Televisa Provides Loan to Cablemas Owners With Option to Become a Shareholder

Televisa Provides Loan to Cablemas Owners With Option to Become a Shareholder

MEXICO CITY, Feb. 22 /PRNewswire/ -- Cablemas S.A. de C.V. ("Cablemas") announced that in November 2006, the Alvarez Family, founders and owners of 100% of the stock of Cablemas, issued US$258 million in long term notes to Televisa. The proceeds were used to finance the transaction by which the Alvarez family purchased the 52.7% stake of Cablemas held at the time by Olmeca Investments B.V., Nautilus Gibraltar, S.P.R.L. and Citicorp International Finance Corporation, as announced on September 30, 2006. The notes are convertible into 99.99% of the equity of Alvafig S.A. de C.V., which holds 49% of the equity of Cablemas S.A. de C.V. The notes have a five-year maturity with a coupon rate of 8% in the first year and 10% in subsequent years. The conversion of the long term notes into equity is subject to approval by the regulatory authorities in Mexico.

About Cablemas

Cablemas is the second-largest cable television operator in Mexico based on number of subscribers and homes passed. As of September 30, 2006, Cablemas' cable network served over 675,695 cable television subscribers, 159,732 high- speed internet subscribers, and 20,616 IP telephony lines, with over 1,940,785 homes passed.

Cablemas is the concessionaire with the broadest coverage in Mexico, operating in 37 cities throughout the country's oil, maquiladora and tourist regions, as of September 30, 2006. Cablemas has consistently introduced innovative products in Mexico and was the first cable operator in the country to provide a "Triple Play" bundled service package of cable television, high speed internet and IP telephony. More information about Cablemas can be found at www.cablemas.com.

This document may contain certain forward-looking statements concerning Cablemas' operations, performance, business, financial condition and growth prospects. These statements are based upon beliefs of management as well as a number of assumptions and estimates, which are inherently subject to significant uncertainties, many of which are beyond Cablemas' control. Actual results may differ materially from those expressed or implied by such forward- looking statements. Factors that could cause actual results to differ materially include, but are not limited to, changes in the Mexican economy, including changes in inflation rates or exchange rates, changes in political conditions and government policies in Mexico, increased competition, regulatory developments and customer demand. These statements are made as of the date of this press release and Cablemas undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise in light of these risks and uncertainties, there can be no assurances that the events described or implied in the forward-looking statements contained in this document will in fact transpire.

Source: Cablemas S.A. de C.V.

CONTACT: Mexico - Marilyn Billot, Budget and IR Manager, Cablemas,
+5255-24-54-58-84, marilyn.billot@admCablemas.com.mx; United States,
Breakstone Group - Susan Borinelli, +1-646-452-2332,
sborinelli@breakstone-group.com; Maura Gedid, +1-646-452-2335,
mgedid@breakstone-group.com

Web site: http://www.cablemas.com/

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