UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. ___)
Grupo Televisa, S.A. (the "Issuer")
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(Name of Issuer)
Series A Shares ("A Shares")
Series B Shares ("B Shares")(1)
Dividend Preferred Shares ("D Shares")
Series L Shares ("L Shares")
(Title of Class of Securities)
40049J206(2)
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(CUSIP Number)
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Juan Sebastian Mijares Ortega
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Grupo Televisa, S.A.
Avenida Vasco de Quiroga No. 2000
Colonia Santa Fe
01210 Mexico, D.F.
Mexico
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
March 24, 2004
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition that is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check
the following box |_|.
Note. Schedules filed in paper format shall include a signed original
and five copies of the schedule, including all exhibits. See
Rule 13d-7(b) for other parties to whom copies are to be sent.
(Continued on the following pages)
(Page 1 of 11)
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(1) The B Shares will be registered pursuant to Section 12(b) of the Securities
Exchange Act of 1934, as amended.
(2) CUSIP number is for the Global Depositary Shares ("GDSs") only. GDSs each
represent twenty certificados de participacion ordinarios ("CPOs"), each of
which currently comprises one A Share, one D Share and one L Share. No
CUSIP number exists for the underlying CPOs, A Shares, D Shares or L
Shares, since such securities are not traded in the United States.
CUSIP No. 13D49J206 GDSs 13D Page 2 of 11
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Emilio Fernando Azcarraga Jean
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
3 SEC USE ONLY
4 SOURCE OF FUNDS*
AF (See Item 3)
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) or 2(e) |_|
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Mexico
7 SOLE VOTING POWER
200,270,350 A Shares, 176,237,908 B Shares,
280,378,490 D Shares and 280,378,490 L Shares
(See Items 5(a) and 5(b))
8 SHARED VOTING POWER
62,006,754,825 A Shares, 8,000,952,240 B Shares,
NUMBER OF SHARES 12,728,787,654 D Shares and 12,728,787,654 L Shares,
BENEFICIALLY OWNED BY (See Items 5(a) and 5(b))
EACH REPORTING PERSON
WITH
9 SOLE DISPOSITIVE POWER
200,270,350 A Shares, 176,237,908 B Shares,
280,378,490 D Shares and 280,378,490 L Shares
(See Items 5(a) and 5(b))
10 SHARED DISPOSITIVE POWER
62,006,754,825 A Shares, 8,000,952,240 B Shares,
12,728,787,654 D Shares and 12,728,787,654 L Shares
(See Items 5(a) and 5(b))
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
62,207,025,175 A Shares, 8,177,189,548 B Shares, 13,009,166,144 D
Shares and 13,009,166,144 L Shares (See Items 5(a) and 5(b))
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* |_|
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
49.87% of A Shares, 13.57% of B Shares, 14.12% of D Shares and 14.12% of
L Shares
14 TYPE OF REPORTING PERSON*
IN
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 13D49J206 GDSs 13D Page 3 of 11
Item 1. Security and Issuer.
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This statement on Schedule 13D (this "Statement") relates to
the Series A Shares of common stock, no par value (the "A Shares"), the Series B
Shares of common stock, no par value (the "B Shares"), the Dividend Preferred
Shares of common stock, no par value (the "D Shares"), and the limited-voting
Series L Shares of common stock, no par value ("L Shares" and, together with the
A Shares, the B Shares and the D Shares, the "Shares") of Grupo Televisa, S.A.
(the "Issuer").
The Shares trade in the United Mexican States ("Mexico")
primarily in the form of certificados de participacion ordinarios ("CPOs"), each
of which currently represents one A Share, one D Share and one L Share, and in
the United States in the form of global depositary shares ("GDSs"), each of
which comprises 20 CPOs. Following the transactions described under Item 4 of
this Statement, one CPO will comprise 117 Shares (25 A Shares, 22 B Shares, 35 D
Shares and 35 L Shares). One GDS will continue to represent 20 CPOs.
The Issuer is a sociedad anonima organized under the laws of
Mexico, whose principal executive offices are located at Avenida Vasco de
Quiroga No. 2000, Colonia Santa Fe, 01210 Mexico, D.F., Mexico.
Item 2. Identity and Background.
