UNITED STATES
                     SECURITIES AND EXCHANGE COMMISSION
                           Washington, D.C. 20549

                                  FORM 6-K

        REPORT OF FOREIGN ISSUER PURSUANT TO RULES 13a-16 OR 15d-16
                 UNDER THE SECURITIES EXCHANGE ACT OF 1934

                        For the month of July, 2004

                            GRUPO TELEVISA, S.A.
             -------------------------------------------------
              (Translation of registrant's name into English)

     Av. Vasco de Quiroga No. 2000, Colonia Santa Fe 01210 Mexico, D.F.
   ---------------------------------------------------------------------
                  (Address of principal executive offices)




     (Indicate by check mark whether the registrant files or will file
annual reports under cover Form 20-F or Form 40-F.)

             Form 20-F     X                      Form 40-F
                        -------                              -------

     (Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also furnishing the information to
the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act
of 1934.)

                Yes                                  No     X
                     -----                                -----

     (If "Yes" is marked indicate below the file number assigned to the
registrant in connection with Rule 12g-3-2(b): 82 .)






                           MEXICAN STOCK EXCHANGE

STOCK EXCHANGE CODE: TLEVISA                                                            QUARTER:       2              YEAR:   2004
GRUPO TELEVISA, S.A.
                      CONSOLIDATED FINANCIAL STATEMENT
                        AT JUNE 30 OF 2004 AND 2003
                            (Thousands of Pesos)

                                                                                                                      FINAL PRINTING
----------------------------------------------------------------------------------------------------------------------------------
  REF                                                                     QUARTER OF PRESENT            QUARTER OF PREVIOUS
                                  CONCEPTS                                  FINANCIAL YEAR                 FINANCIAL YEAR
                                                                     -------------------------------------------------------------
   S                                                                       Amount           %            Amount            %
----------------------------------------------------------------------------------------------------------------------------------

                                                                                                               
   1    TOTAL ASSETS                                                      61,376,162        100         55,181,033         100

   2    CURRENT ASSETS                                                    21,294,031         35         20,429,176          37
   3    ACCOUNTS AND DOCUMENTS RECEIVABLE (NET)                           11,764,519         19         10,471,695          19
   4    OTHER ACCOUNTS AND DOCUMENTS RECEIVABLE                            4,114,329          7          4,643,770           8
   5    OTHER ACCOUNTS AND NOTES RECEIVABLE (NET)                            969,949          2            685,368           1
   6    INVENTORIES                                                        3,714,792          6          4,192,531           8
   7    OTHER CURRENT ASSETS                                                 730,442          1            435,812           1
   8    LONG-TERM                                                          6,878,447         11          3,436,423           6
   9    ACCOUNTS AND DOCUMENTS RECEIVABLE (NET)                                    0          0                  0           0
  10    INVESTMENT IN SHARES OF SUBSIDIARIES
        AND NON-CONSOLIDATED                                               6,553,634         11          3,278,410           6
  11    OTHER INVESTMENTS                                                    324,813          1            158,013           0
  12    PROPERTY, PLANT AND EQUIPMENT                                     18,512,632         30         15,998,454          29
  13    PROPERTY                                                          12,493,278         20         12,155,572          22
  14    MACHINERY AND INDUSTRIAL                                          14,531,815         24         10,433,826          19
  15    OTHER EQUIPMENT                                                    2,878,685          5          2,417,581           4
  16    ACCUMULATED DEPRECIATION                                          12,134,438         20         10,318,362          19
  17    CONSTRUCTION IN PROGRESS                                             743,292          1          1,309,837           2
  18    DEFERRED ASSETS (NET)                                              9,495,306         15          9,458,693          17
  19    OTHER ASSETS                                                       5,195,746          8          5,858,287          11

  20    TOTAL LIABILITIES                                                 37,112,600        100         31,928,619         100

  21    CURRENT LIABILITIES                                                5,157,149         14          4,594,032          14
  22    SUPPLIERS                                                          2,184,194          6          1,974,116           6
  23    BANK LOANS                                                           162,965          0            294,723           1
  24    STOCK MARKET LOANS                                                         0          0                  0           0
  25    TAXES TO BE PAID                                                     735,055          2            455,651           1
  26    OTHER CURRENT LIABILITIES                                          2,074,935          6          1,869,542           6
  27    LONG-TERM LIABILITIES                                             21,579,641         58         15,857,602          50
  28    BANK LOANS                                                         2,026,823          5          2,142,711           7
  29    STOCK MARKET LOANS                                                17,472,654         47         12,481,529          39
  30    OTHER LOANS                                                        2,080,164          6          1,233,362           4
  31    DEFERRED LOANS                                                     9,995,377         27          9,685,060          30
  32    OTHER LIABILITIES                                                    380,433          1          1,791,925           6

  33    CONSOLIDATED STOCK HOLDERS' EQUITY                                24,263,562        100         23,252,414         100

  34    MINORITY INTEREST                                                   (239,481)        (1)         1,216,776           5
  35    MAJORITY INTEREST                                                 24,503,043        101         22,035,638          95
  36    CONTRIBUTED CAPITAL                                               13,184,715         54          8,244,913          35
  37    PAID-IN CAPITAL STOCK (NOMINAL)                                    2,524,174         10          1,555,065           7
  38    RESTATEMENT OF PAID-IN CAPITAL STOCK                               6,722,068         28          6,461,151          28
  39    PREMIUM ON SALES OF SHARES                                         3,938,473         16            228,697           1
  40    CONTRIBUTIONS FOR FUTURE CAPITAL INCREASES                                 0          0                  0           0
  41    CAPITAL INCREASE (DECREASE)                                       11,318,328         47         13,790,725          59
  42    RETAINED EARNINGS AND CAPITAL RESERVE                              6,647,738         27         11,911,905          51
  43    REPURCHASE FUNDS OF SHARES                                         5,370,967         22          5,573,984          24
  44    EXCESS (SHORTFALL) IN RESTATEMENT OF STOCK-
        HOLDERS' EQUITY                                                   (1,634,260)        (7)        (5,276,509)        (23)
  45    NET INCOME FOR THE YEAR                                              933,883          4          1,581,345           7

-------------------------------------------------------------------------------------------------------------------------------






                           MEXICAN STOCK EXCHANGE

STOCK EXCHANGE CODE: TLEVISA                                                           QUARTER:       2               YEAR:   2004
GRUPO TELEVISA, S.A.
                      CONSOLIDATED FINANCIAL STATEMENT
                         BREAKDOWN OF MAIN CONCEPTS
                            (Thousands of Pesos)

                                                                                                                     FINAL PRINTING
---------------------------------------------------------------------------------------------------------------------------------
   REF                                                                       QUARTER OF PRESENT            QUARTER OF PREVIOUS
                                    CONCEPTS                                   FINANCIAL YEAR                FINANCIAL YEAR
                                                                     ------------------------------------------------------------
    S                                                                        Amount            %            Amount           %
---------------------------------------------------------------------------------------------------------------------------------
                                                                                                              
    3     CASH AND SHORT-TERM INVESTMENTS                                   11,764,519         100         10,471,695        100
   46     CASH                                                                 567,365           5            295,909          3
   47     SHORT-TERM INVESTMENTS                                            11,197,154          95         10,175,786         97

   18     DEFERRED ASSETS (NET)                                              9,495,306         100          9,458,693        100
   48     AMORTIZED OR REDEEMED EXPENSES                                     1,685,221          18          1,689,475         18
   49     GOODWILL                                                           7,810,085          82          7,769,218         82
   50     DEFERRED TAXES                                                             0           0                  0          0
   51     OTHERS                                                                     0           0                  0          0

   21     CURRENT LIABILITIES                                                5,157,149         100          4,594,032        100
   52     FOREIGN CURRENCY LIABILITIES                                       2,421,477          47          2,037,215         44
   53     MEXICAN PESOS LIABILITIES                                          2,735,672          53          2,556,817         56

   24     STOCK MARKET LOANS                                                         0         100                  0        100
   54     COMMERCIAL PAPER                                                           0           0                  0          0
   55     CURRENT MATURITIES OF MEDIUM TERM NOTES                                    0           0                  0          0
   56     CURRENT MATURITIES OF BONDS                                                0           0                  0          0

   26     OTHER CURRENT LIABILITIES                                          2,074,935         100          1,869,542        100
   57     OTHER CURRENT LIABILITIES WITH COST                                   69,134           3                  0          0
   58     OTHER CURRENT LIABILITIES WITHOUT COST                             2,005,801          97          1,869,542        100

   27     LONG-TERM LIABILITIES                                             21,579,641         100         15,857,602        100
   59     FOREIGN CURRENCY LIABILITIES                                      15,869,743          74         11,054,417         70
   60     MEXICAN PESOS LIABILITIES                                          5,709,898          26          4,803,185         30

   29     STOCK MARKET LOANS                                                17,472,654         100         12,481,529        100
   61     BONDS                                                             17,472,654         100         12,481,529        100
   62     MEDIUM TERM NOTES                                                          0           0                  0          0

   30     OTHER LOANS                                                        2,080,164         100          1,233,362        100
   63     OTHER LOANS WITH COST                                              1,408,363          68                  0          0
   64     OTHER LOANS WITHOUT COST                                             671,801          32          1,233,362        100

   31     DEFERRED LOANS                                                     9,995,377         100          9,685,060        100
   65     NEGATIVE GOODWILL                                                          0           0                  0          0
   66     DEFERRED TAXES                                                       780,837           8          1,078,858         11
   67     OTHERS                                                             9,214,540          92          8,606,202         89

   32     OTHER LIABILITIES                                                    380,433         100          1,791,925        100
   68     RESERVES                                                                   0           0            115,007          6
   69     OTHERS LIABILITIES                                                   380,433         100          1,676,918         94

   44     EXCESS (SHORTFALL) IN RESTATEMENT OF STOCK-                       (1,634,260)        100         (5,276,509)       100
          HOLDERS' EQUITY
   70     ACCUMULATED INCOME DUE TO MONETARY POSITION                          (30,471)         (2)           (30,471)        (1)
   71     INCOME FROM NON-MONETARY POSITION ASSETS                          (1,603,789)        (98)        (5,246,038)       (99)

---------------------------------------------------------------------------------------------------------------------------------





                           MEXICAN STOCK EXCHANGE

STOCK EXCHANGE CODE: TLEVISA                                                          QUARTER:       2               YEAR:   2004
GRUPO TELEVISA, S.A.
                      CONSOLIDATED FINANCIAL STATEMENT
                               OTHER CONCEPTS
                            (Thousands of Pesos)

                                                                                                                     FINAL PRINTING
--------------------------------------------------------------------------------------------------------------------------------
   REF                                                                   QUARTER OF PRESENT            QUARTER OF PREVIOUS
                                    CONCEPTS                               FINANCIAL YEAR                FINANCIAL YEAR
                                                                    ------------------------------------------------------------
    S                                                                          Amount                         Amount
--------------------------------------------------------------------------------------------------------------------------------

                                                                                                    
   72     WORKING CAPITAL                                                  16,136,882                     15,835,144
   73     PENSIONS FUND AND SENIORITY PREMIUMS                                984,816                        835,347
   74     EXECUTIVES (*)                                                           35                             36
   75     EMPLOYEES (*)                                                        14,070                         12,350
   76     WORKERS (*)                                                               0                              0
   77     CIRCULATION SHARES (*)                                        8,789,447,309                  8,783,804,425
   78     REPURCHASED SHARES (*)                                          679,100,650                    316,106,980

--------------------------------------------------------------------------------------------------------------------------------
    (*) THESE CONCEPTS SHOULD BE EXPRESSED IN UNITS.






                           MEXICAN STOCK EXCHANGE

STOCK EXCHANGE CODE: TLEVISA                                                             QUARTER:       2              YEAR:   2004
GRUPO TELEVISA, S.A.
                     CONSOLIDATED STATEMENTS OF INCOME
                  FROM JANUARY 1 TO JUNE 30, 2004 AND 2003
                            (Thousands of Pesos)

                                                                                                                     FINAL PRINTING
-----------------------------------------------------------------------------------------------------------------------------------
   REF                                                                         QUARTER OF PRESENT            QUARTER OF PREVIOUS
                                    CONCEPTS                                     FINANCIAL YEAR                FINANCIAL YEAR
                                                                       ------------------------------------------------------------
    R                                                                          Amount            %            Amount           %
-----------------------------------------------------------------------------------------------------------------------------------

                                                                                                                
    1     NET SALES                                                           12,690,477         100         10,996,281        100
    2     COST OF SALES                                                        7,363,352          58          6,574,059         60
    3     GROSS INCOME                                                         5,327,125          42          4,422,222         40
    4     OPERATING                                                            1,944,836          15          1,760,005         16
    5     OPERATING INCOME                                                     3,382,289          27          2,662,217         24
    6     TOTAL FINANCING COST                                                   518,150           4            368,988          3
    7     INCOME AFTER FINANCING COST                                          2,864,139          23          2,293,229         21
    8     OTHER FINANCIAL OPERATIONS                                             472,059           4            112,835          1
    9     INCOME BEFORE TAXES AND WORKERS' PROFIT
          SHARING                                                              2,392,080          19          2,180,394         20
   10     RESERVE FOR TAXES AND WORKERS' PROFIT
          SHARING                                                                622,540           5            613,726          6
   11     NET INCOME AFTER TAXES AND WORKERS' PROFIT
          SHARING                                                              1,769,540          14          1,566,668         14
   12     SHARE IN NET INCOME OF SUBSIDIARIES AND
          NON-CONSOLIDATED ASSOCIATES                                            148,030           1              6,824          0
   13     CONSOLIDATED NET INCOME OF CONTINUOUS
          OPERATIONS                                                           1,917,570          15          1,573,492         14
   14     INCOME OF DISCONTINUOUS OPERATIONS                                           0           0                  0          0
   15     CONSOLIDATED NET INCOME BEFORE
          EXTRAORDINARY ITEMS                                                  1,917,570          15          1,573,492         14
   16     EXTRAORDINARY ITEMS NET EXPENSES (INCOME)                                    0           0                  0          0
   17     NET EFFECT AT THE BEGINNING OF THE YEAR OF
          CHANGES IN ACCOUNTING PRINCIPLES                                       991,953           8                  0          0
   18     NET CONSOLIDATED INCOME                                                925,617           7          1,573,492         14
   19     NET INCOME OF MINORITY INTEREST                                         (8,266)          0             (7,853)         0
   20     NET INCOME OF MAJORITY INTEREST                                        933,883           7          1,581,345         14

-----------------------------------------------------------------------------------------------------------------------------------









                           MEXICAN STOCK EXCHANGE

STOCK EXCHANGE CODE: TLEVISA                                                                   QUARTER:       2        YEAR:   2004
GRUPO TELEVISA, S.A.

                     CONSOLIDATED STATEMENTS OF INCOME
                         BREAKDOWN OF MAIN CONCEPTS
                            (Thousands of Pesos)


                                                                                                                     FINAL PRINTING
-----------------------------------------------------------------------------------------------------------------------------------
   REF                                                                         QUARTER OF PRESENT            QUARTER OF PREVIOUS
                                    CONCEPTS                                     FINANCIAL YEAR                FINANCIAL YEAR
                                                                       ------------------------------------------------------------
    R                                                                          Amount            %            Amount           %
-----------------------------------------------------------------------------------------------------------------------------------

                                                                                                                
             1    NET SALES                                                   12,690,477         100         10,996,281        100
             21   DOMESTIC                                                    10,384,360          82          9,095,737         83
             22   FOREIGN                                                      2,306,117          18          1,900,544         17
             23   TRANSLATED INTO DOLLARS (***)                                  199,889           2            174,462          2

             6    TOTAL FINANCING COST                                           518,150         100            368,988        100
             24   INTEREST PAID                                                  734,467         142            627,039        170
             25   EXCHANGE LOSSES                                                      0           0              7,973          2
             26   INTEREST EARNED                                                320,107          62            370,358        100
             27   EXCHANGE PROFITS                                                64,167          12                             0
             28   GAIN DUE TO MONETARY POSITION                                  133,721          26             52,073         14
             42   LOSS ON RESTATEMENT OF UDI'S                                    34,236           7             52,261         14
             43   GAIN ON RESTATEMENT OF UDI'S                                         0           0                  0          0

             8    OTHER FINANCIAL OPERATIONS                                     472,059         100            112,835        100
             29   OTHER NET EXPENSES (INCOME) NET                                472,059         100            112,835        100
             30   (PROFIT) LOSS ON SALE OF OWN SHARES                                  0           0                  0          0
             31   (PROFIT) LOSS ON SALE OF SHORT-TERM INVESTMENTS                      0           0                  0          0

             10   RESERVE FOR TAXES AND WORKERS' PROFIT SHARING                  622,540         100            613,726        100
             32   INCOME TAX                                                     608,313          98            845,174        138
             33   DEFERRED INCOME TAX                                             11,462           2           (234,664)       (38)
             34   WORKERS' PROFIT SHARING                                          2,765           0              3,216          1
             35   DEFERRED WORKERS' PROFIT SHARING                                     0           0                  0          0

-----------------------------------------------------------------------------------------------------------------------------------
             (***) THOUSANDS OF DOLLARS






                           MEXICAN STOCK EXCHANGE

STOCK EXCHANGE CODE: TLEVISA                                           QUARTER:       2                    YEAR:   2004
GRUPO TELEVISA, S.A.
                     CONSOLIDATED STATEMENTS OF INCOME
                               OTHER CONCEPTS
                            (Thousands of Pesos)

                                                                                                         FINAL PRINTING
------------------------------------------------------------------------------------------------------------------------
   REF                                                                   QUARTER OF PRESENT      QUARTER OF PREVIOUS
                                    CONCEPTS                               FINANCIAL YEAR          FINANCIAL YEAR
                                                                       -------------------------------------------------
    R                                                                          Amount                  Amount
------------------------------------------------------------------------------------------------------------------------

                                                                                                    
   36     TOTAL SALES                                                           13,637,824                11,949,718
   37     NET INCOME OF THE YEAR                                                         0                 1,123,496
   38     NET SALES (**)                                                        25,640,806                23,342,992
   39     OPERATION INCOME (**)                                                  6,864,382                 5,582,184
   40     NET INCOME OF MAJORITY INTEREST (**)                                   3,007,661                   996,821
   41     NET CONSOLIDATED INCOME (**)                                           2,884,228                   902,872

------------------------------------------------------------------------------------------------------------------------
  (**) THE RESTATED INFORMATION FOR THE LAST TWELVE MONTHS SHOULD BE USED






                           MEXICAN STOCK EXCHANGE

STOCK EXCHANGE CODE: TLEVISA                                                             QUARTER:       2              YEAR:   2004
GRUPO TELEVISA, S.A.
                QUARTERLY CONSOLIDATED STATEMENTS OF INCOME
                   FROM APRIL 1 TO JUNE 30, 2004 AND 2003
                            (Thousands of Pesos)

                                                                                                                     FINAL PRINTING
-----------------------------------------------------------------------------------------------------------------------------------
   REF                                                                      QUARTER OF PRESENT            QUARTER OF PREVIOUS
                                    CONCEPTS                                  FINANCIAL YEAR                FINANCIAL YEAR
                                                                       ------------------------------------------------------------
    R                                                                       Amount            %            Amount           %
-----------------------------------------------------------------------------------------------------------------------------------

                                                                                                             
    1     NET SALES                                                         7,456,564         100          5,977,904        100
    2     COST OF SALES                                                     4,135,219          55          3,376,143         56
    3     GROSS INCOME                                                      3,321,345          45          2,601,761         44
    4     OPERATING                                                         1,100,060          15            906,263         15
    5     OPERATING INCOME                                                  2,221,285          30          1,695,498         28
    6     TOTAL FINANCING COST                                                148,637           2            179,914          3
    7     INCOME AFTER FINANCING COST                                       2,072,648          28          1,515,584         25
    8     OTHER FINANCIAL OPERATIONS                                          248,981           3           (102,832)        (2)
    9     INCOME BEFORE TAXES AND WORKERS' PROFIT
          SHARING                                                           1,823,667          24          1,618,416         27
   10     RESERVE FOR TAXES AND WORKERS' PROFIT
          SHARING                                                             462,683           6            420,911          7
   11     NET INCOME AFTER TAXES AND WORKERS' PROFIT
          SHARING                                                           1,360,984          18          1,197,505         20
   12     SHARE IN NET INCOME OF SUBSIDIARIES AND
          NON-CONSOLIDATED ASSOCIATES                                         103,522           1            135,227          2
   13     CONSOLIDATED NET INCOME OF CONTINUOUS
          OPERATIONS                                                        1,464,506          20          1,332,732         22
   14     INCOME OF DISCONTINUOUS OPERATIONS                                        0           0                  0          0
   15     CONSOLIDATED NET INCOME BEFORE
          EXTRAORDINARY ITEMS                                               1,464,506          20          1,332,732         22
   16     EXTRAORDINARY ITEMS NET EXPENSES (INCOME)                                 0           0                  0          0
   17     NET EFFECT AT THE BEGINNING OF THE YEAR BY
          CHANGES IN ACCOUNTING PRINCIPLES                                    991,953          13                  0          0
   18     NET CONSOLIDATED INCOME                                             472,553           6          1,332,732         22
   19     NET INCOME OF MINORITY INTEREST                                      10,993           0             12,202          0
   20     NET INCOME OF MAJORITY INTEREST                                     461,560           6          1,320,530         22

-----------------------------------------------------------------------------------------------------------------------------------






                           MEXICAN STOCK EXCHANGE

STOCK EXCHANGE CODE: TLEVISA                                                              QUARTER:       2             YEAR:   2004
GRUPO TELEVISA, S.A.
                QUARTERLY CONSOLIDATED STATEMENTS OF INCOME
                         BREAKDOWN OF MAIN CONCEPTS
                            (Thousands of Pesos)

                                                                                                                     FINAL PRINTING
-----------------------------------------------------------------------------------------------------------------------------------
   REF                                                                        QUARTER OF PRESENT          QUARTER OF PREVIOUS
                                     CONCEPTS                                   FINANCIAL YEAR               FINANCIAL YEAR
                                                                          ---------------------------------------------------------
    R                                                                          Amount          %           Amount           %
-----------------------------------------------------------------------------------------------------------------------------------

                                                                                                             
    1     NET SALES                                                           7,456,564        100         5,977,904        100
   21     DOMESTIC                                                            6,214,776         83         5,001,375         84
   22     FOREIGN                                                             1,241,788         17           976,529         16
   23     TRANSLATED INTO DOLLARS (***)                                         104,695          1            99,983          2

    6     TOTAL FINANCING COST                                                  148,637        100           179,914        100
   24     INTEREST PAID                                                         439,658        296           306,044        170
   25     EXCHANGE LOSSES                                                             0          0           103,228         57
   26     INTEREST EARNED                                                       168,425        113           196,930        109
   27     EXCHANGE PROFITS                                                       71,531         48                 0          0
   28     GAIN DUE TO MONETARY POSITION                                         (25,108)       (17)          (42,454)       (24)
   42     LOSS ON RESTATEMENT OF UDI'S                                                           0            10,026          6
   43     GAIN ON RESTATEMENT OF UDI'S                                           25,957         17                 0          0

