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EXHIBIT 10.40  

 
 

SHARE PURCHASE AGREEMENT    
  

        This Share Purchase Agreement (the "Agreement") is entered into as of December 19, 2001, by and between Fonovisa L.L.C., a Nevada limited liability company
("Buyer"), and Univision Communications Inc., a Delaware corporation ("Seller"). 

        WHEREAS, Buyer has indicated it desires to purchase shares of Seller's Series B Convertible Redeemable Preferred Stock
(collectively, the "Preferred Shares"); 

        WHEREAS, Seller is willing to sell such Preferred Shares to Buyer; 

        NOW, THEREFORE, in consideration of the mutual promises contained herein and intending to be legally bound, the parties agree as follows: 

        1.    Purchase and Sale of Stock.    Seller hereby agrees to sell to
Buyer and Buyer hereby agrees to purchase from Seller, 375,000 Preferred Shares for an aggregate purchase price of U.S.$375,000,000 (the "Share Purchase Price"). Buyer shall pay the Share Purchase
Price to Seller as promptly as practical but in no event later than December 26, 2001 by wire transfer to the account of Seller shown on Exhibit A. Upon receipt of the Share Purchase
Price, Seller shall deliver to Buyer a certificate, registered in Buyer's name, representing the Preferred Shares. A form of share certificate for the Preferred Shares is attached hereto as
Exhibit B and the Certificate of Designation regarding the Preferred Shares is attached hereto as Exhibit C (the "Certificate of Designation"). 

        2.    Representations and Warranties of Seller.    Seller represents
and warrants to Buyer as follows: 

        A.    Organization.    Seller is a corporation duly organized, validly
existing and in good standing under the laws of Delaware with all necessary corporate power and authority to execute, deliver and perform this Agreement. 

        B.    Execution, Delivery and Performance; Binding Obligation.    The
execution, delivery and performance of this Agreement have been duly and validly authorized by all necessary corporate action on the part of Seller. This Agreement constitutes the legally valid and
binding obligation of Seller, enforceable against Seller in accordance with its terms except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium and other
similar laws and equitable principles relating to or limiting creditors' rights generally. 

        C.    No Violation.    Neither the Seller nor any of its subsidiaries
is (i) in violation of its charter or bylaws or (ii) in breach or default in the performance or observance of any material agreement to which it is a party or by which it is bound,
except as disclosed in the Public Filings (as defined below) and except for such breaches or defaults that would not have a material adverse effect on (x) the condition (financial or
otherwise), earnings, business affairs or business prospects of Seller and its subsidiaries, taken as a whole, or (y) Seller's ability to perform its obligations under this Agreement (a
"Material Adverse Effect"). The execution, delivery and performance of this Agreement by Seller, the conversion of the Preferred Shares and the exercise of the Warrant will not violate or constitute a
breach or default (whether upon lapse of time or the occurrence of any act or event or otherwise) under (a) the charter documents or bylaws of Seller or any of its subsidiaries, (b) any
law to which Seller or any of its subsidiaries is subject, which breach, default or violation would have a Material Adverse Effect or (c) any material agreement to which Seller or any of its
subsidiaries is a party or is bound, which breach, default or violation would have a Material Adverse Effect. 

        D.    No Registration.    The execution, delivery and performance of
this Agreement by Seller and the transactions contemplated hereby, other than the conversion of the Preferred 

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Shares, which require a filing under the HSR Act (as defined below) and could require approval from the Federal Communication Commission, will not require filing or registration with, or the issuance
of any permit by, or receipt of any approval or other consent from, any person or entity. 

        E.    No Payment Triggered.    The execution, delivery and performance
of this Agreement and the conversion of the Preferred Shares will not cause the acceleration of any payment or trigger any other right under any agreement, arrangement, commitment or understanding to
which Seller is a party or by which Seller is bound. 

        F.    Public Documents.    Since December 31, 2000, Seller has
filed with the U.S. Securities and Exchange Commission (the "SEC") all reports, proxy materials and registration statements required to be filed by it pursuant to the U.S. federal securities laws and
has made all other filings required to be made by it with the SEC (collectively, the "Public Filings"). None of the Public Filings contains an untrue statement of a material fact or omits to state a
material fact required to be stated therein or necessary in order to make the statements made therein, in light of the circumstances under which they were made, not misleading, in each such case as of
its filing date, mailing date or effective date, as the case may be. Since the date of the filing with the SEC of Seller's most recent Form 10Q, there has not been (A) any material
adverse change, or any development involving a prospective material adverse change, in the condition (financial or otherwise), earnings, business affairs or business prospects of Seller and its
subsidiaries, taken as a whole, whether or not arising in the ordinary course of business, (B) any transaction entered into by Seller or its subsidiaries, other than in the ordinary course of
business, that is material to Seller and its subsidiaries, taken as a whole, (C) any dividend or other obligation declared, paid or made by Seller on its capital stock or (D) any
incurrence by Seller or its subsidiaries of any material liability or obligation, direct or contingent. 

        G.    Financial Statements.    The consolidated financial statements
included in or incorporated by reference into the Public Filings, together with related schedules and notes, present fairly the consolidated financial position, results of operations and changes in
financial position of the Seller and its subsidiaries on the basis stated therein at the respective dates or for the respective periods to which they apply, and such statements and related schedules
and notes have been prepared in accordance with generally accepted accounting principles consistently applied throughout the periods involved, except as disclosed therein. 

        H.    Ownership.    The Preferred Shares upon issuance, and the
Conversion Shares (as defined below) upon issuance in accordance with the terms of this Agreement, will be duly authorized, validly issued and outstanding and fully paid and nonassessable. Except as
set forth in the Public Filings, Seller has not entered into any outstanding contracts or other rights to subscribe for or purchase, or contracts or other obligations to issue or grant any rights to
acquire, any capital stock of Seller, or to restructure or recapitalize Seller, and, to Seller's knowledge, there are no outstanding contracts to repurchase, redeem or otherwise acquire any capital
stock of Seller. 

        I.    Reservation of Shares.    Seller has reserved a sufficient
number of shares of Class A Common Stock for issuance to Holder upon conversion of the Preferred Shares. 

        J.    Listing on the New York Stock Exchange ("NYSE").    The
Conversion Shares have been, or by the date of payment of the Purchase Price will be, approved for listing on the NYSE, subject only to official notice of issuance. 

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        K.    Use of Proceeds.    Immediately following the receipt of the
Share Purchase Price, Seller shall apply such purchase price to repay an equivalent amount of indebtedness outstanding under Seller's bank credit agreement dated July 18, 2001. 

