UNIVISION ANNOUNCES 2009 FOURTH QUARTER AND FULL YEAR RESULTS

Transcription

1 PRESS RELEASE UNIVISION COMMUNICATIONS INC. Page 1 of 14 Contact: Media Contact: Andrew W. Hobson Stephanie Pillersdorf / Brooke Gordon Univision Communications Inc. Sard Verbinnen & Co UNIVISION ANNOUNCES 2009 FOURTH QUARTER AND FULL YEAR RESULTS NEW YORK, NY, February 25, 2010 Univision Communications Inc., the leading Spanish-language media company in the United States, today announced financial results for the fourth quarter and full year ended For the fourth quarter of 2009, net revenue increased 2.1% to $515.9 million from $505.2 million in 2008 and adjusted operating income before depreciation and amortization 1, or OIBDA, decreased 1.4% to $210.5 million in the fourth quarter of 2009 from $213.5 million in For the year ended 2009, net revenue declined 2.9% to $1,972.5 million from $2,032.4 million in 2008 and OIBDA 1 increased 3.2% to $823.4 million from $798.2 million in Joe Uva, president and chief executive officer, said, Univision made significant strides in many areas in 2009, even while navigating through a very challenging economic environment: we diversified our revenue streams through new retransmission consent agreements and key strategic partnerships; enhanced our future content offerings and production capabilities through the launch of Univision Studios; delivered strong, competitive ratings and maintained our strong leadership positions across all platforms; and effectively managed our balance sheet and strengthened our capital structure for the long-term. Uva continued, We are pleased with our results in the fourth quarter, which continue to reflect improvement in the marketplace and the benefits from the successful execution of our strategic plans. In addition to the Univision Network ranking as the fifth most-watched network in primetime among Adults and in the fourth quarter, the TeleFutura Network delivered strong primetime audience growth among key demographics and Univision.com announced an innovative partnership with YouTube. Looking ahead, we expect that the 2010 Census will once again alert marketers to the radically altered demographic landscape in the U.S., and believe that Univision is uniquely positioned to benefit from the growth and influence of America s Hispanic population. We remain focused on building on our strong momentum and achieving continued growth in The Company uses the key indicator of OIBDA to evaluate the Company s operating performance, for planning and forecasting future business operations, and except as described below, for reporting under its bank credit agreement. This indicator is presented on an adjusted basis consistent with the definition in the Company's bank credit agreement governing its senior secured credit facilities as in effect during the relevant periods to exclude certain expenses. OIBDA as presented does not reflect the benefit for certain income taxes which were included in calculating OIBDA under the bank credit agreement, before its amendment on June 19, 2009, or the provision of a fixed amount reflecting a U.S Generally Accepted Accounting Principles ( GAAP ) tax benefit included in calculating OIBDA under the bank credit agreement, as amended. The bank credit agreement also allows the Company to make certain pro forma adjustments for purposes of calculating certain financial covenants. None of these pro forma adjustments are made to OIBDA for purposes other than reporting under the bank credit agreement. See Pages 10 through 14 for a reconciliation of non-gaap terms and adjusted measures to net loss. 2 The Nielsen Company, National People Meter ( NPM ), NPM-H 2009 (12/29/ /27/2009) and 4Q 2009 (09/28/ /27/2009). Primetime defined as M-Sat 8pm-11pm, Sun 7pm-11pm. Live+SD.