    8     OTHER FINANCIAL OPERATIONS                                            248,991        100          (102,832)       100
   29     OTHER NET EXPENSES (INCOME) NET                                       248,991        100          (102,832)       100
   30     (PROFIT) LOSS ON SALE OF OWN SHARES                                         0          0                 0          0
   31     (PROFIT) LOSS ON SALE OF SHORT-TERM INVESTMENTS                             0          0                 0          0

   10     RESERVE FOR TAXES AND WORKERS' PROFIT SHARING                         462,683        100           420,911        100
   32     INCOME TAX                                                            413,110         89           381,587         91
   33     DEFERRED INCOME TAX                                                    47,509         10            37,850          9
   34     WORKERS' PROFIT SHARING                                                 2,064          0             1,474          0
   35     DEFERRED WORKERS' PROFIT SHARING                                            0          0                 0          0

-----------------------------------------------------------------------------------------------------------------------------------
  (***) THOUSANDS OF DOLLARS






                           MEXICAN STOCK EXCHANGE

STOCK EXCHANGE CODE: TLEVISA                                                            QUARTER:       2               YEAR:   2004
GRUPO TELEVISA, S.A.
          CONSOLIDATED STATEMENTS OF CHANGES IN FINANCIAL POSITION
                  FROM JANUARY 1 TO JUNE 30, 2004 AND 2003
                            (Thousands of Pesos)

                                                                                                                     FINAL PRINTING
-----------------------------------------------------------------------------------------------------------------------------------
   REF                                                                      QUARTER OF PRESENT            QUARTER OF PREVIOUS
                                    CONCEPTS                                  FINANCIAL YEAR                FINANCIAL YEAR
                                                                       ------------------------------------------------------------
    C                                                                             Amount                         Amount
-----------------------------------------------------------------------------------------------------------------------------------

                                                                                                     
    1     CONSOLIDATED NET INCOME                                                925,617                      1,573,492
    2     + (-) ITEMS ADDED TO INCOME WHICH DO NOT
          REQUIRE USING CASH                                                  (1,601,854)                       444,996
    3     CASH FLOW FROM NET INCOME OF THE YEAR                                 (676,237)                     2,018,488
    4     CASH FLOW FROM CHANGE IN WORKING CAPITAL                             1,509,158                        407,253
    5     CASH GENERATED (USED) IN OPERATING ACTIVITIES                          832,921                      2,425,741
    6     CASH FLOW FROM EXTERNAL FINANCING                                    6,220,261                       (475,046)
    7     CASH FLOW FROM INTERNAL FINANCING                                   (3,954,614)                      (919,630)
    8     CASH FLOW GENERATED (USED) BY FINANCING                              2,265,647                     (1,394,676)
    9     CASH FLOW GENERATED (USED) IN INVESTMENT
          ACTIVITIES                                                          (3,797,117)                       155,760
   10     NET INCREASE (DECREASE) IN CASH AND SHORT-TERM
          INVESTMENTS                                                           (698,549)                     1,186,825
   11     CASH AND SHORT-TERM INVESTMENTS AT THE
          BEGINNING OF PERIOD                                                 12,463,068                      9,284,870
   12     CASH AND SHORT-TERM INVESTMENTS AT THE END
          OF PERIOD                                                           11,764,519                     10,471,695

-----------------------------------------------------------------------------------------------------------------------------------





                           MEXICAN STOCK EXCHANGE

STOCK EXCHANGE CODE: TLEVISA                                                             QUARTER:       2              YEAR:   2004
GRUPO TELEVISA, S.A.
          CONSOLIDATED STATEMENTS OF CHANGES IN FINANCIAL POSITION
                         BREAKDOWN OF MAIN CONCEPTS
                            (Thousands of Pesos)

                                                                                                                     FINAL PRINTING
-----------------------------------------------------------------------------------------------------------------------------------
   REF                                                                      QUARTER OF PRESENT            QUARTER OF PREVIOUS
                                    CONCEPTS                                  FINANCIAL YEAR                FINANCIAL YEAR
                                                                       ------------------------------------------------------------
    C                                                                             Amount                         Amount
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                       
    2     + (-) ITEMS ADDED TO INCOME WHICH DO NOT
          REQUIRE USING CASH                                                  (1,601,854)                       444,996
   13     DEPRECIATION AND AMORTIZATION FOR THE YEAR                             877,838                        781,727
   14     + (-) NET INCREASE (DECREASE) IN PENSIONS FUND
          AND SENIORITY PREMIUMS                                                       0                              0
   15     + (-) NET LOSS (PROFIT) IN MONEY EXCHANGE                                    0                              0
   16     + (-) NET LOSS (PROFIT) IN ASSETS AND LIABILITIES
          ACTUALIZATION                                                                0                              0
   17     + (-) OTHER ITEMS                                                            0                              0
   40     + (-) OTHER NON-EBITDA ITEMS                                        (2,479,692)                      (336,731)

    4     CASH FLOW FROM CHANGE IN WORKING CAPITAL                             1,509,158                        407,253
   18     + (-) DECREASE (INCREASE) IN ACCOUNTS RECEIVABLE                     6,802,153                      5,396,884
   19     + (-) DECREASE (INCREASE) IN INVENTORIES                               398,769                       (397,488)
   20     + (-) DECREASE (INCREASE) IN OTHER ACCOUNT
          RECEIVABLE                                                            (276,154)                       250,416
   21     + (-) INCREASE (DECREASE) IN SUPPLIER ACCOUNTS                        (397,303)                      (381,559)
   22     + (-) INCREASE (DECREASE) IN OTHER LIABILITIES                      (5,018,307)                    (4,461,000)

    6     CASH FLOW FROM EXTERNAL FINANCING                                    6,220,261                       (475,046)
   23     + SHORT-TERM BANK AND STOCK MARKET FINANCING                                 0                              0
   24     + LONG-TERM BANK AND STOCK MARKET FINANCING                            457,593                        696,360
   25     + DIVIDEND RECEIVED                                                          0                              0
   26     + OTHER FINANCING                                                    5,884,896                              0
   27     (-) BANK FINANCING AMORTIZATION                                       (122,228)                      (240,057)
   28     (-) STOCK MARKET AMORTIZATION                                                0                       (751,869)
   29     (-) OTHER FINANCING AMORTIZATION                                             0                       (179,480)

    7     CASH FLOW FROM INTERNAL FINANCING                                   (3,954,614)                      (919,630)
   30     + (-) INCREASE (DECREASE) IN CAPITAL STOCKS                            797,173                       (338,455)
   31     (-) DIVIDENDS PAID                                                  (4,751,787)                      (581,175)
   32     + PREMIUM ON SALE OF SHARES                                                  0                              0
   33     + CONTRIBUTION FOR FUTURE CAPITAL INCREASES                                  0                              0

    9     CASH FLOW GENERATED (UTILIZED) IN INVESTMENT
          ACTIVITIES                                                          (3,797,117)                       155,760
   34     + (-) DECREASE (INCREASE) IN STOCK INVESTMENTS
          OF A PERMANENT NATURE                                                 (375,246)                        52,948
   35     (-) ACQUISITION OF PROPERTY, PLANT AND EQUIPMENT                      (691,256)                      (466,835)
   36     (-) INCREASE IN CONSTRUCTIONS IN PROGRESS                                    0                              0
   37     + SALE OF OTHER PERMANENT INVESTMENTS                                        0                              0
   38     + SALE OF TANGIBLE FIXED ASSETS                                         68,818                        105,742
   39     + (-) OTHER ITEMS                                                   (2,799,433)                       463,905

-----------------------------------------------------------------------------------------------------------------------------------






                        MEXICAN STOCK EXCHANGE

STOCK EXCHANGE CODE: TLEVISA                                                             QUARTER:       2              YEAR:   2004
GRUPO TELEVISA, S.A.
                                RATIOS
                             CONSOLIDATED

                                                                                                                     FINAL PRINTING
-----------------------------------------------------------------------------------------------------------------------------------
   REF                                                                      QUARTER OF PRESENT            QUARTER OF PREVIOUS
                                    CONCEPTS                                  FINANCIAL YEAR                FINANCIAL YEAR
    P
-----------------------------------------------------------------------------------------------------------------------------------

                                                                                                         
          YIELD
    1     NET INCOME TO NET SALES                                                   7.29      %                   14.31      %
    2     NET INCOME TO STOCKHOLDERS' EQUITY (**)                                  12.27      %                    4.52      %
    3     NET INCOME TO TOTAL ASSETS (**)                                           4.70      %                    1.64      %
    4     CASH DIVIDENDS TO PREVIOUS YEAR NET INCOME                                0.00      %                    0.00      %
    5     INCOME DUE TO MONETARY POSITION TO NET INCOME                           (14.45)     %                   (3.31)     %

          ACTIVITY
    6     NET SALES TO NET ASSETS (**)                                              0.42  times                    0.42  times
    7     NET SALES TO FIXED ASSETS (**)                                            1.39  times                    1.46  times
    8     INVENTORIES ROTATION (**)                                                 4.06  times                    3.36  times
    9     ACCOUNTS RECEIVABLE IN DAYS OF SALES                                        51  days                       66  days
   10     PAID INTEREST TO TOTAL LIABILITIES WITH COST (**)                         6.94      %                    8.55      %

          LEVERAGE
   11     TOTAL LIABILITIES TO TOTAL ASSETS                                        60.47      %                   57.86      %
   12     TOTAL LIABILITIES TO STOCKHOLDERS' EQUITY                                 1.53  times                    1.37  times
   13     FOREIGN CURRENCY LIABILITIES TO TOTAL LIABILITIES                        49.29      %                   41.00      %
   14     LONG-TERM LIABILITIES TO FIXED ASSETS                                   116.57      %                   99.12      %
   15     OPERATING INCOME TO INTEREST PAID                                         4.61  times                    4.25  times
   16     NET SALES TO TOTAL LIABILITIES (**)                                       0.69  times                    0.73  times

          LIQUIDITY
   17     CURRENT ASSETS TO CURRENT LIABILITIES                                     4.13  times                    4.45  times
   18     CURRENT ASSETS LESS INVENTORY TO CURRENT
          LIABILITIES                                                               3.41  times                    3.53  times
   19     CURRENT ASSETS TO TOTAL LIABILITIES                                       0.57  times                    0.64  times
   20     AVAILABLE ASSETS TO CURRENT LIABILITIES                                 228.12      %                  227.94      %

          CASH FLOW
   21     CASH FLOW FROM NET INCOME TO NET SALES                                   (5.33)     %                   18.36      %
   22     CASH FLOW FROM CHANGES IN WORKING CAPITAL
          TO NET SALES                                                             11.89      %                    3.70      %
   23     CASH GENERATED (USED) IN OPERATING TO
          INTEREST PAID                                                             1.13  times                    3.87  times
   24     EXTERNAL FINANCING TO CASH GENERATED (USED)
          IN FINANCING                                                            274.55      %                   34.06      %
   25     INTERNAL FINANCING TO CASH GENERATED (USED)
          IN FINANCING                                                           (174.55)     %                   65.94      %
   26     ACQUISITION OF PROPERTY, PLANT AND EQUIPMENT
          TO CASH GENERATED (USED) IN INVESTMENT
          ACTIVITIES                                                               18.20      %                 (299.71)     %

-----------------------------------------------------------------------------------------------------------------------------------
  (**)  THESE RATIOS TAKE INTO CONSIDERATION THE LAST TWELVE MONTHS.






                        MEXICAN STOCK EXCHANGE

STOCK EXCHANGE CODE: TLEVISA                                                              QUARTER:       2             YEAR:   2004
GRUPO TELEVISA, S.A.
                            DATA PER SHARE
                   CONSOLIDATED FINANCIAL STATEMENT

                                                                                                                     FINAL PRINTING
------------------------------------------------------------------------------------------------------------------------------------
   REF                                                                      QUARTER OF PRESENT           QUARTER OF PREVIOUS
                                    CONCEPTS                                  FINANCIAL YEAR                FINANCIAL YEAR
                                                                       -------------------------------------------------------------
    D                                                                            AMOUNT                        AMOUNT
------------------------------------------------------------------------------------------------------------------------------------

                                                                                                      
    1     BASIC PROFIT PER ORDINARY SHARE (**)                                  $     .34                   $    .11
    2     BASIC PROFIT PER PREFERRED SHARE (**)                                 $     .34                   $    .11
    3     DILUTED PROFIT PER ORDINARY SHARE (**)                                $     .00                   $    .00
    4     CONTINUOUS OPERATING PROFIT PER COMMON
          SHARE (**)                                                            $     .45                   $    .11
    5     EFFECT OF DISCONTINUOUS OPERATING ON
          CONTINUOUS OPERATING PROFIT PER SHARE (**)                            $    (.01)                  $    .00
    6     EFFECT OF EXTRAORDINARY PROFIT AND LOSS ON
          CONTINUOUS OPERATING PROFIT PER SHARE (**)                            $     .00                   $    .00
    7     EFFECT OF CHANGES IN ACCOUNTING POLICIES ON
          CONTINUOUS OPERATING PROFIT PER SHARE (**)                            $    (.15)                  $    .00
    8     CARRYING VALUE PER SHARE                                              $    2.79                   $   2.51
    9     CASH DIVIDEND ACUMULATED PER SHARE                                    $     .41                   $    .00
   10     DIVIDEND IN SHARES PER SHARE                                                .10  shares                .00  shares
   11     MARKET PRICE TO CARRYING VALUE                                             3.09  times                2.40  times
   12     MARKET PRICE TO BASIC PROFIT PER ORDINARY
          SHARE (**)                                                                25.39  times               53.03  times
   13     MARKET PRICE TO BASIC PROFIT PER PREFERRED
          SHARE (**)                                                                25.18  times               52.53  times

------------------------------------------------------------------------------------------------------------------------------------
  (**) TO CALCULATE THE DATA PER SHARE USE THE NET INCOME FOR THE LAST TWELVE MONTHS.






                           MEXICAN STOCK EXCHANGE

STOCK EXCHANGE CODE: TLEVISA                                                             QUARTER:      2               YEAR:   2004
GRUPO TELEVISA, S.A.
                       FINANCIAL STATEMENT NOTES (1)
                                                                                                                      CONSOLIDATED
                                                                                                                    FINAL PRINTING
----------------------------------------------------------------------------------------------------------------------------------
                                           
          CONSOLIDATED FINANCIAL STATEMENTS - BREAKDOWN OF MAIN CONCEPTS -

          S 53 MEXICAN PESOS LIABILITIES. THIS CAPTION INCLUDES, IN THE SECOND QUARTER OF 2004, LIABILITIES
          IN FOREIGN CURRENCY (TAXES PAYABLE) FOR AN AMOUNT OF PS.55,332, WHICH CANNOT BE PRESENTED
          IN S 52 (FOREIGN CURRENCY LIABILITIES) SINCE THE SYSTEM DOES NOT ALLOW A RELATED VALIDATION
          WITH ANNEX 5 (ANALYSIS OF CREDITS).

     (1)  THE REPORT CONTAINS THE NOTES CORRESPONDING TO THE FINANCIAL STATEMENT AMOUNTS, INCLUDING THEIR
          BREAKDOWN OF MAIN CONCEPTS AND OTHER CONCEPTS.






                           MEXICAN STOCK EXCHANGE

STOCK EXCHANGE CODE: TLEVISA                                                          QUARTER:       2              YEAR:   2004
GRUPO TELEVISA, S.A.
                                                                                                                    CONSOLIDATED
                                                                                                                    FINAL PRINTING
                INTEGRATION OF THE PAID SOCIAL CAPITAL STOCK
                       CHARACTERISTICS OF THE SHARES

---------------------------------------------------------------------------------------------------------------------------------
                                                                                                            CAPITAL STOCK
                                              NUMBER OF SHARES                                           (Thousands of Pesos)
                                       ------------------------------------------------------------------------------------------
             NOMINAL        VALID          FIXED         VARIABLE
  SERIES      VALUE         COUPON        PORTION         PORTION         MEXICAN      SUBSCRIPTION       FIXED       VARIABLE
                                                                                              
--------------------------------------------------------------------------------------------------------------------------------
A                               -       4,460,133,689                   4,460,133,689                     1,330,114
---------------------------------------------------------------------------------------------------------------------------------
D                               -       2,164,656,810                                   2,164,656,810       597,030
---------------------------------------------------------------------------------------------------------------------------------
L                               -       2,164,656,810                   2,164,656,810                       597,030
---------------------------------------------------------------------------------------------------------------------------------
TOTAL                           -       8,789,447,309           -       6,624,790,499   2,164,656,810     2,524,174        -
---------------------------------------------------------------------------------------------------------------------------------

TOTAL NUMBER OF SHARES REPRESENTING THE PAID-IN CAPITAL STOCK ON THE DATE THE INFORMATION WAS SENT
              8,789,447,309
SHARES PROPORTION BY :

CPO'S :    THREE SHARES (ONE SERIES A, ONE SERIES D AND ONE SERIES L)
UNITS :
ADRS'S :
GDRS'S :
ADS'S :
GDS'S :    TWENTY CPO's

                        SHARE REPURCHASE

                          NUMBER OF                               MARKET VALUE OF THE SHARE
           SERIES           SHARES                      AT REPURCHASE                      AT QUARTER
           -------------------------------------------------------------------------------------------
                A          529,316,078                        6.56930                         8.70466
                D           74,892,286                        6.56930                         8.70466
                L           74,892,286                        6.56930                         8.70466



COMMENT:

           TABLE ABOVE REFLECTS OUTSTANDING SHARES PLUS THE SHARES REPURCHASED
           REPRESENT THE TOTAL NUMBER OF SHARES ISSUED. SEE NOTE 5 TO CONSOLIDATED FINANCIAL STATEMENTS.





                           MEXICAN STOCK EXCHANGE



STOCK EXCHANGE CODE: TLEVISA
GRUPO TELEVISA, S.A.




 DECLARATION OF THE REGISTRANT'S OFFICERS, RESPONSIBLE FOR THE INFORMATION.



     WE HEREBY DECLARE THAT, TO THE EXTENT OF OUR FUNCTIONS, WE PREPARED
     THE INFORMATION RELATED TO THE REGISTRANT CONTAINED IN THIS QUARTERLY
     REPORT, AND BASED ON OUR KNOWLEDGE, THIS INFORMATION FAIRLY PRESENTS
     THE REGISTRANT'S CONDITION. WE ALSO DECLARE THAT WE ARE NOT AWARE OF
     ANY RELEVANT INFORMATION WHICH HAS BEEN OMITTED OR UNTRUE IN THIS
     QUARTERLY REPORT, OR INFORMATION CONTAINED IN SUCH REPORT THAT MAY
     BE MISLEADING TO INVESTORS.








--------------------------                        ----------------------------
  EMILIO AZCARRAGA JEAN                                 SALVI FOLCH VIADERO
PRESIDENT AND CHIEF EXECUTIVE                         CHIEF FINANCIAL OFFICER
         OFFICER






                        MEXICO, D.F., JULY 26, 2004





                           MEXICAN STOCK EXCHANGE

STOCK EXCHANGE CODE: TLEVISA                     QUARTER: 2    YEAR:  2004
GRUPO TELEVISA, S.A.

                  MANAGEMENT'S DISCUSSION AND ANALYSIS OF
               FINANCIAL CONDITION AND RESULTS OF OPERATIONS

                                  ANNEX 1
                                                               CONSOLIDATED
                                                             FINAL PRINTING
---------------------------------------------------------------------------
MEXICO CITY,  D.F.,  JULY 26 2004 - GRUPO  TELEVISA,  S.A.  (NYSE:TV;  BMV:
TLEVISA  CPO) TODAY  ANNOUNCED  RESULTS FOR THE SECOND  QUARTER  2004.  THE
RESULTS,  HAVE BEEN PREPARED IN ACCORDANCE  WITH MEXICAN GAAP, AND ADJUSTED
IN MILLIONS OF MEXICAN  PESOS IN  PURCHASING  POWER AS OF JUNE 30, 2004. AS
DESCRIBED BELOW,  EFFECTIVE APRIL 1, 2004, WE ADOPTED THE GUIDELINES OF THE
FINANCIAL  ACCOUNTING  STANDARDS BOARD INTERPRETATION NO. 46, IN ACCORDANCE
WITH MEXICAN GAAP BULLETIN A-8. AS A RESULT,  DURING THE SECOND QUARTER, WE
BEGAN CONSOLIDATING SKY MEXICO INTO OUR FINANCIAL STATEMENTS.

SECOND QUARTER 2004 RESULTS INCLUDE SKY MEXICO. EFFECTIVE APRIL 1, 2004, WE
ADOPTED  THE  GUIDELINES  OF  THE  FINANCIAL   ACCOUNTING  STANDARDS  BOARD
INTERPRETATION  NO. 46 "CONSOLIDATION  OF VARIABLE INTEREST  ENTITIES" (FIN
46),  IN  ACCORDANCE   WITH  MEXICAN  GAAP   BULLETIN  A-8   "SUPPLEMENTARY
APPLICATION OF  INTERNATIONAL  ACCOUNTING  STANDARDS." FIN 46, WHICH BECAME
EFFECTIVE  IN 2004,  ADDRESSES  CONSOLIDATION  BY BUSINESS  ENTERPRISES  OF
VARIABLE INTEREST  ENTITIES,  OR VIES. UNDER PREVIOUS  GUIDANCE,  A COMPANY
GENERALLY INCLUDED ANOTHER ENTITY IN ITS CONSOLIDATED  FINANCIAL STATEMENTS
ONLY IF IT CONTROLLED THE ENTITY THROUGH VOTING INTERESTS.  FIN 46 REQUIRES
A VARIABLE  INTEREST ENTITY TO BE CONSOLIDATED BY A COMPANY IF THAT COMPANY
IS THE "PRIMARY  BENEFICIARY"  OF THE ENTITY.  THE PRIMARY  BENEFICIARY  IS
SUBJECT TO A MAJORITY OF THE RISK OF LOSS FROM THE VIES  ACTIVITIES,  OR IS
ENTITLED TO RECEIVE A MAJORITY OF THE VIES  RESIDUAL  RETURNS,  OR BOTH. WE
IDENTIFIED SKY MEXICO AS A VARIABLE  INTEREST  ENTITY AND US AS THE PRIMARY
BENEFICIARY OF THE INVESTMENT IN SKY MEXICO, UNDER THE SCOPE OF FIN 46, AND
THEREFORE, BEGINNING APRIL 1, 2004, WE BEGAN TO INCLUDE IN OUR CONSOLIDATED
FINANCIAL STATEMENTS THE ASSETS, LIABILITIES AND RESULTS FROM OPERATIONS OF
SKY MEXICO.  BEFORE ADOPTING FIN 46, WE ACCOUNTED FOR OUR INVESTMENT IN SKY
MEXICO BY APPLYING THE EQUITY METHOD,  AND  RECOGNIZED  EQUITY IN LOSSES IN
EXCESS OF OUR INVESTMENT UP TO THE AMOUNT OF THE  GUARANTEES  MADE BY US IN
CONNECTION WITH CERTAIN CAPITAL LEASE OBLIGATIONS OF SKY MEXICO.

