Grupo Televisa Reports First Quarter 2001 Results

- Economic Slowdown Adversely Affects Sales -

- Cost Reduction Plan Implemented -



* Grupo Televisa's net sales decreased 3.1% to Ps. 4,506,438 thousand

in the first quarter of 2001 from Ps. 4,650,115 thousand in the

first quarter of 2000. The slowdown in economic activity has had a

negative impact on our clients and the advertising industry as a

whole, which translated into lower sales in Television Broadcasting.

Net sales in the Music Recording, Publishing, Radio segments and the

nationwide paging business also decreased due to lower economic

activity in Mexico and abroad.

* Total costs of sales increased 3.2% to Ps. 2,772,127 thousand in the

first quarter of 2001. The increase was due to higher production

costs in Television Broadcasting; costs related to our Internet

operation EsMas.com; and higher costs in personnel and satellites.

EBITDA margins for 2001's first quarter decreased to 22.2%, from

26.1% in the same period of last year.



* Cost reduction program. Grupo Televisa has begun to implement a cost

reduction program, which will result in savings of approximately

U.S. $60 million (Ps. 570 million) on an annualized basis. The goal

of the proposal is to minimize any decline in operating cash flow.

Effective April 30, 2001 there will be a reduction of 750 jobs. The

reductions in the Television Broadcasting segment contemplate the

closing of two television studios, as well as the replacement of

some non-prime time programming production with material from our

library. "ECO", the 24 hour news channel, is being closed effective

April 30, 2001.



* National urban ratings and audience share reported by IBOPE confirm

that in the first quarter of 2001, ratings have increased compared

to the last quarter, in prime time, from 46.9% to 49.3% and in

sign-on to sign-off, from 27.9% to 28.7%. In this quarter we aired

48 of the 50 most popular programs. Channel 2, continues to be the

leader in Mexican Television due to the success of the following

telenovelas: "Abrazame muy fuerte", "Primer Amor", "Amigas y

Rivales" and "Por un Beso".



CONSOLIDATED RESULTS



Apr 25, 2001, 01:00 ET from Grupo Televisa, S.A.

    MEXICO CITY, April 25 /PRNewswire/ -- Grupo Televisa, S.A. (NYSE:   TV)
 today announced results for the first quarter ended March 31, 2001. Results,
 which are attached, are in thousands of Mexican Pesos, and in accordance with
 Mexican GAAP, have been adjusted to Pesos in purchasing power as of March 31,
 2001.
 
                                                  Three Months Ended March 31,
                                                         2001           2000
     Net Sales*                                 Ps. 4,506,438  Ps. 4,650,115
     Cost of Sales                                  2,772,127      2,686,728
     Gross Profit                                   1,734,311      1,963,387
     Selling Expenses                                 369,583        346,135
     Administrative Expenses                          365,260        403,545
     Operating Expenses                               734,843        749,680
     Operating Cash Flow**                            999,468      1,213,707
     Operating Income                                 675,461        929,276
     Integral Cost of Financing                       138,166         77,478
     Net (Loss) Income                              (125,010)         31,682
 
 
     *  See "-Results by Business Segment," for information regarding segment
        results.
     ** Operating Cash flow is defined as operating income before depreciation
        and amortization.
 
     Net Sales       Net sales decreased 3.1% to Ps. 4,506,438 thousand in the
                     first quarter of 2001 from Ps. 4,650,115 thousand in the
                     first quarter of 2000. The slowdown in economic activity
                     has had a negative impact on our clients and the
                     advertising industry as a whole, which translated into
                     lower sales in Television Broadcasting. Net sales in the
                     Music Recording, Publishing, Radio segments and the
                     nationwide paging business also decreased due to lower
                     economic activity in Mexico and abroad.
 
     Cost of Sales   Total costs increased 3.2% to Ps. 2,772,127 thousand in
                     the first quarter of 2001. The increase was due to higher
                     production costs in Television Broadcasting; costs related
                     to our Internet operation EsMas.com; and higher costs in
                     personnel and satellites.
 
     Operating
      Expenses       Operating expenses, including corporate expenses,
                     decreased 2.0%, or Ps. 14,837 thousand in the first
                     quarter of 2001 to Ps. 734,843 thousand from Ps. 749,680
                     thousand reported in the same period of 2000. The decrease
                     was primarily due to a reduction of 9.5% in administrative
                     expenses, principally related to workforce layoffs, a
                     reduction in trip expenses and a reduction in promotional
                     articles. This decrease was partially offset by an
                     increase of 6.8% in selling expenses, primarily due to the
                     operation of EsMas.com, cost of advertising agencies and
                     agents' commissions, and for higher provision for doubtful
                     trade accounts in Ps. 10,990 thousand.
 
     Operating
      Cash Flow      Operating cash flow decreased 17.7% to Ps. 999,468
                     thousand in the first quarter of 2001 from Ps. 1,213,707
                     thousand reported in the same period of 2000. Operating
                     cash flow margin for the first quarter of 2001 decreased
                     to 22.2% from 26.1% in the same period of last year,
                     primarily as a result of the decrease in net sales and
                     higher costs of sales. The Company has set forth a cost
                     reduction program to reduce the impact on its operating
                     cash flow margins on a year over year basis. For
                     additional information regarding this program, see "-Cost
                     Reduction Program."
 
     Operating
      Margins        Operating margins decreased to 15.0% in the first quarter
                     of 2001 from 20.0% in the same period of 2000,
                     representing a decrease of 27.3% in operating income. The
                     decrease was primarily due to lower net sales, an increase
                     in cost of sales, and an increase in depreciation and
                     amortization due to the start of operation of the
                     horizontal Internet portal.
 
     Integral Cost
      of Financing   Integral cost of financing for the three months ended
                     March 31, 2001 and 2000, consisted of: (in thousand of
                     Mexican Pesos):
 
 
                                                                  Increase
                                        2001            2000    (decrease)
     Interest expense            Ps. 270,810     Ps. 359,584  Ps. (88,774)
     Restatement of investment
      units ("UDIs")                  41,870              --        41,870
     Interest income               (260,589)       (244,467)      (16,122)
     Foreign exchange gain-net       (3,278)        (97,999)        94,721
     Foreign exchange loss from
      forward contracts               45,498          31,854        13,644
     Loss from monetary position
      - net (including a monetary
      gain from UDI-denominated Notes
      of Ps. 41,870 in 2001)          43,855          28,506        15,349
                                 Ps. 138,166      Ps. 77,478    Ps. 60,688
 
                     Integral cost of financing increased to Ps. 138,166
                     thousand during the first quarter of 2001 from Ps. 77,478
                     thousand during 2000's comparable period, or 78.3%. This
                     increase was primarily due to a decrease in the net
                     foreign exchange gain resulting from a lower net U.S.
                     dollar-denominated liability position in the first quarter
                     of 2001, as compared to 2000's first quarter, and higher
                     losses incurred in forward exchange contracts arranged in
                     1999 with settlement in 2001, due to the appreciation of
                     the Mexican peso during the first quarter of 2001, and the
                     adoption of new Bulletin C-2 on January 1st, 2001 (see
                     "Cumulative Effect of Accounting Change"); as well as a
                     higher exchange rate loss due to an increase in monetary
                     assets in the first quarter of 2001 as compared to 2000's
                     first quarter, and the restatement in 2001 of the
                     principal amount of the UDI-denominated Notes due 2007.
                     These increases were partially offset by lower interest
                     expense during the first quarter of 2001 as compared to
                     2000's first quarter, due to the refinancing of the
                     Company's long-term debt in the second quarter of 2000,
                     which decreased the weighted average interest rates from
                     13.0% to 9.2%.
 
     Non-recurring
      Items          Non-recurring items amounted to Ps. 85,126 thousand in the
                     first quarter of 2001, principally related to personnel
                     layoffs and estimated premiums of Ps. 20,475 thousand for
                     the redemption of the remaining Senior Discount Debentures
                     outstanding that will take place on May 15, 2001. For
                     additional information regarding this redemption see
                     "Debt".
 
     Other Expense
      -Net           Other expense-net amounted to Ps. 135,844 thousand in the
                     first quarter of 2001, as compared to an expense of
                     Ps. 120,480 thousand in 2000's comparable period. Other
                     expense, for the first quarter of 2001, primarily
                     reflected the amortization of goodwill, an allowance for
                     valuation of certain non-strategic assets to be disposed,
                     and professional services in connection with certain
                     litigation and other matters.
 
 
     Equity in Losses
       of Affiliates Equity in losses of affiliates decreased to a loss of
                     Ps. 61,496 thousand in the first quarter of 2001 from a
                     loss of Ps. 295,302 thousand in 2000's comparable period.
                     The decrease primarily reflected the Company's strategy of
                     not recognizing additional equity losses for its DTH joint
                     venture in Mexico, as explained below, and a reduction in
                     equity losses for the Company's disposal of its PCS
                     venture in the third quarter of 2000.
 
                     Beginning in 2001, the Company ceased recognition of
                     additional equity losses for its DTH joint venture in
                     Mexico on the grounds of:
 
                     a)   the Company's net liability of Ps. 1,693,827
                          thousand, recognized in connection with this
                          investment as of December 31, 2000, and representing
                          the amount of equity losses in excess of initial
                          investments and subsequent contributions and funding
                          in the form of long-term loans as of that date, is
                          well enough to cover the Company's guarantees of
                          certain commitments made by this joint venture for
                          transponder lease payments at least through 2005,
                          plus the commitments made by the Company to provide
                          further financial support to its joint venture in
                          2001. The Company's net liability for this investment
                          as of March 31, 2001, was of Ps. 1,294,572 thousand;
                          and
 
                     b)   the ability of this joint-venture to generate
                          positive EBITDA in the fourth quarter of 2000 and the
                          first quarter of 2001. See "Direct to Home Satellite
                          Services" for additional information regarding this
                          joint venture.
 
     Cumulative Effect of
       Accounting
       Change   Beginning January 2001, the Company adopted the provisions of
                Bulletin C-2, "Financial Instruments", issued by the Mexican
                Institute of Public Accountants. Before adopting Bulletin C-2,
                the Company recognized gain or losses on derivative financial
                instruments not designated as a hedge upon settlement of the
                related contracts. Upon adoption of Bulletin C-2, the Company
                recognized the fair value of its forward exchange contracts not
                designated as a hedge, reflecting an increase in the foreign
                exchange loss for the first quarter of 2001 as compared to
                2000's first quarter ( for additional information see "Integral
                Cost of Financing"), and recognizing a cumulative loss effect
                of Ps. 103,480 thousand in the consolidated income statement
                for the first quarter of 2001, as a result of applying this new
                accounting principle on January 1st, 2001.
 