2 PRESS RELEASE UNIVISION COMMUNICATIONS INC. Page 2 of 14 The following tables set forth the Company s financial performance for the three months and year ended 2009 and 2008 by segment: In millions (Unaudited) Three Months Net Revenue OIBDA Television $ $ $ $ Radio Interactive Media Consolidated $ $ $ $ In millions Year Net Revenue OIBDA 3 (Unaudited) (Unaudited) Television $ 1,592.6 $ 1,575.7 $ $ Radio Interactive Media Consolidated $ 1,972.5 $ 2,032.4 $ $ The Company uses the key indicator of OIBDA to evaluate the Company s operating performance, for planning and forecasting future business operations, and except as described below, for reporting under its bank credit agreement. This indicator is presented on an adjusted basis consistent with the definition in the Company's bank credit agreement governing its senior secured credit facilities as in effect during the relevant periods to exclude certain expenses. OIBDA as presented does not reflect the benefit for certain income taxes which were included in calculating OIBDA under the bank credit agreement, before its amendment on June 19, 2009, or the provision of a fixed amount reflecting a GAAP tax benefit included in calculating OIBDA under the bank credit agreement, as amended. The bank credit agreement also allows the Company to make certain pro forma adjustments for purposes of calculating certain financial covenants. None of these pro forma adjustments are made to OIBDA for purposes other than reporting under the bank credit agreement. See Pages 10 through 14 for a reconciliation of non-gaap terms and adjusted measures to net loss.

3 PRESS RELEASE UNIVISION COMMUNICATIONS INC. Page 3 of 14 TELEVISION HIGHLIGHTS 4 Univision Network The following table sets forth the total primetime audience and ranking of the country s leading broadcast and cable television networks for the full year and fourth quarter of Total U.S. Primetime Network Audience Full Year th Quarter 2009 Adults Adults Adults Adults Rank* Network Avg. Audience (000) Avg. Audience (000) Rank* Network Avg. Audience (000) Avg. Audience (000) 1 FOX 1,762 3,839 1 FOX 1,870 3,882 2 NBC 1,217 2,927 2 NBC 1,456 3,304 3 ABC 1,205 2,868 3 ABC 1,303 3,218 4 CBS 1,080 3,163 4 CBS 1,266 3,619 5 Univision 1,036 1,864 5 Univision 974 1,755 6 TBS 580 1,045 6 ESPN 795 1,699 7 USA 573 1,294 7 CW 719 1,156 8 ESPN 516 1,076 8 TBS 651 1,214 9 CW USA 572 1, TNT FX Source: The Nielsen Company, NPM, NPM-H 2009 (12/29/ /27/2009) and 4Q 2009 (09/28/ /27/2009). Primetime defined as M-Sat 8pm-11pm, Sun 7pm-11pm. Live+SD. *By Adults For both the full year and fourth quarter 2009, Univision was the #5 broadcast network in the country among Adults and Adults in primetime. In addition, the Univision Network was the #1 ranked network, broadcast or cable, in the entire country on Friday nights during the fourth quarter and all of 2009 among Adults Throughout the year, the Univision Network out-delivered at least one or more of the English-language broadcast networks, ABC, CBS, NBC or FOX on four out of five nights or 81% of the time among Adults In addition, during the fourth quarter 2009 the Univision Network s broadcast of the 10 th Annual Latin Grammy Awards reached a record 12.3 million Viewers 2+, more than any previous Univision broadcast of this star-studded event. Locally, during the fourth quarter 2009, Univision stations were ranked as the #1 station in any language in primetime in Los Angeles, Houston, Dallas, Phoenix, San Antonio and Bakersfield among Adults and in Los Angeles, Houston, Fresno and Bakersfield among Adults In total day, Univision stations were ranked as the #1 station among Adults in Los Angeles, Houston, Dallas, Phoenix, San Antonio and Fresno (tie) and among Adults in Los Angeles, Houston, Phoenix (tie) and Fresno. In addition, Univision s flagship station, KMEX in Los Angeles, had the #1 late local newscast measured against every other station in the country, regardless of language, among Adults and Adults during the fourth quarter. 4 Univision, TeleFutura and Galavisión Networks audience and rankings as measured by Nielsen s NPM.