SECOND  QUARTER  2003  RESULTS  DO NOT  INCLUDE  SKY  MEXICO.  FOR  FURTHER
INFORMATION, SEE "PRO FORMA RESULTS BY BUSINESS SEGMENTS."

SECOND  QUARTER  2004 NET INCOME  REFLECTS A  NON-CASH,  ONE-TIME  PS.992.0
MILLION CHARGE,  RELATED TO THE  CONSOLIDATION  OF SKY MEXICO.  FOR FURTHER
INFORMATION, SEE "CUMULATIVE LOSS EFFECT OF ACCOUNTING CHANGE."

NET SALES

CONSOLIDATED NET SALES INCREASED 24.7% TO PS.7,456.5  MILLION IN THE SECOND
QUARTER OF 2004 FROM PS.5,977.9 MILLION IN THE SECOND QUARTER OF 2003. THIS
INCREASE  REFLECTS:  I) THE CONSOLIDATION OF THE NET SALES FROM SKY MEXICO;
AND II) REVENUE GROWTH IN ALL OF OUR BUSINESS  SEGMENTS,  INCLUDING SIX OUT
OF NINE SEGMENTS  PRESENTING  DOUBLE-DIGIT  REVENUE GROWTH.  ON A PRO FORMA
BASIS, INCLUDING THE CONSOLIDATION OF SKY MEXICO, NET SALES INCREASED 9.4%.

OPERATING INCOME BEFORE DEPRECIATION AND AMORTIZATION

SECOND QUARTER 2004 CONSOLIDATED  OPERATING INCOME BEFORE  DEPRECIATION AND
AMORTIZATION INCREASED 32.4% TO PS.2,758.3 MILLION COMPARED WITH PS.2,083.2
MILLION  REPORTED IN THE LAST YEAR'S SECOND QUARTER.  ON A PRO FORMA BASIS,
INCLUDING  THE  CONSOLIDATION  OF  SKY  MEXICO,   OPERATING  INCOME  BEFORE
DEPRECIATION AND  AMORTIZATION  GREW 15.2%.  CONSOLIDATED  OPERATING INCOME
BEFORE  DEPRECIATION AND AMORTIZATION  MARGIN INCREASED TO 37.0% FROM 34.8%
IN THE SAME PERIOD OF 2003,  THE HIGHEST  MARGIN LEVEL EVER REPORTED IN ANY
SECOND QUARTER IN THE COMPANY'S  HISTORY.  ADDITIONALLY,  OPERATING  INCOME
INCREASED  31.0% TO  PS.2,221.2  MILLION  IN THE SECOND  QUARTER  2004 FROM
PS.1,695.5  MILLION  REPORTED IN THE SAME PERIOD OF 2003.  THESE  INCREASES
PRIMARILY  RESULTED IN REVENUE GROWTH WHICH WAS PARTIALLY  OFFSET BY HIGHER
COST OF SALES, OPERATING EXPENSES AND DEPRECIATION AND AMORTIZATION COSTS.

THE CHARGE FOR  OPERATING  DEPRECIATION  AND  AMORTIZATION  WAS OF PS.537.1
MILLION  AND  PS.387.7  MILLION  IN THE  SECOND  QUARTER  OF 2004 AND 2003,
RESPECTIVELY.

NET INCOME

THE COMPANY  GENERATED NET INCOME OF PS.461.6 MILLION IN THE SECOND QUARTER
OF 2004 COMPARED TO NET INCOME OF PS.1,320.5  MILLION IN LAST YEAR'S SECOND
QUARTER.  THE NET DECREASE OF PS.858.9 MILLION  REFLECTED  PRIMARILY:  I) A
PS.992.0  MILLION  CUMULATIVE  LOSS  EFFECT OF  ACCOUNTING  CHANGE,  NET OF
RELATED  MINORITY  INTEREST,  IN CONNECTION  WITH SKY MEXICO'S  ACCUMULATED
LOSSES NOT RECOGNIZED IN THE YEARS 2001,  2002,  2003 AND THE FIRST QUARTER
OF 2004;  II) A PS.382.5  MILLION  INCREASE  IN OTHER  EXPENSE-NET;  III) A
PS.31.6  MILLION  DECREASE  IN EQUITY IN  INCOME OF  AFFILIATES;  AND IV) A
PS.41.8 MILLION INCREASE IN INCOME TAXES.  THESE  UNFAVORABLE  CHANGES WERE
PARTIALLY  OFFSET BY: I) A PS.675.1  MILLION  INCREASE IN OPERATING  INCOME
BEFORE  DEPRECIATION  AND  AMORTIZATION;  II) A PS.31.3 MILLION DECREASE IN
INTEGRAL  COST  OF  FINANCING;  AND  III) A  PS.30.7  MILLION  DECREASE  IN
RESTRUCTURING AND NON-RECURRING CHARGES.

PRO FORMA RESULTS BY BUSINESS SEGMENTS

TELEVISION BROADCASTING

THE 2.6% INCREASE IN SALES TO RECORD SECOND  QUARTER  RESULTS OF PS.3,990.6
MILLION AND  PS.3,889.1  MILLION  FOR THE SECOND  QUARTER OF 2004 AND 2003,
RESPECTIVELY,  WAS MAINLY  ATTRIBUTABLE  TO: I) AN INCREASE OF  ADVERTISING
REVENUES,  DRIVEN  MAINLY BY AN  OVERALL  PICK-UP IN THE  MEXICAN  ECONOMY,
COMBINED  WITH THE  BROADCAST OF CERTAIN  SPORTING  EVENTS  THROUGHOUT  THE
QUARTER,  INCLUDING  THE EURO CUP AND THE  MEXICAN  SOCCER  PREMIER  LEAGUE
FINAL;  AND II) OUR  CONTINUING  SUCCESS ON REALITY  SHOWS.  EXCLUDING  THE
POLITICAL  ADVERTISING  RECEIVED  DURING THE  SECOND  QUARTER OF LAST YEAR,
TELEVISION BROADCASTING SALES INCREASED 18.5%.

OPERATING INCOME BEFORE  DEPRECIATION AND AMORTIZATION  INCREASED 5.6% TO A
RECORD SECOND  QUARTER OF PS.1,852.8  MILLION IN THE SECOND QUARTER OF 2004
FROM PS.1,754.5  MILLION REPORTED IN THE SAME PERIOD OF 2003. THIS INCREASE
REFLECTS  HIGHER SALES, A 2.1% REDUCTION IN OPERATING  EXPENSES,  WHICH WAS
PARTIALLY OFFSET BY A MARGINAL 0.6% INCREASE IN COST OF SALES. AS A RESULT,
OPERATING INCOME BEFORE DEPRECIATION AND AMORTIZATION MARGIN INCREASED TO A
HISTORIC  RECORD OF 46.4% COMPARED WITH 45.1% IN THE SECOND QUARTER OF LAST
YEAR.

PROGRAMMING FOR PAY TELEVISION

THE 10.4% INCREASE IN SALES (PS.193.6  MILLION AND PS.175.3 MILLION FOR THE
SECOND  QUARTER  OF 2004 AND  2003,  RESPECTIVELY),  RESULTED  FROM  HIGHER
REVENUES  FROM SIGNALS SOLD TO PAY  TELEVISION  SYSTEMS IN MEXICO AND LATIN
AMERICA, AS WELL AS HIGHER ADVERTISING SALES IN MEXICO.

OPERATING  INCOME BEFORE  DEPRECIATION  AND  AMORTIZATION  INCREASED 120.9%
(PS.76.0  MILLION  AND PS.34.4  MILLION FOR THE SECOND  QUARTER OF 2004 AND
2003,  RESPECTIVELY),  DUE TO INCREASED  SALES COUPLED WITH A LOWER COST OF
SALES AND OPERATING  EXPENSES THAT INCLUDED A LOWER  PROVISION FOR DOUBTFUL
TRADE ACCOUNTS AND A REDUCTION OF SALES COMMISSIONS.

PROGRAMMING LICENSING

THE 18.1% INCREASE IN SALES (PS.523.1  MILLION AND PS.443.0 MILLION FOR THE
SECOND QUARTER OF 2004 AND 2003, RESPECTIVELY),  IS ATTRIBUTABLE TO A 19.2%
INCREASE IN ROYALTIES PAID TO THE COMPANY BY UNIVISION  UNDER THE UNIVISION
PROGRAM LICENSE AGREEMENT,  WHICH AMOUNTED TO U.S.$29.7 MILLION, AS WELL AS
BY A POSITIVE  TRANSLATION  EFFECT OF  FOREIGN-CURRENCY  DENOMINATED SALES,
WHICH AMOUNTED TO PS.25.6 MILLION.

OPERATING  INCOME BEFORE  DEPRECIATION  AND  AMORTIZATION  INCREASED  37.2%
(PS.239.9  MILLION AND PS.174.9  MILLION FOR THE SECOND QUARTER OF 2004 AND
2003, RESPECTIVELY),  REFLECTING HIGHER SALES THAT WERE PARTIALLY OFFSET BY
HIGHER COST OF SALES AND OPERATING EXPENSES.

PUBLISHING

THE 16.6% INCREASE IN SALES (PS.530.7  MILLION AND PS.455.3 MILLION FOR THE
SECOND  QUARTER  OF 2004 AND 2003,  RESPECTIVELY),  WAS  RELATED  TO HIGHER
MAGAZINE  CIRCULATION AND ADVERTISING PAGES SOLD BOTH IN MEXICO AND ABROAD,
AS WELL AS BY A POSITIVE TRANSLATION EFFECT OF FOREIGN-CURRENCY DENOMINATED
SALES, WHICH AMOUNTED TO PS.17.2 MILLION.

PUBLISHING OPERATING INCOME BEFORE DEPRECIATION AND AMORTIZATION  INCREASED
11.9% (PS.128.4 MILLION AND PS.114.7 MILLION FOR THE SECOND QUARTER OF 2004
AND 2003,  RESPECTIVELY),  REFLECTING  HIGHER  SALES,  PARTIALLY  OFFSET BY
HIGHER COST OF SALES AND OPERATING EXPENSES.

PUBLISHING DISTRIBUTION

THE 22.4% INCREASE IN SALES (PS.472.4  MILLION AND PS.385.8 MILLION FOR THE
SECOND  QUARTER  OF 2004 AND 2003,  RESPECTIVELY),  WAS  RELATED  TO HIGHER
DISTRIBUTION SALES ABROAD AND HIGHER CIRCULATION OF MAGAZINES  PUBLISHED BY
THE  COMPANY IN  MEXICO,  AS WELL AS BY A  POSITIVE  TRANSLATION  EFFECT OF
FOREIGN-CURRENCY DENOMINATED SALES, WHICH AMOUNTED TO 34.2 MILLION, BUT WAS
PARTIALLY  OFFSET BY LOWER  CIRCULATION  OF  MAGAZINES  PUBLISHED  BY THIRD
PARTIES IN MEXICO.

OPERATING RESULT BEFORE  DEPRECIATION AND AMORTIZATION  DECREASED TO A LOSS
OF PS.2.1  MILLION IN THE SECOND QUARTER OF 2004 COMPARED WITH AN INCOME OF
PS.5.0 MILLION IN LAST YEAR'S SECOND QUARTER. THIS DECREASE REFLECTS HIGHER
COST OF SALES AND OPERATING EXPENSES, PARTIALLY OFFSET BY HIGHER SALES.

SKY MEXICO

THE 19.2% INCREASE IN SALES  (PS.1,174.2  MILLION AND PS.985.3  MILLION FOR
THE SECOND QUARTER OF 2004 AND 2003,  RESPECTIVELY),  WAS  ATTRIBUTABLE  TO
THREE  FACTORS:  I) AN INCREASE OF 16.0% IN OUR  SUBSCRIBER  BASE;  II) THE
ELIMINATION OF THE 10% EXCISE TAX ON TELECOMMUNICATIONS  SERVICES; AND III)
ADDITIONAL REVENUES FROM PAY-PER-VIEW.

SKY MEXICO  ADDED 52,500  SUBSCRIBERS  DURING THE SECOND  QUARTER  REACHING
938,600   GROSS  ACTIVE   SUBSCRIBERS   THAT  INCLUDE   52,000   COMMERCIAL
SUBSCRIBERS.   COMPARED  TO  LAST  YEAR'S  SECOND  QUARTER,   GROSS  ACTIVE
SUBSCRIBERS   INCREASED  16%  FROM  809,000   INCLUDING  46,000  COMMERCIAL
SUBSCRIBERS.

OPERATING INCOME BEFORE  DEPRECIATION  AND AMORTIZATION  INCREASED 37.0% TO
PS.425.1  MILLION IN THE  SECOND  QUARTER OF 2004  COMPARED  WITH  PS.310.3
MILLION IN LAST YEAR'S SECOND QUARTER,  REFLECTING HIGHER SALES, WHICH WERE
PARTIALLY  OFFSET BY HIGHER  COST OF  SERVICES  AND  SALES,  AND  OPERATING
EXPENSES.   AS  A  RESULT,   OPERATING   INCOME  BEFORE   DEPRECIATION  AND
AMORTIZATION MARGIN INCREASED TO 36.2% FROM 31.5%.

CABLE TELEVISION

THE 9.9% INCREASE IN SALES TO PS.274.5 MILLION AND PS.249.8 MILLION FOR THE
SECOND QUARTER OF 2004 AND 2003,  RESPECTIVELY,  WAS PRIMARILY ATTRIBUTABLE
TO THE  ELIMINATION OF THE 10% EXCISE TAX ON  TELECOMMUNICATIONS  SERVICES.
OUR CABLE TELEVISION  SEGMENT ADDED 6,800 GROSS ACTIVE  SUBSCRIBERS  DURING
THE SECOND QUARTER,  REACHING  372,700 GROSS ACTIVE  SUBSCRIBERS,  OF WHICH
OVER 73,800 ARE DIGITAL SUBSCRIBERS.

OPERATING INCOME BEFORE  DEPRECIATION  AND AMORTIZATION  INCREASED 45.0% TO
PS.104.8  MILLION  AND PS.72.3  MILLION FOR THE SECOND  QUARTER OF 2004 AND
2003,  RESPECTIVELY,  DUE TO HIGHER SALES AND LOWER COST OF SALES THAT WERE
PARTIALLY  OFFSET  BY HIGHER  OPERATING  EXPENSES.  AS A RESULT,  OPERATING
INCOME BEFORE  DEPRECIATION AND AMORTIZATION MARGIN INCREASED TO 38.2% FROM
28.9%.

RADIO

RADIO SALES  INCREASED 4.2% TO PS.67.7  MILLION AND PS.65.0 MILLION FOR THE
SECOND QUARTER OF 2004 AND 2003,  RESPECTIVELY,  DUE TO HIGHER  ADVERTISING
TIME SOLD, WHICH WAS MAINLY DRIVEN BY OUR NEWSCASTS AND SPORTING PROGRAMS.

OPERATING INCOME BEFORE  DEPRECIATION  AND AMORTIZATION  INCREASED 15.8% TO
PS.8.8 MILLION  COMPARED WITH PS.7.6 MILLION  REPORTED IN THE SAME PERIOD A
YEAR AGO. THIS INCREASE WAS  ATTRIBUTABLE TO HIGHER SALES AND WAS PARTIALLY
OFFSET BY HIGHER COST OF SALES AND OPERATING EXPENSES.

IN JUNE 2004, OUR RADIO SEGMENT AFFILIATED 41 NEW RADIO STATIONS (22 AM AND
19 FM), EXPANDING ITS NETWORK TO 71 STATIONS, REACHING 33 CITIES IN MEXICO.

OTHER BUSINESSES

THE 27.7% INCREASE IN SALES (PS.377.3  MILLION AND PS.295.5 MILLION FOR THE
SECOND QUARTER OF 2004 AND 2003, RESPECTIVELY), WAS RELATED TO HIGHER SALES
IN THE DISTRIBUTION OF FEATURE FILMS, INTERNET AND SPORT BUSINESSES.

OPERATING LOSS BEFORE  DEPRECIATION AND  AMORTIZATION  DECREASED TO PS.37.5
MILLION  FROM  PS.53.1  MILLION  IN LAST  YEAR'S  COMPARABLE  PERIOD.  THIS
FAVORABLE VARIANCE WAS LED BY HIGHER SALES AND LOWER OPERATING EXPENSES AND
WAS PARTIALLY  OFFSET BY HIGHER COST OF SALES,  RELATED TO OUR DISTRIBUTION
OF FEATURE FILMS AND SPORT BUSINESSES.

INTERSEGMENT SALES

INTERSEGMENT  SALES FOR THE SECOND  QUARTER OF 2004 AND 2003,  AMOUNTED  TO
PS.190.5 MILLION AND PS.202.3 MILLION, RESPECTIVELY.

CORPORATE EXPENSES

CORPORATE  EXPENSES  FOR THE SECOND  QUARTER OF 2004 AND 2003,  AMOUNTED TO
PS.44.3 MILLION AND PS.47.4 MILLION, RESPECTIVELY.

EFFECTIVE  APRIL  1,  2004,  WE BEGAN  CONSOLIDATING  SKY  MEXICO  INTO OUR
CONSOLIDATED FINANCIAL STATEMENTS.  THEREFORE,  SECOND QUARTER 2003 RESULTS
DO NOT INCLUDE SKY MEXICO.

INTEGRAL COST OF FINANCING

INTEGRAL  COST OF FINANCING  DECREASED  BY PS.31.3  MILLION,  OR 17.4%,  TO
PS.148.6 MILLION IN THE SECOND QUARTER OF 2004 FROM PS.179.9 MILLION IN THE
SECOND  QUARTER OF 2003.  THIS  DECREASE  REFLECTS  PRIMARILY  A  FAVORABLE
PS.438.1  MILLION  CHANGE  RESULTING  FROM A POSITIVE  HEDGE  EFFECT ON OUR
U.S.$600  MILLION  LONG-TERM DEBT HEDGED BY OUR NET INVESTMENT IN UNIVISION
IN THE SECOND  QUARTER OF 2004  COMPARED TO A NEGATIVE  HEDGE EFFECT IN THE
SECOND QUARTER OF 2003. THE HEDGE EFFECT WAS POSITIVELY AFFECTED BY A 3.25%
DEPRECIATION  OF THE MEXICAN PESO AGAINST THE U.S. DOLLAR DURING THE SECOND
QUARTER OF 2004,  COMPARED  TO A 3.28%  APPRECIATION  OF THE  MEXICAN  PESO
AGAINST THE U.S.  DOLLAR DURING THE SECOND QUARTER OF 2003.  THIS FAVORABLE
VARIANCE WAS OFFSET BY: I) A PS.97.6 MILLION INCREASE IN INTEREST  EXPENSE,
PRIMARILY  AS A RESULT OF AN  INCREASE  IN THE  AVERAGE  AMOUNT OF OUR DEBT
DURING THE SECOND  QUARTER OF 2004 COMPARED TO THE SECOND  QUARTER OF 2003,
IN CONNECTION WITH THE  CONSOLIDATION OF SKY MEXICO'S DEBT AT THE BEGINNING
OF THE SECOND QUARTER OF 2004; II) A PS.28.5  MILLION  DECREASE IN INTEREST
INCOME  IN THE  SECOND  QUARTER  OF 2004  COMPARED  TO LAST  YEAR'S  SECOND
QUARTER, REFLECTING SKY MEXICO'S CAPITALIZATION IN SEPTEMBER 2003 OF ALL OF
THE AMOUNTS DUE TO US IN CONNECTION WITH CERTAIN FINANCING PROVIDED TO THIS
JOINT VENTURE, WHICH EFFECT WAS PARTIALLY OFFSET BY AN INCREASE IN INTEREST
INCOME IN CONNECTION WITH A HIGHER AVERAGE AMOUNT OF TEMPORARY  INVESTMENTS
DURING THE SECOND  QUARTER OF 2004 COMPARED TO THE SECOND  QUARTER OF 2003;
III) A PS.263.4  MILLION  UNFAVORABLE  CHANGE  RESULTING FROM A NET FOREIGN
EXCHANGE  LOSS IN THE SECOND  QUARTER  OF 2004  COMPARED  TO A NET  FOREIGN
EXCHANGE  GAIN IN THE  SECOND  QUARTER OF 2003,  PRIMARILY  DUE TO A HIGHER
FOREIGN CURRENCY LIABILITY POSITION IN CONNECTION WITH THE CONSOLIDATION OF
THE SKY MEXICO'S  FOREIGN  CURRENCY DEBT BEGINNING IN THE SECOND QUARTER OF
2004,  AS WELL AS A RESULT OF THE MEXICAN PESO  DEPRECIATION  IN THE SECOND
QUARTER OF 2004 AND THE MEXICAN PESO  APPRECIATION IN THE SECOND QUARTER OF
2003; AND IV) A PS.17.3 MILLION DECREASE IN GAIN FROM MONETARY  POSITION AS
A RESULT OF A HIGHER  MONETARY  LOSS  ARISING IN  CALCULATING  OUR DEFERRED
INCOME TAX  PROVISION,  WHICH EFFECT WAS  PARTIALLY  OFFSET BY A HIGHER NET
LIABILITY  MONETARY  POSITION DURING THE SECOND QUARTER OF 2004 COMPARED TO
THE SECOND QUARTER OF 2003.

RESTRUCTURING AND NON-RECURRING CHARGES

RESTRUCTURING  AND NON-RECURRING  CHARGES DECREASED BY PS.30.7 MILLION,  OR
68.4%,  TO PS.14.2  MILLION  FOR THE SECOND  QUARTER  OF 2004  COMPARED  TO
PS.44.9  MILLION FOR THE SECOND  QUARTER OF 2003.  THIS DECREASE  PRIMARILY
REFLECTS  LOWER  RESTRUCTURING   CHARGES  IN  CONNECTION  WITH  WORK  FORCE
REDUCTIONS.

OTHER EXPENSE/INCOME-NET

OTHER  EXPENSE  INCREASED BY PS.382.5  MILLION TO PS.234.7  MILLION FOR THE
SECOND QUARTER OF 2004 FROM OTHER INCOME OF PS.147.8 MILLION FOR THE SECOND
QUARTER OF 2003. THIS INCREASE  PRIMARILY REFLECTS A LOSS ON DISPOSITION OF
OUR 30.0% MINORITY INTEREST IN THE CAPITAL STOCK OF GRUPO EUROPRODUCCIONES,
A TELEVISION PROGRAMMING PRODUCTION COMPANY IN SPAIN, IN THE SECOND QUARTER
OF 2004, VERSUS A GAIN ON DISPOSITION OF A PORTION OF OUR MINORITY INTEREST
IN A DTH  VENTURE  IN SPAIN IN THE SECOND  QUARTER  OF 2003.  THIS LOSS WAS
PARTIALLY  OFFSET BY A REDUCTION IN  AMORTIZATION OF GOODWILL IN THE SECOND
QUARTER OF 2004 AS WE CEASED  AMORTIZING  THIS  INTANGIBLE  ASSET BEGINNING
JANUARY 1, 2004,  IN  ACCORDANCE  WITH MEXICAN GAAP BULLETIN B-7 RELATED TO
BUSINESS ACQUISITIONS.