        3.    Representations and Warranties of Buyer.    Buyer represents and
warrants to Seller as follows: 

        A.    Organization.    Buyer is a limited liability company, duly
organized, validly existing and in good standing under the laws of Nevada with all necessary corporate power and authority to execute, deliver and perform this Agreement. 

        B.    Execution, Delivery and Performance; Binding Obligation.    The
execution, delivery and performance of this Agreement have been duly and validly authorized by all necessary corporate action on the part of Buyer. This Agreement constitutes the legally valid and
binding obligation of Buyer, enforceable against Buyer in accordance with its terms except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar
laws and equitable principles relating to or limiting creditors' rights generally. 

        C.    No Violation of Law; Agreements.    The execution, delivery and
performance of this Agreement by Buyer will not violate or constitute a breach or default (whether upon lapse of time or the occurrence of any act or event or otherwise) under (i) the charter
documents or bylaws of Buyer, (ii) any law to which Buyer is subject, which breach, default or violation would have a material adverse effect on Buyer's ability to perform its obligations under
this Agreement, or (iii) any agreement to which Buyer is a party, which breach, default or violation would have a material adverse effect on Buyer's ability to perform its obligations under
this Agreement. 

        D.    Investment Intent.    Buyer is purchasing the Preferred Shares
solely for its own account, for investment purposes only and not with a view to the distribution thereof in violation of the Securities Act of 1933, as amended (the "Securities Act"), or any
applicable state securities law, and Buyer has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of its investment represented by its
purchase of such Preferred Shares. Buyer acknowledges that such Preferred Shares have not been and prior to issuance will not be registered under the Securities Act or any other securities law and may
not be sold, and Buyer hereby covenants that such Preferred Shares will not be sold, in whole or in part, in the United States of America except pursuant to a registration statement effective under
the Securities Act or pursuant to an exemption from registration under the Securities Act, and in compliance with all other applicable securities laws. 

        E.    Accredited Investor.    Buyer is an accredited investor within
the definition set forth in Rule 501(a) of the regulations promulgated by the SEC pursuant to the Securities Act. 

        4.    Continuing Covenants.    

        A.    Registration Rights.    The parties agree and acknowledge that
the Class A Shares into which the Preferred Shares are convertible (the "Conversion Shares") will be subject to the terms and conditions of the Registration Rights Agreement (the "Registration
Rights Agreement") dated October 2, 1996 by and among Seller, Buyer and various other parties set forth therein. The parties further agree that for the purposes of the Registration Rights
Agreement the Class A Shares will be deemed Common Stock held by the Televisa Holders. 

        B.    HSR Act Matters.    Seller and Buyer will as promptly as
practicable, file with the United States Federal Trade Commission (the "FTC") and the United States Department of Justice (the "DOJ") (i) the notification and report form, if any, required for
the transactions contemplated by this Agreement, including without limitation the conversion of the Preferred 

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Shares, and (ii) any supplemental information requested in connection therewith pursuant to the Hart-Scott-Rodino Act of 1976 (the "HSR Act"). Seller and Buyer will use
commercially reasonable efforts to take all such actions, such that the waiting period specified in the HSR Act will expire or be satisfied as soon as reasonably possible. 

        C.    Restriction on Transfers.    Buyer will not sell, assign, convey
or otherwise transfer the Preferred Shares without the prior written consent of the Seller except in connection with an acquisition, share repurchase, redemption, merger, reorganization or similar
transaction in which all of the holders of Buyer's Class A Common Stock are entitled to participate or as permitted by Section 5B below. 

        5.    General.    

        A.    Survival.    The representations, warranties and agreements in
this Agreement will survive any investigation made by either party, and the execution of this Agreement. 

        B.    No Assignment.    Neither party may assign this Agreement
without the prior written consent of the other party; provided, that Buyer may assign its rights to any direct or indirect wholly-owned subsidiaries of Grupo Televisa S.A.; provided,
further, that any such assignment shall not relieve Buyer of its obligations hereunder. 

        C.    Binding Effect; Parties in Interest.    This Agreement is
binding on and benefits only the parties and their respective permitted successors and assigns. Nothing in this Agreement gives any rights or remedies to any person other than the parties and their
respective permitted successors and assigns, nor does anything in this Agreement relieve or discharge any obligation or liability of any third person to either
party. No provision of this Agreement gives any third person any right of subrogation or action over or against either party to this Agreement. 

        D.    Complete Agreement.    This Agreement, including the documents
attached to this Agreement as Exhibits, is the complete and exclusive statement of agreement of the parties as to matters covered by it. It replaces and supersedes all prior written or oral agreements
or statements by and among the parties with respect to the matters covered by it. No representation, statement, condition or warranty not contained in this Agreement is binding on the parties. 

        E.    Amendments; Waivers.    Any amendment to this Agreement requires
the approval of both parties. Any waiver of any right or remedy requires the consent of the party waiving it. Every amendment or waiver must be in writing and designated as an amendment or waiver, as
appropriate. No failure by either party to insist on the strict performance of any provision of this Agreement, or to exercise any right or remedy, will be deemed a waiver of such performance, right
or remedy, or of any other provision of this Agreement. 

        F.    Interpretation.    If any claim is made by a party relating to
any conflict, omission or ambiguity in the provisions of this Agreement, no presumption or burden of proof or persuasion will be implied because this Agreement was prepared by or at the request of
either party or its counsel. The parties waive any statute or rule of law to the contrary. 

        G.    Attorneys' Fees and Costs.    If any legal action or other
proceeding is brought to enforce or interpret this Agreement or matters relating to it, the substantially prevailing party will be entitled to recover from the other party reasonable attorneys' fees
and other costs incurred in such action or proceeding, in addition to any other relief to which the prevailing party is entitled. 

        H.    Governing Law.    This Agreement will be governed by and
construed in accordance with the laws of the State of California without regard to its rules of conflict of laws. 

