HISPANIC BROADCASTING STOCKHOLDERS APPROVE MERGER WITH UNIVISION COMMUNICATIONS INC.

HISPANIC BROADCASTING STOCKHOLDERS APPROVE MERGER WITH UNIVISION COMMUNICATIONS INC.



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DALLAS, TX–(HISPANIC PR WIRE – BUSINESS WIRE)–Feb. 28, 2003–Hispanic Broadcasting Corporation (“HBC”) (NYSE:HSP) today announced that its stockholders have approved the pending merger with Univision Communications Inc. (NYSE:UVN) at a special shareholder meeting held in Dallas, Texas this afternoon. Subject to final regulatory approvals, HBC expects to close the transaction on or about March 14, 2003.

Hispanic Broadcasting Corporation, the largest Spanish-language radio broadcaster in the United States, currently owns and/or operates 63 radio stations in fifteen of the top twenty-five Hispanic markets. The Company also owns and operates a network of Hispanic community-focused bilingual web sites found at http://www.netmio.com.

Forward Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties, including those relating to Hispanic Broadcasting Corporation’s future success and growth. Actual results may differ materially due to risks and uncertainties as described in Hispanic Broadcasting Corporation’s filings with the Securities and Exchange Commission. Hispanic Broadcasting Corporation assumes no obligation to update forward-looking information contained in this press release.

–30–LW/da*

CONTACT:

Hispanic Broadcasting Corporation

Investor Contact:

Jeff Hinson, 214/525-7700

or

Media Contact:

Jorge Plasencia, 305/569-3130

HISPANIC BROADCASTING STOCKHOLDERS APPROVE MERGER WITH UNIVISION COMMUNICATIONS INC.