately available funds to the account maintained by the
Company for the purpose of accepting subscriptions to purchase Common Stock under the Rights Offering at [                        ,
 ABA                        , Denver, Colorado, Account
No.                         , UnitedGlobalCom, Inc.,
F/C                        ,
Attn.:                        , telephone
no.                         ]. 

        The
Rights will expire at 5:00 p.m., New York City time, on                            , 2004, unless
extended by the Company as described in the Prospectus (the "Expiration
Time"). Although the Rights are transferable, the Rights will not be listed on any exchange. As such, no trading market exists for the Rights, and a trading market for the Rights is unlikely to
develop. 

        The
number of Rights to which a holder of a "Rights Certificate" is entitled is printed on the face of that holder's Rights Certificate. You should indicate your wishes with regard to
the exercise, assignment, transfer or sale of your Rights by completing the Rights Certificate and returning it to the Company in the envelope provided. 

        YOUR
RIGHTS CERTIFICATE MUST BE RECEIVED BY THE COMPANY, AND PAYMENT OF THE SUBSCRIPTION PRICE MUST BE RECEIVED, AS MORE SPECIFICALLY DESCRIBED IN THE PROSPECTUS, BY THE COMPANY ON OR
BEFORE THE EXPIRATION TIME. YOU MAY NOT REVOKE ANY EXERCISE OF A RIGHT. GUARANTEED DELIVERY PROCEDURES ARE NOT AVAILABLE FOR THE RIGHTS. 

1.     Subscription Privilege.  

        To exercise Rights, deliver your properly completed and executed Rights Certificate, together with payment in full of the Subscription Price for each share of
Common Stock subscribed for pursuant to the Basic Subscription Privilege and the Oversubscription Privilege, to the Company. 

        Payment
of the applicable Subscription Price must be made for the full number of shares of Common Stock being subscribed for, at the option of each Rightsholder, by certified check or
bank draft drawn upon a U.S. bank or by postal, telegraphic or express money order payable to the Company, or by wire transfer of immediately available funds to the account maintained by the Company
for the purpose of accepting subscriptions to purchase Common Stock under the Rights Offering as described above. THE SUBSCRIPTION PRICE WILL BE DEEMED TO HAVE BEEN RECEIVED BY THE COMPANY ONLY UPON
THE RECEIPT BY THE COMPANY OF A WIRE TRANSFER OR A CERTIFIED CHECK OR BANK DRAFT DRAWN UPON A U.S. BANK OR OF ANY POSTAL, TELEGRAPHIC OR EXPRESS MONEY ORDER AS PROVIDED ABOVE. 

        The
address and telephone numbers of the Company for the delivery of Rights Certificates, payments and other subscription materials, or for inquiries, information or requests for
additional documentation are as follows: 

UnitedGlobalCom,
Inc.

4643 South Ulster Street, Suite 1300

Denver, Colorado 80237

2

 
Attention:
Corporate Secretary

Telephone: (303) 770-4001 

        If
you exercise less than all of the Rights evidenced by your Rights Certificate, you may either (a) check box "E" and complete Section 2 of your Rights Certificate to
transfer your remaining unexercised Class A Rights to a designated transferee or to assign them to a bank or broker to sell for you, or (b) check box "D" and complete Section 1 of
your Rights Certificate and the Company will issue you a new Rights Certificate evidencing the unexercised Rights (see Paragraph 4 of these "Instructions For Use of UnitedGlobalCom, Inc.
Class B and Class C Common Stock Rights Certificates"). When completing such instructions, consider that you may only transfer or divide your Rights Certificate into whole Rights. In
addition, if you only transfer part of your Rights, you may only transfer such number of whole Rights as will result in the transferee receiving a whole number of shares of Common Stock if the
transferee exercises its Basic Subscription Privilege in respect of the Rights transferred. Also consider that the Company will not divide your Rights Certificate so that (through rounding or
otherwise) you, together with any transferee of part of your Rights (if applicable), will receive Rights entitling the Rightsholders of the new Rights Certificates resulting from such division to
receive a greater number of shares of Common Stock pursuant to the exercise of their Basic Subscription Privileges than you would receive pursuant to the exercise of your Basic Subscription Privilege
if you had not divided your Rights Certificate. If you choose to have any such new Rights Certificate delivered to a different address, so indicate in Section 1 of your Rights Certificate. If
you choose to have a new Rights Certificate sent, you may not receive any such new Rights Certificate in sufficient time to permit the exercise, assignment, transfer or sale of the Rights evidenced
thereby. 