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        I.    Jurisdiction; Venue; Service of Process.    Each of the parties
irrevocably submits to the jurisdiction of any California State or United States Federal court sitting in Los Angeles County in any action or proceeding arising out of our relating to this Agreement
or the transactions contemplated hereby, and irrevocably agrees that any such action or proceeding may be heard and determined only in such California State or Federal court. Each of the parties
irrevocably waives, to the fullest extent it may effectively do so, the defense of an inconvenient forum to the maintenance of any such action or proceeding. Each of the parties irrevocably appoints
CT Corporation System (the "Process Agent"), with an office on the date hereof at 818 West 7th Street, Los Angeles, CA 90017 as its agent to receive on
behalf of it and its property service of copies of the summons and complaint and any other process
which may be served in any such action or proceeding. Such service may be made by delivering a copy of such process to any of the parties in care of the Process Agent at the Process Agent's above
address, and each of the parties irrevocably authorizes and directs the Process Agent to accept such service on its behalf. As an alternate method of service, each of the parties consents to the
service of copies of the summons and complaint and any other process which may be served in any such action or proceeding by personally delivering of a copy of such process to such party at its
address specified in or pursuant to Section 5.M. Each of the parties agrees that a final judgment in any such action or proceeding will be conclusive and may be enforced in other jurisdictions
by suit on the judgment or in any other manner provided by law. 

        J.    Enforcement of Agreement.    The parties agree that irreparable
damage would occur if any of the provisions of this Agreement were not performed in accordance with its specific terms or as otherwise breached. It is accordingly agreed that the parties will 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 California court, this being in addition to
any other remedy to which they are entitled at law or in equity. In any such action for specific performance, no party will be required to post a bond. 

        K.    Counterparts.    This Agreement and any amendment hereto or any
other agreement (or document) delivered pursuant hereto may be executed in one or more counterparts, each of which will be deemed an original and all of them will constitute one agreement. A facsimile
signature page will be deemed an original signature page. 

        L.    Headings.    The headings in this Agreement are only for
convenience and ease of reference and are not to be considered in construction or interpretation. 

        M.    Notices.    Any notice 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 

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or certified or registered mail (return receipt requested and first-class postage prepaid), addressed as follows: 

	If to Buyer:	 	If to Seller:
	

Fonovisa L.L.C.

c/o Joseph Stern, Esq.

Fried, Frank, Harris, Shriver & Jacobson

One New York Plaza

New York, New York 10004

Telecopier: (212) 859-8589	
 	

Univision Communications Inc.

1999 Avenue of the Stars, Suite 3050

Los Angeles, California 90067

Attention: C. Douglas Kranwinkle, Esq.

Telecopier: (310) 556-3568
	

With a copy to:

Grupo Televisa, S.A.

Av. Vasco de Quiroga No. 2000

Edificio A, Piso 4, Colonia Santa Fe

01210, Mexico, DF

Attention: Alfonso de Angoitia

Telecopier: 011-52-55-5-261-2451	
 	

With a copy to:

O'Melveny & Myers LLP

1999 Avenue of the Stars, Suite 700

Los Angeles, CA 90067

Attention: Kendall R. Bishop, Esq.

Telecopier No.: (310) 246-6779

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

        N.    Further Assurances.    Each party will execute and deliver, both
before and after the Closing, such further certificates, agreements and other documents and take such other actions as the other party may reasonably request to consummate or implement the
transactions contemplated by this Agreement or to evidence such events or matters, including the execution and delivery of such assignment and transfer documents as either party may deem necessary or
desirable. 

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

	

 	
 	
BUYER:

FONOVISA L.L.C.
 
	

 	
 	

By:	
 	

 	
 	

 
	 	 	 	 	/s/  JOSE SUAREZ BARBOSA      

	 	 	 	 	Name:	 	Fonovisa de Centroamérica, C.A.
	 	 	 	 	Title:	 	General Manager
	 	 	 	 	By:	 	Jorge Suarez Barbosa
	
 	
 	

SELLER:

UNIVISION COMMUNICATIONS INC.
 
	

 	
 	

By:	
 	

 	
 	

 
	 	 	 	 	/s/  C. DOUGLAS KRANWINKLE      

	 	 	 	 	Name:	 	C. Douglas Kranwinkle
	 	 	 	 	Title:	 	Executive Vice President
		 	 	 	 	 	 

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   EXHIBIT A

UNIVISION COMMUNICATIONS INC.

Wire Instructions (UTG)  

	Bank Name:	 	Fleet Boston

P.O. Box 2016

100 Federal Street

Boston, MA 02106

Contact: Andrea Frost

(617) 533-5759
	 	 	 
	Account Name:	 	Unvision Television Group Inc.

Glenpointe Centre West

500 Frank W. Burr Blvd., 6th Floor

Teaneck, NJ 07666

(212) 287-4200
	 	 	 
	Bank Account #:	 	501-33558
	 	 	 
	ABA #:	 	011000390

A-1

   EXHIBIT B

PREFERRED SHARES  

B-1

   EXHIBIT C

CERTIFICATE OF DESIGNATION

of

SERIES B CONVERTIBLE REDEEMABLE PREFERRED STOCK

of

UNIVISION COMMUNICATIONS INC.,

a Delaware Corporation

Pursuant to Section 151 of the General Corporation Law

of the State of Delaware  

        The
undersigned certify that: 

        1.    They are the duly elected and acting President and Secretary, respectively, of Univision Communications Inc., a
corporation organized and existing under the General Corporation Law of the State of Delaware (the "Corporation"). 

        2.    Pursuant to authority given by the Corporation's Certificate of Incorporation, the Board of Directors of the Corporation
has duly adopted the following recitals and resolutions: 

        WHEREAS,
the Certificate of Incorporation of the Corporation provides for a class of shares known as Preferred Stock, issuable from time to time in one or more series; 

        WHEREAS,
the Board of Directors of the Corporation is authorized, within the limitations and restrictions stated in the Certificate of Incorporation, to determine or alter the rights,
preferences, privileges, and restrictions granted to or imposed upon any wholly unissued series of Preferred Stock, to fix the number of shares constituting any such series, and to determine the
designation thereof; 

        WHEREAS,
the Board of Directors of the Corporation desires, pursuant to its authority, to determine and fix the rights, preferences, privileges and restrictions of a certain series of
Preferred Stock and the number of shares constituting and the designation of the series; 

        NOW,
THEREFORE, BE IT RESOLVED, that the Board of Directors of the Corporation hereby establishes a series of the authorized preferred stock of the Corporation, $.01 par value per share,
which series will be designated as "Series B Convertible Redeemable Preferred Stock," and which will consist of 375,000 shares (the "Preferred Shares") and will have the following rights,
preferences, privileges and restrictions: 

        A.    Dividends and Distributions.    The holders of Preferred Shares will be entitled to
participate with the holders of Common Stock with respect to any dividend declared on, or other distribution in respect of, the Common Stock in proportion to the number of shares of Common Stock
issuable upon conversion of the shares of the Preferred Shares held by them, and such dividend or other distribution will be paid at the same time as the dividend on, or other distribution in respect
of, the Common Stock. 

