Univision Board of Directors Approves Share Repurchase Program.

Univision Communications Inc. UVN announced that its Board of Directors has approved the repurchase of up to $500 million of its outstanding Class A common stock. The share repurchases will be made in the open market or negotiated transactions as market and business conditions warrant, subject to securities laws and other legal requirements. The share repurchase plan will expire on December 31, 2005.

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