4 PRESS RELEASE UNIVISION COMMUNICATIONS INC. Page 4 of 14 TeleFutura Network The TeleFutura Network delivered a record primetime performance in 2009, growing its audience by +32% among Total Viewers 2+ and +22% among Adults compared to the previous year. In addition, with primetime audience growth of +27% among Adults 18-34, TeleFutura was the fastest growing network, broadcast or cable, in primetime during 2009, regardless of language, in this key demographic. During the fourth quarter 2009, TeleFutura also delivered a record quarterly primetime performance, growing its audience by +49% among Total Viewers 2+ and +50% among Adults compared to the 2008 fourth quarter. In total day, TeleFutura grew its audience by +31% among Total Viewers 2+ and +33% among Adults 18-49, as compared to fourth quarter of Among Adults 18-49, TeleFutura maintained its ranking as the #2 Spanish-language network, behind only Univision, during the weekday, early morning and daytime hours for the fourth quarter Locally, during the 2009 fourth quarter, TeleFutura stations ranked as the #2 Spanish-language stations during primetime among Adults in Los Angeles, Houston, Chicago, Phoenix, San Francisco, Sacramento and Fresno and among Adults in Los Angeles, Houston, Dallas, Chicago, Phoenix, Sacramento, Fresno and Austin (tie). In total day, TeleFutura claimed the #2 Spanish- language station ranking among Adults in Los Angeles, New York (tie), Houston, Dallas (tie), Chicago, Phoenix, San Antonio (tie), San Francisco, Sacramento, Fresno, Austin and Bakersfield and among Adults in Los Angeles, Houston, Dallas, Chicago (tie), Phoenix, San Antonio (tie), San Francisco (tie), Sacramento, Fresno, Austin, Tucson (tie) and Bakersfield. Galavisión Network Galavisión maintained its ranking as the #1 Spanish-language cable network in ratings and distribution among U.S. Hispanics during the full year and fourth quarter 2009, outperforming all other measurable Spanish-language cable networks across all dayparts. Also during the full year and fourth quarter 2009, Galavisión ranked as the #1 cable network in the country during total day in any language among Hispanic Adults In addition, the Galavisión Network saw significant growth in its late night audience in the fourth quarter 2009, increasing viewership among Adults by 22% compared to fourth quarter Also during the 2009 fourth quarter, Galavisión s broadcast of the final Major League Soccer match of the season attracted more than double the Hispanic audience of ESPN s broadcast of the same match among Total Viewers 2+ and Adults 18-49, and nearly triple the audience among Hispanic Men RADIO HIGHLIGHTS Throughout the fourth quarter 2009, Univision Radio posted solid ratings in the markets measured by the Arbitron diary method and in Houston, where Arbitron s Portable People Meter ( PPM ) is accredited. For the Fall 2009 book, Univision Radio had the #1 ranked station among all Adults (Hispanic and Non- Hispanic) in Albuquerque, Fresno, McAllen and Puerto Rico. In addition, Univision Radio had the #1 ranked Spanish station among Adults and Adults in Albuquerque, Austin, Fresno, and Houston. Univision Radio is not using PPM data in non-accredited PPM markets due to issues with the PPM measurement process and sample and the company is not encoding in Miami, Phoenix, San Diego, San Antonio and Las Vegas. INTERACTIVE MEDIA HIGHLIGHTS For the full year 2009, Univision Interactive Media received a total of 277 million U.S. visits to its online and mobile websites, a 29% increase compared to 2008, according to Univision.com s MRC Accredited U.S. Traffic Analytics and mobile site host Quattro Wireless. Univision.com maintained its position as the #1 most-visited Spanish-language website among U.S. Hispanics for the eighth consecutive year, according to Simmons and Nielsen Custom Studies. During the fourth quarter of 2009, Univision.com launched an innovative partnership with YouTube to make videos from Univision s leading three networks available on YouTube, marking the first time that Univision programming is available on the Web outside of its properties. Also during the fourth quarter 2009, the Univision Partner Group was launched to target U.S.