        B.    Voting.    Except as otherwise provided by law, the holder(s) of Preferred Shares will
have no right to vote on any matters, questions or proceedings of the Corporation. 

        C.    Liquidation, Dissolution or Winding Up.    Upon any liquidation, dissolution or winding
up of the Corporation, no distribution will be made to the holders of shares of Common Stock or of any other stock ranking junior (either as to dividends or upon liquidation, dissolution or winding
up) to the Preferred Shares unless, prior thereto, the holders of Preferred Shares will have received payment by the Corporation in an amount equal to $1,000 per share (the "Liquidation Value"). 

C-1

 

        D.    Transferability of Preferred Shares.    No person holding Preferred Shares may transfer,
and the Corporation will not register the transfer of, any Preferred Shares, whether by sale, assignment, pledge, encumbrance, gift, bequest, appointment or otherwise (a "transfer"), unless the
transferee will have given the Corporation 30 days prior written notice of such transfer or, in the case of a transfer to a wholly-owned subsidiary of a holder, one day's prior written notice
of such transfer. Any purported transfer in violation of the foregoing will be null and void. Certificates representing Preferred Shares will, at the option of the Corporation, bear a legend to such
effect. 

        E.    Conversion.    Upon the termination or expiration of any applicable waiting period under
the U.S. Hart-Scott-Rodino Act of 1976 (the "HSR Act"), the Preferred Shares will automatically be converted into fully paid and nonassessable shares of the Corporation's Class A
Common Stock at the rate of
28.252 shares of Class A Common Stock for each Preferred Share. The Corporation will deliver certificate(s) representing the Class A Common Stock to the holder of the Preferred Shares
only upon the surrender to the Corporation or its transfer agent for the Preferred Shares of the certificate(s) representing the Preferred Shares. No fractional shares of Class A Common Stock
shall be issued upon conversion of the Preferred Shares. All shares of Class A Common Stock (including fractions thereof) issuable upon conversion of the Preferred Shares by a holder shall be
aggregated for purposes of determining whether the conversion would result in the issuance of any fractional share. If, after the aforementioned aggregation, the conversion would result in the
issuance of any fractional share, the Corporation shall, in lieu of issuing any fractional share, pay cash equal to the product of such fraction multiplied by the closing price of the Class A
Common Stock on the New York Stock Exchange on the business day prior to the date of conversion. 

        F.    Redemption by the Corporation.    If approval under the HSR Act is not obtained by
June 30, 2002, the Corporation will, at the election of the holder of the Preferred Shares upon written notice to the Corporation (provided that such notice is received by the Corporation not
later than 30 days following June 30, 2002), redeem all of the outstanding Preferred Shares within 30 days following the Corporation's receipt of any such notice of election by
paying in cash for each such Preferred Share a price equal to (i) the Liquidation Value plus (ii) interest at a rate equal to the LIBOR rate on the date the payment was due plus 125
basis points (calculated on a 360-day year and the actual number of days the Preferred Shares have been outstanding). On and after such date of redemption, the holder of the Preferred
Shares, upon surrender to the Corporation or its transfer agent for the Preferred Shares of the certificate(s) representing the Preferred Shares properly endorsed in blank or accompanied by a proper
instrument of assignment or transfer in blank, will be entitled to receive payment of the redemption price by wire transfer. Notwithstanding the foregoing, if approval under the HSR Act is obtained
after June 30, 2002 but before the date of redemption, then the Preferred Shares will automatically be converted into fully paid and nonassessable shares of the Corporation's Class A
Common Stock in accordance with Section E hereof. 

        G.    Reacquired Shares.    Any Preferred Shares redeemed or which will have been converted
will be retired and cancelled promptly after the acquisition thereof. All such shares will upon their cancellation become authorized but unissued shares of Preferred Stock and may be reissued as part
of a new series of Preferred Stock subject to the conditions and restrictions on issuance set forth herein, in the Certificate of Incorporation, or in any other certificate of designation creating a
series of Preferred Stock or any similar stock or as otherwise required by law. 

        H.    Anti-Dilution Provisions.    In addition to the provision set forth in
Section A above, if any of the following events occurs at any time prior to the conversion of the Preferred Shares 

C-2

 

into shares of Class A Common Stock, then the Preferred Shares shall be adjusted as described below: 

        (i)    Redemptions and Repurchases.    If at any time there is a pro rata redemption or
repurchase of the Class A Common Stock, each holder of Preferred Shares shall be entitled to participate in such redemption or repurchase in respect of such holder's Preferred Shares on the
same terms and
conditions and for the same consideration as would have been applicable had such holder converted such holder's Preferred Shares prior to the redemption or repurchase. 

        (ii)    Stock Subdivisions or Stock Consolidations.    If at any time the outstanding shares
of Class A Common Stock, Class P Common Stock, Class T Common Stock, and Class V Common Stock are subdivided into a greater number of shares, whether by stock split, stock
dividend or otherwise, then the number of shares of Common Stock into which each Preferred Share is convertible will be increased proportionately. Conversely, if at any time the outstanding shares of
Class A Common Stock, Class P Common Stock, Class T Common Stock, and Class V Common Stock are consolidated into a smaller number of shares, then the number of shares of
Common Stock into which each Preferred Share is convertible will be reduced proportionately. Each adjustment to the number of shares of Common Stock into which each Preferred Share is convertible
shall be effective on the record date, or if there is no record date the effective date for such subdivision or consolidation. 

        (iii)    Consolidation, Merger or Sale of Assets.    If the Corporation shall at any time
(a) consolidate with or merge into another corporation or (b) merge with another corporation and be the surviving corporation in such merger, and in connection therewith all or part of
the Class T Common Stock or Class A Common Stock shall be changed into or exchanged for securities of any other entity or cash or other property, the holders of the Preferred Shares will
thereafter receive, subject only to the termination or expiration of any applicable waiting period under the HSR Act, the securities, cash or other property that such holders would have received upon
such consolidation or merger had such holders converted the entirety of their outstanding Preferred Shares into shares of Common Stock prior to such consolidation or merger, and the Corporation shall
take such steps in connection with such consolidation or merger as may be necessary to assure that the provisions thereof shall thereafter be applicable, as nearly as reasonably may be, in relation to
any securities or property thereafter deliverable upon conversion of such Preferred Shares. A sale of all or substantially all the assets of the Corporation for a consideration (apart from the
assumption of obligations) consisting primarily of securities shall be deemed a consolidation or merger for the foregoing purposes. The provisions of this Section H(iii) similarly shall
apply to successive mergers or consolidations or sales or other transfers. 