        If
you have not indicated the number of shares of Common Stock being purchased, or if you have not forwarded full payment of the Subscription Price for the number of shares of Common
Stock that you have indicated are being purchased, you will be deemed to have exercised the Basic Subscription Privilege with respect to the maximum number of shares of Common Stock which may be
purchased for the Subscription Price transmitted or delivered by you, and to the extent that the Subscription Price transmitted or delivered by you exceeds the product of the Subscription Price
multiplied by the number of shares of Common Stock you are entitled to purchase as evidenced by the Rights Certificate(s) transmitted or delivered by you and no direction is given as to the excess
(such excess being the "Subscription Excess"), you will be deemed to have exercised your Oversubscription Privilege to purchase, to the extent available, that number of whole shares of Common Stock
equal to the quotient obtained by dividing the Subscription Excess by the Subscription Price, subject to the limit on the number of shares of Common Stock available to be purchased in the Rights
Offering and applicable proration. 

2.     Conditions to Completion of the Rights Offering.  

        There are no conditions to the completion of the Rights Offering. However, the Company has the right to terminate the Rights Offering for any reason before the
Rights and the other rights distributed in the Rights Offering expire. 

3.     Delivery of Shares of Common Stock.  

        The following deliveries and payments will be made to the address shown on the face of your Rights Certificate unless you provide instructions to the contrary in
your Rights Certificate. 

        (a)    Basic Subscription Privilege.    As soon as practicable after the Expiration Time, the Company will deliver to
each validly exercising Rightsholder shares of Common Stock purchased pursuant to such exercise. 

        (b)    Oversubscription Privilege.    As soon as practicable after the Expiration Time, the Company will deliver to
each Rightsholder who validly exercises the Oversubscription Privilege the number of 

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shares
of Common Stock allocated to and purchased by such Rightsholder pursuant to the Oversubscription Privilege. See "The Rights Offering—Subscription Privileges" in the Prospectus. 

        (c)    Return of Excess Payments.    As soon as practicable after the Expiration Time, the Company will deliver to
each Rightsholder who exercises the Oversubscription Privilege any excess funds, without interest or deduction, received in payment of the Subscription Price for each share of Common Stock that is
subscribed for by, but not allocated to, such Rightsholder pursuant to the Oversubscription Privilege. 

4.     To Transfer Rights.  

        (a)    Transfer of All or Less than All Unexercised Rights to One Designated Transferee.    To transfer all of your
unexercised Rights to a designated transferee or to a broker, dealer or nominee for sale on your
behalf, you must so indicate in box "E" and complete Section 2 of your Rights Certificate. A Rights Certificate that has been properly transferred in its entirety may be exercised by a new
holder without having a new Rights Certificate issued. If you wish to transfer less than all of your unexercised Rights to one designated transferee or to a broker, dealer or nominee for sale on your
behalf, so indicate in box "E" and complete Section 2 of your Rights Certificate and separately instruct the Company as to the action to be taken with respect to the unexercised Rights not
transferred. Such instructions should be guaranteed by an Eligible Institution. If no such instructions are received, the Company will issue you a new Rights Certificate evidencing the unexercised
Rights. When completing such instructions, consider that you may only transfer whole Rights. In addition, if you only transfer part of your Rights, you may only transfer such number of whole Rights as
will result in the transferee receiving a whole number of shares of Common Stock if the transferee exercises its Basic Subscription Privilege in respect of the Rights transferred. If box "E" is
checked but Section 2 is not completed, the Company may thereafter treat the bearer of the Rights Certificate as the absolute owner of all of the Rights evidenced by such Rights Certificate for
all purposes, and the Company shall not be affected by any notice to the contrary. 