5 PRESS RELEASE UNIVISION COMMUNICATIONS INC. Page 5 of 14 Hispanics and provide a far-reaching digital advertising and publisher network comprised of pre-screened, high-quality Spanish-language online and mobile sites. In addition, Univision.com launched a new Cocina (Cooking) site in the fourth quarter, a comprehensive new product and Univision.com s first-ever fully dedicated and interactive cooking resource. Also, the Univision Video App was introduced across top Smartphone platforms, providing users access to both short and long-form content from some of Univision s top-rated shows. ABOUT UNIVISION Univision Communications Inc. is the premier Spanish-language media company in the United States. Its operations include Univision Network, the most-watched Spanish-language broadcast television network in the U.S. reaching 95% of U.S. Hispanic Households; TeleFutura Network, a general-interest Spanish-language broadcast television network, which was launched in 2002 and now reaches 85% of U.S. Hispanic Households; Galavisión, the country s leading Spanish-language cable network; Univision Studios, which produces and co-produces telenovelas, reality shows, dramatic series and other programming formats for all of the Company s platforms; Univision Television Group, which owns and operates 64 television stations in major U.S. Hispanic markets and Puerto Rico; Univision Radio, the leading Spanish-language radio group which owns and/or operates 68 radio stations in 16 of the top 25 U.S. Hispanic markets and 5 stations in Puerto Rico; and Univision Interactive Media, which includes the premier Spanish-language Internet destination in the U.S., and Univision Móvil, the industry s most comprehensive Spanish-language suite of mobile offerings. Univision Communications also has a 50% interest in TuTv, a joint venture formed to broadcast Televisa s pay television channels in the U.S. Univision Communications has television network operations in Miami and television and radio stations and sales offices in major cities throughout the United States. For more information, please visit Safe Harbor This document contains forward-looking statements that involve risks and uncertainties, including those relating to the Company s future success and growth. Factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements include: any impact of the economic crisis on our business and financial condition, including reduced advertising revenue; failure to service our debt; inability to comply with our bank credit agreement governing our senior secured credit facilities, including financial covenants and ratios; cancellation, reductions or postponements of advertising; write downs of the carrying value of assets due to impairment; inability to realize the full value of our intangible assets; failure of our new or existing businesses to produce projected revenues or cash flows; our reliance on Televisa for a significant amount of our network programming; failure to obtain the benefits expected from cross-promotion of media; regional downturns in economic conditions in those areas where our stations are located; possible strikes or other union job actions; changes in the rules and regulations of the FCC; impact of a new rating system on ratings of our radio stations; a decrease in the supply or quality of programming; an increase in the cost of programming; the acceptance of our in-house programming and its profitability; changes in the size of the U.S. Hispanic population; an increase in the preference among Hispanics for English-language programming; the decrease in demand for our programming due to the transition to digital television; the need for any unanticipated expenses; competitive pressures from other broadcasters and other entertainment and news media; potential impact of new technologies; Televisa prevailing on its appeal with respect to our trial on Internet issues; unanticipated interruption in our broadcasting for any reason, including acts of terrorism; and a failure to achieve profitability, growth or anticipated cash flows from acquisitions. Actual results may differ materially due to these risks and uncertainties as well as those described in the Company s historic filings with the Securities and Exchange Commission and in the offering material for its notes. The Company assumes no obligation to update forward-looking information contained in this press release.

6 PRESS RELEASE UNIVISION COMMUNICATIONS INC. Page 6 of 14 UNIVISION COMMUNICATIONS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited and in millions) Three Months 2009 Three Months 2008 Net revenue $ $ Direct operating expenses Selling, general and administrative expenses Merger-related expenses Impairment loss ,572.5 Restructuring and related charges (1.5) 30.1 Televisa settlement and related charges Depreciation and amortization Operating loss (7.4) (2,035.1) Other expense (income): Interest expense Interest income (12.7) (3.8) Interest rate swap (income) expense (33.1) 68.6 Amortization of deferred financing costs Loss on investments Loss on sale of receivables Equity income in unconsolidated subsidiaries and other (1.5) (0.8) Loss from continuing operations before income taxes (166.5) (2,305.9) Provision (benefit) for income taxes 7.8 (318.3) Loss from continuing operations (174.3) (1,987.6) Loss from discontinued operations, net of income taxes (0.3) (0.1) Net loss $ (174.6) $ (1,987.7)