     Minority
      Interest  The Company's minority interest was Ps. 20,860 thousand for the
                first quarter of 2001, as compared to Ps. 44,110 thousand for
                2000's comparable period. The decrease primarily reflected the
                Company's acquisition of a 35% interest stake in the Publishing
                segment in the fourth quarter of 2000, as well as a reduction
                in net income in the Cable Television segment and in the
                nationwide paging business.
 
     Net (Loss)
      Income    In the first quarter of 2001, the Company had a net loss of
                Ps. 125,010 thousand compared to a net income of Ps. 31,682
                thousand in 2000's comparable period. The variance of
                Ps. 156,692 thousand is due principally to:
 
                *    a decrease in operating income of Ps. 253,815 thousand;
                *    higher integral cost of financing of Ps. 60,688 thousand;
                *    an increase in other expense of Ps. 15,364 thousand;
                *    higher non-recurring charges of Ps. 21,400 thousand; and
                *    a cumulative effect of accounting change of Ps. 103,480
                     thousand.
 
           These variances were partially offset by lower equity in losses of
           affiliates of Ps. 233,806 thousand, a decrease in taxes of
           Ps. 40,999 thousand, and a decrease in minority interest of
           Ps. 23,250 thousand.
 
     RESULTS BY BUSINESS SEGMENT
 
     The following tables set forth the net sales, EBITDA and operating income
 (loss) for each of the Company's business segments:
 
 
                                                                  Contribution
                        Three months ended March 31,                to segment
                               2001          2000     % Change      revenues
     Net Sales
     Television
      Broadcasting    Ps. 2,566,294 Ps. 2,673,300         -4.0%         5.8%
     Programming for Pay
      Television            109,738       111,876        -1.9%          2.4%
     Programming Licensing  365,258       339,907         7.5%          7.9%
     Publishing             316,910       336,391        -5.8%          6.9%
     Publishing
      Distribution          208,239       194,732         6.9%          4.5%
     Music Recording        285,291       325,945       -12.5%          6.2%
     Cable Television       236,703       212,760        11.3%          5.2%
     Radio                   88,563       104,856       -15.5%          1.9%
     Other Businesses*      421,294       383,627         9.8%          9.2%
     Segment Revenues     4,598,290     4,683,394        -1.8%        100.0%
     Intersegment
      Operations**         (91,852)      (75,354)       -21.9%
     Disposed Operations***      --        42,075           --
     Consolidated
      Revenues        Ps. 4,506,438 Ps. 4,650,115         -3.1%
 
 
                                  Three Months Ended March 31,
                         2001     Margin    2000   Margin  % Change
     EBITDA
     Television
     Broadcasting Ps. 887,336      34.6%Ps. 1,034,20438.7%   -14.2%
     Programming for
      Pay Television (96,542)     -88.0%  (87,572) -78.3%    -10.2%
     Programming
      Licensing       106,195      29.1%  48,768    14.3%    117.8%
     Publishing        32,562      10.3%  52,603    15.6%    -38.1%
     Publishing
      Distribution      9,610       4.6%  10,352     5.3%     -7.2%
     Music Recording   35,055      12.3%  58,109    17.8%    -39.7%
     Cable Television  62,482      26.4%  58,757    27.6%      6.3%
     Radio             35,160      39.7%  38,277    36.5%     -8.1%
     Other
      Businesses*    (39,210)      -9.3%  36,792     9.6%   -206.6%
     Corporate
      expenses       (33,180)      -0.7%  (35,343)  -0.8%      6.1%
     Segment EBITDA   999,468      21.7% 1,214,947   25.9%    -17.7%
     Disposed
      Operations***        --         --   (1,240)     --        --
     Consolidated
      EBITDA      Ps. 999,468     22.2%  Ps. 1,213,707 26.1%   -17.7%
 
     *   Includes Internet operations.
     **  Intersegment operations: For segment reporting purposes, intersegment
         operations are included in each of the segment operations.
     *** Disposed operations primarily reflects the results of operations of
         the Company's newspaper Ovaciones.
 
 
                                   Three Months Ended March 31,
                         2001     Margin    2000   Margin  % Change
     Operating Income (Loss)
     Television
      Broadcasting Ps. 683,464    26.6%  Ps.824,862  30.9%    -17.1%
     Programming for Pay
      Television    (105,162)     -95.8%(101,447)  -90.7%     -3.7%
     Programming
      Licensing       103,338      28.3%  46,388    13.6%    122.8%
     Publishing        23,889       7.5%  44,497    13.2%    -46.3%
     Publishing
      Distribution      6,476       3.1%   7,335     3.8%    -11.7%
     Music Recording   34,050      11.9%  56,920    17.5%    -40.2%
     Cable Television  38,998      16.5%  43,186    20.3%     -9.7%
     Radio             29,558      33.4%  32,706    31.2%     -9.6%
     Other
      Businesses*   (105,970)     -25.2%  14,294     3.7%   -841.4%
     Segment Operating
      Income          708,641      15.4% 968,741    20.7%    -26.8%
     Corporate
      expenses         (33,180)      --  (35,343)     --       6.1%
     Total Operating
      Income          675,461      15.0% 933,398    20.3%    -27.6%
     Disposed
      Operations**         --         --     (4,122) -9.8%       --
     Consolidated Operating
      Income      Ps. 675,461      15.0%Ps. 929,276 20.0%    -27.3%
 
     *  Includes Internet Operations.
     ** Disposed Operations primarily reflects the result of operations of the
        Company's newspaper Ovaciones.
 
     Television
      Broadcasting   The decrease in Television Broadcasting sales of 4.0% is
                     attributable to two factors. First, the slowdown in
                     economic activity has had an impact on the advertising
                     industry and this has reduced sales in Television
                     Broadcasting. Second, in the first quarter of last year we
                     had advertising sales associated with the Federal and
                     local political campaigns totaling Ps. 144,000 thousand
                     (pesos of March 31, 2001), which we will not see this
                     quarter. This effect will increase in the second quarter,
                     when political campaigns were at their peak in 2000,
                     having accounted for Ps.560,000 thousand (pesos of March
                     31, 2001). In the third quarter of last year we also
                     received extraordinary revenues from the 2000 Summer
                     Olympics totaling Ps. 182,000 thousand in real peso terms
                     as of March 31, 2001, and Ps. 17.7 million for political
                     advertising. For more information see -"Political
                     advertising and 2000 Summer Olympics"-.
 
                     Television Broadcasting's operating income decreased 17.1%
                     as a result of lower sales and an increase in cost of
                     sales. The increase of production costs in this segment is
                     due to telenovelas, a new game show and new half hour
                     program productions, as well as higher costs associated
                     with the production of newscasts. There was also an
                     increase in costs due to the migration from the Satmex to
                     the Galaxy 4 satellite, and increased costs related to
                     microwave signals. To further reduce our costs in the
                     Television Broadcasting segment, we plan to reduce time
                     spent on production and replace some non-prime time
                     programs with material from our library. Additionally, we
                     plan to close two studios.
 
     Programming for
       Pay
       Television    The decrease in Programming for Pay Television sales of
                     1.9% was due to lower advertising revenues. This decrease
                     was partially offset by higher revenues from programs sold
                     in Mexico, Latin America and Spain.
 
                     Programming for Pay Television's operating loss increased
                     by 3.7%, due to the decrease in revenues and an increase
                     in production costs associated with "ECO". "ECO" will be
                     closing its operations on April 30, 2001. This will
                     represent a decrease in costs of Ps. 110 million on an
                     annualized basis for the year 2001.
 
     Programming
      Licensing      The increase in Programming Licensing sales of 7.5% was
                     due to higher revenues from programming exports to other
                     countries in Asia (concentrating in Philippines and
                     Indonesia) and Latin America, as well as an increase in
                     royalties paid to the Company by Univision under the
                     Univision Program Licensing Agreement. This increase was
                     partially offset by the translation effect of
                     foreign-currency denominated sales.
 
                     Programming Licensing's operating income increased to
                     Ps. 103,338 thousand, reflecting the increase in revenues
                     and a reduction in cost of sales due to lower costs
                     related to the amortization of programs which resulted
                     from lower production costs in 2000 and 1999.
 
     Publishing      Publishing sales decreased 5.8% due primarily to a
                     decrease in sales in the domestic and international market
                     due to the slower economic activity in Mexico and abroad
                     and a 25% increase in prices in one of our most important
                     magazines which had a negative impact on the number of
                     magazines sold. In the same quarter last year, we sold
                     23.3 million magazines compared to 20.9 million this year,
                     including Latin America and Mexico. We also registered a
                     lower volume of advertising pages sold in the
                     international market due to the slowdown in economic
                     activity and to the translation effect of foreign-currency
                     denominated sales. This decrease was partially offset by
                     higher revenues from advertising pages sold in the
                     domestic market.
 
                     Publishing's operating income decreased by 46.3%,
                     reflecting lower net sales and higher operating expenses.
                     However, this decrease was partially offset by a decrease
                     in cost of sales due to a lower volume of print runs in
                     the domestic and international market, offset by the
                     increase in costs due to the new design of magazine
                     covers. We are also implementing a segmentation strategy
                     that consists of publishing a "West Coast" and "East
                     Coast" edition of TV y Novelas beginning on April 2001.
                     The strategy consists of differentiating 60% of the
                     content, with material relevant to Hispanics of Mexican
                     descent in the West Coast and incorporating a more Latin
                     American essence in the East Coast in an effort to
                     increase our reach and relevance with the different
                     Hispanic markets.
 
     Publishing
      Distribution   The increase in Publishing Distribution sales of 6.9% was
                     due primarily to higher magazine sales in the domestic and
                     international market and higher revenues from the
                     distribution of certain products (primarily telephone
                     cards and tax return forms) in the international market.
 
                     Publishing Distribution's operating income decreased by
                     11.7%, reflecting higher distribution costs, which was
                     partially offset by an increase in sales and lower
                     operating expenses, due to workforce layoffs. As of May
                     2001, there will be a new Division Head, who will device a
                     strategy in this division.
 
     Music
      Recording      The decrease in Music Recording sales of 12.5% was
                     primarily due to lower revenues from catalog units and
                     releases in the domestic market and a lower number of
                     releases in the international market, which only saw a
                     decline of 3.5%, and a Ps. 11.8 million impact, due to the
                     translation effect. The record Industry in the U.S.
                     suffered a 7% decline in sales last year, and sales in the
                     first quarter have also felt an impact.
 
                     Music Recording's operating income decreased 40.2%,
                     reflecting a decrease in the number of units sold in the
                     domestic market, partially offset by lower royalties paid
                     to artists, as well as lower operating expenses, primarily
                     those related to advertising expenses.
 
                     Fonovisa, our music label in the U.S., has increased its
                     market share in the Hispanic U.S. market from 26% in 1998
                     to 29% in 2000, according to the Recording Industry
                     Association of America. The Company has a very strong
                     catalogue in this unique genre, consisting of artists such
                     as Tigres del Norte, Los Temerarios, Conjunto Primavera,
                     Banda el Recodo and Marco Antonio Solis, among others.
 