INCOME TAX

INCOME TAX INCREASED BY PS.41.8  MILLION,  OR 9.9%, TO PS.462.7 MILLION FOR
THE SECOND QUARTER OF 2004 FROM PS.420.9  MILLION FOR THE SECOND QUARTER OF
2003. THIS INCREASE REFLECTS AN INCREASED INCOME TAX BASE FOR 2004 COMPARED
WITH 2003.

EQUITY IN INCOME OF AFFILIATES

EQUITY IN INCOME OF AFFILIATES  DECREASED BY PS.31.6 MILLION,  OR 23.4%, TO
PS.103.5  MILLION  FOR THE SECOND  QUARTER  OF 2004  COMPARED  TO  PS.135.1
MILLION IN THE SECOND QUARTER OF 2003. THIS DECREASE PRIMARILY REFLECTS THE
ABSENCE  OF EQUITY  INCOME  OF SKY  MEXICO IN THE  SECOND  QUARTER  OF 2004
COMPARED TO THE SECOND  QUARTER OF 2003,  WHICH WAS PARTIALLY  OFFSET BY AN
INCREASE IN OUR EQUITY  INCOME OF UNIVISION  IN THE SECOND  QUARTER OF 2004
COMPARED TO THE SECOND QUARTER OF 2003.

CUMULATIVE LOSS EFFECT OF ACCOUNTING CHANGE

WE RECOGNIZED  APPROXIMATELY A PS.992.0  MILLION  CUMULATIVE LOSS EFFECT OF
ACCOUNTING CHANGE,  NET OF MINORITY INTEREST IN OUR CONSOLIDATED  STATEMENT
OF INCOME IN CONNECTION WITH SKY MEXICO'S ACCUMULATED LOSSES NOT RECOGNIZED
IN THE YEARS 2001, 2002, 2003 AND THE FIRST QUARTER OF 2004.

OTHER RELEVANT INFORMATION

CAPITAL EXPENDITURES, ACQUISITIONS AND INVESTMENTS

IN THE SECOND QUARTER OF 2004, WE INVESTED APPROXIMATELY  U.S.$48.6 MILLION
IN  PROPERTY,  PLANT  AND  EQUIPMENT  AS  CAPITAL  EXPENDITURES,  OF  WHICH
APPROXIMATELY  U.S.$4.0 MILLION IS RELATED TO THE CABLE TELEVISION  SEGMENT
AND U.S.$16.8 MILLION IS RELATED TO SKY MEXICO.  ADDITIONALLY,  WE INVESTED
APPROXIMATELY  U.S.$2.7  MILLION  IN  LONG-TERM  LOANS  MADE  TO OUR  LATIN
AMERICAN DTH JOINT-VENTURES.

DEBT

AS OF JUNE 30, 2004, OUR LONG-TERM  DEBT AMOUNTED TO  PS.19,499.4  MILLION,
INCLUDING  PS.4,476.3  MILLION FROM SKY MEXICO WHICH IS NOT  GUARANTEED  BY
GRUPO TELEVISA, AND OUR CURRENT PORTION OF DEBT WAS PS.163.0 MILLION. AS OF
JUNE 30, 2003, OUR LONG-TERM DEBT AMOUNTED TO PS.14,919.0  MILLION, AND OUR
CURRENT PORTION OF DEBT WAS PS.294.8 MILLION.

IN MAY 2004, WE ENTERED INTO A FIVE-YEAR  CREDIT  AGREEMENT  WITH A MEXICAN
BANK FOR AN AGGREGATE  PRINCIPAL  AMOUNT OF PS.1,162.5  MILLION,  WHICH NET
PROCEEDS WERE USED TO REPAY ANY  OUTSTANDING  AMOUNTS UNDER THE  U.S.$100.0
MILLION SYNDICATED TERM LOAN.

ON JUNE 17, 2004,  FITCH RATINGS  UPGRADED OUR LONG-TERM  FOREIGN  CURRENCY
RATING TO "BBB"  FROM  "BBB-" AND  AFFIRMED  ITS  OUTLOOK  AT STABLE.  THIS
FOLLOWED THE  ANNOUNCEMENT  THAT FITCH HAD ASSIGNED COUNTRY CEILING RATINGS
ABOVE THE LONG-TERM  FOREIGN  CURRENCY  RATING OF THE SOVEREIGN FOR CERTAIN
COUNTRIES, INCLUDING MEXICO. AS A RESULT OF THIS ANNOUNCEMENT,  TELEVISA IS
ONE RATING  LEVEL  ABOVE  MEXICO'S  SOVEREIGN  LONG-TERM  FOREIGN  CURRENCY
RATING.

SHARE BUYBACK PROGRAM

DURING THE SECOND  QUARTER OF 2004, THE COMPANY  REPURCHASED  APPROXIMATELY
46.5  MILLION  SHARES IN THE FORM OF 15.5  MILLION CPOS FOR A NET AMOUNT OF
APPROXIMATELY PS.371.8 MILLION IN NOMINAL TERMS.

DIVIDEND PAYMENT

ON MAY 21, 2004, THE COMPANY MADE A PS.3,850  MILLION CASH  DISTRIBUTION TO
SHAREHOLDERS,  EQUIVALENT  TO PS.1.219 PER CPO,  WHICH  INCLUDES A DIVIDEND
CORRESPONDING  TO THE  SERIES A AND L SHARES AND THE  CUMULATIVE  PREFERRED
DIVIDEND  CORRESPONDING  TO SERIES D SHARES.  UNDER OUR RECENTLY  ANNOUNCED
DIVIDEND POLICY, WE EXPECT TO CONTINUE PAYING DIVIDENDS ANNUALLY.

TELEVISION RATINGS AND AUDIENCE SHARE

NATIONAL URBAN RATINGS AND AUDIENCE SHARE REPORTED BY IBOPE CONFIRM THAT IN
THE SECOND QUARTER OF 2004 TELEVISA  CONTINUE TO DELIVER STRONG RATINGS AND
AUDIENCE  SHARES.  DURING  WEEKDAY  PRIME TIME  (19:00 TO 23:00 - MONDAY TO
FRIDAY),  AUDIENCE SHARE AMOUNTED TO 70.5%; IN PRIME TIME (16:00 TO 23:00 -
MONDAY TO SUNDAY),  AUDIENCE  SHARE  AMOUNTED  TO 69.5%;  AND IN SIGN-ON TO
SIGN-OFF  (6:00 TO 24:00 - MONDAY TO SUNDAY),  AUDIENCE  SHARE  AMOUNTED TO
71.8%.

IN JUNE 2004,  TWO OF THE NINE TEAMS,  IN WHICH THE  COMPANY HAS  EXCLUSIVE
RIGHTS TO BROADCAST  ITS HOME GAMES,  PLAYED THE FINAL GAMES OF THE MEXICAN
SOCCER PREMIER LEAGUE,  HELD IN GUADALAJARA AND IN MEXICO CITY.  DURING THE
LATTER, THE TRANSMISSION REACHED ON AVERAGE 72.5% AUDIENCE SHARE FROM 11:45
TO 15:00, REACHING ITS AUDIENCE PEAK AT 79.7%.

OUTLOOK FOR 2004

WE ARE  RAISING OUR  GUIDANCE  FOR THE YEAR.  WE NOW EXPECT OUR  TELEVISION
BROADCASTING  REVENUE TO INCREASE  BETWEEN 3% AND 4% FOR THE YEAR.  DESPITE
THE PRODUCTION AND  TRANSMISSION OF THE OLYMPIC GAMES, WE REMAIN  COMMITTED
TO KEEPING COSTS AND EXPENSES OF OUR TELEVISION  BROADCASTING  SEGMENT FLAT
DURING THE YEAR. WE THEREFORE EXPECT OUR TELEVISION BROADCASTING SEGMENT TO
EXCEED LAST YEAR'S  OPERATING  INCOME BEFORE  DEPRECIATION AND AMORTIZATION
MARGIN.

GRUPO TELEVISA  S.A., IS THE LARGEST MEDIA COMPANY IN THE  SPANISH-SPEAKING
WORLD, AND A MAJOR PLAYER IN THE INTERNATIONAL  ENTERTAINMENT  BUSINESS. IT
HAS INTERESTS IN TELEVISION  PRODUCTION AND  BROADCASTING,  PROGRAMMING FOR
PAY  TELEVISION,  INTERNATIONAL  DISTRIBUTION  OF  TELEVISION  PROGRAMMING,
DIRECT-TO-HOME SATELLITE SERVICES,  PUBLISHING AND PUBLISHING DISTRIBUTION,
CABLE TELEVISION,  RADIO PRODUCTION AND BROADCASTING,  PROFESSIONAL  SPORTS
AND SHOW BUSINESS PROMOTIONS, FEATURE FILM PRODUCTION AND DISTRIBUTION, AND
THE OPERATION OF A HORIZONTAL  INTERNET PORTAL.  GRUPO TELEVISA ALSO HAS AN
UNCONSOLIDATED  EQUITY  STAKE IN  UNIVISION,  THE LEADING  SPANISH-LANGUAGE
TELEVISION COMPANY IN THE UNITED STATES.

THIS ANNEX  CONTAINS  FORWARD-LOOKING  STATEMENTS  REGARDING  THE COMPANY'S
RESULTS AND PROSPECTS.  ACTUAL RESULTS COULD DIFFER  MATERIALLY  FROM THESE
STATEMENTS.  THE FORWARD-LOOKING STATEMENTS IN THIS ANNEX SHOULD BE READ IN
CONJUNCTION  WITH THE  FACTORS  DESCRIBED  IN "ITEM  3. KEY  INFORMATION  -
FORWARD-LOOKING  STATEMENTS"  IN THE COMPANY'S  ANNUAL REPORT ON FORM 20-F,
WHICH,  AMONG OTHERS,  COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM
THOSE  CONTAINED IN  FORWARD-LOOKING  STATEMENTS  MADE IN THIS ANNEX AND IN
ORAL  STATEMENTS  MADE BY AUTHORIZED  OFFICERS OF THE COMPANY.  READERS ARE
CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE FORWARD-LOOKING  STATEMENTS,
WHICH SPEAK ONLY AS OF THEIR DATES. THE COMPANY UNDERTAKES NO OBLIGATION TO
PUBLICLY  UPDATE OR REVISE  ANY  FORWARD-LOOKING  STATEMENTS,  WHETHER AS A
RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.






                           MEXICAN STOCK EXCHANGE

STOCK EXCHANGE CODE: TLEVISA                  QUARTER:  2       YEAR:  2004
GRUPO TELEVISA, S.A.

                       FINANCIAL STATEMENT NOTES (1)

                                  ANNEX 2
                                                               CONSOLIDATED
                                                             FINAL PRINTING
---------------------------------------------------------------------------

                            GRUPO TELEVISA, S.A.
            NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
              FOR THE SIX MONTHS ENDED JUNE 30, 2004 AND 2003
           (IN THOUSANDS OF MEXICAN PESOS IN PURCHASING POWER AS
      OF JUNE 30, 2004, EXCEPT PER SHARE, PER CPO AND PER UDI VALUES)

1.   ACCOUNTING POLICIES:

     THE  CONDENSED  FINANCIAL  STATEMENTS  OF GRUPO  TELEVISA,  S.A.  (THE
"COMPANY") AND ITS CONSOLIDATED SUBSIDIARIES (COLLECTIVELLY,  THE "GROUP"),
AS OF JUNE 30, 2004 AND 2003,  AND FOR THE SIX MONTHS ENDED ON THOSE DATES,
ARE UNAUDITED.  IN THE OPINION OF MANAGEMENT,  ALL ADJUSTMENTS  (CONSISTING
PRINCIPALLY  OF  NORMAL  RECURRING   ADJUSTMENTS)   NECESSARY  FOR  A  FAIR
PRESENTATION OF THE CONDENSED  CONSOLIDATED  FINANCIAL STATEMENTS HAVE BEEN
INCLUDED THEREIN.

     FOR PURPOSES OF THESE  CONDENSED  CONSOLIDATED  FINANCIAL  STATEMENTS,
CERTAIN  INFORMATION  AND  DISCLOSURES,   NORMALLY  INCLUDED  IN  FINANCIAL
STATEMENTS   PREPARED  IN  ACCORDANCE  WITH  MEXICAN   GENERALLY   ACCEPTED
ACCOUNTING  PRINCIPLES  ("MEXICAN  GAAP"),  HAVE BEEN CONDENSED OR OMITTED.
THESE CONDENSED CONSOLIDATED  STATEMENTS SHOULD BE READ IN CONJUNCTION WITH
THE GROUP'S CONSOLIDATED AND AUDITED FINANCIAL STATEMENTS AND NOTES THERETO
FOR THE YEARS ENDED DECEMBER 31, 2003 AND 2002, WHICH INCLUDE,  AMONG OTHER
DISCLOSURES,  THE GROUP'S MOST SIGNIFICANT ACCOUNTING POLICIES,  WHICH HAVE
BEEN APPLIED ON A CONSISTENT  BASIS FOR THE SIX MONTHS ENDED JUNE 30, 2004,
EXCEPT FOR THE MATTER DISCUSSED IN THE FOLLOWING PARAGRAPH.

     EFFECTIVE  JANUARY 1, 2004, IN CONNECTION WITH THE ADOPTION OF MEXICAN
GAAP  BULLETIN  B-7,  "BUSINESS   ACQUISITIONS,"   GOODWILL  IS  DEEMED  AN
INTANGIBLE ASSET WITH AN INDEFINITE USEFUL LIVE, AND ACCORDINGLY, THE GROUP
NO LONGER AMORTIZE GOODWILL EFFECTIVE THAT DATE. BEFORE 2004,  GOODWILL WAS
AMORTIZED OVER A PERIOD OF 20 YEARS.

     BEGINNING   APRIL  1,  2004,   THE  GROUP  BEGAN  TO  INCLUDE  IN  ITS
CONSOLIDATED  FINANCIAL  STATEMENTS THE ASSETS,  LIABILITIES AND RESULTS OF
OPERATIONS  OF  INNOVA,  S. DE R.L.  DE C.V.  ("INNOVA"),  A JOINT  VENTURE
ENGAGED IN  DIRECT-TO-HOME  ("DTH")  BROADCAST  SATELLITE PAY TELEVISION IN
WHICH THE GROUP HAS A 60% INTEREST. INNOVA'S FINANCIALS ARE CONSOLIDATED IN
ACCORDANCE WITH THE GUIDELINES OF THE FINANCIAL  ACCOUNTING STANDARDS BOARD
INTERPRETATION  NO. 46 ("FIN  46"),  "CONSOLIDATION  OF  VARIABLE  INTEREST
ENTITIES," WHICH WAS ADOPTED BY THE GROUP ON APRIL 1, 2004 (SEE NOTE 11).

2.   PROPERTY, PLANT AND EQUIPMENT:

     PROPERTY, PLANT AND EQUIPMENT AS OF JUNE 30, CONSISTED OF:

                                           2004                 2003
                                    --------------------  ------------------
     BUILDINGS                      Ps.       7,233,293   Ps.     6,899,271
     BUILDING IMPROVEMENTS                    1,665,419           1,658,357
     TECHNICAL EQUIPMENT                     14,531,815          10,433,826
     FURNITURE AND FIXTURES                     597,131             559,881
     TRANSPORTATION EQUIPMENT                 1,079,603           1,029,324
     COMPUTER EQUIPMENT                       1,201,951             828,376
                                    --------------------  ------------------
                                             26,309,212          21,409,035
     ACCUMULATED DEPRECIATION
                                            (12,134,438))       (10,318,362)

                                    --------------------  ------------------
                                            14,174,774          11,090,673
     LAND                                     3,594,566           3,597,944
     CONSTRUCTION IN PROGRESS                   743,292           1,309,837
                                    --------------------  ------------------
                                    Ps.      18,512,632   Ps.    15,998,454
                                    ====================  ==================


     DEPRECIATION  CHARGED TO INCOME FOR THE SIX MONTHS ENDED JUNE 30, 2004
AND 2003, WAS PS.773,114 AND PS.573,814, RESPECTIVELY.

3.   LONG-TERM DEBT SECURITIES:

     AS OF JUNE 30, THE COMPANY'S  LONG-TERM  DEBT  SECURITIES  OUTSTANDING
WERE AS FOLLOWS:




                                                       2004                             2003
                                         --------------------------------  -----------------------------
                                          U.S. DOLLAR                       U.S. DOLLAR
                                           PRINCIPAL                        PRINCIPAL
                                            AMOUNTS            MEXICAN       AMOUNTS          MEXICAN
                                          (THOUSANDS)           PESOS      (THOUSANDS)         PESOS
                                         --------------  ----------------  ------------  ---------------
                                                                             
11.875%  SERIES "B" SENIOR NOTES DUE
 2006 (A)                                 $      5,343   Ps.      61,642    $    5,343   Ps.     58,205
 8.625% SENIOR NOTES DUE 2005 (B)              200,000         2,307,400       200,000        2,178,747
 8.000% SENIOR NOTES DUE 2011 (C)              300,000         3,461,100       300,000        3,268,120
 8.500% SENIOR NOTES DUE 2032 (D)              300,000         3,461,100       300,000        3,268,120
12.875% SENIOR NOTES DUE 2007 (E)               88,000         1,015,256        -                -
 9.375% SENIOR NOTES DUE 2013 (F)              300,000         3,461,100        -                -
                                         --------------  ----------------  ------------  ---------------
                                          $  1,193,343        13,767,598    $  805,343        8,773,192
                                         ==============                    ============
UDI-DENOMINATED NOTES DUE 2007 (G)                             3,705,056                      3,708,337
                                                         ----------------                ---------------
                                                          Ps. 17,472,654                 Ps. 12,481,529
                                                         ================                ===============


(A)  INTEREST ON THE SERIES "B" SENIOR NOTES,  INCLUDING ADDITIONAL AMOUNTS
     PAYABLE IN RESPECT OF CERTAIN MEXICAN WITHHOLDING TAXES, IS 12.49% PER
     ANNUM, AND IS PAYABLE  SEMI-ANNUALLY.  THESE SECURITIES ARE UNSECURED,
     UNSUBORDINATED OBLIGATIONS OF THE COMPANY, RANK PARI PASSU IN RIGHT OF
     PAYMENT  WITH  ALL  EXISTING  AND  FUTURE  UNSECURED,   UNSUBORDINATED
     OBLIGATIONS OF THE COMPANY,  AND ARE SENIOR IN RIGHT OF PAYMENT TO ALL
     FUTURE SUBORDINATED  INDEBTEDNESS OF THE COMPANY,  AND ARE EFFECTIVELY
     SUBORDINATED  TO ALL EXISTING AND FUTURE  LIABILITIES OF THE COMPANY'S
     SUBSIDIARIES.

(B)  INTEREST ON THESE SENIOR NOTES,  INCLUDING  ADDITIONAL AMOUNTS PAYABLE
     IN RESPECT OF CERTAIN MEXICAN  WITHHOLDING  TAXES, IS 9.07% PER ANNUM,
     AND IS PAYABLE SEMI-ANNUALLY.

(C)  INTEREST ON THESE SENIOR NOTES,  INCLUDING  ADDITIONAL AMOUNTS PAYABLE
     IN RESPECT OF CERTAIN MEXICAN  WITHHOLDING  TAXES, IS 8.41% PER ANNUM,
     AND IS PAYABLE SEMI-ANNUALLY.

(D)  INTEREST ON THESE SENIOR NOTES,  INCLUDING  ADDITIONAL AMOUNTS PAYABLE
     IN RESPECT OF CERTAIN MEXICAN  WITHHOLDING  TAXES, IS 8.94% PER ANNUM,
     AND IS PAYABLE SEMI-ANNUALLY.

(E)  INNOVA'S  SENIOR  NOTES.  INTEREST ON THESE  SENIOR  NOTES,  INCLUDING
     ADDITIONAL  AMOUNTS PAYABLE IN RESPECT OF CERTAIN MEXICAN  WITHHOLDING
     TAXES,  IS 13.54%  PER  ANNUM,  AND IS  PAYABLE  SEMI-ANNUALLY.  THESE
     SECURITIES ARE UNCOLLATERALIZED,  UNSUBORDINATED OBLIGATIONS OF INNOVA
     AND CONTAIN CERTAIN  COVENANTS  RELATING TO INNOVA SIMILAR TO THOSE OF
     THE SENIOR NOTES DUE 2013.

(F)  INNOVA'S  SENIOR  NOTES.  INTEREST ON THESE  SENIOR  NOTES,  INCLUDING
     ADDITIONAL  AMOUNTS PAYABLE IN RESPECT OF CERTAIN MEXICAN  WITHHOLDING
     TAXES,  IS  9.86% PER ANNUM,  AND  IS  PAYABLE  SEMI-ANNUALLY.   THESE
     SECURITIES ARE UNSECURED AND UNSUBORDINATED  OBLIGATIONS OF INNOVA AND
     CONTAIN CERTAIN COVENANTS RELATING TO INNOVA, INCLUDING COVENANTS WITH
     RESPECT  TO:  (I)   LIMITATIONS  ON  ADDITIONAL   INDEBTEDNESS;   (II)
     LIMITATIONS ON LIENS; (III) LIMITATIONS ON SALES AND LEASEBACKS;  (IV)
     LIMITATIONS ON RESTRICTED  PAYMENTS;  (V) LIMITATIONS ON ASSETS SALES;
     AND (VI)  LIMITATIONS ON CERTAIN MERGERS,  CONSOLIDATIONS  AND SIMILAR
     TRANSACTIONS.  INNOVA MAY, AT ITS OWN OPTION, REDEEM THESE SECURITIES,
     IN  WHOLE  OR IN  PART,  AT ANY  TIME IN OR  AFTER  SEPTEMBER  2008 AT
     REDEMTION PRICES  (EXPRESSED IN PERCENTAGES OF THE PRINCIPAL AMOUNT) ,
     PLUS ACCRUED AND UNPAID INTEREST, IF ANY, IN THE RANGE OF 104.6875% TO
     100%.  ADDITIONALLY,  IN OR BEFORE SEPTEMBER 2006,  INNOVA MAY, AT ITS
     OWN OPTION AND SUBJECT TO CERTAIN REQUIREMENTS,  USE THE PROCEEDS FROM
     ONE OR MORE  QUALIFIED  EQUITY  OFFERING  TO  REDEEM  UP TO 35% OF THE
     AGGREGATE  PRINCIPAL AMOUNT OF THESE SENIOR NOTES AT 109.375% OF THEIR
     PRINCIPAL AMOUNT, PLUS ACCRUED AND UNPAID INTEREST.