        (iv)    Notices.    When any adjustments are required to be made under this Section H,
the Corporation shall as promptly as practicable (i) determine such adjustments, (ii) prepare a statement describing in reasonable detail the method used in arriving at the adjustment
and setting forth the calculation thereof, and (iii) cause a copy of such statement to be mailed to each holder of the Preferred Shares. 

        (v)    Computations and Adjustments.    Upon each computation of an adjustment under this
Section H, the number of Common Shares shall be calculated to the nearest whole share (i.e., fractions of less than one-half shall be disregarded and fractions of
one-half or greater shall be treated as being the next greater integer). However, the fractional amount shall be used in calculating any future adjustments. 

C-3

 

        RESOLVED
FURTHER, that the officers of the Corporation be, and each of them hereby is, authorized and empowered on behalf of the Corporation to execute, verify and file a
certificate of designation of preferences in accordance with Delaware law. 

        3.    The authorized number of shares of Preferred Stock of the Corporation is 10,000,000 shares, and the number of shares
constituting Convertible Redeemable Preferred Stock is 375,000 (including the Series B Convertible Preferred Stock). 

        IN WITNESS WHEREOF, the undersigned have executed this Certificate of Designation as of December    , 2001. 

	 	 	 
	 	 	
 __________, President
	 	 	 
	 	 	 
	 	 	
 __________, Secretary
	 	 	 

C-4

 
VERIFICATION  

        The undersigned,                        , the President and
Secretary, respectively, of Univision Communications Inc., a Delaware corporation, each declares under
penalty of perjury that the matters set out in the foregoing Certificate of Designation are true of their own knowledge. 

        Executed
at Los Angeles, California, on December    , 2001. 

	 	 	 
	 	 	
 __________, President
	 	 	 
	 	 	 
	 	 	
 __________, Secretary
	 	 	 

C-5

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Exhibit 10.41    
  

Univision Communications Inc.

1999 Avenue of the Stars, Suite 3050

Los Angeles, California 90067

  December 19, 2001 

CONFIDENTIAL

Grupo Televisa S.A.

Av. Vasco de Quiroga No. 2000

Colonia Santa Fe

01210 Mexico, D.F.

Mexico

Attention: Mr. Jaime Davila 

	Re:	 	Acquisition of Fonovisa Music Group

Gentlemen: 

        This
letter agreement (this "Letter Agreement") sets forth the understanding and agreement between Univision Communications Inc. ("Buyer") and Grupo Televisa S.A. ("Seller"),
pursuant to which Buyer has agreed to purchase (directly or through a wholly-owned subsidiary of Buyer, at Buyer's option), and Seller has agreed to cause certain of its direct and indirect
subsidiaries to sell, all of the stock of certain indirect subsidiaries of Seller, all subject to the terms and conditions set forth herein (the "Transactions"). The parties agree that this Letter
Agreement is legally binding, and that the consummation of the transactions contemplated herein shall be subject only to the conditions expressly set forth in this Letter Agreement. 

        The
parties hereto hereby agree as follows: 

        1.    Purchase and Sale. Subject to the terms and conditions of this Letter Agreement, at the Closing
Seller shall cause certain of its direct and indirect subsidiaries to sell and transfer to Buyer, and Buyer shall purchase from such subsidiaries of Seller, all of the capital stock (the "Stock") of
Fonovisa S.A. de C.V., a Mexican Corporation, Fonovisa de Centroamerica S.A., a Costa Rican Corporation, Fonovisa Inc., a Delaware Corporation, and America Musical S.A., a Mexican Corporation
(each a "Company" and collectively, the "Companies"). 

        2.    Purchase Price; Allocation. 

        (a)  The
aggregate purchase price for the Stock (the "Purchase Price") shall be 6,000,000 shares of Buyer's Class A Common Stock (the "Class A Shares") and
100,000 warrants to purchase Class A Common Stock on the terms set forth in the form of warrant attached hereto as Exhibit A (the "Warrants"). 

        (b)  Ninety
percent (90%) of the Class A Shares and of the Warrants shall be allocated to the stock of Fonovisa, Inc.and the remainder shall be allocated to the
stock of the other Companies proportionately, based upon their relative revenues. 

        3.    Closing. 

        (a)  Subject
to the satisfaction or waiver of the conditions set forth in Section 4 hereof, the closing of the purchase and sale of the Stock (the "Closing") shall
occur at the offices of Buyer's counsel at 1999 Avenue of the Stars, Suite 700, Los Angeles, California on the tenth (10th) business day following the satisfaction of the condition set forth in
Section 4(a)(i), or at such other time and place as the parties mutually agree in writing (the date on which the Closing shall occur, the "Closing Date"). 

        (b)  At
the Closing, Seller shall cause its subsidiaries to sell, assign and transfer to Buyer, and Buyer shall purchase from such subsidiaries of Seller, all of such
subsidiaries' right, title and interest in and to the Stock, and Buyer shall issue to Seller (or such wholly-owned subsidiaries of Seller as it shall designate) one or more certificates representing
the Class A Shares and the Warrants. 

        4.    Closing Conditions. 

        (a)  Conditions to Obligations of Each Party. The respective obligation of each party to effect the Closing shall be subject
to: 

        (i)    the
waiting period under the Hart-Scott-Rodino Antitrust Improvement Act of 1976, as amended (the "HSR Act"),
having expired or having been terminated; and 

        (ii)    no
injunction shall be in effect preventing the Transaction and no legal proceeding shall be pending opposing the Transaction, which in the reasonable judgment of a
party would expose it to material liability if the Transaction were consummated. 

        (b)  Conditions to Obligations of Buyer. The obligation of Buyer to effect the Closing shall be subject to the fulfillment or
waiver at or prior to the Closing of the following conditions: 

        (i)    the
representations and warranties of Seller contained in the Long-form Agreement (as defined below) shall be true and correct as of the Closing Date, except
to the extent that the failure of such representations and warranties to be true and correct would not be reasonably expected to have, in the aggregate, a material adverse effect on the condition
(financial or otherwise), earnings, business affairs or business prospects of the Companies, taken as a whole (a "Seller Material Adverse Effect"); provided that a Seller Material Adverse Effect shall
exclude any adverse effect arising out of or relating to (A) any change in law, rule or regulation or generally accepted accounting principles or interpretation thereof; (B) the pendency
or announcement of the execution of this Letter Agreement or
the Transaction; (C) changes in general economic or political conditions; or (D) changes in the music industry generally; 

        (ii)    there
shall not have been a Seller Material Adverse Effect since the date of this Letter Agreement; 

        (iii)    Seller
shall have performed in all material respects all of its obligations provided for in the Long-form Agreement on or prior to the Closing Date; 

        (iv)    Seller
shall have entered into a three year customary covenant not to compete, including no solicitations of employees of the Companies (other than Guillermo Santiso)
or of the other record operations of Buyer; 

        (v)    at
the Closing the Companies and their subsidiaries will have working capital computed in accordance with U.S. GAAP, but excluding cash, current and deferred taxes and
deferred revenue, of at least US $42 million; 

        (vi)    at
the Closing the Companies will have cash in an aggregate amount equal to the deferred revenues of the Companies on the Closing Date; and 

        (vii)    there
shall be no payola or similar investigation or proceeding pending or threatened against any Company. 