        (b)    Transfer of All or Less than All Unexercised Rights to More than One Designated Transferee.    Because only the
Company can issue Rights Certificates, if you wish to transfer all or less than all of the unexercised Rights evidenced by your Rights Certificate to more than one designated transferee or to a
broker, dealer or nominee for sale on your behalf, so indicate in box "E" and complete Section 2 and separately instruct the Company as to the action to be taken with respect to the remaining
unexercised Rights. Such instructions should be guaranteed by an Eligible Institution. When completing such instructions, consider that you may only transfer whole Rights. In addition, if you only
transfer part of your Rights, you may only transfer such number of whole Rights as will result in each transferee receiving a whole number of shares of Common Stock if each transferee exercises its
Basic Subscription Privilege in respect of the Rights transferred. Alternatively, you may first have your Rights Certificate divided into Rights Certificates of appropriate denominations by following
the instructions in Paragraph 5 below. Each Rights Certificate evidencing the number of Rights you intend to transfer can then be transferred by following the instructions in
Paragraph 4(a). 

5.     To Have a Rights Certificate Divided Into Smaller Denominations.  

        Send your Rights Certificate, together with complete separate instructions (including specification of the denominations into which you wish your Rights to be
divided), signed by you, to the Company, allowing a sufficient amount of time for new Rights Certificates to be issued and returned so that they can be used prior to the Expiration Time.
Alternatively, you may assign your unexercised Rights to a bank or broker to effect such actions on your behalf. Your signature must be guaranteed by an Eligible Institution if any of the new Rights
Certificates are to be issued in a name other than that in which the old Rights Certificate was issued. A Rights Certificate may only be divided so that (through rounding or otherwise) you, together
with any transferee of part of your Rights (if applicable), will receive Rights 

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entitling
the Rightsholders of the new Rights Certificates resulting from such division to receive a greater number of shares of Common Stock pursuant to the exercise of their Basic Subscription
Privileges than you would receive pursuant to the exercise of your Basic Subscription Privilege if you had not divided your Rights Certificate. Any instruction to the contrary will be rejected. As a
result of delays in the mail, the time of the transmittal, the necessary processing time and other factors, you or your transferee may not receive such new Rights Certificate(s) in time to enable the
Rightsholder to complete a sale, exercise or transfer by the Expiration Time. The Company will not be liable to either a transferor or transferee for any such delays. 

        Nominee
holders of Common Stock that hold, on the Record Date, shares for the account(s) of more than one beneficial owner may exercise the number of Rights to which all such beneficial
owners in the aggregate would otherwise have been entitled if they had been direct record holders of Common Stock on the Record Date, provided such nominee holder makes a proper showing to the
Company, as determined in the Company's sole and absolute discretion. 

6.     Execution. 

        (a)    Execution by Registered Holder(s).    The signature on the Rights Certificate must correspond with the name of
the registered holder exactly as it appears on the face of the Rights Certificate without any alteration or change whatsoever. If the Rights Certificate is registered in the names of two or more joint
owners, all of such owners must sign. Persons who sign the Rights Certificate in a representative or other fiduciary capacity must indicate their capacity when signing and, unless waived by the
Company in its sole and absolute discretion, must present to the Company satisfactory evidence of their authority to so act. 

        (b)    Execution by Person Other than Registered Holder.    If the Rights Certificate is executed by a person other
than the holder named on the face of the Rights Certificate, proper evidence of authority of the person executing the Rights Certificate must accompany the same unless, for good cause, the Company
dispenses with proof of authority, in its sole and absolute discretion. 