(G)  NOTES DENOMINATED IN MEXICAN INVESTMENT UNITS ("UNIDADES DE INVERSION"
     OR  "UDIS")  FOR  A  NOMINAL  AMOUNT  OF  PS.3,000,000,   REPRESENTING
     1,086,007,800 UDIS, WITH AN ANNUAL INTEREST RATE OF 8.15% AND MATURITY
     IN 2007. INTEREST ON THESE NOTES IS PAYABLE SEMI-ANNUALLY. THE BALANCE
     AS OF JUNE 30, 2004 AND 2003  INCLUDES  RESTAMENT  OF  PS.705,065  AND
     PS.566,548,  RESPECTIVELY.  THE UDI VALUE AS OF JUNE 30, 2004,  WAS OF
     PS. 3.411629 PER ONE UDI.




     THE SENIOR NOTES DUE IN 2005,  2006, 2011 AND 2032 MAY NOT BE REEDEMED
PRIOR TO MATURITY,  EXCEPT IN THE EVENT OF CERTAIN CHANGES IN LAW AFFECTING
THE  MEXICAN   WITHHOLDING  TAX  TREATMENT  OF  CERTAIN   PAYMENTS  ON  THE
SECURITIES, IN WHICH CASE THE SECURITIES WILL BE REDEEMABLE, AS A WHOLE BUT
NOT IN PART, AT THE OPTION OF THE COMPANY.

     THE SENIOR NOTES DUE IN 2005, 2011 AND 2032 ARE UNSECURED  OBLIGATIONS
OF THE  COMPANY,  RANK  EQUALLY IN RIGHT OF PAYMENT  WITH ALL  EXISTING AND
FUTURE UNSECURED AND  UNSUBORDINATED  INDEBTEDNESS OF THE COMPANY,  AND ARE
JUNIOR IN RIGHT OF PAYMENT TO ALL OF THE EXISTING AND FUTURE LIABILITIES OF
THE COMPANY'S SUBSIDIARIES.

     THE  AGREEMENT  OF THE SENIOR NOTES DUE 2005,  2011 AND 2032  CONTAINS
CERTAIN  COVENANTS THAT LIMIT THE ABILITY OF THE COMPANY AND ITS RESTRICTED
SUBSIDIARIES  ENGAGED  IN  TELEVISION  BROADCASTING,  PROGRAMMING  FOR  PAY
TELEVISION AND  PROGRAMMING  LICENSING,  TO INCUR OR ASSUME LIENS,  PERFORM
SALE  AND  LEASEBACK   TRANSACTIONS,   AND  CONSUMMATE   CERTAIN   MERGERS,
CONSOLIDATIONS  AND SIMILAR  TRANSACTIONS.  SUBSTANTIALLY ALL OF THE SENIOR
NOTES DUE 2005, 2011 AND 2032 ARE REGISTERED  WITH THE U.S.  SECURITIES AND
EXCHANGE COMMISSION.

     EFFECTIVE  MARCH 1, 2002,  THE GROUP  DESIGNATED ITS NET INVESTMENT IN
UNIVISION AS AN EFFECTIVE HEDGE OF THE PRINCIPAL AMOUNT OF ITS SENIOR NOTES
DUE IN 2011 AND 2032.  CONSEQUENTLY,  BEGINNING  MARCH  2002,  ANY  FOREIGN
EXCHANGE GAIN OR LOSS  ATTRIBUTABLE TO THIS U.S.  DOLLAR  LONG-TERM DEBT IS
CREDITED OR CHARGED DIRECTLY TO EQUITY (OTHER COMPREHENSIVE INCOME OR LOSS)
(SEE NOTE 7).

4.   CONTINGENCIES:

     PAYMENTS  TO BE MADE BY  CERTAIN  MEXICAN  COMPANIES  IN THE  GROUP TO
EMPLOYEES IN CASE OF DISMISSAL AND UNDER CERTAIN CIRCUMSTANCES  PROVIDED BY
THE MEXICAN LABOR LAW WILL BE EXPENSED AS INCURRED.

     IN CONJUNCTION WITH THE GROUP'S DISPOSAL OF ITS FORMER MUSIC RECORDING
BUSINESS  IN  2002,  THE  GROUP  MAY  HAVE TO PAY  CERTAIN  ADJUSTMENTS  TO
UNIVISION IN CONNECTION  WITH AN AUDIT OF THE MUSIC  RECORDING  BUSINESS BY
UNIVISION,  WHICH IS  EXPECTED  TO BE RESOLVED BY THE PARTIES IN THE SECOND
HALF OF 2004.  WHILE THE GROUP'S  MANAGEMENT  BELIEVES  THAT THE OUTCOME OF
THIS  AUDIT  WILL NOT  HAVE A  MATERIAL  ADVERSE  EFFECT  ON ITS  FINANCIAL
POSITION OR FUTURE  OPERATING  RESULTS,  NO ASSSURANCE CAN BE GIVEN IN THIS
REGARD.

     IN JUNE 2003, THE COMPANY WAS NOTIFIED BY THE MEXICAN TAX AUTHORITY OF
A FEDERAL TAX CLAIM MADE AGAINST THE COMPANY FOR APPROXIMATELY  PS.960,700,
INCLUDING PENALTIES AND SURCHARGES, FOR AN ALLEGED ASSETS TAX LIABILITY FOR
THE YEAR 1994. THE COMPANY BELIEVES IT HAS MERITORIOUS DEFENSE AGAINST THIS
CLAIM.

     THERE ARE VARIOUS LEGAL ACTIONS AND OTHER CLAIMS  PENDING  AGAINST THE
GROUP  INCIDENTAL TO ITS BUSINESSES AND  OPERATIONS.  IN THE OPINION OF THE
GROUP'S MANAGEMENT,  NONE OF THESE PROCEEDINGS WILL HAVE A MATERIAL ADVERSE
EFFECT ON THE GROUP'S FINANCIAL POSITION OR RESULTS OF OPERATIONS.

5.   STOCKHOLDERS' EQUITY:

     THE  MAJORITY  STOCKHOLDERS'  EQUITY  AS OF JUNE 30,  IS  ANALYZED  AS
FOLLOWS:



                                                       2004                           2003
                                           -----------------------------  ------------------------------
                                             NOMINAL        RESTATED         NOMINAL        RESTATED
                                              PESOS          PESOS            PESOS          PESOS
                                           -------------  ------------------------------- ---------------
                                                                              
CAPITAL STOCK ISSUED                      Ps. 2,524,174   Ps. 9,246,242    Ps. 1,555,065  Ps. 8,016,216
ADDITIONAL PAID-IN CAPITAL                    3,841,792       3,938,473          191,412        228,697
LEGAL RESERVE                                   802,231       1,472,899          622,401      1,290,143
RESERVE FOR REPURCHASE OF SHARES              2,255,655       5,370,967        2,451,331      5,573,984
UNAPPROPRIATED EARNINGS                       3,542,282      11,273,239        5,276,914     12,932,833
CUMULATIVE GAIN ON ISSUANCE OF SHARES OF
  ASSOCIATES                                  3,573,907       3,784,979          586,351        750,752
CUMULATIVE EFFECT OF DEFERRED TAXES          (2,197,681)     (2,792,329)      (2,197,681)    (2,792,329)

ACUMULATED OTHER COMPREHENSIVE LOSS            --            (2,626,911)        --           (3,234,932)

NET INCOME FOR THE SIX MONTHS                  --               933,883        1,515,190      1,581,345
SHARES REPURCHASED                           (5,126,948)     (6,098,399)      (1,609,978)    (2,311,071)
                                                          --------------                  --------------
TOTAL MAJORITY STOCKHOLDERS' EQUITY                      Ps. 24,503,043                  Ps. 22,035,638
                                                         ==============                  ==============



     IN DECEMBER  2003,  THE  COMPANY  INCREASED  ITS CAPITAL  STOCK IN THE
AMOUNT OF  PS.4,088,840  BY  ISSUING  430,307,554   SERIES  "A" SHARES AS A
RESULT OF THIS  CAPITAL  INCREASE,  THE  COMPANY  RECOGNIZED  AN  ADITIONAL
PAID-IN CAPITAL OF PS.3,709,776. THESE SHARES WERE ACQUIRED IN DECEMBER 31,
2003 BY A COMPANY'S LONG-TERM RETENTION PLAN FOR PARTICIPANT EMPLOYEES.

     ON APRIL 16, 2004, THE SHAREHOLDERS OF THE COMPANY APPROVED A DIVIDEND
PAYMENT IN THE AMOUNT OF PS.3,850,000  (NOMINAL),  WHICH WAS MADE ON MAY 21
2004, AS FOLLOWS: A DIVIDEND OF PS.1.21982800845 PER CPO, AND A DIVIDEND OF
PS.0.40660933615 PER SERIES "A" SHARE (NOT IN THE FORM OF A CPO).

     ON  APRIL  16,  2004,  THE  SHAREHOLDERS  OF  THE  COMPANY  APROVED  A
RESTRUCTURING OF THE COMPANY'S  CAPITAL STOCK  ("RECAPITALIZATION"),  WHICH
COMPRISES THE FOLLOWING:  (I) A STOCK SPLIT IN WHICH EACH OUTSTANDING SHARE
WILL BE DIVIDED  INTO 25 SHARES OF THE SAME CLASS;  (II) THE  CREATION OF A
NEW CLASS OF COMMON OR  ORDINARY  SHARES,  THE SERIES "B"  SHARES;  (III) A
STOCK DIVIDEND IN THE AMOUNT OF PS.906,114 (NOMINAL),  IN WHICH THE COMPANY
WILL  DISTRIBUTE,  TO  HOLDERS  OF  OUTSTANDING  SHARES,  14 NEW SHARES (OF
VARIOUS  CLASSES   DEPENDING  ON  THE  CLASS  HELD)  FOR  EVERY  25  SHARES
OUTSTANDING  AFTER THE STOCK  SPLIT;  AND (IV) AN INCREASE IN THE NUMBER OF
SHARES REPRESENTED BY EACH OUSTANDING CPO, FROM THREE SHARES TO 117 SHARES.
THE RECAPITALIZATION  WILL INCREASE THE NUMBER OF THE COMPANY'S SHARES BY A
FACTOR OF 39 BUT WILL NOT AFFECT THE  COMPANY'S  TOTAL EQUITY OR DILUTE THE
EQUITY INTEREST OF ANY SHAREHOLDER.

     THE FOLLOWING  TABLE  SUMMARIZES THE EFFECT OF THE STOCK SPLIT AND THE
STOCK  DIVIDEND  ON A HOLDER  OF ONE SHARE OF EACH  CLASS OF THE  COMPANY'S
CAPITAL STOCK:

                                       14    NEW    SHARES
BEFORE       THE   AFTER         THE   DISTRIBUTED  PER  25   AFTER        THE
RECAPITALIZATION   RECAPITALIZATION    SHARES (POST-SPLIT)    RECAPITALIZATION
-----------------  ------------------  ---------------------  ----------------
ONE "A" SHARE      25 "A" SHARES       FOUR "B" SHARES        25 "A" SHARES
                                       FIVE "D" SHARES        FOUR "B" SHARES
                                       FIVE "L" SHARES        FIVE "D" SHARES
                                                              FIVE "L" SHARES
ONE "D" SHARE      25 "D" SHARES       NINE "B" SHARES        NINE "B" SHARES
                                       FIVE "D" SHARES        30 "D" SHARES
ONE "L" SHARE      25 "L" SHARES       NINE "B" SHARES        NINE "B" SHARES
                                       FIVE "L" SHARES        30 "L" SHARES

     THE NUMBER OF SHARES  DISCLOSED  IN THESE  NOTES DOES NOT  REFLECT THE
RECAPITALIZATION  OF THE COMPANY'S  CAPITAL STOCK, AS THE EFFECTIVE STE FOR
EXCHANGING OLD AND NEW SHARES IS SCHEDULED TO BE MADE ON JULY 26, 2004.

     AS OF JUNE 30,  2004,  THE  NUMBER OF SHARES  AUTHORIZED  AND  ISSUED,
REPURCHASED AND OUTSTANDING IS PRESENTED AS FOLLOWS:

                           AUTHORIZED
SHARES                     AND ISSUED         REPURCHASED       OUTSTANDING
----------------------  ------------------  ----------------  -----------------
SERIES "A"                  4,989,449,767       529,316,078      4,460,133,689
SERIES "L"                  2,239,549,096        74,892,286      2,164,656,810
SERIES "D"                  2,239,549,096        74,892,286      2,164,656,810
                        ------------------  ----------------  -----------------
                            9,468,547,959       679,100,650      8,789,447,309
                        ==================  ================  =================

     THE NUMBER OF SHARES  REPURCHASED  INCLUDE  178,199,058  SHARES IN THE
FORM OF 59,399,686  CPOS AND 24,116,238  SERIES "A" SHARES (NOT IN THE FORM
OF CPOS)  BENEFITIALLY  OWNED BY A SUBSIDIARY  OF THE  COMPANY,  AS WELL AS
430,307,554 SERIES "A" SHARES (NOT IN THE FORM OF CPOS) WHICH WERE ACQUIRED
BY A COMPANY'S TRUST.

     THE NET COST OF THE  679,100,650  SHARES  REPURCHASED  AND HELD BY THE
GROUP AS OF JUNE 30,  2004,  IS  PRESENTED  AS A  CHARGE  TO  STOCKHOLDERS'
EQUITY, AS FOLLOWS:

REPURCHASE PROGRAM                                   PS.    372,032
OWNED BY A COMPANY'S SUBSIDIARY                           3,713,505
ACQUIRED BY A COMPANY'S TRUST                             1,837,814
ADVANCE FOR ACQUISITION OF SHARES                           175,048
                                                     ----------------
                                                     PS.  6,098,399
                                                     ================

     IN CONNECTION WITH THE COMPANY'S  PROGRAM FOR REPURCHASE OF SHARES, IN
THE FIRST HALF OF 2004, THE COMPANY  REPURCHASED  46,489,800  SHARES IN THE
FORM OF 15,496,600 CPOS IN THE AMOUNT OF PS.372,105  (PS.371,831  NOMINAL),
AND RESOLD 12,000 SHARES IN THE FORM OF 4,000 CPOS IN THE AMOUNT OF PS.97.

     IN THE THIRD  QUARTER OF 2003 AND THE SECOND  HALF OF 2004,  THE GROUP
SOLD  15,000,000  AND  127,584,804  SHARES,  RESPECTIVELY,  IN THE  FORM OF
5,000,000 AND  42,528,268  CPOS,  RESPECTIVELY,  IN THE AMOUNT OF PS.72,865
(PS.70,128 NOMINAL) AND PS.572,353 (PS.571,121 NOMINAL),  RESPECTIVELY,  IN
CONNECTION WITH THE COMPANY'S STOCK OPTION PLAN.

6.   REPURCHASE OF SHARES:

     AS OF JUNE 30, 2004, THE COMPANY MAINTAINS A RESERVE FOR REPURCHASE OF
SHARES,  WHICH WAS  APPROVED  BY THE  SHAREHOLDERS  OF THE COMPANY IN PRIOR
YEARS  BY   APPROPRIATING   FROM   ACCUMULATED   EARNINGS   THE  AMOUNT  OF
PS.6,724,057. THIS RESERVE WAS USED IN 1999, 2000 AND 2003 IN THE AMOUNT OF
PS.276,471, PS.618,019 AND PS.458,600, RESPECTIVELY, IN CONNECTION WITH THE
REPURCHASE OF SHARES IN THOSE YEARS.

     IN ACCORDANCE  WITH THE MEXICAN  SECURITIES  LAW, ANY AMOUNT OF SHARES
REPURCHASED  AND HELD BY THE COMPANY  SHOULD BE  RECOGNIZED  AS A CHARGE TO
STOCKHOLDERS'  EQUITY, AND ANY CANCELLATION OF SHARES REPURCHASED SHOULD BE
RECOGNIZED  AS A REDUCTION  OF THE  COMPANY'S  CAPITAL  STOCK ISSUED FOR AN
AMOUNT PROPORTIONATE TO THE SHARES CANCELLED.

7.   INTEGRAL COST OF FINANCING:

     INTEGRAL COST OF FINANCING FOR THE SIX MONTHS ENDED JUNE 30, CONSISTED
OF:

                                                    2004            2003
                                               ---------------  --------------
INTEREST EXPENSE (1)                           Ps.  768,703     Ps.  679,300
INTEREST INCOME                                    (320,107)        (370,358)
FOREIGN EXCHANGE LOSS (GAIN), NET (2)               (64,167)           7,973
LOSS FROM MONETARY POSITION (3)                     133,721           52,073
                                               ---------------  --------------
                                               Ps.  518,150     Ps.  368,988
                                               ===============  ==============

(1)  INCLUDES  RESTATEMENT  OF UDIS OF PS.34,236  AND PS.52,262 NET IN 2004
     AND 2003, RESPECTIVELY.
(2)  NET OF THE GAIN OF  PS.185,960 IN 2004 AND OF THE LOSS OF PS.12,598 IN
     2003  RESULTING  FROM THE  FOREIGN  EXCHANGE  RESULT  ATTRIBUTABLE  TO
     CERTAIN  LONG-TERM DEBT SECURITIES WHICH ARE HEDGED BY THE GROUP'S NET
     INVESTMENT IN UNIVISION.
(3)  THE GAIN OR LOSS FROM  MONETARY  POSITION  REPRESENTS  THE  EFFECTS OF
     INFLATION,  AS MEASURED BY THE NPCI IN THE CASE OF MEXICAN  COMPANIES,
     OR THE GENERAL  INFLATION INDEX OF EACH COUNTRY IN THE CASE OF FOREIGN
     SUBSIDIARIES,  ON THE MONETARY ASSETS AND LIABILITIES AT THE BEGINNING
     OF EACH MONTH.  INCLUDES  MONETARY  LOSS IN 2004 AND 2003 OF PS.61,296
     AND PS.52,625,  RESPECTIVELY,  ARISING FROM  TEMPORARY  DEFFERENCES OF
     NON-MONETARY ITEMS IN CALCULATING DEFERRED INCOME TAX.

8.   DEFERRED TAXES:

     THE DEFERRED INCOME TAX LIABILITY AS OF JUNE 30, WAS DERIVED FROM:

                                                 2004             2003
                                             --------------  ----------------
ASSETS:
ACCRUED LIABILITIES                          Ps.   503,829   Ps.    612,653
GOODWILL                                           833,197          870,603
TAX LOSS CARRYFORWARDS                           1,635,724        1,173,738
ALLOWANCE FOR DOUBTFUL ACCOUNTS                    365,534          265,962
CUSTOMER ADVANCES                                1,604,721        1,240,349
                                             --------------  ---------------
                                                 4,943,005        4,163,305
                                             --------------  ---------------
LIABILITIES:

INVENTORIES                                     (1,434,505)      (1,894,791)
PROPERTY, PLANT AND EQUIPMENT - NET             (1,124,446)      (1,018,956)
OTHER ITEMS                                       (270,091)        (399,709)
INNOVA                                         ( 1,579,306)      (1,391,023)
                                             --------------  ---------------
                                                (4,408,348)      (4,704,479)
                                             --------------  ---------------
DEFERRED-INCOME TAXS OF MEXICAN COMPANIES          534,657         (541,174)
DEFERRED TAX OF FOREIGN SUBSIDIARIES              (370,984)        (376,466)
ASSETS TAX

                                                 1,855,702        1,632,687
VALUATION ALLOWANCE                             (2,888,991)      (2,074,627)
                                             --------------  ----------------
DEFERRED INCOME TAX LIABILITY                     (869,616)      (1,359,580)
EFFECT ON CHANGE OF INCOME TAX RATES                88,779          280,722
                                             --------------  ----------------
DEFERRED TAX LIABILITY OF CONTINUING
  OPERATIONS                                 Ps.  (780,837)  Ps.  (1,078,858)
                                             ==============  ================


9.   EXTRAORDINARY ITEMS:

     NO  EXTRAORDINARY  ITEMS,  AS  DEFINED BY MEXICAN  GAAP  BULLETIN  A-7
"COMPARABILITY",  WERE  RECOGNIZED  IN INCOME FOR THE SIX MONTHS ENDED JUNE
30, 2004 AND 2003.

10.  DISCONTINUED OPERATIONS:

     NO  DISCONTINUED  OPERATIONS,  AS DEFINED BY MEXICAN GAAP BULLETIN A-7
"COMPARABILITY",  WERE  RECOGNIZED  IN INCOME FOR THE SIX MONTHS ENDED JUNE
30, 2004 AND 2003.

11.  CUMULATIVE EFFECT OF ACCOUNTING CHANGES:

     EFFECTIVE  APRIL 1, 2004,  THE GROUP ADOPTED THE GUIDELINES OF FIN 46,
"CONSOLIDATION OF VARIABLE INTEREST ENTITIES," AS PERMITTED BY MEXICAN GAAP
BULLETIN  A-8,  "SUPPLEMENTARY   APPLICATION  OF  INTERNATIONAL  ACCOUNTING
STANDARDS." FIN 46, WHICH BECAME EFFECTIVE IN 2004, ADDRESSES CONSOLIDATION
BY BUSINESS  ENTERPRISES OF VARIABLE INTEREST  ENTITIES,  OR "VIES".  UNDER
PREVIOUS  GUIDANCE,  A COMPANY  GENERALLY  INCLUDED  ANOTHER  ENTITY IN ITS
CONSOLIDATED  FINANCIAL STATEMENTS ONLY IF IT CONTROLLED THE ENTITY THROUGH
VOTING  INTERESTS.  FIN  46  REQUIRES  A  VARIABLE  INTEREST  ENTITY  TO BE
CONSOLIDATED  BY A COMPANY IF THAT COMPANY IS THE "PRIMARY  BENEFICIARY" OF
THE ENTITY. THE PRIMARY BENEFICIARY IS SUBJECT TO A MAJORITY OF THE RISK OF
LOSS FROM THE VIES ACTIVITIES,  OR IS ENTITLED TO RECEIVE A MAJORITY OF THE
VIES RESIDUAL RETURN,  OR BOTH. THE GROUP  IDENTIFIED  INNOVA AS A VARIABLE
INTEREST ENTITY, AND THE GROUP AS THE PRIMARY BENEFICIARY OF THE INVESTMENT
IN INNOVA,  UNDER THE SCOPE OF FIN 46, AND  THEREFORE,  BEGINNING  APRIL 1,
2004, THE GROUP BEGAN TO INCLUDE IN ITS CONSOLIDATED  FINANCIAL  STATEMENTS
THE  ASSETS,  LIABILITIES  AND  RESULTS OF  OPERATIONS  OF  INNOVA.  BEFORE
ADOPTING  FIN 46,  THE  GROUP  ACCOUNTED  FOR ITS  INVESTMENT  IN INNOVA BY
APPLYING THE EQUITY METHOD,  AND  RECOGNIZED  EQUITY IN LOSSES IN EXCESS OF
ITS  INVESTMENT  UP TO THE  AMOUNT OF THE  GUARANTEES  MADE BY THE GROUP IN
CONNECTION WITH CERTAIN CAPITAL LEASE OBLIGATIONS OF INNOVA.