        (c)  Conditions to Obligations of Seller. The obligation of Seller to effect the Closing shall be subject to the fulfillment
or waiver at or prior to the Closing of the following conditions: 

        (i)    the
representations and warranties of Buyer contained in the Long-form Agreement shall be true and correct as of the Closing Date, except to the extent the
failure of such representations and warranties to be true and correct would not be reasonably expected to have a material adverse effect on Buyer's ability to perform its obligations hereunder; 

        (ii)    Buyer
shall have performed in all material respects all of its obligations contemplated in the Long-form Agreement on or prior to the Closing Date; and 

        (iii)    there
shall not have been since the date of this Letter Agreement, a material adverse effect on the condition (financial or otherwise), earnings, business affairs or
business prospects of Buyer and its subsidiaries taken as a whole (a "Buyer Material Adverse Effect"); provided that a Buyer Material Adverse Effect shall exclude any adverse effect arising out of or
relating to (A) any change in law, rule or regulation or generally accepted accounting principles or interpretation thereof; (B) the pendency or announcement of the execution of this
Letter Agreement or the Transaction; (C) changes in general economic or political conditions; or (D) changes in the music and television industry generally. 

        5.    Long-form Agreement. The parties shall use their commercially reasonable efforts
promptly to negotiate and to enter into a Long-form agreement (the "Long-form Agreement") incorporating the terms and conditions set forth herein. Notwithstanding the
foregoing, the parties expressly acknowledge and agree that this Letter Agreement shall constitute a binding agreement between them subject only to the conditions set forth herein and others customary
for transactions of this type. If such Long-form Agreement is not executed and delivered on or prior to January 15, 2002, then (a) this Letter Agreement shall constitute such
Long-form Agreement, (b) the parties shall promptly proceed to the Closing and to consummate the transactions contemplated hereunder and the obligations of the parties shall be
governed by this Letter Agreement, and (c) all references herein to the Long-form Agreement shall be deemed references to this Letter Agreement. This Letter Agreement supersedes all
prior agreements and understandings between the parties with respect to the subject matter, except to the extent otherwise provided herein. 

        6.    Representations and Warranties. 

        (a)  Seller. Subject to matters pertaining to the Companies of which either Andrew Hobson or Douglas Kranwinkle has actual
knowledge, Seller makes the following representations and warranties in such form as is customary for similar music company transactions: 

        (i)    organization,
qualification, capitalization, authorization, enforceability and lack of conflicts or acceleration; 

        (ii)    all
personal property in good operating condition, reasonable wear and tear excepted; 

        (iii)    good
and marketable title to all personal property without encumbrances; 

        (iv)    no
ownership of real property; leases in full force and effect; 

        (v)    environmental
matters; 

        (vi)    inventory
saleable in the ordinary course of business subject to ordinary course obsolescence; 

        (vii)    on
the Closing Date, the Companies shall have no liabilities, other than current liabilities included in the calculation of working capital pursuant to
Section 4(b)(v) and executory obligations under the contracts to which one or more of the Companies is a party as of the Closing Date; 

        (viii)    employment
matters, including that Companies have no employment contracts except as shown on Exhibit B (which sets forth names, terms, compensations, and other
benefits); 

        (ix)    Seller
reasonably believes that the combined EBITDA of the Companies and their subsidiaries for the year ended December 31, 2001 will be at least US
$10.3 million; EBITDA shall be calculated in same manner as financial statements previously delivered to Buyer; 

        (x)    no
union contracts; 

        (xi)    no
employee benefit plans except for those listed on Exhibit C; full compliance with ERISA; plans can be terminated without liability; and no multi-employer
plans; 

        (xii)    copyright
and trademark representation re: ownership, exclusive right to use; no infringement of others; 

        (xiii)    all
taxes (income, sales, employees, withholding, etc.) owed for periods prior to Closing have been or will be paid by Seller; all tax returns due prior to Closing
have been or will be filed; 

        (xiv)    Exhibit D
lists the top 25 artist contracts or artists subject to license arrangements or for whom the Companies have catalogue rights (by revenue in the United
States for the period from January 1, 2001 through November 30, 2001) including (A) whether contract is in its initial or an option period, (B) number of option periods
still available and length of each period, (C) number of long playing records delivered to date, (D) number of long playing records remaining and (E) status of
next-to-be-delivered long playing record; 

        (xv)    with
respect to the top ten artists covered by the artist contracts or license arrangements referred to in clause (xiv), there are at least two long playing
records (including compilation or concept albums) remaining under seven of the contracts or license arrangements. With respect to the other 13 artists covered by artist contracts or license
arrangements referred to in clause (xiv), there are at least two long playing records (including compilation or concept albums) available under 10 of the contracts and those that have less than
two represented less than 5% of US revenues of the Companies in 2000 and 2001 to date; 

        (xvi)    no
written or oral indication from any of the top 25 artists (i.e. those subject to the top 25 artist contracts) whose contract expires in one year or less from the
date hereof or who is obligated to deliver to one of the Companies less than two long playing records (or their representatives) that he/she does not intend to renegotiate his or her contract upon
termination or intends to negotiate in a manner that would be materially less favorable to the Companies; 

        (xvii)    no
advances made under any artist contract can be recouped by virtue of payments made other than by or on behalf of the Companies; 

        (xviii)    no
payola liability or investigation or other proceeding pending or threatened against any Company; 

        (xix)    the
Companies own or control all right, title and interest in each recording and composition it has made or acquired, it being understood and agreed that none of the
Companies own the "masters" in respect of long playing records by artists subject to license; catalogues to be furnished to Buyer and represented; 

        (xx)    combined
and combining financial statements of the Companies and their subsidiaries for the past three years and the nine month periods in 2000 and 2001; 

        (xxi)    no
Seller Material Adverse Effect since September 30, 2001; 

        (xxii)    material
contacts; none contain change of control language other than that of Marco Antonio Solis; 

        (xxiii)    compliance
with law; 

        (xxiv)    no
subsidiaries other than Fonomusic Inc., Fonovisa Argentina, S.A. and Fonohits Music, Inc.; no joint ventures or investment in other entities; all
recording and music publishing, administration, and distribution business of Seller and its affiliates, other than Editura San Angel, are conducted by the Companies; Fonovisa LLC does not conduct any
business and is only a holding company; 

        (xxv)    no
intercompany agreements or liabilities between the Companies and Seller or its affiliates (other than the Companies) that will continue in effect after the Closing
Date; 

        (xxvi)    no
registration of the Stock required; 

        (xxvii)    investment
intent and accredited investor; 

        (xxviii)    insurance;
and 

        (xxix)    no
brokers or finders, other than Allen & Co. 