7 PRESS RELEASE UNIVISION COMMUNICATIONS INC. Page 7 of 14 UNIVISION COMMUNICATIONS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In millions) Year 2009 Successor Year 2008 Nine Months 2007 Predecessor Three Months March 31, 2007 (Unaudited) Net revenue...$ 1,972.5 $ 2,032.4 $ 1,635.5 $ Direct operating expenses Selling, general and administrative expenses Merger-related expenses Impairment loss ,372.6 Restructuring, severance and related charges Voluntary contribution per FCC consent decree Televisa settlement and related charges Depreciation and amortization Operating income (loss) (5,396.8) (55.7) Other expense (income): Interest expense Interest income... (36.4) (18.5) (4.3) (1.3) Interest rate swap (income) expense... (47.9) 68.6 Amortization of deferred financing costs Loss on extinguishment of debt Loss on investments Loss on sale of receivables Equity income in unconsolidated subsidiaries and other... (4.6) (3.4) (2.9) (1.1) Loss from continuing operations before income taxes... (324.2) (6,407.0) (84.3) (74.5) Benefit for income taxes... (74.5) (1,284.4) (23.8) (5.9) Loss from continuing operations... (249.7) (5,122.6) (60.5) (68.6) (Loss) income from discontinued operation, net of income taxes... (2.4) (4.7) (187.4) 1.6 Net loss...$ (252.1) $ (5,127.3) $ (247.9) $ (67.0)

8 PRESS RELEASE UNIVISION COMMUNICATIONS INC. Page 8 of 14 UNIVISION COMMUNICATIONS INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In millions, except share and per-share data) ASSETS 2009 (Unaudited) 2008 Current assets: Cash and cash equivalents... $ $ Short-term investment fund Accounts receivable, net Program rights and prepayments Deferred tax assets Prepaid expenses and other Total current assets ,271.9 Property and equipment, net Intangible assets, net... 3, ,096.4 Goodwill... 4, ,886.5 Deferred financing costs Program rights and prepayments Investments Other assets Total assets... $ 10,416.6 $ 11,247.6 LIABILITIES AND STOCKHOLDER S DEFICIT Current liabilities: Accounts payable and accrued liabilities... $ $ Deferred advertising revenue Income taxes payable Accrued interest Accrued license fees Program rights obligations Interest rate swap liability Current portion of long-term debt and capital lease obligations Total current liabilities Long-term debt... 9, ,181.3 Capital lease obligations Program rights obligations Deferred tax liabilities Interest rate swap liability Deferred advertising revenue Other long-term liabilities Total liabilities... 12, ,747.4 Stockholder s deficit: Common stock, $0.01 par value; 100,000 shares authorized in 2009 and 2008; 1,000 shares issued and outstanding in 2009 and Additional paid-in-capital... 3, ,981.0 Accumulated deficit... (5,627.3) (5,375.2) Accumulated other comprehensive loss... (33.3) (105.6) Total stockholder s deficit... (1,680.1) (1,499.8) Total liabilities and stockholder s deficit... $ 10,416.6 $ 11,247.6