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(a) - (c) and (f):
This Statement is filed pursuant to Rule 13d-1(a) under the
Securities Exchange Act of 1934, as amended (the "Exchange Act"), by Emilio
Fernando Azcarraga Jean ("EAJ").
EAJ is a Mexican citizen whose present principal occupation is
President and Chairman of the Board of the Issuer. His principal business
address is: Av. Chapultepec 18, First Floor, News Center, Col. Doctores, 06724
Mexico, D.F, Mexico.
EAJ is the sole beneficiary of Trust No. 80370, a trust
organized under the laws of Mexico for the benefit of EAJ (the "Azcarraga
Trust") and has the power to determine the investment and voting decisions made
by the Azcarraga Trust.
Trust No. 80359 (the "LTRP Trust") is a trust organized under
the laws of Mexico as an equity compensation plan for employees of the Issuer.
Following the transactions described under Item 4 of this Statement, Shares will
be held in the LTRP Trust as follows: 7,406,648,335 A Shares, 4,019,584,893 B
Shares, 2,677,880,689 D Shares and 2,677,880,689 L Shares. Beginning in 2006,
however, shares held in the LTRP Trust will become vested over a period of
years, reducing the number of Shares held in the LTRP Trust accordingly. A
technical committee, all of whose members are employees of the Issuer, has the
power to control the voting of Shares held by the LTRP Trust. Thus, the LTRP
Trust may be deemed to be controlled by the Issuer, and the Issuer and EAJ may
be deemed to share beneficial ownership of all Shares beneficially owned by the
LTRP Trust. The Issuer and EAJ expressly disclaim such beneficial ownership.
CUSIP No. 13D49J206 GDSs 13D Page 4 of 11
(d) and (e)
EAJ has not, during the last five years, been convicted in a
criminal proceeding (excluding traffic violations or similar misdemeanors) or
been a party to a civil proceeding of a judicial or administrative body of
competent jurisdiction and is not and has not been, as a result of such
proceeding, subject to a judgment, decree or final order enjoining future
violations of, or prohibiting or mandating activities subject to, Federal or
State securities laws or finding any violation with respect to such laws.
Item 3. Source and Amount of Funds or Other Consideration.
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As more fully described under Item 4, on March 23, 2004, the
Azcarraga Trust contributed all of its shares of Grupo Televicentro, S.A. de
C.V., a sociedad anonima de capital variable organized under the laws of Mexico
("Televicentro") to Trust No. 80375, a trust established under the laws of
Mexico (the "Shareholder Trust"). Upon the fulfillment of certain conditions, as
more fully described under Item 4, Televicentro will distribute to the
Shareholder Trust all its Shares in the Issuer.
Item 4. Purpose of Transaction.
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Recapitalization
On March 24, 2004, the board of directors of the Issuer
decided to propose to its shareholders a series of transactions (the
"Recapitalization") principally comprising: (i) a stock split in which each
outstanding share of the Issuer will be divided into 25 shares of the same
class; (ii) the creation of the B Shares; and (iii) a stock dividend in which
the Issuer will distribute fourteen new shares for every 25 shares outstanding
after the stock split. This distribution will include B Shares, D Shares and L
Shares in different combinations for each class of outstanding stock. Each CPO
currently comprises one A Share, one D Share and one L Share, and each GDS
represents 20 CPOs. Following the Recapitalization, one CPO will comprise 117
Shares (25 A Shares, 22 B Shares, 35 D Shares and 35 L Shares). One GDS will
continue to represent 20 CPOs. The B Shares will be registered under Section
12(b) of the Exchange Act.
The Recapitalization will be proposed to shareholders of the
Issuer at meetings scheduled for April 16, 2004. Televicentro, which as of the
date of this Statement is the controlling shareholder of the Issuer, has
indicated that it intends to vote in favor of the Recapitalization.