     Cable
      Television     The increase in Cable Television sales of 11.3% was
                     primarily due to an increase in basic subscribers to over
                     407,000  and digital subscribers to over 55,000 in the
                     first quarter of 2001. The increase was partially offset
                     by lower advertising revenues. Cablevision is the largest
                     cable television operator in Mexico based on the number of
                     subscribers and homes passed.
 
                     Cable Television's operating income decreased 9.7% due to
                     higher signal costs and higher operating expenses, which
                     were partially offset by an increase in net sales.
 
     Radio           The decrease in Radio sales of 15.5% was primarily due to
                     lower revenues from advertising time sold, due to the
                     effect of political advertising in the first quarter of
                     2000.
 
                     Radio's operating income decreased 9.6% as a result of
                     lower net sales, which was partially offset by a decrease
                     in programming costs as well as the reduction in operating
                     expenses due to lower personnel costs.
 
                     In December 2000, the Mexican Antitrust Commission,
                     Comision Federal de Competencia ("CFC"), denied the
                     authorization to merge Grupo Acir Comunicaciones, S.A. de
                     C.V. ("Grupo Acir"), and Sistema Radiopolis, S.A de
                     C.V.("Radiopolis"), the Company's Radio subsidiary.
                     Televisa and Grupo Acir filed an administrative recourse
                     before the CFC on February 1st, 2001. The CFC has a 60
                     calendar day period to rule on the matter. Should the CFC
                     uphold its decision to deny authorization, the parties
                     involved will appeal to the Mexican Federal Courts.
 
     Other
      Businesses     The increase in Other Businesses sales of 9.8% was
                     primarily due to the operation of EsMas.com and an
                     increase in the distribution of feature films. This
                     increase was partially offset by lower revenues from the
                     nationwide paging business.
 
                     Other Businesses' operating income decreased to a loss of
                     Ps. 105,970 thousand due primarily to an increase in costs
                     related to the operation of the horizontal Internet
                     portal, and higher costs related to the nationwide paging
                     subsidiary due to the launch of new services. These
                     decreases were partially offset by lower costs related to
                     sporting events.
 
                     As the main element of its Internet strategy, Televisa
                     launched in May 2000 EsMas.com, a Spanish speaking
                     Internet content network. With 10 different channels, the
                     rich content portal focuses to the Mexican market.  By the
                     end of 2000, only 7 months after its launch, EsMas.com
                     already was one of the 5 leading portals in Mexico,
                     offering, through its latest version, more photos, audio
                     and video along with better performance.
 
                     In response to the outlook of the Internet market
                     environment, EsMas.com will reduce expenditures by
                      Ps. 117 million on an annualized basis and has cancelled
                     95 job positions. Total expenditure for EsMas.com in the
                     year 2001 will amount to Ps. 286.6 million pesos of March
                     31, 2001.
 
 
     DIRECT TO HOME SATELLITE SERVICES
 
     Sky             The Company's Direct to Home Satellite Services ("DTH")
                     continues to achieve strong subscriber growth under highly
                     competitive market conditions. During the first quarter,
                     Innova added a record number of approximately 54,600 net
                     new customers to its gross active subscriber base, as
                     compared with 49,000 in the previous quarter. Gross active
                     subscribers increased 9.2% from 590,000 as of December 31,
                     2000, to approximately 644,900 as of March 31, 2001. The
                     gross active subscriber base as of March 31, 2001,
                     represents a 39.4% increase, or a gain of 182,400 gross
                     active subscribers over the March 31, 2000 number. Innova
                     leads the Mexican DTH television industry with an
                     estimated 73% market share, as measured by the number of
                     gross active subscribers.
 
                     Innova reported consolidated net revenues of
                     Ps. 687.5 million for the first quarter ended March 31,
                     2001. Net revenues for the first quarter increased
                     Ps. 158.6 million or approximately 30% as compared to the
                     same period of last year, due to the strong growth of the
                     subscriber base. Positive EBITDA of Ps. 86.5 million
                     during the first quarter of 2001 improved
                     Ps. 203.7 million, as compared to a loss of
                     Ps. 117.2 million for the same period of 2000.
 
 
     OTHER RELATED INFORMATION
 
     Political advertising and 2000 Summer
       Olympics      Non-recurring revenue from political advertising and the
                     2000 Summer Olympics amounted to a total of
                     Ps. 965.3 million which are detailed as follows, in real
                     peso terms as of March 2001:
 
 
                      1Q00         2Q00         3Q00         4Q00       Total
     Political
      Adver
       -tising   Ps. 154.9    Ps. 585.4     Ps. 17.7     Ps. 11.3   Ps. 769.3
     Television
      Broadcasting   144.8        560.5         17.7         11.3       734.3
     Programming for
      pay TV           0.4          4.9            0            0         5.3
     Publishing        1.3          4.5            0            0         5.8
     Radio             8.4         13.4            0            0        21.8
     Cable Television    0          2.1            0            0         2.1
     Olympics            0            0        196.0            0       196.0
     Television
      Broadcasting       0            0        182.2            0       182.2
     Programming for
      pay TV             0            0         12.6            0        12.6
     Radio               0            0          1.2            0         1.2
     Total       Ps. 154.9    Ps. 585.4    Ps. 213.7     Ps. 11.3   Ps. 965.3
 
     Below is a consolidated statement of income that does not include the
     effect of political campaigns and Internet on the Company.
 
 
 
                          Consolidated Statement of Income
                 (Without political campaigns and Internet effect)
        (Millions of Mexican Pesos in purchasing power as of March 31,2001)
 
                                                Three months ended
                                        2001            2000        Change
     Net Sales                         4,489           4,495         -0.1%
     Cost of Sales                     2,723           2,687          1.3%
     Gross Profit                      1,766           1,808         -2.3%
     Selling Expenses                    355             346          2.6%
     Administrative expenses             354             403        -12.2%
     EBITDA                            1,057           1,059         -0.2%
     Depreciation and Amortization       287             285          0.7%
     Operating Profit                    770             774         -0.5%
 
 
     Capital Expenditures,
      Acquisitions and
      Investments    In the first quarter of 2001, the Company had invested
                     approximately U.S. 14.0 million in property, plant and
                     equipment as capital expenditures for acquisition of
                     technical, transmission and computer equipment, of which
                     approximately U.S. 6.9 million are related to Cablevision,
                     and U.S. 49.6 million in its DTH ventures
                     (U.S. 40.1 million in Mexico in the form of long-term
                     loans and U.S. 9.5 million in Latin America).
 
     Debt            As of March 31, 2001, the Company's long-term indebtedness
                     amounted to Ps. 10,764,750 thousand, and its current notes
                     payable were Ps. 316,805 thousand, as compared to
                     Ps. 9,514,374 thousand and Ps. 834,570 thousand,
                     respectively, as of March 31, 2000.
 
                     On May 15, 2001, the Company will exercise an option to
                     redeem all of the remaining Senior Discount Debentures
                     outstanding and due 2008, at 106.625% of their principal
                     amount of approximately U.S. $32.5 million as of that
                     date, in accordance with the terms of the related debt
                     securities indenture. The premium for extinguishing this
                     debt will be of approximately U.S. $2.2 million, and such
                     amount was accounted for as a non-recurring charge in the
                     consolidated income statement for the three months ended
                     March 31, 2001.
 
     Cost Reduction
      Program        Grupo Televisa will implement a cost reduction program of
                     Ps. $570 million (US $60.6 million)1, on an annualized
                     basis, consisting of a diminution in budget and lower
                     expenses in order to held Television Broadcasting costs
                     flat compared to the year 2000, and minimize any decline
                     in the operating cash flow. The reductions are specified
                     as follows (in millions of Mexican pesos):
 
                     TV Broadcasting          Ps. 187
                     Internet                     117
                     Eco*                         110
                     Fonovisa                      56
                     Operating Expenses           100
                     Total                   Ps. $570
 
                     * A percentage of the costs of "ECO" will be transferred
                       to the national news division in the Television
                       Broadcasting segment.
 
                     Effective April 30, 2001 there will be a reduction of 750
                     jobs. The reductions in the TV Broadcasting segment
                     contemplate the closing of two Television studios, as well
                     as the replacement of some non prime-time programming
                     production with material from our library. "ECO", is being
                     closed effective April 30, 2001.
 
     Television Ratings
      and Market
      share.         National urban ratings and audience share data produced by
                     IBOPE, certify that Television Broadcasting has increased
                     ratings and market share in the first quarter of 2001,
                     compared to the last quarter of 2000. Total Televisa
                     market share increased from 72.7% to 75.1% in prime time;
                     71.8% to 73.1% from 16:00 to 23:00; and 74.0% to 74.7%
                     from sign-on to sign-off.
 
                     In this quarter, we aired 48 of the 50 most popular
                     programs. Channel 2, continues to be the leader in Mexican
                     Television due to the success of the following
                     telenovelas: "Abrazame muy fuerte", "Primer Amor", "Amigas
                     y Rivales" and "Por un Beso".
 
     Outlook for
      2001.          Comparison between the second quarter of 2001 and 2000,
                     will be unfavorable due to the effect of political
                     campaigns and the slowdown in the economy. We expect TV
                     revenues to decrease between 5% and 6%. At this time we
                     are projecting that for the full year, Television
                     Broadcasting revenues will be flat to slightly down, based
                     on the  US $1 billion in upfront sales that has already
                     been committed for 2001.
 
                     Taking the cost reduction plan into account, we expect
                     Television Broadcasting costs for 2001 to be stable
                     compared with 2000, due to the annual wage increase to
                     union employees as well as increased costs associated with
                     satellites and microwave transmissions, and costs
                     associated with new productions.
 
                     1 Exchange rate at 9.4 pesos per U.S. dollar.
 
 
     New
      Appointments.  Earlier today, Enrique Senior a partner with Allen and
                     Company, based in New York, was elected to the board of
                     Directors of Grupo Televisa.
 
     Grupo Televisa S.A., is the largest media company in the Spanish-speaking
 world, and a major player in the international entertainment business.  It has
 interests in television production and broadcasting, programming for pay
 television, international distribution of television programming,
 direct-to-home satellite services, publishing and publishing distribution,
 music recording, cable television, radio production and broadcasting,
 professional sports and show business promotions, paging services, feature
 film production and distribution, dubbing, and the operation of a horizontal
 Internet portal. Grupo Televisa also has an unconsolidated equity stake in
 Univision, the leading Spanish-language television company in the United
 States.
 
     This press release contains forward-looking statements regarding the
 Company's results and prospects.  Actual results could differ materially from
 these statements.  The forward-looking statements in this press release should
 be read in conjunction with the factors described in "Item 1. Description of
 Business - Cautionary Statement" in the Company's Annual Report on Form 20-F,
 which, among others, could cause actual results to differ materially for those
 contained in forward-looking statements made in this press release and in oral
 statements made by authorized officers of the Company.  Readers are cautioned
 not to place undue reliance on these forward-looking statements, which speak
 only as of their dates.  The Company undertakes no obligation to publicly
 update or revise any forward-looking statements, whether as a result of new
 information, future events or otherwise.
 