9 PRESS RELEASE UNIVISION COMMUNICATIONS INC. Page 9 of 14 UNIVISION COMMUNICATIONS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) Successor Predecessor Year 2009 Year 2008 Nine Months 2007 Three Months March 31, 2007 a (Unaudited) Cash flows from operating activities: Net loss... $ (252.1) $ (5,127.3) $ (247.9) $ (67.0) (Loss) income from discontinued operation... (2.4) (4.7) (187.4) 1.6 Loss from continuing operations... (249.7) (5,122.6) (60.5) (68.6) Adjustments to reconcile net loss from continuing operations to net cash provided by operating activities: Depreciation Amortization of intangible assets Amortization of deferred financing costs Deferred income taxes... (78.5) (1,290.5) (26.1) 20.5 Loss on investments Non-cash advertising revenue (60.9) Interest rate swap (income) expense... (47.9) 68.6 Impairment losses ,372.6 Loss on extinguishment of debt Televisa non-cash settlement costs Share-based compensation Earnings distribution from an equity investment Other non-cash items (2.8) (0.2) (0.7) Changes in assets and liabilities: Accounts receivable, net (107.5) 62.6 Program rights and prepayments... (76.7) (16.7) (15.9) 4.7 Prepaid expenses and other (23.4) Accounts payable and accrued liabilities... (19.7) (5.6) (16.8) 91.5 Income taxes payable... (0.5) (1.1) 89.8 (30.0) Accrued interest (71.3) (6.2) Accrued license fee. (3.3) Program rights obligations.. (4.9) (2.8) (2.3) (1.2) Deferred advertising revenue (16.0) Other long-term liabilities (4.2) 5.1 Other, net... (6.8) Net cash provided by operating activities from continuing operations Net cash (used in) provided by operating activities from discontinued operation... (13.1) (5.0) 3.1 Net cash provided by operating activities Cash flows from investing activities: Short-term investment fund (78.8) Acquisitions... (36.0) (19.1) (14.0) Proceeds from sale of radio stations Proceeds from sales of music business Proceeds from sale of investments Capital expenditures... (53.1) (65.2) (54.1) (15.6) Other, net (0.3) Net cash used in investing activities from continuing operations... (19.4) (136.7) (45.8) (15.9) Net cash used in investing activities from discontinued operation... (0.1) (0.4) Net cash used in investing activities... (19.4) (136.7) (45.9) (16.3) Cash flows from financing activities: Proceeds from issuance of long-term debt , , Capital contribution from management... 3,971.6 Payment for share-based awards... (12,546.7) Payments of long-term debt... (1,019.5) (683.3) (243.7) (221.2) Purchase of treasury shares... (6.1) (2.6) Proceeds from stock options exercised Income tax benefit from share-based awards Deferred financing costs and other debt related costs... (39.7) (291.9) (0.1) Merger-related (payments) and receipts... (296.3) Net cash (used in) provided by financing activities from continuing operations... (558.4) (207.0) Net cash (used in) provided by financing activities from discontinued operation... Net cash (used in) provided by financing activities... (558.4) (207.0) Net (decrease) increase in cash... (448.2) (94.1) Cash and cash equivalents, beginning of period Cash and cash equivalents, end of period... $ $ $ $ Supplemental disclosure of cash flow information: Interest paid... $ $ $ $ 22.3 Income taxes paid... $ 12.0 $ 5.2 $ 5.1 $ 0.7

10 PRESS RELEASE UNIVISION COMMUNICATIONS INC. Page 10 of 14 RECONCILIATION OF ADJUSTED OPERATING INCOME BEFORE DEPRECIATION AND AMORTIZATION TO NET LOSS The Company uses the key indicator of OIBDA to evaluate the Company s operating performance, for planning and forecasting future business operations, and except as described below, for reporting under its bank credit agreement. This indicator is presented on an adjusted basis consistent with the definition in the Company's bank credit agreement governing its senior secured credit facilities as in effect during the relevant periods to exclude certain expenses. OIBDA as presented does not reflect the benefit for certain income taxes which was included in calculating OIBDA under the bank credit agreement, before the amendment on June 19, 2009, or the provision of a fixed amount reflecting a GAAP tax benefit included in calculating OIBDA under the bank credit agreement as amended. The bank credit agreement also allows the Company to make certain pro forma adjustments for purposes of calculating certain financial covenants, some of which would be applied to OIBDA. None of these pro forma adjustments are made to OIBDA for purposes other than reporting under the bank credit agreement. OIBDA is not, and should not be used as, an indicator of or alternative to operating income (loss) or net loss as reflected in the consolidated financial statements. It is not a measure of financial performance under GAAP and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Since the definition of OIBDA may vary among companies and industries it should not be used as a measure of performance among companies.