        (c)    Signature Guarantees.    Your signature must be guaranteed by an Eligible Institution if you wish to transfer
all or less than all of your unexercised Rights to a designated transferee or to a broker, dealer or nominee for sale on your behalf as specified in paragraph 4(a), 4(b) or both. 

7.     Method Of Delivery.  

        The method of delivery of Rights Certificates and payment of the Subscription Price to the Company will be at the election and risk of the Rightsholder, but, if
sent by mail, it is recommended that they be sent by registered mail, properly insured, with return receipt requested, and that a sufficient number of days be allowed to ensure delivery to the
Company prior to the Expiration Time. 

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INSTRUCTIONS FOR USE OF UNITEDGLOBALCOM, INC. CLASS B AND CLASS C COMMON STOCK RIGHTS CERTIFICATESQuickLinks
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Exhibit 10.1  

 
  STOCK PURCHASE AGREEMENT
  Between
  UNIVISION COMMUNICATIONS INC.
  And
  CLEAR CHANNEL INVESTMENTS, INC.    
    

        STOCK PURCHASE AGREEMENT (this "Agreement") dated as of
January 7, 2004 between Univision Communications Inc., a Delaware corporation ("Company"), and Clear Channel Investments, Inc., a
Nevada corporation ("Holder"). 

        WHEREAS, Holder owns 15,815,999 shares of the Class A common stock, par value $0.01 per share (the "Common
Stock"), of Company as of January 7, 2004 (the "Clear Channel-Owned Shares"); 

        WHEREAS, Company and Holder are parties to a Registration Rights Agreement (the "Registration Rights
Agreement"), dated as of September 22, 2003; 

        WHEREAS, Company has entered into an Underwriting Agreement dated as of the date hereof (the "Underwriting
Agreement") with the underwriters named therein (the "Underwriters") pursuant to which Company is offering to sell to the public
for cash (the "Public Offering") 15,815,999 shares of its Common Stock (the closing of such offer and sale is hereinafter referred to as the
"Closing" and the date of such Closing is hereinafter referred to as the "Closing Date") pursuant to
Company's registration statement on Form S-3 (No. 333-110981) (as amended to the date hereof, the "Registration
Statement") and a prospectus supplement (together with the prospectus included in the Registration Statement, the "Prospectus")
filed pursuant to Rule 424 under the Securities Act of 1933, as amended; 

        WHEREAS, Company and Holder desire to make certain representations, warranties and agreements in connection with the transactions
described herein; and 

        WHEREAS, on the Closing Date, Holder desires to sell to Company, and Company desires to purchase from Holder, all of the Clear
Channel-Owned Shares (such sale and purchase being hereinafter referred to as the "Purchase"); 

        NOW, THEREFORE, in consideration of the premises and the mutual representations, warranties, covenants and agreements set forth herein,
the parties agree: 

ARTICLE I

PURCHASE AND SALE OF CLEAR CHANNEL-OWNED SHARES; CLOSING  

1.1 Purchase and Sale of Clear Channel-Owned Shares.  

        On the basis of the representations and warranties contained herein and subject to the terms and conditions hereof, on the Closing Date, Holder agrees to sell to
Company, and Company agrees to purchase from Holder, all of the Clear Channel-Owned Shares at a purchase price per share of $37.90 (the "Purchase
Price"), which price represents the purchase price per share to be received by Company from the Public Offering after deducting all underwriting discounts and commissions. 

1.2 Closing.  

        (a)   Subject
to satisfaction or waiver of the conditions set forth herein, the Closing of the Purchase shall take place at the offices of O'Melveny & Myers LLP at 1999
Avenue of the Stars, Suite 700, Los Angeles, California on the Closing Date (or at such other time or place as shall be mutually agreed upon by the parties hereto). The parties agree that the Closing
Date will be January 12, 2004. 