 
 
                               GRUPO TELEVISA, S. A.
       CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 2001 AND DECEMBER 31, 2000
       (Thousands of Mexican pesos in purchasing power as of March 31, 2001)
 
 
                          ASSETS
 
                                                    March 31,   December 31,
                                                         2001           2000
                                                  (Unaudited)      (Audited)
     Current:
      Available:
       Cash                                       Ps. 804,296  Ps. 1,069,222
       Temporary investments                        7,051,093      6,641,101
                                                    7,855,389      7,710,323
      Trade notes and account receivable-net        5,277,910      8,234,454
      Other accounts and notes receivable-net       1,463,378        780,887
      Due from affiliated companies-net               282,509        382,723
      Inventories                                   8,284,756      8,485,544
      Other current assets                            549,916        528,201
         Total current assets                      23,713,858     26,122,132
 
     Long-term notes and accounts receivable           36,521         32,742
     Investments                                      878,504        304,407
     Property, plant and equipment-net             12,514,980     12,728,200
     Goodwill and trademarks-net                    3,037,358      3,005,178
     Deferred costs-net                             2,606,064      2,642,915
     Other assets                                     677,380        663,217
         Total assets                          Ps. 43,464,665 Ps. 45,498,791
 
 
                               GRUPO TELEVISA, S. A.
       CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 2001 AND DECEMBER 31, 2000
       (Thousands of Mexican pesos in purchasing power as of March 31, 2001)
 
                         LIABILITIES                March 31,   December 31,
                                                         2001           2000
                                                  (Unaudited)      (Audited)
     Current:
      Notes payable to banks                      Ps. 286,360    Ps. 292,079
      Other notes payable                              30,445         57,520
      Trade accounts payable                        2,348,252      2,199,969
      Taxes payable                                   256,662        567,612
      Accrued interest                                301,977        188,701
      Other accrued liabilities                     1,494,016        984,214
         Total current liabilities                  4,717,712      4,290,095
     Long-term:
      Debt securities                               6,109,026      6,161,029
      Notes payable to banks                        4,589,083      4,761,747
      Other notes payable                              66,641         72,573
      Other liabilities                               492,745        530,890
         Total long-term liabilities               11,257,495     11,526,239
     Deferred credits:
      Customer deposits and advances                8,185,446     10,034,295
      Other liabilities:
      Deferred taxes                                1,833,331      1,864,154
         Total liabilities                         25,993,984     27,714,783
 
                         STOCKHOLDERS' EQUITY
     Contributed capital:
      Capital stock, no par value:
       Authorized and issued                        6,976,953      6,976,953
       Repurchased                                  (195,944)      (179,044)
       Outstanding                                  6,781,009      6,797,909
      Additional paid-in capital                      197,983        197,983
                                                    6,978,992      6,995,892
     Earned capital:
      Legal reserve                                 1,019,832      1,019,832
      Reserve for repurchase of shares              5,055,390      5,055,390
      Unappropriated earnings                       8,427,253      9,305,295
      Net loss (income)                             (125,010)      (799,294)
      Deficit from restatement                    (2,293,988)    (2,298,502)
      Cumulative effect of deferred income tax    (2,421,503)    (2,421,503)
                                                    9,661,974      9,861,218
         Total majority interest                   16,640,966     16,857,110
     Minority interest                                829,715        926,898
         Total stockholders' equity                17,470,681     17,784,008
         Total liabilities and stockholders'
           equity                              Ps. 43,464,665 Ps. 45,498,791
 
 
                               GRUPO TELEVISA, S. A.
               CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE MONTHS
                           ENDED MARCH 31, 2001 AND 2000
       (Thousands of Mexican pesos in purchasing power as of March 31, 2001)
 
                                 Three months ended March 31,
                                                         2001           2000
                                                  (Unaudited)    (Unaudited)
 
     Net sales                                  Ps. 4,506,438  Ps. 4,650,115
 
     Cost of sales                                  2,772,127      2,686,728
      Gross profit                                  1,734,311      1,963,387
 
     Operating expenses:
      Selling                                         369,583        346,135
      Administrative                                  365,260        403,545
                                                      734,843        749,680
     EBITDA*                                          999,468      1,213,707
     Depreciation and amortization                    324,007        284,431
     Operating income                                 675,461        929,276
     Integral cost of financing:
      Interest expense                                270,810        359,584
      Restatement of investment units (UDIs)           41,870             --
      Interest income                               (260,589)      (244,467)
      Foreign exchange loss (gain) - net               42,220       (66,145)
      Loss from monetary position - net                43,855         28,506
                                                      138,166         77,478
     Restructuring and non-recurring charges           85,126         63,726
     Other expense-net                                135,844        120,480
      Income before taxes                             316,325        667,592
 
     Income tax and assets tax - current              259,629        251,557
     Employees' profit sharing - current                5,966          8,207
     Deferred income taxes                           (10,096)         36,734
                                                      255,499        296,498
      Income before equity in results
      of affiliates, cumulative effect of
      accounting change and minority interest          60,826        371,094
     Equity in losses of affiliates                  (61,496)      (295,302)
     Cumulative effect of accounting change         (103,480)             --
     Minority interest                               (20,860)       (44,110)
      Net income                                Ps. (125,010)     Ps. 31,682
 
     (*) EBITDA is defined as operating income before depreciation and
         amortization.
 
 
     GRUPO TELEVISA, S. A.
 
     NATIONAL URBAN RATINGS AND AUDIENCE SHARE FOR 2000  AND 1ST. QUARTER 2001
     (SIGN-ON TO SIGN-OFF -- 6:00 AM TO MIDNIGHT) (1)
     MONDAY TO SUNDAY
 
                                                    2000
                                Jan           Feb          Mar           Apr
     Channel 2
     Rating                    12.4          12.4         12.5          11.4
     Share(%)                  33.2          32.5         32.2          30.5
 
 
     Total Televisa(2)
     Rating                    28.8          29.7         29.5          28.4
     Share(%)                  77.5          77.6         76.0          75.6
 
                                                     2000
                                May           Jun          Jul           Aug
 
     Channel 2
     Rating                    11.4          12.1         12.1          12.3
     Share(%)                  29.7          30.5         31.3          31.5
 
     Total Televisa(2)
     Rating                    28.9          29.8         29.4          29.6
     Share(%)                  75.5          75.2         76.1          76.2
 
 
                       Sep          Oct          Nov          Dec        2000
 
     Channel 2
     Rating           11.9         12.3         12.2         11.7        12.1
     Share(%)         31.0         32.5         31.9         31.7        31.5
 
     Total Televisa(2)
     Rating           28.3         28.2         28.4         27.0        28.8
     Share(%)         73.8         74.6         74.1         73.3        75.5
 
 
 
                                                   2001
                                Jan           Feb          Mar        1st. Q
 
     Channel 2
     Rating                    13.4          12.8         12.6          12.9
     Share(%)                  34.6          33.6         32.7          33.6
 
     Total Televisa(2)
     Rating                    28.7          28.5         28.9          28.7
     Share(%)                  74.1          74.8         75.0          74.7
 
 
     NATIONAL URBAN RATINGS AND AUDIENCE SHARE FOR 2000  AND 1ST. QUARTER 2001
     (4:00 PM TO 11:00PM) (1)
     MONDAY TO SUNDAY
 
                                             2000
     Jan                        Feb           Mar          Apr
     Channel 2
     Rating                    19.9          19.7         20.0          17.4
     Share(%)                  36.1          35.1         35.3          32.3
 
     Total Televisa(2)
     Rating                    42.5          43.1         41.9          39.7
     Share(%)                  76.9          76.6         74.0          73.7
 
                                                      2000
                                May           Jun          Jul           Aug
     Channel 2
     Rating                    17.9          18.6         18.6          18.7
     Share(%)                  32.2          32.7         33.8          33.3
 
     Total Televisa(2)
     Rating                    40.9          42.1         40.6          41.6
     Share(%)                  73.4          73.9         73.9          73.9
 
 
                                                2000
                       Sep          Oct          Nov          Dec        2000
     Channel 2
     Rating           18.4         19.0         18.9         17.4        18.7
     Share(%)         33.2         34.0         33.4         32.6        33.7
 
     Total Televisa(2)
     Rating           40.6         40.6         40.4         38.0        41.0
     Share(%)         73.4         72.9         71.4         71.0        73.7
 
                                                     2001
                                Jan           Feb          Mar        1st. Q
     Channel 2
     Rating                    21.7          20.6         19.7          20.7
     Share(%)                  37.2          36.0         34.9          36.0
 
     Total Televisa(2)
     Rating                    42.2          41.9         41.6          41.9
     Share(%)                  72.4          73.4         73.4          73.1
 
 
     NATIONAL URBAN RATINGS AND AUDIENCE SHARE FOR 2000 AND 1ST. QUARTER 2001
     (TELEVISA PRIME TIME--7:00 PM TO 11:00P.M.) (3)
     MONDAY TO FRIDAY
 
                                                     2000
                                Jan           Feb          Mar           Apr
     Channel 2
     Rating                    25.9          23.9         24.3          21.7
     Share(%)                  39.9          36.8         37.7          36.0
 
     Total Televisa(2)
     Rating                    49.1          48.9         47.6          44.3
     Share(%)                  75.5          75.1         73.9          73.6
 
 
                                                       2000
                                May           Jun          Jul           Aug
     Channel 2
     Rating                    22.1          22.3         23.1          23.1
     Share(%)                  36.1          35.2         37.0          36.4
 
     Total Televisa(2)
     Rating                    44.6          46.0         46.1           46.
      Share(%)                 72.9          72.7         74.1          73.8
 
 
                                                 2000
                       Sep          Oct          Nov          Dec        2000
     Channel 2
     Rating           23.4         24.3         23.9         22.7        23.4
     Share(%)         36.8         37.8         36.6         35.6        36.8
 
     Total Televisa(2)
     Rating           46.7         47.1         47.7         46.0        46.8
     Share(%)         73.5         73.3         73.0         71.9        73.6
 
                                                   2001
                                Jan           Feb          Mar        1st. Q
     Channel 2
     Rating                    27.4          25.0         23.7          25.4
     Share(%)                  40.9          38.5         36.5          38.6
 
     Total Televisa(2)
     Rating                    50.1          49.2         48.7          49.3
     Share(%)                  74.8          75.6         75.0          75.1
 
 
     NOTES:
     1) National urban ratings and  audience share are certified by IBOPE and
        are based upon IBOPE's national surveys, which are calculated, seven
        days a week, In Mexico City, Guadalajara, Monterrey and 24 other cities
        with a population over 400,000. Ratings and audience share in Mexico
        City, which represents 21.6% of TV homes and approximately 26.3% of
        national consumer product consumption, comprise 43.4% of the IBOPE
        national survey. "Ratings" for a period refers to the number of
        television sets tuned into a television channel as a percentage of the
        total number of all television households and "audience share" means
        the number of television sets tuned into the Company's programs as a
        percentage of the number of households watching conventional over-the-
        air television during that period, without regard to the number of
        viewers.
 
