Univision Agrees To Repurchase Shares From Clear Channel.

Univision Communications Inc. announced that it has priced its previously announced offering of 15,815,999 shares of its Class A common stock. Univision will use the net proceeds from the offering to repurchase, concurrently with the closing of the offering, all of the 15,815,999 shares of Univision Class A common stock held by a subsidiary of Clear Channel Communications, Inc. CCU. The shares repurchased by Univision will be cancelled immediately upon repurchase, and there will be no dilution to earnings per share. Clear Channel will no longer own any of Univision’s common stock upon completion of the transaction. Univision expects the closing to occur on January 12, 2004.