        (b)   At
the Closing, Holder shall sell, assign and transfer to Company all its right, title and interest in and to the Clear Channel-Owned Shares free and clear of all
mortgages, pledges, security interests, liens, claims, encumbrances or equities (collectively, the "Liens") and deliver to 

 

the
Bank of New York, as transfer agent for Company, the Clear Channel-Owned Shares in electronic form. 

        (c)   On
the Closing Date, Company shall pay to Holder the aggregate Purchase Price for all Clear Channel-Owned Shares by wire transfer of immediately available funds to an
account designated in writing by Holder (the number for which account shall have been furnished to Company at least one (1) business day prior to the Closing Date). 

ARTICLE II

REPRESENTATIONS AND WARRANTIES OF HOLDER  

        Holder represents and warrants to Company as follows: 

2.1 Power, Authority and Enforceability.  

        Holder has the requisite corporate power and authority to enter into this Agreement and to consummate the transactions contemplated hereby. The execution and
delivery of this Agreement by Holder and the consummation by Holder of the transactions contemplated hereby have been duly authorized by all necessary corporate action on the part Holder. This
Agreement has been duly executed and delivered by Holder and, assuming the accuracy of the representations and warranties set forth in Article III hereof, constitutes the legal, valid and
binding agreement of Holder enforceable against it in accordance with its terms, except as may be limited by (a) applicable bankruptcy, insolvency, reorganization, moratorium and other laws of
general application affecting enforcement of creditors' rights generally, and (b) equitable principles of general applicability relating to the availability of specific performance, injunctive
relief, or other equitable remedies. 

2.2 Governmental Authorization.  

        No consent, approval, authorization, order, license, registration or qualification of or with any such court or governmental agency or body is required for the
execution and delivery by Holder of this Agreement, the performance by Holder of its obligations hereunder and the consummation by Holder of the transactions contemplated hereby, except such consents,
approvals, authorizations, orders, licenses, registrations or qualifications which, if not obtained, would not, individually or in the aggregate, have a material adverse effect on the ability of
Holder to perform its obligations hereunder or consummate the transactions contemplated hereby on a timely basis. 

2.3 Noncontravention.  

        The execution and delivery by Holder of this Agreement, the performance by Holder of its obligations hereunder and the consummation by Holder of the transactions
contemplated hereby will not conflict with or result in a breach or violation of (1) any of the terms or provisions of, or constitute a default (or an event which with notice or lapse of time
or both would become a default) under, or give to others any rights to termination, amendment, acceleration or cancellation of, any indenture, mortgage, deed of trust, loan agreement or other
agreement or instrument to which Holder or any of its subsidiaries is a party or by which Holder or any of its subsidiaries is bound or to which any of their property or assets is subject or
(2) any applicable law or statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction over Holder or any of its subsidiaries or any of their
respective properties, except for in the case of either clause (1) or (2) such conflicts, breaches or violations which would not prevent or delay the consummation of the transactions
contemplated by this Agreement, nor will any such action result in any violation of the provisions of the certificate of incorporation or the by-laws of Holder. 

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2.4 Title to Clear Channel-Owned Shares.  

        Holder has good and valid title to the Clear Channel-Owned Shares, free and clear of all Liens, with full right and authority to deliver the same hereunder. Upon
payment for the Clear Channel-Owned Shares pursuant to this Agreement, Company will acquire good and valid title thereto, free and clear of all Liens. Holder represents that none of Clear Channel
Communications, Inc. or any of its subsidiaries (including Holder) hold any other shares of capital stock of Company other than the Clear Channel-Owned Shares. 

2.5 Independent Investigation.  

        Holder (a) has the requisite knowledge, sophistication and experience in order to fairly evaluate a disposition of the Clear Channel-Owned Shares,
including the risks associated therewith, and (b) has adequate information and has made its own independent investigation and evaluation to the extent it deems necessary or appropriate
concerning the business, properties, results of operations and financial condition of Company and its subsidiaries taken as a whole to make an informed decision regarding the sale of the Clear
Channel-Owned Shares pursuant to this Agreement. 