     2) "Total Televisa" includes the Company's four networks as well as all
         local affiliates (including affiliates of Channel 4, most of which
         receive only a portion of their daily programming from Channel 4).
         Programming on affiliates of Channel 4 are generally broadcast in 10
         of the 26 cities other than Mexico City that are covered by national
         surveys, and programming on Channel 9 affiliates are broadcast in 22
         of such cities.
 
     3) "Televisa Prime Time" is the time during which the Company generally
        charges its highest rates.
 
                     MAKE YOUR OPINION COUNT -- Click Here
                http://tbutton.prnewswire.com/prn/11690X58403636
 
 

SOURCE Grupo Televisa, S.A.
    MEXICO CITY, April 25 /PRNewswire/ -- Grupo Televisa, S.A. (NYSE:   TV)
 today announced results for the first quarter ended March 31, 2001. Results,
 which are attached, are in thousands of Mexican Pesos, and in accordance with
 Mexican GAAP, have been adjusted to Pesos in purchasing power as of March 31,
 2001.
 
                                                  Three Months Ended March 31,
                                                         2001           2000
     Net Sales*                                 Ps. 4,506,438  Ps. 4,650,115
     Cost of Sales                                  2,772,127      2,686,728
     Gross Profit                                   1,734,311      1,963,387
     Selling Expenses                                 369,583        346,135
     Administrative Expenses                          365,260        403,545
     Operating Expenses                               734,843        749,680
     Operating Cash Flow**                            999,468      1,213,707
     Operating Income                                 675,461        929,276
     Integral Cost of Financing                       138,166         77,478
     Net (Loss) Income                              (125,010)         31,682
 
 
     *  See "-Results by Business Segment," for information regarding segment
        results.
     ** Operating Cash flow is defined as operating income before depreciation
        and amortization.
 
     Net Sales       Net sales decreased 3.1% to Ps. 4,506,438 thousand in the
                     first quarter of 2001 from Ps. 4,650,115 thousand in the
                     first quarter of 2000. The slowdown in economic activity
                     has had a negative impact on our clients and the
                     advertising industry as a whole, which translated into
                     lower sales in Television Broadcasting. Net sales in the
                     Music Recording, Publishing, Radio segments and the
                     nationwide paging business also decreased due to lower
                     economic activity in Mexico and abroad.
 
     Cost of Sales   Total costs increased 3.2% to Ps. 2,772,127 thousand in
                     the first quarter of 2001. The increase was due to higher
                     production costs in Television Broadcasting; costs related
                     to our Internet operation EsMas.com; and higher costs in
                     personnel and satellites.
 
     Operating
      Expenses       Operating expenses, including corporate expenses,
                     decreased 2.0%, or Ps. 14,837 thousand in the first
                     quarter of 2001 to Ps. 734,843 thousand from Ps. 749,680
                     thousand reported in the same period of 2000. The decrease
                     was primarily due to a reduction of 9.5% in administrative
                     expenses, principally related to workforce layoffs, a
                     reduction in trip expenses and a reduction in promotional
                     articles. This decrease was partially offset by an
                     increase of 6.8% in selling expenses, primarily due to the
                     operation of EsMas.com, cost of advertising agencies and
                     agents' commissions, and for higher provision for doubtful
                     trade accounts in Ps. 10,990 thousand.
 
     Operating
      Cash Flow      Operating cash flow decreased 17.7% to Ps. 999,468
                     thousand in the first quarter of 2001 from Ps. 1,213,707
                     thousand reported in the same period of 2000. Operating
                     cash flow margin for the first quarter of 2001 decreased
                     to 22.2% from 26.1% in the same period of last year,
                     primarily as a result of the decrease in net sales and
                     higher costs of sales. The Company has set forth a cost
                     reduction program to reduce the impact on its operating
                     cash flow margins on a year over year basis. For
                     additional information regarding this program, see "-Cost
                     Reduction Program."
 
     Operating
      Margins        Operating margins decreased to 15.0% in the first quarter
                     of 2001 from 20.0% in the same period of 2000,
                     representing a decrease of 27.3% in operating income. The
                     decrease was primarily due to lower net sales, an increase
                     in cost of sales, and an increase in depreciation and
                     amortization due to the start of operation of the
                     horizontal Internet portal.
 
     Integral Cost
      of Financing   Integral cost of financing for the three months ended
                     March 31, 2001 and 2000, consisted of: (in thousand of
                     Mexican Pesos):
 
 
                                                                  Increase
                                        2001            2000    (decrease)
     Interest expense            Ps. 270,810     Ps. 359,584  Ps. (88,774)
     Restatement of investment
      units ("UDIs")                  41,870              --        41,870
     Interest income               (260,589)       (244,467)      (16,122)
     Foreign exchange gain-net       (3,278)        (97,999)        94,721
     Foreign exchange loss from
      forward contracts               45,498          31,854        13,644
     Loss from monetary position
      - net (including a monetary
      gain from UDI-denominated Notes
      of Ps. 41,870 in 2001)          43,855          28,506        15,349
                                 Ps. 138,166      Ps. 77,478    Ps. 60,688
 
                     Integral cost of financing increased to Ps. 138,166
                     thousand during the first quarter of 2001 from Ps. 77,478
                     thousand during 2000's comparable period, or 78.3%. This
                     increase was primarily due to a decrease in the net
                     foreign exchange gain resulting from a lower net U.S.
                     dollar-denominated liability position in the first quarter
                     of 2001, as compared to 2000's first quarter, and higher
                     losses incurred in forward exchange contracts arranged in
                     1999 with settlement in 2001, due to the appreciation of
                     the Mexican peso during the first quarter of 2001, and the
                     adoption of new Bulletin C-2 on January 1st, 2001 (see
                     "Cumulative Effect of Accounting Change"); as well as a
                     higher exchange rate loss due to an increase in monetary
                     assets in the first quarter of 2001 as compared to 2000's
                     first quarter, and the restatement in 2001 of the
                     principal amount of the UDI-denominated Notes due 2007.
                     These increases were partially offset by lower interest
                     expense during the first quarter of 2001 as compared to
                     2000's first quarter, due to the refinancing of the
                     Company's long-term debt in the second quarter of 2000,
                     which decreased the weighted average interest rates from
                     13.0% to 9.2%.
 
     Non-recurring
      Items          Non-recurring items amounted to Ps. 85,126 thousand in the
                     first quarter of 2001, principally related to personnel
                     layoffs and estimated premiums of Ps. 20,475 thousand for
                     the redemption of the remaining Senior Discount Debentures
                     outstanding that will take place on May 15, 2001. For
                     additional information regarding this redemption see
                     "Debt".
 
     Other Expense
      -Net           Other expense-net amounted to Ps. 135,844 thousand in the
                     first quarter of 2001, as compared to an expense of
                     Ps. 120,480 thousand in 2000's comparable period. Other
                     expense, for the first quarter of 2001, primarily
                     reflected the amortization of goodwill, an allowance for
                     valuation of certain non-strategic assets to be disposed,
                     and professional services in connection with certain
                     litigation and other matters.
 
 
     Equity in Losses
       of Affiliates Equity in losses of affiliates decreased to a loss of
                     Ps. 61,496 thousand in the first quarter of 2001 from a
                     loss of Ps. 295,302 thousand in 2000's comparable period.
                     The decrease primarily reflected the Company's strategy of
                     not recognizing additional equity losses for its DTH joint
                     venture in Mexico, as explained below, and a reduction in
                     equity losses for the Company's disposal of its PCS
                     venture in the third quarter of 2000.
 
                     Beginning in 2001, the Company ceased recognition of
                     additional equity losses for its DTH joint venture in
                     Mexico on the grounds of:
 
                     a)   the Company's net liability of Ps. 1,693,827
                          thousand, recognized in connection with this
                          investment as of December 31, 2000, and representing
                          the amount of equity losses in excess of initial
                          investments and subsequent contributions and funding
                          in the form of long-term loans as of that date, is
                          well enough to cover the Company's guarantees of
                          certain commitments made by this joint venture for
                          transponder lease payments at least through 2005,
                          plus the commitments made by the Company to provide
                          further financial support to its joint venture in
                          2001. The Company's net liability for this investment
                          as of March 31, 2001, was of Ps. 1,294,572 thousand;
                          and
 
                     b)   the ability of this joint-venture to generate
                          positive EBITDA in the fourth quarter of 2000 and the
                          first quarter of 2001. See "Direct to Home Satellite
                          Services" for additional information regarding this
                          joint venture.
 
     Cumulative Effect of
       Accounting
       Change   Beginning January 2001, the Company adopted the provisions of
                Bulletin C-2, "Financial Instruments", issued by the Mexican
                Institute of Public Accountants. Before adopting Bulletin C-2,
                the Company recognized gain or losses on derivative financial
                instruments not designated as a hedge upon settlement of the
                related contracts. Upon adoption of Bulletin C-2, the Company
                recognized the fair value of its forward exchange contracts not
                designated as a hedge, reflecting an increase in the foreign
                exchange loss for the first quarter of 2001 as compared to
                2000's first quarter ( for additional information see "Integral
                Cost of Financing"), and recognizing a cumulative loss effect
                of Ps. 103,480 thousand in the consolidated income statement
                for the first quarter of 2001, as a result of applying this new
                accounting principle on January 1st, 2001.
 
     Minority
      Interest  The Company's minority interest was Ps. 20,860 thousand for the
                first quarter of 2001, as compared to Ps. 44,110 thousand for
                2000's comparable period. The decrease primarily reflected the
                Company's acquisition of a 35% interest stake in the Publishing
                segment in the fourth quarter of 2000, as well as a reduction
                in net income in the Cable Television segment and in the
                nationwide paging business.
 
     Net (Loss)
      Income    In the first quarter of 2001, the Company had a net loss of
                Ps. 125,010 thousand compared to a net income of Ps. 31,682
                thousand in 2000's comparable period. The variance of
                Ps. 156,692 thousand is due principally to:
 
                *    a decrease in operating income of Ps. 253,815 thousand;
                *    higher integral cost of financing of Ps. 60,688 thousand;
                *    an increase in other expense of Ps. 15,364 thousand;
                *    higher non-recurring charges of Ps. 21,400 thousand; and
                *    a cumulative effect of accounting change of Ps. 103,480
                     thousand.
 
           These variances were partially offset by lower equity in losses of
           affiliates of Ps. 233,806 thousand, a decrease in taxes of
           Ps. 40,999 thousand, and a decrease in minority interest of
           Ps. 23,250 thousand.
 