     AS A RESULT OF THIS ACCOUNTING  CHANGE,  THE GROUP RECOGNIZED AT APRIL
1, 2004, A CONSOLIDATED CUMULATIVE LOSS EFFECT OF PS.991,953, NET OF INCOME
TAX IN THE AMOUNT OF PS.293,987,  IN ITS  CONSOLIDATED  STATEMENT OF INCOME
FOR THE THREE AND SIX  MONTHS  ENDED  JUNE 30,  2004,  IN  CONNECTION  WITH
INNOVA'S ACCUMULATED LOSSES NOT RECOGNIZED BY THE GROUP IN 2001, 2002, 2003
AND THE FIRST QUARTER OF 2004.

     NO CUMULATIVE EFFECT OF ACCOUNTING CHANGE WAS RECOGNIZED IN INCOME FOR
THE SIX MONTHS ENDED JUNE 30, 2003.

12.  QUARTERLY NET RESULTS (HISTORICAL AND RESTATED):

     THE QUARTERLY  NET RESULTS FOR THE FOUR QUARTERS  ENDED JUNE 30, 2004,
ARE AS FOLLOWS:




                         HISTORICAL NET RESULT (1)                            RESTATED NET RESULT
                      --------------------------------                  ---------------------------------
                                                        INDEX AT END
      QUARTER           ACCUMULATED        QUARTER        OF PERIOD      ACCUMULATED        QUARTER
--------------------  ----------------- --------------  --------------  ---------------  ---------------
                                                                          
3 / 03                 Ps.   2,217,022   Ps.   686,024        105.275    Ps.  2,289,929  Ps.   708,583
4 / 03                       3,596,603       1,343,339        106.996         3,655,123      1,365,195
1 / 04                         472,041         472,041        108.672           472,323        472,323
2 / 04                         933,883         461,560        108.737           933,883        461,560


(1)     AS REPORTED IN EACH QUARTER.



13.  INFORMATION BY SEGMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2004 AND 2003,
     WERE AS FOLLOWS:




                                       TOTAL        INTERSEGMENT    CONSOLIDATED      OPERATING
                                      REVENUES        REVENUES        REVENUES      INCOME (LOSS)
                                    -------------   --------------  --------------  ---------------
                                                                        
2004:
TELEVISION BROADCASTING             Ps.  7,186,502  Ps.    105,369       7,081,133        2,622,440
PROGRAMING FOR PAY TELEVISION              362,046          73,192         288,854          111,122
PROGRAMING LICENSING                       937,759         -               937,759          360,353
PUBLISHING                                 901,801             189         901,612          148,345
PUBLISHING DISTRIBUTION                    917,776           3,964         913,812         (16,243)
SKY MEXICO                               1,174,200           8,477       1,165,723          236,781
CABLE TELEVISION                           544,309           1,680         542,629           92,216
RADIO                                      120,514          23,837          96,677          (2,946)
OTHER BUSINESSES                           818,202          55,924         762,278         (93,279)
ELIMINATIONS AND CORPORATE
  EXPENSES                                (272,632)       (272,632)         -               (76,500)
                                    --------------  --------------  --------------  ---------------
CONSOLIDATED TOTAL                  Ps. 12,690,477  Ps.          -  Ps. 12,690,477  Ps.   3,382,289
                                    ==============  ==============  ==============  ===============

2003:
TELEVISION BROADCASTING             Ps.  6,952,947  Ps.     26,380  Ps.  6,926,567  Ps.   2,363,413
PROGRAMING FOR PAY TELEVISION              338,021          28,882         309,139           47,194
PROGRAMING LICENSING                       867,127         -               867,127          300,471
PUBLISHING                                 812,754             863         811,891          135,295
PUBLISHING DISTRIBUTION                    767,619           3,223         764,396          (3,615)
SKY MEXICO                               -               -               -               -
CABLE TELEVISION                           500,616           3,011         497,605           58,470
RADIO                                      123,001          23,959          99,042            1,419
OTHER BUSINESSES                           776,443          55,929         720,514        (161,249)
ELIMINATIONS AND CORPORATE
  EXPENSES                                (142,247)       (142,247)         -               (79,181)
                                    --------------  --------------  --------------  ---------------
CONSOLIDATED TOTAL                  Ps. 10,996,281  Ps.          -  Ps. 10,996,281  Ps.   2,662,217
                                    ==============  ==============  ==============  ===============



14.  REFINANCING:

     IN MAY 2004,  THE COMPANY  ENTERED INTO A LONG-TERM  CREDIT  AGREEMENT
WITH A  MEXICAN  BANK  IN THE  AGGREGATE  PRINCIPAL  AMOUNT  OF  PS.1,162.5
MILLION,   WHICH  MATURES  IN  2009.  THE  ANNUAL  INTEREST  RATE  OF  THIS
INDEBTEDNESS  EQUALS 9.70% AND IS PAYABLE ON A MONTHLY BASIS.  THE PROCEEDS
OF THIS LOAN  WERE USED BY THE  COMPANY  TO PREPAY  ALL OF THE  OUTSTANDING
AMOUNTS OF THE U.S.$100 MILLION SYNDICATED LONG-TERM LOAN, WHICH ORIGINALLY
MATURED IN 2005 AND 2006.

15.  DIVESTITURE OF MINORITY INTEREST INVESTMENT

     IN APRIL 2004,  THE COMPANY  SOLD ITS 30%  MINORITY  INTEREST IN GRUPO
EUROPRODUCCIONES,  S.A., A TELEVISION PROGRAMMING PRODUCER IN SPAIN, IN THE
AGGREGATE AMOUNT OF APPROXIMATELY 7,505 MILLION EUROS (PS.105,767) IN CASH.
AS A  RESULT  OF  THIS  DISPOSAL,  THE  COMPANY  RECOGNIZED  A NET  LOSS OF
APPROXIMATELY  8,030  MILLION  EUROS  (PS.113,159)  AS OTHER EXPENSE IN ITS
CONSOLIDATED STATEMENT OF INCOME FOR THE SIX MONTHS ENDED JUNE 30, 2004.

                             - - - - - - - - -






                           MEXICAN STOCK EXCHANGE


STOCK EXCHANGE CODE:  TLEVISA                                                 QUARTER:       2                 YEAR:   2004
GRUPO TELEVISA, S.A.
                       RELATION OF SHARES INVESTMENTS

                                                    ANNEX 3                                                         CONSOLIDATED
                                                                                                                  FINAL PRINTING
---------------------------------------------------------------------------------------------------------------------------------
                                                                                         %               TOTAL AMOUNT
                                                                                     OWNERSHIP        (THOUSANDS OF PESOS)
                                                                       NUMBER                    --------------------------------
                COMPANY NAME (1)                MAIN ACTIVITIES      OF SHARES          (2)       ACQUISITION       PRESENT
                                                                                                      COST          VALUE (3)
---------------------------------------------------------------------------------------------------------------------------------
                                                                                                        
SUBSIDIARIES
 1   CORPORATIVO VASCO DE QUIROGA,         PROMOTION AND                19,509,544        100.00       1,836,819       1,779,891
     S.A. DE C.V.                          DEVELOPMENT OF
                                           COMPANIES
 2   CVQ ESPECTACULOS, S.A. DE C.V.        PROMOTION AND                10,660,871        100.00       1,367,744         574,561
                                           DEVELOPMENT OF
                                           COMPANIES
 3   DTH EUROPA, S.A.                      PROMOTION AND                   465,711         79.95         264,460        (527,240)
                                           DEVELOPMENT OF
                                           COMPANIES
 4   EDITORA FACTUM, S.A. DE C.V.          PROMOTION AND               527,908,167        100.00       1,765,630       1,583,996
                                           DEVELOPMENT OF
                                           COMPANIES
 5   EDITORIAL TELEVISA, S.A. DE C.V.      PROMOTION AND                 1,037,498        100.00         823,582       1,583,085
                                           DEVELOPMENT OF
                                           COMPANIES
 6   FACTUM MAS, S.A. DE C.V.              PROMOTION AND             5,271,100,701        100.00       4,585,127        (385,886)
                                           DEVELOPMENT OF
                                           COMPANIES
 7   GRUPO DISTRIBUIDORAS INTERMEX,        DISTRIBUTION OF BOOKS       349,470,905        100.00         822,778         575,606
     S.A. DE C.V.                          AND MAGAZINES
 8   GRUPO RADIOPOLIS, S.A. DE C.V.        PROMOTION AND               418,881,301        100.00         342,274       8,155,256
                                           DEVELOPMENT OF
                                           COMPANIES
 9   PROMO-INDUSTRIAS                      PROMOTION AND                   515,523        100.00             102          60,928
     METROPOLITANAS, S.A. DE C.V.          DEVELOPMENT OF
                                           COMPANIES
 10  SISTEMA RADIOPOLIS, S.A. DE C.V.      COMMERCIALIZATION OF         76,070,313         50.00         764,739         200,744
                                           RADIO PROGRAMMING
 11  TELEPARABOLAS, S.L.                   MAINTENANCE OF                    1,500        100.00             750             809
                                           PARABOLIC DISHES
 12  TELESISTEMA MEXICANO, S.A. DE C.V.    COMMERCIALIZATION OF        160,721,725        100.00      11,901,180      20,697,633
                                           TELEVISION
 13  TELEVISA ARGENTINA, S.A.              COMMERCIAL OPERATION          6,920,920        100.00         115,371          45,781
                                           OF TELEVISION
 15  TELEVISION INDEPENDIENTE DE           PROMOTION AND                16,997,306         99.96       1,265,724       4,907,569
     MEXICO, S.A. DE C.V.                  DEVELOPMENT OF
                                           COMPANIES
 16  CAPITALIZED INTEGRAL COST OF                                                1                                       210,971
     FINANCING, 1994
 17  CAPITALIZED INTEGRAL COST OF                                                1                                       389,386
     FINANCING, 1995
 18  CAPITALIZED INTEGRAL COST OF                                                1                                        26,957
     FINANCING, 1996
 19  CAPITALIZED INTEGRAL COST OF                                                1                                        21,676
     FINANCING, 1998

---------------------------------------------------------------------------------------------------------------------------------

     TOTAL INVESTMENT IN SUBSIDIARIES                                                                 25,856,280      39,901,723

---------------------------------------------------------------------------------------------------------------------------------

ASSOCIATEDS
 1   ARGOS COMUNICACION, S.A. DE C.V.      OPERATION AND/OR             33,000,000         15.30         137,000          21,288
                                           BROADCASTING OF T.V.
 2   DIBUJOS ANIMADOS MEXICANOS            PRODUCTION OF                 1,735,560         49.00           4,384             747
     DIAMEX, S.A. DE C.V.                  ANIMATED CARTOONS
 3   DTH TECHCO PARTNERS                   SERVICES FOR SATELLITE                1         30.00         117,900         159,758
                                           PAY TELEVISION
 4   EDITORIAL CLIO, LIBROS Y VIDEOS,      PUBLISHING AND PRINTING       2,627,050         30.00          26,270          14,021
     S.A. DE C.V.                          OF BOOKS AND
                                           MAGAZINES.
 5   ENDEMOL MEXICO, S.A. DE C.V.          COMMERCIALIZATION OF          1,635,000         50.00           1,635          17,411
                                           TELEVISION
                                           PROGRAMMING
 6   EN VIVO ESPECTACULOS, S. DE R.L.      LIVE ENTERTAINMENT IN                 2        100.00              25          (4,466)
     DE C.V.                               MEXICO
 7   MAS FONDOS, S.A. DE C.V.              MUTUAL FUND DISTRIBUTION         87,659         46.00          87,659          58,881
                                           COMPANY
 8   OCESA ENTRETENIMIENTO, S.A. DE        LIVE ENTERTAINMENT IN        14,100,000         40.00       1,095,581         485,853
     C.V.                                  MEXICO
 9   SKY LATIN AMERICA PARTNERS            ADMINISTRATIVE SERV.                  1         30.00           1,974          11,117
                                           FOR THE DTH VENTURES
 10  TELEVISORA DEL YAQUI, S.A. DE C.V.    OPERATION AND/OR              4,124,986         15.00             412           6,563
                                           BROADCASTING OF T.V.
 11  TUTV, LLC                             COMMERCIALIZATION OF                  1         50.00          25,752          20,619
                                           TELEVISION PROGRAMMING
 12  UNIVISION COMMUNICATIONS, INC.        BROADCASTING OF T.V.         30,187,534          9.36       5,602,976       5,761,842
                                           SPANISH PROGRAMS

---------------------------------------------------------------------------------------------------------------------------------

     TOTAL INVESTMENT IN ASSOCIATEDS                                                                   7,101,568       6,553,634

---------------------------------------------------------------------------------------------------------------------------------

     OTHER PERMANENT INVESTMENTS                                                                                         324,813

---------------------------------------------------------------------------------------------------------------------------------

     TOTAL                                                                                                            46,780,170
---------------------------------------------------------------------------------------------------------------------------------






                           MEXICAN STOCK EXCHANGE


STOCK EXCHANGE CODE:  TLEVISA            ANNEX 5                QUARTER:       2                                      YEAR:   2004
GRUPO TELEVISA, S.A.
                             CREDIT BREAK DOWN
                            (Thousands of Pesos)



-----------------------------------------------------------------------------------------------------------------------------------
                                                                       Denominated                    Amortization of Credits in
                                                                                                      -----------------------------
                                                                         In Pesos                     Time Interval
                                                                     --------------------------------------------------------------
        Credit Type / Institution        Amortization      Rate of       Until 1         More Than      Current        Until 1
                                             Date         Interest         Year           1 Year          Year           Year
-----------------------------------------------------------------------------------------------------------------------------------
BANKS
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                     
OTHER FINANCIAL ENTITIES
BANAMEX, S.A.                             5/21/2009             9.70                        1,162,460
BANAMEX, S.A.                              5/1/2008             8.93           40,000         720,000
BANCA SERFIN, S.A.                        5/15/2006             8.07           64,000          64,000
BNP PARIBAS                               1/20/2009             2.29
BANAMEX, S.A.                             7/24/2004             7.69           38,156
BANK OF AMERICA                           3/31/2010             2.61
SUNTRUST BANK MIAMI, NATIONAL              4/1/2008             4.53
BANCO DE BILBAO VIZCAYA, S.A.             1/30/2006             5.86
LEASING DE COLOMBIA                       9/23/2006            13.14
LEASING DE OCCIDENTE                      3/19/2005            13.87
LEASING DE OCCIDENTE                      4/29/2007            17.62
SANTANDER CENTRAL HISPANO LEASING, S.A.   1/24/2006            14.74
LEASING DEL VALLE                         1/14/2005            14.40
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL BANKS                                                                   142,156       1,946,460            -                -
-----------------------------------------------------------------------------------------------------------------------------------
STOCK EXCHANGE
PRIVATE PLACEMENTS
-----------------------------------------------------------------------------------------------------------------------------------
UNSECURED DEBT
----------------------------------------
HOLDERS                                        5/13/2006       12.49
HOLDERS                                         8/8/2005        9.07
HOLDERS                                        9/13/2011        8.41
HOLDERS                                        3/11/2032        8.94
HOLDERS                                         4/1/2007       13.54
HOLDERS                                        9/19/2013        9.86
UDI DENOMINATED-NOTES                          4/13/2007        8.15                        3,705,056
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL STOCK EXCHANGE                                                                -       3,705,056            -                -
-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
SUPPLIERS
-----------------------------------------------------------------------------------------------------------------------------------
VARIOUS                                                                       666,778                                     1,157,450
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL SUPPLIERS                                                               666,778               -            -        1,157,450
-----------------------------------------------------------------------------------------------------------------------------------





-----------------------------------------------------------------------------------------------------------------------------------
OTHER CURRENT LIABILITIES
AND OTHER CREDITS
-----------------------------------------------------------------------------------------------------------------------------------
VARIOUS                                                                     1,191,683          58,382                       730,094
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL OTHER CURRENT LIABILITIES
AND OTHER CREDITS                                                           1,191,683          58,382                       730,094
-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
                                                                            2,000,617       5,709,898            -        1,887,544
-----------------------------------------------------------------------------------------------------------------------------------



NOTES
   THE  BANCO NACIONAL  DE  MEXICO  LOAN   WAS   REFINACED  IN  JULY 2000,  AND
    THE MATURITY OF SUCH LOAN AND  INTEREST  PAYABLE WERE  CHANGED AS  RE-
     FLECTED IN THIS SCHEDULE.

     THE EXCHANGE RATES FOR THE CREDITS DENOMINATED IN FOREIGN CURRENCY
     WERE AS FOLLOWS    :

                               $           11.5370    PESOS PER U.S. DOLLAR
                                            0.0042    PESOS PER COLOMBIAN PESO
                                           14.0926    PESOS PER EURO



[TABLE CONT'D]


---------------------------------------------------------------------------------------------------------------------------------
 Foreign Currency With National Entities (Thousands of $)      Amortization of Credits in Foreign Currency With Foreign Entities
---------------------------------------------------------------------------------------------------------------------------------
                                                       Time Interval
---------------------------------------------------------------------------------------------------------------------------------
   Until 2       Until 3      Until 4       Until 5       Current      Until 1        Until 2         Until 3         Until 4
     Year         Year          Year         Year          Year          Year          Year             Year           Year
---------------------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------------------
                                                                                              



                                                               5,355        5,354          10,708           10,708         7,321

                                                                 289          289             578              578           578
                                                                 216        4,615           4,615            4,615         4,398
                                                               2,072        1,355           1,295
                                                                 255          222             417               81
                                                                 289          289
                                                                  86           85             172              142
                                                                  12           11              65
                                                                   8            7
---------------------------------------------------------------------------------------------------------------------------------
            -             -            -             -         8,582       12,227          17,850           16,124        12,297
---------------------------------------------------------------------------------------------------------------------------------


---------------------------------------------------------------------------------------------------------------------------------


                                                                                           61,642
                                                                                        2,307,400


                                                                                                         1,015,256


---------------------------------------------------------------------------------------------------------------------------------
            -             -            -             -             -            -       2,369,042        1,015,256             0
---------------------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------------------
            -             -            -             -             -      359,966               -                -             -
---------------------------------------------------------------------------------------------------------------------------------




---------------------------------------------------------------------------------------------------------------------------------


---------------------------------------------------------------------------------------------------------------------------------
      519,956                                                 33,578      119,580         170,980           86,917        97,455
---------------------------------------------------------------------------------------------------------------------------------

      519,956                                                 33,578      119,580         170,980           86,917        97,455
---------------------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------------------
      519,956             -            -             -        42,160      491,773       2,557,872        1,118,297       109,752
---------------------------------------------------------------------------------------------------------------------------------





[TABLE CONT'D]


           CONSOLIDATED
         FINAL PRINTING
-----------------------
(Thousands of $)
-----------------------

-----------------------
        Until 5
          Year
-----------------------

-----------------------
           


           4,105

          29,987







-----------------------
          34,092
-----------------------


------------------------




       3,461,100
       3,461,100

       3,461,100

------------------------
      10,383,300
------------------------

------------------------

------------------------

------------------------
               -
------------------------




------------------------


------------------------
       1,146,474
------------------------

       1,146,474
------------------------

------------------------
      11,563,866
------------------------







                           MEXICAN STOCK EXCHANGE


STOCK EXCHANGE CODE:  TLEVISA                                             QUARTER:       2                        YEAR:   2004
GRUPO TELEVISA, S.A.
                     MONETARY FOREIGN CURRENCY POSITION
                            (Thousands of Pesos)

                                            ANNEX 6                                                               CONSOLIDATED
                                                                                                                Final Printing
-------------------------------------------------------------------------------------------------------------------------------
                                                  DOLLARS (1)                      OTHER CURRENCIES
                                        ---------------------------------------------------------------------      TOTAL
             TRADE BALANCE                 THOUSANDS        THOUSANDS         THOUSANDS        THOUSANDS         THOUSANDS
                                           OF DOLLARS        OF PESOS        OF DOLLARS         OF PESOS         OF PESOS
----------------------------------------------------------------------------------------------------------------------------

                                                                                                   
TOTAL ASSETS                                  628,316        7,248,882            37,755          435,579         7,684,461
LIABILITIES POSITION                        1,564,889       18,054,124            25,347          292,428        18,346,552
SHORT-TERM LIABILITIES POSITION               190,700        2,200,106            23,984          276,703         2,476,809

LONG-TERM LIABILITIES POSITION              1,374,189       15,854,018             1,363           15,725        15,869,743

----------------------------------------------------------------------------------------------------------------------------
NET BALANCE                                  (936,573)     (10,805,242)           12,408          143,151       (10,662,091)
----------------------------------------------------------------------------------------------------------------------------


NOTES

THE EXCHANGE RATES USED FOR TRANSLATION WERE AS FOLLOWS :

            $   11.5370  PESOS PER U.S. DOLLAR
                14.0926  PESOS PER EURO
                 3.8976  PESOS PER ARGENTINEAN PESO
                 0.0179  PESOS PER CHILEAN PESO
                 0.0042  PESOS PER COLOMBIAN PESO
                 3.3219  PESOS PER PERUVIAN NUEVO SOL
                20.9851  PESOS PER POUNDS STERLING
                11.5370  PESOS PER ECUADORIAN SUCRE

THIS INFORMATION IS REPRESENTED ON A CONSOLIDATED BASIS AND INCLUDES,
ACCORDINGLY, INFORMATION OF FOREIGN SUBSIDIARIES.




                           MEXICAN STOCK EXCHANGE


STOCK EXCHANGE CODE:  TLEVISA                                                         QUARTER:       2          YEAR:   2004
GRUPO TELEVISA, S.A.
                           INTEGRATION AND INCOME
                    CALCULATION BY MONETARY POSITION (1)
                            (Thousands of Pesos)

                               ANNEX 7                                                                          CONSOLIDATED
                                                                                                              FINAL PRINTING
-----------------------------------------------------------------------------------------------------------------------------
                                                                 (ASSET) LIABILITIES                           MONTHLY
          MONTH                MONETARY           MONETARY            MONETARY             MONTHLY             PROFIT
                                ASSETS          LIABILITIES           POSITION            INFLATION          AND (LOSS)
-----------------------------------------------------------------------------------------------------------------------------

                                                                                                      
JANUARY                           28,435,606         22,176,571            (6,259,035)              0.01             (38,900)

FEBRUARY                          27,713,141         20,084,504            (7,628,637)              0.01             (45,627)

MARCH                             26,256,111         21,431,109            (4,825,002)              0.00             (16,347)

APRIL                             28,415,500         34,291,191             5,875,691               0.00               8,866

MAY                               28,545,301         37,295,647             8,750,346               0.00             (21,946)

JUNE                              22,597,252         32,956,030            10,358,778               0.00              15,549

ACTUALIZATION:                                                                      -                                   (612)

CAPITALIZATION:                                                                     -                                      -

FOREIGN CORP.:                                                                      -                                 24,034

OTHER                                                                               -                                (58,738)

-----------------------------------------------------------------------------------------------------------------------------
TOTAL                                                                                                               (133,721)
-----------------------------------------------------------------------------------------------------------------------------
NOTES

     THE AMOUNT REFLECTED IN "OTHER" INCLUDES A LOSS FROM MONETARY
     POSITION DERIVED FROM DEFERRED TAXES,  WHICH WAS CLASSIFIED IN
     THE  DEFERRED  INCOME   TAX   PROVISION  IN  ACCORDANCE  WITH THE
     GUIDELINES PROVIDED BY BULLETIN D-4 FOR DEFERRED TAXES.