ARTICLE III

REPRESENTATIONS AND WARRANTIES OF COMPANY  

        Company hereby represents and warrants to Holder as follows: 

3.1 Power, Authority, and Enforceability.  

        Company has the requisite corporate power and authority to enter into this Agreement and to consummate the transactions contemplated hereby. The execution and
delivery of this Agreement by Company and the consummation by Company of the transactions contemplated hereby have been duly authorized by all necessary corporate action on the part of Company. This
Agreement has been duly executed and delivered by Company and, assuming the accuracy of the representations and warranties set forth in Article II hereof, constitutes the legal, valid and
binding agreement of Company enforceable against Company in accordance with its terms, except as may be limited by (a) applicable bankruptcy, insolvency, reorganization, moratorium and other
laws of general application affecting enforcement of creditors' rights generally, and (b) equitable principles of general applicability relating to the availability of specific performance,
injunctive relief, or other equitable remedies. 

3.2 Governmental Authorization.  

        No consent, approval, authorization, order, license, registration or qualification of or with any such court or governmental agency or body is required for the
execution and delivery by Company of this Agreement, the performance by Company of its obligations hereunder and the consummation by Company of the transactions contemplated hereby and in the
Prospectus, except such consents, approvals, authorizations, orders, licenses, registrations or qualifications as have been obtained under the Securities Act of 1933, as amended, and the rules and
regulations of the Securities and Exchange Commission thereunder (collectively, the "Securities Act"), and as may be required under state securities or
blue sky laws in connection with the Public Offering or which, if not obtained, would not, individually or in the aggregate, have a material adverse effect on the ability of Company to perform its
obligations hereunder or consummate the transactions contemplated hereby on a timely basis. 

3.3 Noncontravention.  

        The execution and delivery by Company of this Agreement, the performance by Company of its obligations hereunder and the consummation by Company of the
transactions contemplated hereby and in the Prospectus will not conflict with or result in a breach or violation of (1) any of the terms or 

3

 

provisions
of, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any rights or termination, amendment, acceleration or
cancellation of, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which Company or any of its subsidiaries is a party or by which Company or any of its
subsidiaries is bound or to which any of their property or assets is subject or (2) any applicable law or statute or any order, rule or regulation of any court or governmental agency or body
having jurisdiction over Company or any of its subsidiaries or any of their respective properties, except for in the case of either clause (1) or (2) such conflicts, breaches or
violations which would not prevent or delay the consummation of the transactions contemplated by this Agreement, nor will any such action result in any violation of the provisions of the certificate
of incorporation or the by-laws of Company. 

3.4 No Distribution.  

        Company is purchasing the Clear Channel-Owned Shares from Holder for its own account and not with a view to any distribution thereof within the meaning of the
Securities Act. Following the Closing, the Clear Channel-Owned Shares acquired by Company from Holder shall either be cancelled or placed in Company's treasury. 

ARTICLE IV

CONDITIONS TO CLOSING  

4.1 Conditions to Obligations of Company.  

        The obligation of Company to purchase the Clear Channel-Owned Shares hereunder is subject to the satisfaction or waiver on or before the Closing Date of each of
the following conditions: 

        (a)   No
action, claim, suit, hearing, complaint, demand, injunction, litigation, judgment, arbitration, order, decree, ruling or governmental investigation or proceeding
shall be pending or threatened by any Governmental Entity, and no such Governmental Entity shall have issued any injunction, judgment or order, which shall remain in effect, that would prevent the
consummation of the transactions contemplated by this Agreement. As used herein, the term "Governmental Entity" means any agency, bureau, commission, authority, department, official, political
subdivision, tribunal or other instrumentality of any government, whether (i) regulatory, administrative or otherwise; (ii) federal, state or local or (iii) domestic or foreign. 