11 PRESS RELEASE UNIVISION COMMUNICATIONS INC. Page 11 of 14 The tables below set forth a reconciliation of OIBDA to operating income (loss) for each segment and consolidated net loss, which are the most directly comparable GAAP financial measures. Unaudited Three Months 2009 In millions Consolidated Television Radio Internet OIBDA $ $ $ 21.4 $ 0.1 Depreciation and amortization Televisa settlement and related charges Impairment loss Restructuring, severance and related charges (1.5) (1.5) - - Share-based compensation Business optimization expense Asset write-offs Management fee Other Operating (loss) income $ (7.4) $ 56.5 $ (62.0) $ (1.9) Unaudited In millions Three Months 2009 Operating loss $ (7.4) Other (income) expense: Interest expense Interest income (12.7) Interest rate swap income (33.1) Amortization of deferred financing costs 9.6 Loss on sale of receivables 20.2 Equity income in unconsolidated subsidiaries and other (1.5) Loss from continuing operations before income taxes (166.5) Provision for income taxes 7.8 Loss from continuing operations (174.3) Loss from discontinued operations, net of income taxes (0.3) Net loss $ (174.6) 5 Other includes sponsor expense, letter of credit fees and a loss on the sale of a radio station.

12 PRESS RELEASE UNIVISION COMMUNICATIONS INC. Page 12 of 14 Unaudited Three Months 2008 In millions Consolidated Television Radio Internet OIBDA $ $ $ 43.4 $ 4.7 Depreciation and amortization Televisa settlement and related charges Impairment loss 1, , Merger- related expenses Restructuring, severance and related charges Share-based compensation Business optimization expense Asset write-offs Management fee Other 6 (0.9) (0.8) (0.1) - Operating (loss) income $ (2,035.1) $ (1,755.5) $ (283.1) $ 3.5 Unaudited In millions Three Months 2008 Operating loss $ (2,035.1) Other (income) expense: Interest expense Interest income (3.8) Interest rate swap expense 68.6 Amortization of deferred financing costs 11.7 Loss on investments 20.3 Equity income in unconsolidated subsidiaries and other (0.8) Loss from continuing operations before income taxes (2,305.9) Benefit for income taxes (318.3) Loss from continuing operations (1,987.6) Loss from discontinued operation, net of income taxes (0.1) Net loss $ (1,987.7) 6 Other includes legal fees, sponsor expense, letter of credit fees and a consulting fee.

13 PRESS RELEASE UNIVISION COMMUNICATIONS INC. Page 13 of 14 Unaudited Year 2009 In millions Consolidated Television Radio Internet OIBDA $ $ $ 98.5 $ 0.8 Depreciation and amortization Impairment loss Televisa settlement and related charges Merger-related expenses Restructuring, severance and related charges Share-based compensation Business optimization expense Asset write-offs Management fee Other Operating income (loss) $ $ $ (19.8) $ (7.1) Unaudited In millions Year 2009 Operating income $ Other (income) expense: Interest expense Interest income (36.4) Interest rate swap income (47.9) Amortization of deferred financing costs 39.9 Loss on extinguishment of debt 3.2 Loss on investments 19.8 Loss on sale of receivables 74.2 Equity income in unconsolidated subsidiaries and other (4.6) Loss from continuing operations before income taxes (324.2) Benefit for income taxes (74.5) Loss from continuing operations (249.7) Loss from discontinued operations, net of income taxes (2.4) Net loss $ (252.1) 7 Other includes sponsor expense, letter of credit fees and a loss on the sale of a radio station.

14 PRESS RELEASE UNIVISION COMMUNICATIONS INC. Page 14 of 14 Unaudited Year 2008 In millions Consolidated Television Radio Internet OIBDA $ $ $ $ 9.3 Depreciation and amortization Impairment loss 5, , , Televisa settlement and related charges Merger-related expenses Restructuring, severance and related charges Share-based compensation Business optimization expense Asset write-offs Management fee Other Operating loss $ (5,396.8) $ (2,975.9) $ (2,312.8) $ (108.1) Unaudited In millions Year 2008 Operating loss $ (5,396.8) Other (income) expense: Interest expense Interest income (18.5) Interest rate swap expense 68.6 Amortization of deferred financing costs 47.1 Loss on investments Equity income in unconsolidated subsidiaries and other (3.4) Loss from continuing operations before income taxes (6,407.0) Benefit for income taxes (1,284.4) Loss from continuing operations (5,122.6) Loss from discontinued operations, net of income taxes (4.7) Net loss $ (5,127.3) 8 Other includes legal fees, sponsor expense, letter of credit fees and a purchase accounting adjustment related to leases.