                           MEXICAN STOCK EXCHANGE
                                SIFIC / ICS

STOCK EXCHANGE CODE:  TLEVISA                         QUARTER:  2 YEAR:   2004
GRUPO TELEVISA, S.A.
      CONVENANTS ON BONDS AND MEDIUM TERM NOTES LISTED IN STOCK MARKET

                            ANNEX 8                               CONSOLIDATED
                                                                Final Printing
-------------------------------------------------------------------------------
            FINANCIAL LIMITED BASED IN ISSUED DEED AND/OR TITLE

-------------------------------------------------------------------------------

     THE AGREEMENTS OF THE U.S.$200 MILLION, U.S.$300 MILLION AND U.S.$300
     MILLION SENIOR NOTES ISSUED BY GRUPO TELEVISA, S.A. WITH MATURITY IN
     2005, 2011 AND 2032, RESPECTIVELY, CONTAIN CERTAIN COVENANTS THAT
     LIMIT THE ABILITY OF THE COMPANY AND ITS SUBSIDIARIES ENGAGED IN
     TELEVISION OPERATIONS TO INCUR OR ASSUME LIENS, PERFORM SALE AND
     LEASEBACK TRANSACTIONS, AND CONSUMMATE CERTAIN MERGERS, CONSOLIDATIONS
     OR SIMILAR TRANSACTIONS.

     THE AGREEMENTS OF THE U.S.$88 MILLION SENIOR NOTES AND THE U.S.$300
     MILLION SENIOR NOTES ISSUED BY INNOVA, S. DE R.L. DE C.V. ("INNOVA")
     WITH MATURITY IN 2007 AND 2013, RESPECTIVELY, CONTAIN CERTAIN
     COVENANTS THAT LIMIT THE ABILITY OF INNOVA AND ITS RESTRICTED
     SUBSIDIARIES WITH RESPECT TO INDEBTEDNESS, LIENS, SALES AND
     LEASEBACKS, RESTRICTED PAYMENTS, ASSET SALES, AND CERTAIN MERGERS,
     CONSOLIDATIONS AND SIMILAR TRANSACTIONS.


-------------------------------------------------------------------------------
                   ACTUAL SITUATION OF FINANCIAL LIMITED

-------------------------------------------------------------------------------

     AT JUNE 30, 2004, THE GROUP WAS IN COMPLIANCE WITH THE FINANCIAL
     RESTRICTIONS OF THE CONTRACTS RELATED TO THE LONG-TERM SENIOR NOTES
     DESCRIBED ABOVE.




                --------------------------------------------
                       C.P. JORGE LUTTEROTH ECHEGOYEN
                         CONTROLLER, VICE-PRESIDENT




                         MEXICO, D.F. JULY 26, 2004




                           MEXICAN STOCK EXCHANGE


STOCK EXCHANGE CODE:  TLEVISA                                                    QUARTER:       2              YEAR:   2004
GRUPO TELEVISA, S.A.

              PLANTS, COMMERCE CENTERS OR DISTRIBUTION CENTERS

                                                            ANNEX 9                                            CONSOLIDATED
                                                                                                             FINAL PRINTING
----------------------------------------------------------------------------------------------------------------------------

            PLANT OR CENTER                         ECONOMIC ACTIVITY                     PLANT                UTILIZATION
                                                                                       CAPACITY (1)                (%)
----------------------------------------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------------------------------------
                                                                                                                
 TELEVISION:                                                                                      0                       0
CORPORATIVO SANTA FE                     HEADQUARTERS                                             0                       0
TELEVISA SAN ANGEL                       PRODUCTION AND BROADCASTING PROGRAMMING.                 0                       0
TELEVISA CHAPULTEPEC                     PRODUCTION AND BROADCASTING PROGRAMMING.                 0                       0
REAL ESTATE                              LAND AND UNOCCUPIED, BUILDING,                           0                       0
                                         PARKING LOTS, ADMINISTRATIVE                             0                       0
                                         OFFICES, RADIO ANTENNAS,                                 0                       0
                                         TELEVISION STATIONS FACILITIES.                          0                       0
TRANSMISSION STATIONS                    BROADCASTER STATIONS.                                    0                       0
PUBLISHING:                                                                                       0                       0
EDITORIALS                               ADMINISTRATION, SALES, PRODUCTION,                       0                       0
                                         STORAGE AND DISTRIBUTION OF                              0                       0
                                         MAGAZINES AND NEWSPAPERS.                                0                       0
AUDIO:                                                                                            0                       0
SISTEMA RADIOPOLIS, S.A. DE C            BROADCASTER STATIONS.                                    0                       0
CABLE TELEVISION:                                                                                 0                       0
CABLEVISION, S.A. DE C.V.                CABLE TELEVISION, SIGNAL CONDUCTION                      0                       0
                                         AND TRANSMISSION EQUIPMENT.                              0                       0
OTHER BUSINESSES:                                                                                 0                       0
IMPULSORA DEL DEPORTIVO                  SOCCER, SOCCER TEAMS, TRAINING                           0                       0
NECAXA, S.A. DE C.V. AND CLUB            FACILITIES, ADMINISTRATIVE OFFICES AND                   0                       0
DE FUTBOL AMERICA, S.A. DE C.            THE AZTECA STADIUM.                                      0                       0
COMUNICACIONES MTEL, S.A. DE             NATIONWIDE PAGING.                                       0                       0
                                                                                                  0                       0
                                                                                                  0                       0
                                                                                                  0                       0





----------------------------------------------------------------------------------------------------------------------------
NOTES






                           MEXICAN STOCK EXCHANGE


STOCK EXCHANGE CODE:  TLEVISA                                                        QUARTER:       2                 YEAR:   2004
GRUPO TELEVISA, S.A.

                             MAIN RAW MATERIALS

                                                               ANNEX 10                                               CONSOLIDATED
                                                                                                                     FINAL PRINTING
-----------------------------------------------------------------------------------------------------------------------------------
                                        MAIN                                            MAIN            DOM.           COST
          DOMESTIC                   SUPPLIERS                 FOREIGN               SUPPLIERS         SUBST.       PRODUCTION
                                                                                                                       (%)
-----------------------------------------------------------------------------------------------------------------------------------

                                                                                                     
PROGRAMS AND FILMS           ANIME CREATIVE
                             CORPORATION                                                                                      0.13
                             CIMA FILMS, S.A.
                             DE C.V.                                                                                          0.09
                             CINEMATOGRAFICA
                             CALDERON, S.A.                                                                                   0.11
                             CINEMATOGRAFICA
                             RODRIGUEZ, S.A.                                                                                  0.21
                             COMAREX, S.A.
                             DE C.V.                                                                                          0.10
                             CHURUBUSCO, S.A.                                                                                 0.11
                             DIANA INTERNACIO
                             NAL  FILMS, S.A.                                                                                 0.13
                             DISTRIBUIDORA RO
                             MARI, S.A. DE C.V.                                                                               1.57
                             GUIAS, S.A. DE C.V.                                                                              0.43
                             GUSSI, S.A. DE C.V.                                                                              3.81
                             NUVISION, S.A.                                                                                   0.57
                             ORO FILMS,
                             S.A. DE C.V.                                                                                     0.29
                             PELICULAS  RODRI
                             GUEZ, S.A.                                                                                       0.72
                             PELICULAS Y VI
                             DEOS INTERNACIO
                             NALES, S.A.                                                                                      0.11
                             PRODUCCIONES
                             AGUILA,S.A.                                                                                      0.27
                             PRODUCCIONES
                             GONZALO ELVIRA                                                                                   0.18
                             QUALITY FILMS, S.A.                                                                              0.03
                             SECINE, S.A. DE C.V.                                                                             0.17
                             TELE ALIANZA,
                             S.A. DE C.V.                                                                                     0.07
                             OTHER                                                                                            0.34

                                                        PROGRAMS AND FILMS     4KIDS ENTERTAIN-
                                                                               MENT                      NO                   0.22
                                                                               ABC DISTRIBUTION
                                                                               COMPANY                   NO                   0.59
                                                                               ALFRED HABER
                                                                               DISTRIBUTION, INC.        NO                   0.48
                                                                               ALLIANCE
                                                                               INTERNATIONAL             NO                   1.09
                                                                               AMERICA PRO-
                                                                               DUCCIONES, S.A.           NO                   3.44
                                                                               BETAFILM GMBH
                                                                               & CO.                     NO                   0.60
                                                                               BEVERLY HILLS
                                                                               ENTERTAINMENT             NO                   0.33
                                                                               BKN INTERNA-
                                                                               CIONAL,INC.               NO                   0.24
                                                                               BUENAVISTA
                                                                               INTERNATIONAL
                                                                               INC.                      NO                   0.27
                                                                               CANAL + DA                NO                   0.18
                                                                               CARSEY WERNER
                                                                               DISTRIBUTION,INC.         NO                   0.25
                                                                               CBS BROADCAST
                                                                               INTERNATIONAL             NO                   2.41
                                                                               CDC UNITED
                                                                               NETWORK                   NO                   0.08
                                                                               CINAR FILMS, INC.         NO                   0.11
                                                                               CONSTELLATION
                                                                               PICTURES, INC.            NO                   2.16
                                                                               CROWN MEDIA
                                                                               DISTRIBUTION              NO                   0.10
                                                                               DREAMWORKS                NO                   1.27
                                                                               EVERGREEN ENTER
                                                                               TAINMENT GLOBAL           NO                   0.17
                                                                               FIREWORKS INTER-
                                                                               NATIONAL                  NO                   0.42
                                                                               FREMANTLE INTER-
                                                                               NATIONAL DISTRI-
                                                                               BUTION, LTD.              NO                   0.26
                                                                               GLOBAL PROGRA
                                                                               MMING NETWORK             NO                   0.41
                                                                               GMD GLOBAL
                                                                               MEDIA DISTRIBU-
                                                                               TIONS                     NO                   0.12
                                                                               HARMONY GOLD
                                                                               USA, INC.                 NO                   0.22
                                                                               HEARTS ENTER
                                                                               TAINMENT, INC.            NO                   0.65
                                                                               HIT ENTERTAIN-
                                                                               MENT PLC.                 NO                   0.17
                                                                               INDEPENDENT
                                                                               INTERNATIONAL
                                                                               T.V. INC.                 NO                   2.48
                                                                               ITSY BITSY
                                                                               ENTERTAINMENT             NO                   0.58
                                                                               KUSHNER-LOCKE
                                                                               INTERNATIONAL             NO                   0.51
                                                                               MATTEL  EURO
                                                                               PA, BV.                   NO                   0.14
                                                                               MGM/UA TELECOM
                                                                               MUNICATIONS, INC.         NO                   3.06
                                                                               MORGAN CREEK
                                                                               INTERNATIONAL             NO                   0.20
                                                                               MOVIEMEX INTER-
                                                                               NATIONAL, INC.            NO                   0.03
                                                                               MTV NETWORKS A
                                                                               DIVISION OF VIACOM
                                                                               INT.                      NO                   1.14
                                                                               MULTIMEDIA GROUP
                                                                               OF CANADA                 NO                   0.39
                                                                               NBC INTERNATIONAL         NO                   0.10
                                                                               NELVANA INTER-
                                                                               NATIONAL                  NO                   0.33
                                                                               NEW LATIN IMAGE
                                                                               CORPORATION               NO                   0.05
                                                                               NGTV INTERNATIO-
                                                                               NAL, LTD.                 NO                   0.07
                                                                               PARAMOUNT
                                                                               PICTURES , CORP.          NO                   4.64
                                                                               POKEMON USA,
                                                                               INC.                      NO                   0.20
                                                                               PROTELE, INC.             NO                   4.29
                                                                               RCN TELEVISION,
                                                                               S.A.                      NO                   0.61
                                                                               REPRESENTA-
                                                                               CIONES DE TELE-
                                                                               VISION                    NO                   0.18
                                                                               ROSE ENTERTAIN-
                                                                               MENT, INC.                NO                   0.75
                                                                               RYSHER ENTER-
                                                                               TAINMENT, INC.            NO                   0.39
                                                                               SALSA
                                                                               DISTRIBUTION              NO                   0.16
                                                                               SALSA ENTER
                                                                               TAINMENT,INC.             NO                   1.07
                                                                               SONY CORPORA-
                                                                               TION OF AMERICA           NO                   7.55
                                                                               STUDIO CANAL
                                                                               IMAGE                     NO                   0.31
                                                                               TELEVISION FILM
                                                                               DISTRIBUTION              NO                   0.77
                                                                               TEPUY INTER
                                                                               NATIONAL, INC.            NO                   0.38
                                                                               TOEI ANIMATION
                                                                               CO., LTD                  NO                   0.85
                                                                               TOP ENTERTAINMENT
                                                                               PRODUCTS, INC.            NO                   0.11
                                                                               TWENTIETH CEN-
                                                                               TURY FOX, INC.            NO                   6.33
                                                                               UNIVERSAL STUDIOS
                                                                               INTERNATIONAL, B.V.       NO                  14.14
                                                                               VENTURA FILM
                                                                               DISTRIBUTORS BV           NO                   1.01
                                                                               WARNER BROS.
                                                                               INTERNATIONAL
                                                                               TELEVISION                NO                  13.74
                                                                               WHILAND COMPANY           NO                   4.77
                                                                               WORDLDIVISION
                                                                               ENTERPRISES, INC.         NO                   4.08
                                                                               XYSTUS, LLC.              NO                   0.34
                                                                               ZACH MOTION
                                                                               PICTURES,INC.             NO                   0.09
                                                                               OTHER                                          0.98
COAXIAL CABLE RG             NACIONAL DE
                             CONDUCTORES,
                             S.A. DE C.V.                                                                                     0.04
SINGLE  TELEGRIP             CORPODISENO DE
                             HERRAJES, S.A.                                                                                   0.01
IDENTIFICATION PLAQUE        RIVANDI, S.A. DE C.V.                                                                            0.10

                                                        COAXIAL CABLE RG
                                                        MAYA 60                MOTOROLA, INC.                                21.97
                                                        HILTI  BOLT            HILTI  MEXICANA,
                                                                               S.A. DE C.V.              NO                   0.05
                                                        SWITCH                 CABLENETWORK
                                                                               MEXICO                    NO                   0.02
                                                        SWITCH                 DISTRIBUIDORA Y
                                                                               COMERCIALIZADORA          YES                  0.24
                                                        TWO OUTLET DEVICE AC 20TVC CORPORATION           YES                  0.05
                                                        DECODIFICADOR          MOTOROLA,INC.             NO                  46.93
COUCHE PAPER                 PAPELERA MOHGA
                             BBA, S.A.                                                                                        0.40
                             SUMINISTROS Y
                             SERVICIOS BROM                                                                                   0.72
                             PRESENTACIONES
                             MREAL                                                                                            0.03
                             PRODUCTORA
                             COMERCIALIZA
                             DORA Y EDITORA                                                                                   0.91
                                                        COUCHE PAPER           BOWARWE,
                                                                               INC.                      YES                  0.27
                                                                               STORAM ENSON              YES                 11.76
                                                                               UPM KYMMENE SEAS          YES                  7.40
                                                                               BULKLEY DUNKE             YES                  1.46
                                                                               M REAL                    YES                  1.26
                                                                               MYLLLIKOSKI
                                                                               PAPEL                     YES                  3.87
                                                                               TEMBEC,INC.               YES                  0.46
                                                                               BULKLEY DUNTON            YES                 14.42
                                                                               FINNIPAP                  YES                  8.02
                                                                               WEB SOURCE                YES                  0.35
                                                                               BOWATER,INC.              YES                  0.82
                                                                               NORKE CANADA              YES                  0.60
PAPER AND IMPRESSION         PRODUCTORA CO
                             MERCIALIZADORA Y
                             EDITORES DE LI
                             BROS , S.A. DE C.V.                                                                             12.26
                             OFFSET
                             MULTICOLOR                                                                                      15.24
                             IMPRESOS MOINO                                                                                   1.04
                             PROCESOS IND
                             DE PAPEL, S.A.                                                                                   2.02
                             GRAFICAS LA
                             PRENSA, SA DE CV                                                                                 0.19
                             LABORATORIO LITO
                             COLOR, S.A.                                                                                      0.04
                             SERVICIOS PROFE
                             SIONALES, S.A.                                                                                   0.14
                                                        PAPER AND IMPRESSION   QUEBECOR
                                                                               CHILE, S.A.               YES                  2.65
                                                                               QUEBECOR
                                                                               WORLD, INC.               YES                  0.10
                                                                               GRUPO OP GRAFICAS
                                                                               S.A.                      YES                  0.30
                                                                               PRINTER COLOMBIA          YES
                                                                               NA, S.A.                  YES                  0.63
                                                                               ST. IVES, INC.            YES                  7.40
                                                                               BEST LITHO                YES                  0.39
                                                                               EDITORES, S.A.                                 0.14
                                                                               RR DONELLY                                     2.61
                                                                               QUAD GRAPHICS             YES                  2.05

-----------------------------------------------------------------------------------------------------------------------------------






                           MEXICAN STOCK EXCHANGE

STOCK EXCHANGE CODE:  TLEVISA
GRUPO TELEVISA, S.A.
                       SALES DISTRIBUTION BY PRODUCT
                                  ANNEX 11
                               DOMESTIC SALES



----------------------------------------------------------------------------------------------------------------------------------
                                          TOTAL PRODUCTION      NET SALES                     MARKET                MAIN
                                     ------------------------------------------------------            ---------------------------
              MAIN PRODUCTS             VOLUME        AMOUNT      VOLUME        AMOUNT         SHARE             TRADEMARKS
                                                                                                (%)
----------------------------------------------------------------------------------------------------------------------------------

                                                                                               
INTERSEGMENT ELIMINATIONS                                                         (268,968)
TELEVISION:
PROGRAMMING HALF HOURS PRODUCED
(DOMESTIC)                                      54
ADVERTISED TIME SOLD (HALF HOURS)                                          3     6,841,063














OTHER INCOME                                                                        56,954
PROGRAMMING FOR PAY TELEVISION:
SALE OF SIGNALS                                                                    268,203
ADVERTISED TIME SOLD                                                                42,130
PUBLISHING:
MAGAZINE CIRCULATION                        60,531       526,436      27,127       332,072             TV Y NOVELAS MAGAZINE,
                                                                                                       TELEGUIA MAGAZINE,
                                                                                                       VANIDADES MAGAZINE
                                                                                                       COSMOPOLITAN MAGAZINE
                                                                                                       BIOGRAPHICAL BOOKS
                                                                                                       SOCCERMANIA MAGAZINE
                                                                                                       TU MAGAZINE
                                                                                                       MEN'S HEALTH MAGAZINE
                                                                                                       CARAS MAGAZINE
                                                                                                       MUY INTERESANTE MAGAZINE
PUBLISHING                                                                         243,915
PUBLISHING DISTRIBUTION:                                               7,579       225,669              MAGAZINE:
                                                                                                       "MAESTRA PREESCOLAR"
                                                                                                       "EL EGIPTO DE LOS FARAONES"
                                                                                                       "FABULA DISNEY"
                                                                                                       "REVISTA DEL CONSUMIDOR"
                                                                                                       "MAESTRA DE PRIMARIA"
SKY MEXICO:
DTH BROADCAST SATELLITE
PAY TELEVISION                                                                   1,102,218             SKY
PAY PER VIEW                                                                        59,078
CHANNEL COMMERCIALIZATION                                                           12,904
CABLE TELEVISION:
ANALOGIC AND DIGITAL SERVICE                                                       513,191
SERVICE INSTALLATION                                                                13,865
PAY PER VIEW                                                                           916
CHANNEL COMMERCIALIZATION                                                           10,219
OTHER                                                                                6,118








RADIO:
ADVERTISED TIME SOLD                                                               120,514









OTHER BUSINESSES:
DISTRIBUTION, RENTALS, AND SALE
OF MOVIE RIGHTS                                                                    394,984





SPECIAL EVENTS AND SHOW PROMOTION                                                  282,641             AMERICA
                                                                                                       NECAXA
                                                                                                       REAL SAN LUIS
NATIONWIDE PAGING SERVICE                                                           88,818             SKYTEL











INTERNET SERVICES                                                                   37,856             ESMAS.COM




----------------------------------------------------------------------------------------------------------------------------------
TOTAL                                                    526,436                10,384,360
----------------------------------------------------------------------------------------------------------------------------------





[TABLE CONT'D]


                QUARTER:   2                   YEAR:   2004





                                               CONSOLIDATED
                                             FINAL PRINTING
-----------------------------------------------------------

-----------------------------------------------------------
                           CUSTOMERS

-----------------------------------------------------------
                                          

     PROCTER & GAMBLE DE MEXICO, S.A. DE C.V.



     PROCTER & GAMBLE DE MEXICO, S.A. DE C.V.
     THE COCA-COLA EXPORT COMPANY.
     UNILEVER DE MEXICO, S.A. DE C.V.
     SABRITAS, S. DE R.L. DE C.V.
     BIMBO, S.A. DE C.V.
     PEPSI COLA MEXICANA, S.A. DE C.V.
     CERVECERIA MODELO, S.A. DE C.V.
     TELEFONOS DE MEXICO, S.A. DE C.V.
     DANONE DE MEXICO, S.A. DE C.V.
     NESTLE MEXICO, S.A. DE C.V.
     KIMBERLY CLARK DE MEXICO, S.A. DE C.V.
     PRODUCCIONES INFOVISION, S.A. DE C.V.
     KELLOGG COMPANY MEXICO, S. DE R.L. DE C.V.
     GENERAL MOTORS DE MEXICO, S. DE R.L. DE C.V.
     FRABEL, S.A. DE C.V.





     GENERAL PUBLIC (AUDIENCE)
     DEALERS
     COMMERCIAL CENTERS (MALLS)







     VARIOUS








     GENERAL PUBLIC



     GENERAL PUBLIC
     OPERADORA MEGACABLE, S.A. DE C.V.
     CERVECERIA MODELO, S.A. DE C.V.
     GRUPO WARNER LAMBERT MEXICO, S. DE R.L. DE C.V.
     TELEFONOS DE MEXICO, S.A. DE C.V.
     DAIMLERCHRYSLER DE MEXICO, S.A. DE C.V.
     FORD MOTOR COMPANY, S.A. DE C.V.
     BRISTOL MYERS SQUIBB DE MEXICO, S. DE R.L. DE C.V.
     KIMBERLY CLARK DE MEXICO, S.A. DE C.V.
     BANCO NACIONAL DE MEXICO, S.A.
     ARENA COMMUNICATIONS, S.A. DE C.V.
     BAYER DE MEXICO, S.A. DE C.V.
     SONY DE MEXICO, S.A. DE C.V.

     CERVECERIA MODELO, S.A. DE C.V.
     ARENA COMMUNICATIONS, S.A. DE C.V.
     VENTAS Y SERVICIOS AL CONSUMIDOR, S.A. DE C.V.
     PEGASO PCS, S.A. DE C.V.
     GIGANTE, S.A. DE C.V.
     NEXTEL DE MEXICO, S.A. DE C.V.
     COMERCIAL MEXICANA
     GENERAL MOTORS DE MEXICO, S. DE R.L. DE C.V.
     ALESTRA, S. DE R.L. DE C.V.
     DISTRIBUIDORA KROMA, S.A. DE C.V.