        (b)   The
Closing shall have occurred in accordance with the terms of the Underwriting Agreement. 

        (c)   Holder
shall have performed in all material respects all of its obligations hereunder required to be performed by it on or before the Closing Date. 

        (d)   The
representations and warranties (without regard to materiality qualifiers) of Holder contained in this Agreement and in any certificate or other writing delivered by
Holder pursuant hereto shall be true and correct in all material respects on and as of the date hereof and on and as of the Closing Date as though made on and as of such date. 

        (e)   Company
shall have received a certificate signed by a duly authorized officer of Holder to the effect set forth in Section 4.1(c) and (d) above. 

4.2 Conditions of Obligations of Holder.  

        The obligation of Holder to sell the Clear Channel-Owned Shares hereunder is subject to the satisfaction or waiver on or prior to the Closing Date of each the
following conditions: 

        (a)   No
action, claim, suit, hearing, complaint, demand, injunction, litigation, judgment, arbitration, order, decree, ruling or governmental investigation or proceeding
shall be pending or 

4

 

threatened
by any Governmental Entity, and no such Governmental Entity shall have issued any injunction, judgment or order, which shall remain in effect, that would prevent the consummation of the
transactions contemplated by this Agreement. 

        (b)   The
Closing shall have occurred in accordance with the terms of the Underwriting Agreement. 

        (c)   Company
shall have performed in all material respects all of its obligations hereunder required to be performed by it on or before the Closing Date. 

        (d)   The
representations and warranties (without regard to materiality qualifiers) of Company contained in this Agreement and in any certificate or other writing delivered by
Company pursuant hereto shall be true and correct in all material respects on and as of the date hereof and on and as of the Closing Date as though made on and as of such date. 

        (e)   Holder
shall have received a certificate signed by a duly authorized officer of Company to the effect set forth in Section 4.2(c) and (d) above. 

ARTICLE V

COVENANTS  

5.1 Relinquishment of Registration Rights.  

        Upon consummation of the Purchase and receipt of the aggregate Purchase Price by Holder for all Clear Channel-Owned Shares, the Registration Rights Agreement will
be deemed terminated. 

5.2 Lock-up.  

        Until the Closing and except for the sale of the Clear Channel-Owned Shares pursuant to the terms of this Agreement, Holder agrees that it shall not, without the
prior written consent of Company, offer, sell, contract to sell, pledge, or otherwise dispose of, (or enter into any transaction which is designed to, or might reasonably be expected to, result in the
disposition (whether by actual disposition or effective economic disposition due to cash settlement or otherwise) by Company, directly or through any of its subsidiaries, or establish or increase a
put equivalent position or liquidate or decrease a call equivalent position (within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended), any other shares of
Class A Common Stock or any securities convertible into, or exercisable, or exchangeable for, shares of Class A Common Stock, or publicly announce an intention to effect any such
transaction. 

ARTICLE VI

GENERAL PROVISIONS  

6.1 Notices.  

        All notices required to be given hereunder will be sufficient if in writing, and sent by facsimile transmission and by courier service (with proof of service),
hand delivery or certified or registered mail (return receipt requested and first-class postage prepaid), addressed as follows: 

        If
to Holder, to: 

Clear
Channel Investments, Inc.

200 E. Basse Road

San Antonio, Texas 78209

5

 

Attention:
Hamlet Newsom

Facsimile: (210) 832-3428 

with
a copy (which shall not constitute notice), to: 

Akin,
Gump, Strauss, Hauer & Feld, L.L.P.

300 Convent St., Suite 1500

San Antonio, TX 78205

Attention: Will Liebmann, Esq.

Facsimile: (210) 224-2035 

        If
to Company, to: 

Univision
Communications Inc.

1999 Avenue of the Stars

Los Angeles, California, 90067-6035

Attention: C. Douglas Kranwinkle, Esq.