     RESULTS BY BUSINESS SEGMENT
 
     The following tables set forth the net sales, EBITDA and operating income
 (loss) for each of the Company's business segments:
 
 
                                                                  Contribution
                        Three months ended March 31,                to segment
                               2001          2000     % Change      revenues
     Net Sales
     Television
      Broadcasting    Ps. 2,566,294 Ps. 2,673,300         -4.0%         5.8%
     Programming for Pay
      Television            109,738       111,876        -1.9%          2.4%
     Programming Licensing  365,258       339,907         7.5%          7.9%
     Publishing             316,910       336,391        -5.8%          6.9%
     Publishing
      Distribution          208,239       194,732         6.9%          4.5%
     Music Recording        285,291       325,945       -12.5%          6.2%
     Cable Television       236,703       212,760        11.3%          5.2%
     Radio                   88,563       104,856       -15.5%          1.9%
     Other Businesses*      421,294       383,627         9.8%          9.2%
     Segment Revenues     4,598,290     4,683,394        -1.8%        100.0%
     Intersegment
      Operations**         (91,852)      (75,354)       -21.9%
     Disposed Operations***      --        42,075           --
     Consolidated
      Revenues        Ps. 4,506,438 Ps. 4,650,115         -3.1%
 
 
                                  Three Months Ended March 31,
                         2001     Margin    2000   Margin  % Change
     EBITDA
     Television
     Broadcasting Ps. 887,336      34.6%Ps. 1,034,20438.7%   -14.2%
     Programming for
      Pay Television (96,542)     -88.0%  (87,572) -78.3%    -10.2%
     Programming
      Licensing       106,195      29.1%  48,768    14.3%    117.8%
     Publishing        32,562      10.3%  52,603    15.6%    -38.1%
     Publishing
      Distribution      9,610       4.6%  10,352     5.3%     -7.2%
     Music Recording   35,055      12.3%  58,109    17.8%    -39.7%
     Cable Television  62,482      26.4%  58,757    27.6%      6.3%
     Radio             35,160      39.7%  38,277    36.5%     -8.1%
     Other
      Businesses*    (39,210)      -9.3%  36,792     9.6%   -206.6%
     Corporate
      expenses       (33,180)      -0.7%  (35,343)  -0.8%      6.1%
     Segment EBITDA   999,468      21.7% 1,214,947   25.9%    -17.7%
     Disposed
      Operations***        --         --   (1,240)     --        --
     Consolidated
      EBITDA      Ps. 999,468     22.2%  Ps. 1,213,707 26.1%   -17.7%
 
     *   Includes Internet operations.
     **  Intersegment operations: For segment reporting purposes, intersegment
         operations are included in each of the segment operations.
     *** Disposed operations primarily reflects the results of operations of
         the Company's newspaper Ovaciones.
 
 
                                   Three Months Ended March 31,
                         2001     Margin    2000   Margin  % Change
     Operating Income (Loss)
     Television
      Broadcasting Ps. 683,464    26.6%  Ps.824,862  30.9%    -17.1%
     Programming for Pay
      Television    (105,162)     -95.8%(101,447)  -90.7%     -3.7%
     Programming
      Licensing       103,338      28.3%  46,388    13.6%    122.8%
     Publishing        23,889       7.5%  44,497    13.2%    -46.3%
     Publishing
      Distribution      6,476       3.1%   7,335     3.8%    -11.7%
     Music Recording   34,050      11.9%  56,920    17.5%    -40.2%
     Cable Television  38,998      16.5%  43,186    20.3%     -9.7%
     Radio             29,558      33.4%  32,706    31.2%     -9.6%
     Other
      Businesses*   (105,970)     -25.2%  14,294     3.7%   -841.4%
     Segment Operating
      Income          708,641      15.4% 968,741    20.7%    -26.8%
     Corporate
      expenses         (33,180)      --  (35,343)     --       6.1%
     Total Operating
      Income          675,461      15.0% 933,398    20.3%    -27.6%
     Disposed
      Operations**         --         --     (4,122) -9.8%       --
     Consolidated Operating
      Income      Ps. 675,461      15.0%Ps. 929,276 20.0%    -27.3%
 
     *  Includes Internet Operations.
     ** Disposed Operations primarily reflects the result of operations of the
        Company's newspaper Ovaciones.
 
     Television
      Broadcasting   The decrease in Television Broadcasting sales of 4.0% is
                     attributable to two factors. First, the slowdown in
                     economic activity has had an impact on the advertising
                     industry and this has reduced sales in Television
                     Broadcasting. Second, in the first quarter of last year we
                     had advertising sales associated with the Federal and
                     local political campaigns totaling Ps. 144,000 thousand
                     (pesos of March 31, 2001), which we will not see this
                     quarter. This effect will increase in the second quarter,
                     when political campaigns were at their peak in 2000,
                     having accounted for Ps.560,000 thousand (pesos of March
                     31, 2001). In the third quarter of last year we also
                     received extraordinary revenues from the 2000 Summer
                     Olympics totaling Ps. 182,000 thousand in real peso terms
                     as of March 31, 2001, and Ps. 17.7 million for political
                     advertising. For more information see -"Political
                     advertising and 2000 Summer Olympics"-.
 
                     Television Broadcasting's operating income decreased 17.1%
                     as a result of lower sales and an increase in cost of
                     sales. The increase of production costs in this segment is
                     due to telenovelas, a new game show and new half hour
                     program productions, as well as higher costs associated
                     with the production of newscasts. There was also an
                     increase in costs due to the migration from the Satmex to
                     the Galaxy 4 satellite, and increased costs related to
                     microwave signals. To further reduce our costs in the
                     Television Broadcasting segment, we plan to reduce time
                     spent on production and replace some non-prime time
                     programs with material from our library. Additionally, we
                     plan to close two studios.
 
     Programming for
       Pay
       Television    The decrease in Programming for Pay Television sales of
                     1.9% was due to lower advertising revenues. This decrease
                     was partially offset by higher revenues from programs sold
                     in Mexico, Latin America and Spain.
 
                     Programming for Pay Television's operating loss increased
                     by 3.7%, due to the decrease in revenues and an increase
                     in production costs associated with "ECO". "ECO" will be
                     closing its operations on April 30, 2001. This will
                     represent a decrease in costs of Ps. 110 million on an
                     annualized basis for the year 2001.
 
     Programming
      Licensing      The increase in Programming Licensing sales of 7.5% was
                     due to higher revenues from programming exports to other
                     countries in Asia (concentrating in Philippines and
                     Indonesia) and Latin America, as well as an increase in
                     royalties paid to the Company by Univision under the
                     Univision Program Licensing Agreement. This increase was
                     partially offset by the translation effect of
                     foreign-currency denominated sales.
 
                     Programming Licensing's operating income increased to
                     Ps. 103,338 thousand, reflecting the increase in revenues
                     and a reduction in cost of sales due to lower costs
                     related to the amortization of programs which resulted
                     from lower production costs in 2000 and 1999.
 
     Publishing      Publishing sales decreased 5.8% due primarily to a
                     decrease in sales in the domestic and international market
                     due to the slower economic activity in Mexico and abroad
                     and a 25% increase in prices in one of our most important
                     magazines which had a negative impact on the number of
                     magazines sold. In the same quarter last year, we sold
                     23.3 million magazines compared to 20.9 million this year,
                     including Latin America and Mexico. We also registered a
                     lower volume of advertising pages sold in the
                     international market due to the slowdown in economic
                     activity and to the translation effect of foreign-currency
                     denominated sales. This decrease was partially offset by
                     higher revenues from advertising pages sold in the
                     domestic market.
 
                     Publishing's operating income decreased by 46.3%,
                     reflecting lower net sales and higher operating expenses.
                     However, this decrease was partially offset by a decrease
                     in cost of sales due to a lower volume of print runs in
                     the domestic and international market, offset by the
                     increase in costs due to the new design of magazine
                     covers. We are also implementing a segmentation strategy
                     that consists of publishing a "West Coast" and "East
                     Coast" edition of TV y Novelas beginning on April 2001.
                     The strategy consists of differentiating 60% of the
                     content, with material relevant to Hispanics of Mexican
                     descent in the West Coast and incorporating a more Latin
                     American essence in the East Coast in an effort to
                     increase our reach and relevance with the different
                     Hispanic markets.
 
     Publishing
      Distribution   The increase in Publishing Distribution sales of 6.9% was
                     due primarily to higher magazine sales in the domestic and
                     international market and higher revenues from the
                     distribution of certain products (primarily telephone
                     cards and tax return forms) in the international market.
 
                     Publishing Distribution's operating income decreased by
                     11.7%, reflecting higher distribution costs, which was
                     partially offset by an increase in sales and lower
                     operating expenses, due to workforce layoffs. As of May
                     2001, there will be a new Division Head, who will device a
                     strategy in this division.
 
     Music
      Recording      The decrease in Music Recording sales of 12.5% was
                     primarily due to lower revenues from catalog units and
                     releases in the domestic market and a lower number of
                     releases in the international market, which only saw a
                     decline of 3.5%, and a Ps. 11.8 million impact, due to the
                     translation effect. The record Industry in the U.S.
                     suffered a 7% decline in sales last year, and sales in the
                     first quarter have also felt an impact.
 
                     Music Recording's operating income decreased 40.2%,
                     reflecting a decrease in the number of units sold in the
                     domestic market, partially offset by lower royalties paid
                     to artists, as well as lower operating expenses, primarily
                     those related to advertising expenses.
 
                     Fonovisa, our music label in the U.S., has increased its
                     market share in the Hispanic U.S. market from 26% in 1998
                     to 29% in 2000, according to the Recording Industry
                     Association of America. The Company has a very strong
                     catalogue in this unique genre, consisting of artists such
                     as Tigres del Norte, Los Temerarios, Conjunto Primavera,
                     Banda el Recodo and Marco Antonio Solis, among others.
 
     Cable
      Television     The increase in Cable Television sales of 11.3% was
                     primarily due to an increase in basic subscribers to over
                     407,000  and digital subscribers to over 55,000 in the
                     first quarter of 2001. The increase was partially offset
                     by lower advertising revenues. Cablevision is the largest
                     cable television operator in Mexico based on the number of
                     subscribers and homes passed.
 
                     Cable Television's operating income decreased 9.7% due to
                     higher signal costs and higher operating expenses, which
                     were partially offset by an increase in net sales.
 
     Radio           The decrease in Radio sales of 15.5% was primarily due to
                     lower revenues from advertising time sold, due to the
                     effect of political advertising in the first quarter of
                     2000.
 
                     Radio's operating income decreased 9.6% as a result of
                     lower net sales, which was partially offset by a decrease
                     in programming costs as well as the reduction in operating
                     expenses due to lower personnel costs.
 