     CINEMAS DE LA REPUBLICA, S.A. DE C.V.
     CINEMEX, S.A. DE C.V.
     CINEMARK DE MEXICO, S.A. DE C.V.
     CINEPOLIS DEL PAIS, S.A. DE C.V.
     MULTIMEDIOS CINEMAS, S.A. DE C.V.
     GENERAL PUBLIC (AUDIENCE)
     GENERAL PUBLIC (AUDIENCE)
     FEDERACION MEXICANA DE FUTBOL, A.C.

     FERROCARRIL MEXICANO, S.A. DE C.V.
     BANCO NACIONAL DE MEXICO, S.A.
     HEWLETT PACKARD DE MEXICO, S. DE R.L. DE C.V.
     COMISION FEDERAL DE ELECTRICIDAD
     EDS DE MEXICO, S.A. DE C.V.
     AVANTEL, S.A.
     FERROSUR, S.A. DE C.V.
     SECRETARIA DE GOBERNACION
     SCHERING PLOUGH, S.A. DE C.V.
     BBVA BANCOMER, S.A.
     GRUPO NACIONAL PROVINCIAL, S.A.
     I.B.M. DE MEXICO, S.A.
     MEDIA CONTACTS, S.A. DE C.V.
     TELEFONOS DE MEXICO, S.A. DE C.V.
     MOTOROLA DE MEXICO, S.A.
     NESTLE MEXICO, S.A. DE C.V.

-----------------------------------------------------------

-----------------------------------------------------------






                           MEXICAN STOCK EXCHANGE


STOCK EXCHANGE CODE:  TLEVISA
GRUPO TELEVISA, S.A.
                       SALES DISTRIBUTION BY PRODUCT

                                  ANNEX 11A
                               FOREIGN SALES



------------------------------------------------------------------------------------------------------------------------------------
                          TOTAL PRODUCTION                            NET SALES
                 ---------------------------------------------------------------------------------
 MAIN PRODUCTS                 VOLUME                   AMOUNT         VOLUME          AMOUNT                  DESTINATION
------------------------------------------------------------------------------------------------------------------------------------

                                                                                                
INTERSEGMENT ELIMINATIONS                                                                  (3,664)
TELEVISION BROADCASTING:
ADVERTISING TIME SOLD                                                                     232,085 UNITED STATES OF AMERICA





OTHER INCOME                                                                               56,400 UNITED STATES OF AMERICA
PROGRAMMING FOR PAY TELEVISION:
SALES OF SIGNALS                                                                           51,713 SPAIN
                                                                                                  ARGENTINA
                                                                                                  CHILE
                                                                                                  GUATEMALA
                                                                                                  COLOMBIA
PROGRAM LICENSING:
PROGRAMMING AND ROYALTIES                                                                 937,759 UNITED STATES OF AMERICA
                                                                                                  CENTRAL AMERICA
                                                                                                  CARIBBEAN
                                                                                                  EUROPE
                                                                                                  SOUTH AMERICA
                                                                                                  AFRICA
                                                                                                  ASIA



PUBLISHING:
MAGAZINE CIRCULATION, BOOKS AND
ADVERTISING                                                                 12,565        198,079 GUATEMALA AND COSTA RICA
                                                                                                  UNITED STATES OF AMERICA
                                                                                                  PANAMA
                                                                                                  SOUTH AMERICA
                                                                                                  CENTRAL AMERICA
PUBLISHING                                                                                127,735
PUBLISHING DISTRIBUTION:                                                     7,082        692,107 PANAMA
                                                                                                  SOUTH AMERICA




OTHER BUSINESSES:                                                                          13,903

------------------------------------------------------------------------------------------------------------------------------------
TOTAL                                                                                   2,306,117
------------------------------------------------------------------------------------------------------------------------------------





[TABLE CONT'D]



         QUARTER:   2                   YEAR:   2004






                                         CONSOLIDATED
                                       FINAL PRINTING
-----------------------------------------------------
                  MAIN
     ------------------------------------------------
               TRADEMARKS               CUSTOMERS

-----------------------------------------------------

                               


                                     RCN TELEVISION
                                     POWERCORP B.V.
                                     THOMSON BROADCASTING AND MEDIA SOLUTIONS
                                     MASTER CARD INTERNATIONAL GLOBAL MARKETING
                                     CHEIL COMMUNICATIONS, INC.
                                     REYNOLDS CONSUMER PRODUCTS








     TELEVISA                        MCCANN ERICKSON, INC.
     TELEVISA                        MINDSHARE
     TELEVISA                        DAILY AND ASSOCIATES
     TELEVISA                        SPOTPLUS
     TELEVISA                        CARAT, INC.
     TELEVISA                        HORIZON MEDIA, INC.
     TELEVISA                        GREY ADVERTISING, INC.
                                     INITIATIVE MEDIA, INC.
                                     GSD&M ADVERTISING
                                     TBWA CHIAT


     T.V. Y NOVELAS MAGAZINE         GENERAL PUBLIC (AUDIENCE)
     BIOGRAPHICAL BOOKS              DEALERS
     VANIDADES MAGAZINE
     COSMOPOLITAN MAGAZINE
     TU  MAGAZINE

     BARNEY MAGAZINE                 GENERAL PUBLIC (AUDIENCE)
     FUTBOL TOTAL MAGAZINE
     GANCHILLO ARTISTICO DE
     CHOISY MAGAZINE
     PEOPLE EN ESPANOL
     MAGAZINE


-----------------------------------------------------

-----------------------------------------------------






                           MEXICAN STOCK EXCHANGE

STOCK EXCHANGE CODE: TLEVISA                      QUARTER:  2     YEAR:  2004
GRUPO TELEVISA, S.A.

             PROJECT, AMOUNT EXERCISED AND PROGRESS PERCENTAGE



                                  ANNEX 13
                                                                 CONSOLIDATED
                                                               FINAL PRINTING
------------------------------------------------------------------------------------------------

MAJOR INVESTMENT  PROJECTS OF GRUPO TELEVISA,  S.A. AND ITS SUBSIDIARIES AT
JUNE 30, 2004, INCLUDE THE FOLLOWING  (MILLIONS OF U.S. DOLLARS AND MEXICAN
PESOS):

              DESCRIPTION                 AUTHORIZED AMOUNT      EXERCISED AMOUNT     PROGRESS %
              -----------                 -----------------      ----------------     ----------

                                                                               
U.S. DOLLAR DENOMINATED PROJECTS:

DIGITALIZATION OF THE CABLE
  TELEVISION NETWORK                      U.S. $      95.0       U.S. $     27.8            29%

INFORMATION TECHNOLOGY
  PROJECTS OF CABLE TELEVISION                        13.5                  10.0            74%

TECHNICAL EQUIPMENT FOR
  T.V.  STATIONS                                      13.3                   7.9            59%

INFORMATION TECHNOLOGY
  PROJECTS                                            11.3                   3.3            29%



MEXICAN PESOS DENOMINATED PROJECTS:

INFORMATION TECHNOLOGY
  PROJECTS                                 PS.        34.1        PS.       30.2            88%

SOCCER FACILITIES AND
  IMPROVEMENTS                                        26.2                  16.0            61%

TECHNICAL EQUIPMENT FOR
  T.V. STATIONS                                       17.1                  13.3            78%







                           MEXICAN STOCK EXCHANGE


STOCK EXCHANGE CODE:  TLEVISA               QUARTER:       2      YEAR:   2004
GRUPO TELEVISA, S.A.
    INFORMATION RELATED TO BULLETIN B-15 (FOREIGN CURRENCY TRANSLATION)

                           ANNEX 14 CONSOLIDATED
                                                                FINAL PRINTING
-------------------------------------------------------------------------------

     MONETARY ASSETS AND LIABILITIES OF MEXICAN COMPANIES DENOMINATED IN
     FOREIGN CURRENCIES ARE TRANSLATED AT THE PREVAILING EXCHANGE RATE AT
     THE BALANCE SHEET DATE. RESULTING EXCHANGE RATE DIFFERENCES ARE
     RECOGNIZED IN INCOME FOR THE YEAR, WITHIN INTEGRAL COST OF FINANCING.

     ASSETS, LIABILITIES AND RESULTS OF OPERATIONS OF NON - MEXICAN
     SUBSIDIARIES ARE FIRST CONVERTED TO MEXICAN GAAP, INCLUDING RESTATING
     TO RECOGNIZE THE EFFECTS OF INFLATION BASED ON THE INFLATION OF EACH
     FOREIGN COUNTRY, AND THEN TRANSLATED TO MEXICAN PESOS UTILIZING THE
     EXCHANGE RATE AS OF THE BALANCE SHEET DATE AT YEAR-END. RESULTING
     TRANSLATION DIFFERENCES ARE RECOGNIZED IN EQUITY AS PART OF THE OTHER
     COMPREHENSIVE INCOME OR LOSS. FINANCIAL STATEMENTS OF NON-MEXICAN
     OPERATIONS THAT ARE INTEGRAL TO MEXICAN OPERATIONS ARE CONVERTED TO
     MEXICAN GAAP AND TRANSLATED TO MEXICAN PESOS BY UTILIZING THE EXCHANGE
     RATE OF THE BALANCE SHEET DATE AT YEAR-END FOR MONETARY ASSETS AND
     LIABILITIES, WITH THE RELATED ADJUSTMENT INCLUDED IN NET INCOME, AND
     HISTORICAL EXCHANGE RATES FOR NON-MONETARY ITEMS.

     EFFECTIVE MARCH, 2002, THE COMPANY DESIGNATED ITS NET INVESTMENT IN
     UNIVISION AS AN EFFECTIVE HEDGE OF ITS SENIOR NOTES DUE 2011 AND 2032
     FOR AN AGGREGATE AMOUNT OF U.S.$600 MILLION (Ps.6,922,200).
     CONSEQUENTLY, BEGINNING MARCH 2002, ANY FOREIGN EXCHANGE GAIN OR LOSS
     ATTRIBUTABLE TO THIS U.S. DOLLAR LONG-TERM DEBT, BEING HEDGED BY THE
     COMPANY'S NET INVESTMENT IN SHARES OF UNIVISION, IS CREDITED OR
     CHARGED DIRECTLY TO EQUITY (OTHER COMPREHENSIVE INCOME OR LOSS).


     THE GROUP'S FINANCIAL STATEMENTS FOR JUNE 30, 2003, HAVE BEEN RESTATED
     TO MEXICAN PESOS IN PURCHASING POWER AS OF JUNE 30, 2004, BY USING A
     RESTATEMENT FACTOR DERIVED FROM THE CHANGE IN THE NCPI, WHICH FOR 2004
     WAS 1.0437. HAD THE ALTERNATIVE WEIGHTED AVERAGE FACTOR ALLOWED UNDER
     MEXICAN GAAP BEEN APPLIED TO RESTATE THE GROUP'S FINANCIAL STATEMENTS
     FOR JUNE 30, 2003, WHICH INCLUDED THE RESULTS OF MEXICAN AND
     NON-MEXICAN SUBSIDIARIES, THE RESTATEMENT FACTOR FOR JUNE 2003 WOULD
     HAVE BEEN 1.0579.



          MEXICAN STOCK EXCHANGE ("BMV")


STOCK EXCHANGE COTLEVISA                                  DATE:       7/27/2004
GRUPO TELEVISA,S.A.

GENERAL DATA OF ISSUER

===============================================================================

COMPANY'S NAME:  GRUPO TELEVISA, S.A.
ADDRESS:         AV. VASCO DE QUIROGA #2000
NEIGHBORHOOD:    SANTA FE
ZIP CODE:        01210
CITY AND STATE:  MEXICO, D.F.
TELEPHONE:       5261-20-00
FAX:             5261-24-94
INTERNET ADDRESS:www.televisa.com.mx

TAX DATA OF THE ISSUER

===============================================================================

COMPANY TAX CODE:GTE901219GK3
ADDRESS:         AV. VASCO DE QUIROGA #2000
NEIGHBORHOOD:    SANTA FE
ZIP CODE:        01210
CITY AND STATE:  MEXICO, D.F.

RESPONSIBLE FOR PAYMENT

-------------------------------------------------------------------------------
NAME:            C.P.C. JOSE RAUL GONZALEZ LIMA
ADDRESS:         AV. VASCO DE QUIROGA #2000 EDIFICIO A PISO 1
NEIGHBORHOOD:    SANTA FE
ZIP CODE:        01210
CITY AND STATE:  MEXICO, D.F.
TELEPHONE:       5261-25-77
FAX:             5261-20-43
E-MAIL:          rglima@televisa.com.mx

EXECUTIVES DATA

===============================================================================

BMV POSITION:    CHAIRMAN OF THE BOARD
POSITION:        CHAIRMAN OF THE BOARD
NAME:            SR. EMILIO FERNANDO AZCARRAGA JEAN
ADDRESS:         AV. CHAPULTEPEC #28 PISO 1
NEIGHBORHOOD:    DOCTORES
ZIP CODE:        06724
CITY AND STATE:  MEXICO, D.F.
TELEPHONE:       5709-42-89
FAX:             5709-39-88
E-MAIL:          emilio@televisa.com.mx

===============================================================================

BMV POSITION:    GENERAL DIRECTOR
POSITION:        PRESIDENT AND CHIEF EXECUTIVE OFFICER
NAME:            SR. EMILIO FERNANDO AZCARRAGA JEAN
ADDRESS:         AV. CHAPULTEPEC #28 PISO 1
NEIGHBORHOOD:    DOCTORES
ZIP CODE:        06724
CITY AND STATE:  MEXICO, D.F.
TELEPHONE:       5709-42-89
FAX:             5709-39-88
E-MAIL:          emilio@televisa.com.mx

-------------------------------------------------------------------------------

BMV POSITION:    FINANCE DIRECTOR
POSITION:        CHIEF FINANCIAL OFFICER
NAME:            LIC. SALVI  FOLCH VIADERO
ADDRESS:         AV. VASCO DE QUIROGA #2000 EDIFICIO A PISO 4
NEIGHBORHOOD:    SANTA FE
ZIP CODE:        01210
CITY AND STATE:  MEXICO, D.F.
TELEPHONE:       5261-25-80
FAX:             5261-20-39
E-MAIL:          sfolch@televisa.com.mx

-------------------------------------------------------------------------------

BMV POSITION:    RESPONSIBLE FOR SENDING CORPORATE INFORMATION THROUGH EMISNET
POSITION:        DIRECTOR OF CORPORATE FINANCIAL INFORMATION
NAME:            C.P.C. JOSE RAUL GONZALEZ LIMA
ADDRESS:         AV. VASCO DE QUIROGA #2000 EDIFICIO A PISO 1
NEIGHBORHOOD:    SANTA FE
ZIP CODE:        01210
CITY AND STATE:  MEXICO, D.F.
TELEPHONE:       5261-25-77
FAX:             5261-20-43
E-MAIL:          rglima@televisa.com.mx

-------------------------------------------------------------------------------

BMV POSITION:    RESPONSIBLE FOR SENDING SHARE REPURCHASE INFORMATION THROUGH
                 EMISNET
POSITION:        VICE PRESIDENT  OF CORPORATE FINANCE
NAME:            LIC. ALEXANDRE MOREIRA PENNA
ADDRESS:         AV. VASCO DE QUIROGA #2000 EDIFICIO A PISO 3
NEIGHBORHOOD:    SANTA FE
ZIP CODE:        01210
CITY AND STATE:  MEXICO, D.F.
TELEPHONE:       5261-24-58
FAX:             5261-25-24
E-MAIL:          apenna@televisa.com.mx

===============================================================================

BMV POSITION:    RESPONSIBLE FOR LEGAL MATTERS
POSITION:        VICE PRESIDENT - LEGAL AND GENERAL COUNSEL OF GRUPO TELEVISA
NAME:            LIC. JUAN SEBASTIAN MIJARES ORTEGA
ADDRESS:         AV. VASCO DE QUIROGA #2000 EDIFICIO A PISO 4
NEIGHBORHOOD:    SANTA FE
ZIP CODE:        01210
CITY AND STATE:  MEXICO, D.F.
TELEPHONE:       5261-25-85
FAX:             5261-25-46
E-MAIL:          jmijares@televisa.com.mx

-------------------------------------------------------------------------------

BMV POSITION:    SECRETARY OF THE BOARD OF DIRECTORS
POSITION:        SECRETARY OF THE BOARD OF DIRECTORS
NAME:            LIC. JUAN SEBASTIAN MIJARES ORTEGA
ADDRESS:         AV. VASCO DE QUIROGA #2000 EDIFICIO A PISO 4
NEIGHBORHOOD:    SANTA FE
ZIP CODE:        01210
CITY AND STATE:  MEXICO, D.F.
TELEPHONE:       5261-25-85
FAX:             5261-25-46
E-MAIL:          jmijares@televisa.com.mx

-------------------------------------------------------------------------------

BMV POSITION:    PROSECRETARY OF THE BOARD OF DIRECTORS
POSITION:        EXTERNAL GENERAL COUNSEL
NAME:            LIC. RICARDO MALDONADO YANEZ
ADDRESS:         MONTES URALES #505, PISO 3
NEIGHBORHOOD:    LOMAS DE CHAPULTEPEC
ZIP CODE:        11000
CITY AND STATE:  MEXICO, D.F.
TELEPHONE:       5201-74-47
FAX:             5520-10-65
E-MAIL:          rmaldonado@macf.com.mx

-------------------------------------------------------------------------------

BMV POSITION:    RESPONSIBLE OF INFORMATION TO INVESTORS
POSITION:        DIRECTOR OF INVESTOR RELATIONS
NAME:            LIC. MICHEL BOYANCE BALDWIN
ADDRESS:         AV. VASCO DE QUIROGA #2000 EDIFICIO A PISO 4
NEIGHBORHOOD:    SANTA FE
ZIP CODE:        01210
CITY AND STATE:  MEXICO, D.F.
TELEPHONE:       5261-24-46
FAX:             5261-24-94
E-MAIL:          mboyance@televisa.com.mx

===============================================================================

BMV POSITION:    RESPONSIBLE FOR SENDING INFORMATION THROUGH EMISNET
POSITION:        SECRETARY OF THE BOARD OF DIRECTORS
NAME:            LIC. JUAN SEBASTIAN MIJARES ORTEGA
ADDRESS:         AV. VASCO DE QUIROGA #2000 EDIFICIO A PISO 4
NEIGHBORHOOD:    SANTA FE
ZIP CODE:        01210
CITY AND STATE:  MEXICO, D.F.
TELEPHONE:       5261-25-85
FAX:             5261-25-46
E-MAIL:          jmijares@televisa.com.mx

-------------------------------------------------------------------------------

BMV POSITION:    RESPONSIBLE FOR SENDING RELEVANT EVENTS THROUGH EMISNET
POSITION:        DIRECTOR OF INVESTOR RELATIONS
NAME:            LIC. MICHEL BOYANCE BALDWIN
ADDRESS:         AV. VASCO DE QUIROGA #2000 EDIFICIO A PISO 4
NEIGHBORHOOD:    SANTA FE
ZIP CODE:        01210
CITY AND STATE:  MEXICO, D.F.
TELEPHONE:       5261-24-46
FAX:             5261-24-94
E-MAIL:          mboyance@televisa.com.mx



                       MEXICAN STOCK EXCHANGE ("BMV")


STOCK EXCHANGE CODE: TLEVISA                                DATE:    7/27/2004
GRUPO TELEVISA, S.A.

BOARD OF DIRECTORS

===============================================================================
POSITION :       PRESIDENT(S)

NAME :           EMILIO FERNANDO AZCARRAGA JEAN

-------------------------------------------------------------------------------
POSITION :       VICE PRESIDENT(S)

NAME :           MARIA ASUNCION ARAMBURUZABALA LARREGUI

-------------------------------------------------------------------------------
POSITION :       DIRECTOR(S)

NAME :           PEDRO ASPE ARMELLA
NAME :           JULIO BARBA HURTADO
NAME :           JOSE ANTONIO BASTON PATINO
NAME :           ANA PATRICIA BOTIN O'SHEA
NAME :           MANUEL JORGE CUTILLAS COVANI
NAME :           ALFONSO DE ANGOITIA NORIEGA
NAME :           CARLOS FERNANDEZ GONZALEZ
NAME :           BERNARDO GOMEZ MARTINEZ
NAME :           CLAUDIO X. GONZALEZ LAPORTE
NAME :           ROBERTO HERNANDEZ RAMIREZ
NAME :           ENRIQUE KRAUZE KLEINBORT
NAME :           GERMAN LARREA MOTA VELAZCO
NAME :           GILBERTO PEREZALONSO CIFUENTES
NAME :           ALEJANDRO QUINTERO INIGUEZ
NAME :           FERNANDO SENDEROS MESTRE
NAME :           ENRIQUE FRANCISCO J. SENIOR HERNANDEZ
NAME :           CARLOS SLIM DOMIT
NAME :           LORENZO H. ZAMBRANO TREVINO

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POSITION :       ALTERNATE DIRECTOR(S)

NAME :           HERBERT ALLEN III
NAME :           JUAN PABLO ANDRADE FRICH
NAME :           LUCRECIA ARAMBURUZABALA LARREGUI
NAME :           FELIX ARAUJO RAMIREZ
NAME :           MAXIMILIANO ARTEAGA CARLEBACH
NAME :           JOAQUIN BALCARCEL SANTA CRUZ
NAME :           JUAN FERNANDO CALVILLO ARMENDARIZ
NAME :           RAFAEL CARABIAS PRINCIPE
NAME :           FRANCISCO JOSE CHEVEZ ROBELO
NAME :           JOSE LUIS FERNANDEZ FERNANDEZ
NAME :           SALVI FOLCH VIADERO
NAME :           LEOPOLDO GOMEZ GONZALEZ BLANCO
NAME :           JOSE HEREDIA BRETON
NAME :           JOSE ANTONIO LARA DEL OLMO
NAME :           JORGE LUTTEROTH ECHEGOYEN
NAME :           ALBERTO MONTIEL CASTELLANOS
NAME :           RAUL MORALES MEDRANO
NAME :           ALEXANDRE MOREIRA PENNA DA SILVA
NAME :           GUILLERMO NAVA GOMEZ-TAGLE

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POSITION :       STATUTORY AUDITOR(S)

NAME :           MARIO SALAZAR ERDMANN

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POSITION :       ALTERNATE STATUTORY AUDITOR(S)

NAME :           JOSE MIGUEL ARRIETA MENDEZ

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POSITION :       SECRETARY(IES) OF THE BOARD

NAME :           JUAN SEBASTIAN MIJARES ORTEGA






                                 SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

                                             GRUPO TELEVISA, S.A.
                                             --------------------------------
                                                  (Registrant)


Dated: August 3, 2004                        By /s/ Jorge Lutteroth Echegoyen
                                                ------------------------------
                                             Name:  Jorge Lutteroth Echegoyen
                                             Title: Controller, Vice-President