        (b)  Buyer. Buyer makes the following representations and warranties in such form as is customary for similar music company
transactions: 

        (i)    organization,
qualification, capitalization, authorization, enforceability and lack of conflicts; 

        (ii)    Class A
Shares to be duly authorized, validly issued and fully-paid and non-assessable and subject to the Registration Rights Agreement
between Buyer, Seller and other parties dated as of October 2, 1996; 

        (iii)    public
documents duly filed; no material misstatements or omissions; 

        (iv)    financial
statements in public documents; 

        (v)    no
Buyer Material Adverse Effect since September 30, 2001; 

        (vi)    listing
of Class A Shares on New York Stock Exchange; and 

        (vii)    no
brokers or finders, other than UBS Warburg. 

        (c)  Inclusion in Long-form Agreement. The Long-form Agreement shall contain the representations and
warranties from Seller and Buyer referred to above and others that are customary in a transaction of this type and size and will be negotiated in good faith (each of which representations and
warranties shall be subject to customary materiality and other customary exceptions). Seller and Buyer acknowledge and agree that if the Long-form Agreement is not executed, this Letter
Agreement shall be deemed to contain the representations and warranties from the respective parties referred to above in such form as is customary for similar music company transactions, each of which
shall be deemed to be subject to materiality and other customary exceptions. 

        7.    Pre-Closing Filing. 

        HSR.    As promptly as practicable and no later than January 11, 2002, Seller and Buyer shall
complete any filing that may be required pursuant to the HSR Act. Seller and Buyer shall diligently take, or fully cooperate in the taking of, all necessary and proper steps, and provide any
additional information reasonably requested in order to comply with, the requirements of the HSR Act. 

        8.    Covenants. 

        (a)  Affirmative and Negative Covenants. Seller agrees that from the date hereof through the earlier of the Closing or the
termination of this Letter Agreement, unless otherwise agreed to by Buyer in writing (such agreement not to be unreasonably withheld or delayed), Seller shall cause the Companies: 

        (i)    to
be operated in the ordinary course of business consistent with past practice. In furtherance of the foregoing, no Company shall enter into any contractual commitment
(including license agreements) involving payments in excess of US $200,000 individually or US $1,000,000 collectively, or amend any existing contract involving payments or receipts of more than
$200,000; provided that the Companies shall be permitted to enter into an artist contract with Rogilio Martinez that replaces his license arrangements, the initial consideration for which shall not
exceed $500,000; 

        (ii)    to
use good faith efforts to maintain and preserve their assets and insurance policies; and 

        (iii)    not
to enter into distribution agreements which cannot be terminated by the Companies without penalty on 180 days notice or less. 

        (b)  Access to Information. Seller will afford Buyer and its advisors reasonable access during business hours to the offices,
properties, other facilities, books and records relating to the business of the Companies and to those officers, employees, agents, accountants, counsel and representatives of Seller and the Companies
who have knowledge relating to its business.. 

        (c)  Cooperation. Buyer and Seller will cooperate with each other to the fullest extent in preparing the Long-form
Agreement and any related agreements and other necessary documentation as soon as 

possible, obtaining all necessary consents from third parties and complying with all regulatory requirements. 

        (d)  Confidentiality. Except as required by law, neither party will disclose the contents of this letter or the fact that
discussions are taking place or have taken place concerning the Transaction, or any of the terms, conditions or other facts with respect to the Transaction to any individual or entity, other than such
party's employees, parent company and majority-owned subsidiaries, agents and representatives (such as attorneys, accountants or consultants) who both have (i) a need to know; and
(ii) who expressly agree to abide by these nondisclosure restrictions; provided that the receiving party will remain primarily liable for breach by any such person or entity. In addition, each
party shall (and shall cause its representatives to) keep confidential any information provided to it by the other party in connection with the Transactions. The obligations set forth in the
immediately preceding sentence shall survive the termination of this Letter Agreement. 

        9.    Indemnification. 

        (a)  Indemnification by Seller. From and after the Closing Date, Seller shall indemnify Buyer from and against all losses
incurred by Buyer resulting from (i) any misrepresentation or breach of the representations and warranties of Seller contained herein; and (ii) any breach by Seller of any covenants of
Seller contained herein. Seller shall not be liable to Buyer in respect of any indemnification under clause (i) (other than indemnification with respect to breaches of clause (vii) of
Section 6(a) for which Seller shall be liable from the first dollar) except to the extent that the aggregate amount of losses of Buyer exceeds five million dollars (US$5,000,000), in which case
Seller shall be liable for all such losses in excess thereof. The maximum aggregate liability of Seller to Buyer and any third parties for any and all losses shall not exceed an amount equal to two
hundred million dollars (US$200,000,000) (the "Cap"). No claim for indemnification may be made hereunder by Buyer at any time after such date that is twenty-four (24) months after
the date of the Closing; provided that claims for breaches relating to taxes and environmental matters may be made at any time up to the expiration of the relevant statute of limitations for taxes and
five years for environmental. The Long-form Agreement will contain a separate customary provision relating to tax indemnities and the procedures relating thereto. Notwithstanding any other
provision of this Letter Agreement herein or in the Long-form Agreement to
the contrary, Buyer acknowledges and agrees that the (i) the indemnification provisions set forth herein shall be the sole and exclusive remedy available to Buyer for any breach by Seller of
this Letter Agreement or the Long-form Agreement, and (ii) maximum aggregate liability of Seller shall not exceed the Cap, regardless of whether Buyer seeks indemnification pursuant
to this Letter Agreement or otherwise the regardless of the form of action, whether in contract or tort. 