                     In December 2000, the Mexican Antitrust Commission,
                     Comision Federal de Competencia ("CFC"), denied the
                     authorization to merge Grupo Acir Comunicaciones, S.A. de
                     C.V. ("Grupo Acir"), and Sistema Radiopolis, S.A de
                     C.V.("Radiopolis"), the Company's Radio subsidiary.
                     Televisa and Grupo Acir filed an administrative recourse
                     before the CFC on February 1st, 2001. The CFC has a 60
                     calendar day period to rule on the matter. Should the CFC
                     uphold its decision to deny authorization, the parties
                     involved will appeal to the Mexican Federal Courts.
 
     Other
      Businesses     The increase in Other Businesses sales of 9.8% was
                     primarily due to the operation of EsMas.com and an
                     increase in the distribution of feature films. This
                     increase was partially offset by lower revenues from the
                     nationwide paging business.
 
                     Other Businesses' operating income decreased to a loss of
                     Ps. 105,970 thousand due primarily to an increase in costs
                     related to the operation of the horizontal Internet
                     portal, and higher costs related to the nationwide paging
                     subsidiary due to the launch of new services. These
                     decreases were partially offset by lower costs related to
                     sporting events.
 
                     As the main element of its Internet strategy, Televisa
                     launched in May 2000 EsMas.com, a Spanish speaking
                     Internet content network. With 10 different channels, the
                     rich content portal focuses to the Mexican market.  By the
                     end of 2000, only 7 months after its launch, EsMas.com
                     already was one of the 5 leading portals in Mexico,
                     offering, through its latest version, more photos, audio
                     and video along with better performance.
 
                     In response to the outlook of the Internet market
                     environment, EsMas.com will reduce expenditures by
                      Ps. 117 million on an annualized basis and has cancelled
                     95 job positions. Total expenditure for EsMas.com in the
                     year 2001 will amount to Ps. 286.6 million pesos of March
                     31, 2001.
 
 
     DIRECT TO HOME SATELLITE SERVICES
 
     Sky             The Company's Direct to Home Satellite Services ("DTH")
                     continues to achieve strong subscriber growth under highly
                     competitive market conditions. During the first quarter,
                     Innova added a record number of approximately 54,600 net
                     new customers to its gross active subscriber base, as
                     compared with 49,000 in the previous quarter. Gross active
                     subscribers increased 9.2% from 590,000 as of December 31,
                     2000, to approximately 644,900 as of March 31, 2001. The
                     gross active subscriber base as of March 31, 2001,
                     represents a 39.4% increase, or a gain of 182,400 gross
                     active subscribers over the March 31, 2000 number. Innova
                     leads the Mexican DTH television industry with an
                     estimated 73% market share, as measured by the number of
                     gross active subscribers.
 
                     Innova reported consolidated net revenues of
                     Ps. 687.5 million for the first quarter ended March 31,
                     2001. Net revenues for the first quarter increased
                     Ps. 158.6 million or approximately 30% as compared to the
                     same period of last year, due to the strong growth of the
                     subscriber base. Positive EBITDA of Ps. 86.5 million
                     during the first quarter of 2001 improved
                     Ps. 203.7 million, as compared to a loss of
                     Ps. 117.2 million for the same period of 2000.
 
 
     OTHER RELATED INFORMATION
 
     Political advertising and 2000 Summer
       Olympics      Non-recurring revenue from political advertising and the
                     2000 Summer Olympics amounted to a total of
                     Ps. 965.3 million which are detailed as follows, in real
                     peso terms as of March 2001:
 
 
                      1Q00         2Q00         3Q00         4Q00       Total
     Political
      Adver
       -tising   Ps. 154.9    Ps. 585.4     Ps. 17.7     Ps. 11.3   Ps. 769.3
     Television
      Broadcasting   144.8        560.5         17.7         11.3       734.3
     Programming for
      pay TV           0.4          4.9            0            0         5.3
     Publishing        1.3          4.5            0            0         5.8
     Radio             8.4         13.4            0            0        21.8
     Cable Television    0          2.1            0            0         2.1
     Olympics            0            0        196.0            0       196.0
     Television
      Broadcasting       0            0        182.2            0       182.2
     Programming for
      pay TV             0            0         12.6            0        12.6
     Radio               0            0          1.2            0         1.2
     Total       Ps. 154.9    Ps. 585.4    Ps. 213.7     Ps. 11.3   Ps. 965.3
 
     Below is a consolidated statement of income that does not include the
     effect of political campaigns and Internet on the Company.
 
 
 
                          Consolidated Statement of Income
                 (Without political campaigns and Internet effect)
        (Millions of Mexican Pesos in purchasing power as of March 31,2001)
 
                                                Three months ended
                                        2001            2000        Change
     Net Sales                         4,489           4,495         -0.1%
     Cost of Sales                     2,723           2,687          1.3%
     Gross Profit                      1,766           1,808         -2.3%
     Selling Expenses                    355             346          2.6%
     Administrative expenses             354             403        -12.2%
     EBITDA                            1,057           1,059         -0.2%
     Depreciation and Amortization       287             285          0.7%
     Operating Profit                    770             774         -0.5%
 
 
     Capital Expenditures,
      Acquisitions and
      Investments    In the first quarter of 2001, the Company had invested
                     approximately U.S. 14.0 million in property, plant and
                     equipment as capital expenditures for acquisition of
                     technical, transmission and computer equipment, of which
                     approximately U.S. 6.9 million are related to Cablevision,
                     and U.S. 49.6 million in its DTH ventures
                     (U.S. 40.1 million in Mexico in the form of long-term
                     loans and U.S. 9.5 million in Latin America).
 
     Debt            As of March 31, 2001, the Company's long-term indebtedness
                     amounted to Ps. 10,764,750 thousand, and its current notes
                     payable were Ps. 316,805 thousand, as compared to
                     Ps. 9,514,374 thousand and Ps. 834,570 thousand,
                     respectively, as of March 31, 2000.
 
                     On May 15, 2001, the Company will exercise an option to
                     redeem all of the remaining Senior Discount Debentures
                     outstanding and due 2008, at 106.625% of their principal
                     amount of approximately U.S. $32.5 million as of that
                     date, in accordance with the terms of the related debt
                     securities indenture. The premium for extinguishing this
                     debt will be of approximately U.S. $2.2 million, and such
                     amount was accounted for as a non-recurring charge in the
                     consolidated income statement for the three months ended
                     March 31, 2001.
 
     Cost Reduction
      Program        Grupo Televisa will implement a cost reduction program of
                     Ps. $570 million (US $60.6 million)1, on an annualized
                     basis, consisting of a diminution in budget and lower
                     expenses in order to held Television Broadcasting costs
                     flat compared to the year 2000, and minimize any decline
                     in the operating cash flow. The reductions are specified
                     as follows (in millions of Mexican pesos):
 
                     TV Broadcasting          Ps. 187
                     Internet                     117
                     Eco*                         110
                     Fonovisa                      56
                     Operating Expenses           100
                     Total                   Ps. $570
 
                     * A percentage of the costs of "ECO" will be transferred
                       to the national news division in the Television
                       Broadcasting segment.
 
                     Effective April 30, 2001 there will be a reduction of 750
                     jobs. The reductions in the TV Broadcasting segment
                     contemplate the closing of two Television studios, as well
                     as the replacement of some non prime-time programming
                     production with material from our library. "ECO", is being
                     closed effective April 30, 2001.
 
     Television Ratings
      and Market
      share.         National urban ratings and audience share data produced by
                     IBOPE, certify that Television Broadcasting has increased
                     ratings and market share in the first quarter of 2001,
                     compared to the last quarter of 2000. Total Televisa
                     market share increased from 72.7% to 75.1% in prime time;
                     71.8% to 73.1% from 16:00 to 23:00; and 74.0% to 74.7%
                     from sign-on to sign-off.
 
                     In this quarter, we aired 48 of the 50 most popular
                     programs. Channel 2, continues to be the leader in Mexican
                     Television due to the success of the following
                     telenovelas: "Abrazame muy fuerte", "Primer Amor", "Amigas
                     y Rivales" and "Por un Beso".
 
     Outlook for
      2001.          Comparison between the second quarter of 2001 and 2000,
                     will be unfavorable due to the effect of political
                     campaigns and the slowdown in the economy. We expect TV
                     revenues to decrease between 5% and 6%. At this time we
                     are projecting that for the full year, Television
                     Broadcasting revenues will be flat to slightly down, based
                     on the  US $1 billion in upfront sales that has already
                     been committed for 2001.
 
                     Taking the cost reduction plan into account, we expect
                     Television Broadcasting costs for 2001 to be stable
                     compared with 2000, due to the annual wage increase to
                     union employees as well as increased costs associated with
                     satellites and microwave transmissions, and costs
                     associated with new productions.
 
                     1 Exchange rate at 9.4 pesos per U.S. dollar.
 
 
     New
      Appointments.  Earlier today, Enrique Senior a partner with Allen and
                     Company, based in New York, was elected to the board of
                     Directors of Grupo Televisa.
 
     Grupo Televisa S.A., is the largest media company in the Spanish-speaking
 world, and a major player in the international entertainment business.  It has
 interests in television production and broadcasting, programming for pay
 television, international distribution of television programming,
 direct-to-home satellite services, publishing and publishing distribution,
 music recording, cable television, radio production and broadcasting,
 professional sports and show business promotions, paging services, feature
 film production and distribution, dubbing, and the operation of a horizontal
 Internet portal. Grupo Televisa also has an unconsolidated equity stake in
 Univision, the leading Spanish-language television company in the United
 States.
 
     This press release contains forward-looking statements regarding the
 Company's results and prospects.  Actual results could differ materially from
 these statements.  The forward-looking statements in this press release should
 be read in conjunction with the factors described in "Item 1. Description of
 Business - Cautionary Statement" in the Company's Annual Report on Form 20-F,
 which, among others, could cause actual results to differ materially for those
 contained in forward-looking statements made in this press release and in oral
 statements made by authorized officers of the Company.  Readers are cautioned
 not to place undue reliance on these forward-looking statements, which speak
 only as of their dates.  The Company undertakes no obligation to publicly
 update or revise any forward-looking statements, whether as a result of new
 information, future events or otherwise.
 