Facsimile: (310) 556-1526 

with
a copy (which shall not constitute notice), to: 

O'Melveny &
Myers LLP

1999 Avenue of the Stars

Los Angeles, California, 90076-6035

Attention: Allison M. Keller, Esq. and Robert D. Haymer, Esq.

Facsimile: (310) 246-6779 

or
to such other address as any party shall specify by written notice so given, and such notice shall be deemed to have been delivered as of the date so telecommunicated, personally delivered or
mailed. 

6.2 Amendments and Waivers.  

        Any provision of this Agreement may be amended or waived if, but only if, such amendment or waiver is in writing and is signed, in the case of an amendment, by
each party to this Agreement, or in the case of a waiver, by the party against whom the waiver is to be effective. No failure or delay by any party in exercising any right, power or privilege
hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. 

6.3 Successors and Assigns.  

        The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. 

6.4 Governing Law.  

        This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without reference to its conflict of laws principles. 

6.5 Public Announcements.  

        Each party agrees that, except as may be required by applicable law, rule or regulation, or any listing agreement with any national securities exchange, such
party will not issue any press release or make any public statement with respect to this Agreement or the transactions contemplated hereby without obtaining the prior written consent of the other
party. 

6

 

6.6 Section Headings.  

        The captions and headings appearing at the beginning of the various sections of this Agreement are for convenience of reference only and shall not be given any
effect whatsoever in the construction or interpretation of this Agreement. 

6.7 Enforcement.  

        The parties agree that irreparable damage would occur if any of the provisions of this Agreement were not performed in accordance with their specific terms or
were otherwise breached. It is accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and
provisions of this Agreement in any action instituted in any court of the United States or any state thereof having jurisdiction over the parties and the matter, this being in addition to any other
remedy to which they are entitled at law or in equity. 

6.8 Severability.  

        Any term or provision of this Agreement which is invalid or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of such
invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and provisions of this Agreement or affecting the validity or enforceability of any of the terms or
provisions of this Agreement in any other jurisdiction. If any provision of this Agreement is so broad as to be unenforceable, the provision shall be interpreted to be only so broad as is enforceable. 

6.9 Expenses.  

        Each of Company and Holder shall pay its own expenses incurred in connection with the transactions contemplated hereby. 

6.10 No Indemnity.  

        Notwithstanding anything herein or in any other agreement to the contrary, no party to this Agreement shall have any obligation to indemnify any other party to
this Agreement in connection with any matter related to or arising out of the Public Offering or the subject matter of this Agreement. 

6.11 Termination.  

        Notwithstanding any provision in this Agreement to the contrary, this Agreement (other than the terms of Sections 6.9 and 6.10, which shall remain in full force
and effect) shall terminate if the Underwriting Agreement is terminated in accordance with the terms contained therein. 

6.12 Counterparts.  

        This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same
instrument. Any party may execute this Agreement by the delivery of a facsimile signature, which signature shall have the same force and effect as an original signature. Any party that delivers a
facsimile signature shall promptly thereafter deliver an originally executed signature to the other party; provided, however, that the failure to deliver an original signature page shall not affect
the validity of any signature delivered by facsimile. 

[Signature
page follows] 

7

 

        IN
WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed by its duly authorized officer as of the date first written above. 

	 	 	UNIVISION COMMUNICATIONS INC.
	

 	
 	

By:	

/s/  C. DOUGLAS KRANWINKLE      
 Name: C. Douglas Kranwinkle

Title: EVP	
 	

 
	

 	
 	

 	

 	
 	

 
	 	 	CLEAR CHANNEL INVESTMENTS, INC.
	

 	
 	

By:	

/s/  JULIANA HILL      
 Name: Juliana Hill

Title: Senior Vice President—Finance	
 	

 
	 	 	 	 	 	 

8

QuickLinks

STOCK PURCHASE AGREEMENT Between UNIVISION COMMUNICATIONS INC. And CLEAR CHANNEL INVESTMENTS, INC.

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