        (b)  Indemnification by Buyer. From and after the Closing Date, Buyer shall indemnify Seller from and against all losses
incurred by Seller resulting from: (i) any misrepresentation or breach of the representations and warranties of Buyer contained herein; or (ii) any breach by Buyer of any covenants of
Buyer contained herein. Buyer shall not be liable to Seller in respect of any indemnification under clause (i) except to the extent that the aggregate amount of losses of Seller exceeds five
million dollars (US$5,000,000), in which case Buyer shall be liable for all such losses in excess thereof. The maximum aggregate liability of Buyer to Seller and any third parties for any and all
losses shall not exceed an amount equal to two hundred million dollars (US$200,000,000). No claim for indemnification may be made hereunder by Seller at any time after such date that is
twenty-four (24) months after the date of the Closing. 

        10.  Transaction Expenses. Buyer and Seller will each bear their own expenses incurred in connection
with the negotiation and preparation of this Letter Agreement, the Long-form Agreement and the related documents and the consummation of the transactions contemplated hereby. 

        11.  Exclusive Dealing. During the period from the date hereof until the earlier to occur of the
termination of this Letter Agreement or the execution of the Long-form Agreement (i) Seller will not, and will cause its officers, directors and agents (collectively,
"Representatives") not to, directly or indirectly participate in any negotiations or solicit, knowingly initiate, accept or knowingly encourage 

submission of inquiries, proposals or offers from any potential buyer relating to the disposition of the underlying assets (or any material part thereof) or of the stock of any of the Companies with
any entity other than Buyer or its affiliates and (ii) neither Buyer nor Seller shall enter into any agreement or take any action that by its terms or effect could reasonably be expected to
have a material adverse effect on the ability of the parties hereto to consummate the Acquisition. Seller will promptly notify Buyer of any unsolicited inquiry, proposal or offer from any potential
buyer of which Seller or its Representatives have knowledge relating to the stock of the stock of any of the Companies or the underlying assets (or any material part thereof) of the stock of any of
the Companies and will refrain from engaging in negotiations or providing any information in response to such inquiry, proposal or offer. 

        12.  Public Announcements. Buyer and Seller will consult with each other before issuing any press
release or otherwise making any public statements with respect to the transactions contemplated hereby and will not issue any such press release or make any such public statement prior to such
consultation, except as may be required by law or by obligations pursuant to any listing agreement with any national securities exchange. 

        13.  Termination. 

        (a)  The
parties' obligations under this Letter Agreement may be terminated prior to the Closing as follows: 

        (i)    by
the mutual agreement of the parties; or 

        (ii)    by
Buyer, upon a breach of any representation, warranty covenant or agreement of Seller set forth in this Letter Agreement, in either case such that the conditions set
forth in Section 4(b) would not be satisfied as a result of such breach; provided, that such breach has not been cured by Seller within ten (10) business days after Seller receives
written notice of such breach from Buyer; 

        (iii)    by
Seller, upon breach of any representation, warranty covenant or agreement of Buyer set forth in this Letter Agreement, in either case such that the conditions set
forth in Section 4(c) would not be satisfied as a result of such breach; provided, that such breach has not been cured by Buyer within ten (10) business days after Buyer receives written
notice of such breach from Seller; or 

        (iv)    by
either party on or after June 18, 2002 if the Closing has not occurred by that date. 

        (b)  In
the event of the termination of this Letter Agreement pursuant to Section 13(a), this Letter Agreement shall forthwith become void, there shall be no liability
on the part of Buyer or Seller and all rights and obligations of any party hereto (other than the confidentiality obligations set forth in the second sentence of Section 8(d)) shall cease,
except that nothing herein shall relieve any party for any willful breach of this Letter Agreement. 

        14.  Amendment. Any amendment, supplement, modification or waiver of or to any provision of this
Letter Agreement will be effective only if it is made in writing signed by Buyer and Seller and only in the specific instance and for the specific purpose for which made or given. 

        15.  Notices. All notices and other communications given or made pursuant hereto shall be in writing
and shall be deemed to have been duly given or made as of the date delivered, mailed or transmitted, and shall be effective upon receipt, if delivered personally, mailed by registered or certified 

mail to the parties at the following addresses (or at such other address for a party as shall be specified by like changes of address) or sent by electronic transmission to the parties hereto: 

	 	 	(a)	 	If to Buyer:
	 	 	 	 	 
	 	 	 	 	Univision Communications Inc.

1999 Avenue of the Stars, Suite 3050

Los Angeles, California 90067

Attention: C. Douglas Kranwinkle

Telecopier No: (310) 556-3568

With a copy to:

O'Melveny & Myers LLP

1999 Avenue of the Stars, Suite 700

Los Angeles, CA 90067

Attention: Kendall R. Bishop

Telecopier No: (310) 246-6779
	 	 	 	 	 
	 	 	(b)	 	If to Seller:
	 	 	 	 	 
	 	 	 	 	Grupo Televisa, S.A.

Av. Vasco de Quiroga No. 2000

Edificio A, Piso 4, Colonia Santa Fe

01210, Mexico, DF

Attention: Alfonso de Angoitia

Telecopier No: 011-52-55-5-261-2451

With a copy to:

Fried, Frank, Harris, Shriver & Jacobson

One New York Plaza

New York, New York 10004

Attention: Joseph Stern

Telecopier: (212) 859-8586

          16.    Counterparts This Letter may be executed in two or more counterparts, each of which will be
deemed to be an original but all of which will constitute one and the same agreement. 

          17.    Governing Law. This Letter Agreement is, and the Long-form Agreement will be,
governed by the construed in accordance with the laws of the State of California, without giving effect to the conflicts of law principles thereof. 

        [The remainder of this page intentionally left blank.]

* * * * * * *  

If the foregoing is set forth over mutual agreement and understanding, please execute below. 

	 	 	Very truly yours,
	

 	
 	

UNIVISION COMMUNICATIONS INC.
	 	 	 	 	 
	

 	
 	

BY:	
 	

/s/  C. DOUGLAS KRANWINKLE      
 EVP

ACCEPTED, AGREED TO AND ACKNOWLEDGED

This 19th day of December, 2001

	GRUPO TELEVISA S.A.	 	 	 	 
	

By:	
 	

/s/ JORGE LUTTEROTH	
 	

/s/ MA. AZUCENA DOMINGUEZ	
 	

/s/ JUAN MIJARES
	 	 	

	Name:	 	Jorge Lutteroth	 	Ma. Azucena Dominguez	 	Juan Mijares
	 	 	

	Title:	 	Attorney in Fact	 	Attorney in Fact	 	Attorney in Fact
	 	 	

QuickLinks

Exhibit 10.41

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