 
 
                               GRUPO TELEVISA, S. A.
       CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 2001 AND DECEMBER 31, 2000
       (Thousands of Mexican pesos in purchasing power as of March 31, 2001)
 
 
                          ASSETS
 
                                                    March 31,   December 31,
                                                         2001           2000
                                                  (Unaudited)      (Audited)
     Current:
      Available:
       Cash                                       Ps. 804,296  Ps. 1,069,222
       Temporary investments                        7,051,093      6,641,101
                                                    7,855,389      7,710,323
      Trade notes and account receivable-net        5,277,910      8,234,454
      Other accounts and notes receivable-net       1,463,378        780,887
      Due from affiliated companies-net               282,509        382,723
      Inventories                                   8,284,756      8,485,544
      Other current assets                            549,916        528,201
         Total current assets                      23,713,858     26,122,132
 
     Long-term notes and accounts receivable           36,521         32,742
     Investments                                      878,504        304,407
     Property, plant and equipment-net             12,514,980     12,728,200
     Goodwill and trademarks-net                    3,037,358      3,005,178
     Deferred costs-net                             2,606,064      2,642,915
     Other assets                                     677,380        663,217
         Total assets                          Ps. 43,464,665 Ps. 45,498,791
 
 
                               GRUPO TELEVISA, S. A.
       CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 2001 AND DECEMBER 31, 2000
       (Thousands of Mexican pesos in purchasing power as of March 31, 2001)
 
                         LIABILITIES                March 31,   December 31,
                                                         2001           2000
                                                  (Unaudited)      (Audited)
     Current:
      Notes payable to banks                      Ps. 286,360    Ps. 292,079
      Other notes payable                              30,445         57,520
      Trade accounts payable                        2,348,252      2,199,969
      Taxes payable                                   256,662        567,612
      Accrued interest                                301,977        188,701
      Other accrued liabilities                     1,494,016        984,214
         Total current liabilities                  4,717,712      4,290,095
     Long-term:
      Debt securities                               6,109,026      6,161,029
      Notes payable to banks                        4,589,083      4,761,747
      Other notes payable                              66,641         72,573
      Other liabilities                               492,745        530,890
         Total long-term liabilities               11,257,495     11,526,239
     Deferred credits:
      Customer deposits and advances                8,185,446     10,034,295
      Other liabilities:
      Deferred taxes                                1,833,331      1,864,154
         Total liabilities                         25,993,984     27,714,783
 
                         STOCKHOLDERS' EQUITY
     Contributed capital:
      Capital stock, no par value:
       Authorized and issued                        6,976,953      6,976,953
       Repurchased                                  (195,944)      (179,044)
       Outstanding                                  6,781,009      6,797,909
      Additional paid-in capital                      197,983        197,983
                                                    6,978,992      6,995,892
     Earned capital:
      Legal reserve                                 1,019,832      1,019,832
      Reserve for repurchase of shares              5,055,390      5,055,390
      Unappropriated earnings                       8,427,253      9,305,295
      Net loss (income)                             (125,010)      (799,294)
      Deficit from restatement                    (2,293,988)    (2,298,502)
      Cumulative effect of deferred income tax    (2,421,503)    (2,421,503)
                                                    9,661,974      9,861,218
         Total majority interest                   16,640,966     16,857,110
     Minority interest                                829,715        926,898
         Total stockholders' equity                17,470,681     17,784,008
         Total liabilities and stockholders'
           equity                              Ps. 43,464,665 Ps. 45,498,791
 
 
                               GRUPO TELEVISA, S. A.
               CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE MONTHS
                           ENDED MARCH 31, 2001 AND 2000
       (Thousands of Mexican pesos in purchasing power as of March 31, 2001)
 
                                 Three months ended March 31,
                                                         2001           2000
                                                  (Unaudited)    (Unaudited)
 
     Net sales                                  Ps. 4,506,438  Ps. 4,650,115
 
     Cost of sales                                  2,772,127      2,686,728
      Gross profit                                  1,734,311      1,963,387
 
     Operating expenses:
      Selling                                         369,583        346,135
      Administrative                                  365,260        403,545
                                                      734,843        749,680
     EBITDA*                                          999,468      1,213,707
     Depreciation and amortization                    324,007        284,431
     Operating income                                 675,461        929,276
     Integral cost of financing:
      Interest expense                                270,810        359,584
      Restatement of investment units (UDIs)           41,870             --
      Interest income                               (260,589)      (244,467)
      Foreign exchange loss (gain) - net               42,220       (66,145)
      Loss from monetary position - net                43,855         28,506
                                                      138,166         77,478
     Restructuring and non-recurring charges           85,126         63,726
     Other expense-net                                135,844        120,480
      Income before taxes                             316,325        667,592
 
     Income tax and assets tax - current              259,629        251,557
     Employees' profit sharing - current                5,966          8,207
     Deferred income taxes                           (10,096)         36,734
                                                      255,499        296,498
      Income before equity in results
      of affiliates, cumulative effect of
      accounting change and minority interest          60,826        371,094
     Equity in losses of affiliates                  (61,496)      (295,302)
     Cumulative effect of accounting change         (103,480)             --
     Minority interest                               (20,860)       (44,110)
      Net income                                Ps. (125,010)     Ps. 31,682
 
     (*) EBITDA is defined as operating income before depreciation and
         amortization.
 
 
     GRUPO TELEVISA, S. A.
 
     NATIONAL URBAN RATINGS AND AUDIENCE SHARE FOR 2000  AND 1ST. QUARTER 2001
     (SIGN-ON TO SIGN-OFF -- 6:00 AM TO MIDNIGHT) (1)
     MONDAY TO SUNDAY
 
                                                    2000
                                Jan           Feb          Mar           Apr
     Channel 2
     Rating                    12.4          12.4         12.5          11.4
     Share(%)                  33.2          32.5         32.2          30.5
 
 
     Total Televisa(2)
     Rating                    28.8          29.7         29.5          28.4
     Share(%)                  77.5          77.6         76.0          75.6
 
                                                     2000
                                May           Jun          Jul           Aug
 
     Channel 2
     Rating                    11.4          12.1         12.1          12.3
     Share(%)                  29.7          30.5         31.3          31.5
 
     Total Televisa(2)
     Rating                    28.9          29.8         29.4          29.6
     Share(%)                  75.5          75.2         76.1          76.2
 
 
                       Sep          Oct          Nov          Dec        2000
 
     Channel 2
     Rating           11.9         12.3         12.2         11.7        12.1
     Share(%)         31.0         32.5         31.9         31.7        31.5
 
     Total Televisa(2)
     Rating           28.3         28.2         28.4         27.0        28.8
     Share(%)         73.8         74.6         74.1         73.3        75.5
 
 
 
                                                   2001
                                Jan           Feb          Mar        1st. Q
 
     Channel 2
     Rating                    13.4          12.8         12.6          12.9
     Share(%)                  34.6          33.6         32.7          33.6
 
     Total Televisa(2)
     Rating                    28.7          28.5         28.9          28.7
     Share(%)                  74.1          74.8         75.0          74.7
 
 
     NATIONAL URBAN RATINGS AND AUDIENCE SHARE FOR 2000  AND 1ST. QUARTER 2001
     (4:00 PM TO 11:00PM) (1)
     MONDAY TO SUNDAY
 
                                             2000
     Jan                        Feb           Mar          Apr
     Channel 2
     Rating                    19.9          19.7         20.0          17.4
     Share(%)                  36.1          35.1         35.3          32.3
 
     Total Televisa(2)
     Rating                    42.5          43.1         41.9          39.7
     Share(%)                  76.9          76.6         74.0          73.7
 
                                                      2000
                                May           Jun          Jul           Aug
     Channel 2
     Rating                    17.9          18.6         18.6          18.7
     Share(%)                  32.2          32.7         33.8          33.3
 
     Total Televisa(2)
     Rating                    40.9          42.1         40.6          41.6
     Share(%)                  73.4          73.9         73.9          73.9
 
 
                                                2000
                       Sep          Oct          Nov          Dec        2000
     Channel 2
     Rating           18.4         19.0         18.9         17.4        18.7
     Share(%)         33.2         34.0         33.4         32.6        33.7
 
     Total Televisa(2)
     Rating           40.6         40.6         40.4         38.0        41.0
     Share(%)         73.4         72.9         71.4         71.0        73.7
 
                                                     2001
                                Jan           Feb          Mar        1st. Q
     Channel 2
     Rating                    21.7          20.6         19.7          20.7
     Share(%)                  37.2          36.0         34.9          36.0
 
     Total Televisa(2)
     Rating                    42.2          41.9         41.6          41.9
     Share(%)                  72.4          73.4         73.4          73.1
 
 
     NATIONAL URBAN RATINGS AND AUDIENCE SHARE FOR 2000 AND 1ST. QUARTER 2001
     (TELEVISA PRIME TIME--7:00 PM TO 11:00P.M.) (3)
     MONDAY TO FRIDAY
 
                                                     2000
                                Jan           Feb          Mar           Apr
     Channel 2
     Rating                    25.9          23.9         24.3          21.7
     Share(%)                  39.9          36.8         37.7          36.0
 
     Total Televisa(2)
     Rating                    49.1          48.9         47.6          44.3
     Share(%)                  75.5          75.1         73.9          73.6
 
 
                                                       2000
                                May           Jun          Jul           Aug
     Channel 2
     Rating                    22.1          22.3         23.1          23.1
     Share(%)                  36.1          35.2         37.0          36.4
 
     Total Televisa(2)
     Rating                    44.6          46.0         46.1           46.
      Share(%)                 72.9          72.7         74.1          73.8
 
 
                                                 2000
                       Sep          Oct          Nov          Dec        2000
     Channel 2
     Rating           23.4         24.3         23.9         22.7        23.4
     Share(%)         36.8         37.8         36.6         35.6        36.8
 
     Total Televisa(2)
     Rating           46.7         47.1         47.7         46.0        46.8
     Share(%)         73.5         73.3         73.0         71.9        73.6
 
                                                   2001
                                Jan           Feb          Mar        1st. Q
     Channel 2
     Rating                    27.4          25.0         23.7          25.4
     Share(%)                  40.9          38.5         36.5          38.6
 
     Total Televisa(2)
     Rating                    50.1          49.2         48.7          49.3
     Share(%)                  74.8          75.6         75.0          75.1
 
 
     NOTES:
     1) National urban ratings and  audience share are certified by IBOPE and
        are based upon IBOPE's national surveys, which are calculated, seven
        days a week, In Mexico City, Guadalajara, Monterrey and 24 other cities
        with a population over 400,000. Ratings and audience share in Mexico
        City, which represents 21.6% of TV homes and approximately 26.3% of
        national consumer product consumption, comprise 43.4% of the IBOPE
        national survey. "Ratings" for a period refers to the number of
        television sets tuned into a television channel as a percentage of the
        total number of all television households and "audience share" means
        the number of television sets tuned into the Company's programs as a
        percentage of the number of households watching conventional over-the-
        air television during that period, without regard to the number of
        viewers.
 
     2) "Total Televisa" includes the Company's four networks as well as all
         local affiliates (including affiliates of Channel 4, most of which
         receive only a portion of their daily programming from Channel 4).
         Programming on affiliates of Channel 4 are generally broadcast in 10
         of the 26 cities other than Mexico City that are covered by national
         surveys, and programming on Channel 9 affiliates are broadcast in 22
         of such cities.
 
     3) "Televisa Prime Time" is the time during which the Company generally
        charges its highest rates.
 
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 SOURCE  Grupo Televisa, S.A.