Televicentro Distribution
On March 23, 2004, the Azcarraga Trust, the Inbursa Trust (as
defined below) and the Investor Trust (as defined below) contributed all their
shares in Televicentro to the Shareholder Trust and became beneficiaries of the
Shareholder Trust. Before this contribution, the ownership of Televicentro's
voting equity securities was as follows: (i) the Azcarraga Trust and Grupo
Triple "B", S.A. de C.V., a sociedad anonima de capital variable organized under
the laws of Mexico ("Grupo BBB"), owned 55.29%; (ii) Trust No. F/0553, a trust
established under the laws of Mexico for the benefit of Promotora Inbursa, S.A.
de C.V. (the "Inbursa Trust"), owned 24.70%; and (iii) Trust No. 14520-1, a
trust established under the laws of Mexico (the "Investor Trust") for the
benefit of Maria Asuncion Aramburuzabala Larregui, Lucrecia Aramburuzabala
Larregui de Fernandez, Maria de las Nieves Fernandez Gonzalez, Antonino
Fernandez Rodriguez and Carlos Fernandez Gonzalez (the "Investors"), owned
20.01%. Promotora Inbursa, S.A. de C.V. ("Promotora Inbursa") is an indirect
subsidiary of Grupo Financiero Inbursa, S.A. de C.V. EAJ owns 99.96% of the
outstanding voting equity securities of Grupo BBB.
CUSIP No. 13D49J206 GDSs 13D Page 5 of 11
Upon and subject to consummation of the Recapitalization,
Televicentro will distribute all its Shares, including Shares held in the form
of CPOs, to the Shareholder Trust (the "Televicentro Distribution") and, as a
result, will cease to be a shareholder of the Issuer. The Shares beneficially
owned by the Inbursa Trust and the Investor Trust will be transferred to the
trustee of the CPO trust in exchange for the issuance of 200 million CPOs and
164 million CPOs, respectively. The Shareholder Trust will release two million
CPOs to members of the Fernandez family, leaving the Investor Trust with 162
million CPOs.
Televicentro currently owns 2,348 million A Shares, 53 million
D Shares and 53 million L Shares. Following the Recapitalization, the
Televicentro Distribution and related transactions, the Shareholder Trust will
beneficially own Shares (including Shares in the form of CPOs) as described in
Item 5 of this Statement.
Upon, and subject to the occurrence of, the Televicentro
Distribution, the existing arrangements among the Televicentro shareholders,
which are described under "Major Shareholders and Related Party Transactions" in
the Issuer's annual report on Form 20-F for the fiscal year ended December 31,
2002, will be terminated.
Trust Agreement
Voting of Shares. Pursuant to the agreement governing the
Shareholder Trust (the "Trust Agreement"), the Shares held through the
Shareholder Trust will be voted by the trustee as instructed by a Technical
Committee comprising five members--three appointed by the Azcarraga Trust and
one appointed by each of the Inbursa Trust and the Investor Trust. Accordingly,
except as described below, EAJ will control the voting of the shares held
through the Shareholder Trust. In elections of directors, the Technical
Committee will instruct the trustee to vote the A Shares held through the
Shareholder Trust for individuals designated by EAJ. As a result, EAJ will have
the ability to direct the election of eleven out of 20 members of the Issuer's
board of directors.
In accordance with the Trust Agreement, the Technical
Committee will instruct the trustee to vote the B Shares held through the
Shareholder Trust for a total of five individuals to be elected as members of
the Board of Directors of the Issuer, who will be designated as follows. EAJ
will be entitled to nominate two individuals. The Investor Trust will be
entitled to nominate one individual so long as the Shares it holds through the
Shareholder Trust constitute more than two percent of the total issued and
outstanding Shares. Until the Inbursa Trust is entitled to withdraw all its
Shares from the Shareholder Trust, and so long as the Shares it holds through
the Shareholder Trust constitute more than two percent of the total issued and
outstanding Shares, it will be entitled to nominate two individuals. Because the
B Shares held through the Shareholder Trust following the Televicentro
Distribution will constitute 13.28% of the total B Shares outstanding, there can
be no assurance that individuals nominated by Shareholder Trust beneficiaries
will be elected to the Issuer's Board.
CUSIP No. 13D49J206 GDSs 13D Page 6 of 11
EAJ has agreed to consult with the Inbursa Trust and the
Investor Trust as to the voting of shares held through the Shareholder Trust on
matters specifically set forth in the Trust Agreement, including increases or
reductions in the capital stock of the Issuer (other than the acquisitions by
the Issuer of its capital stock as permitted by Mexican law); merger, split-up,
dissolution, liquidation or bankruptcy proceedings of the Issuer; related party
transactions, extensions of credit, the purchase or sale of assets of the Issuer
or share repurchases, in each case exceeding specified thresholds; the
furnishment of guaranties, other than in the ordinary course of business; and
selection of the chairman of the Issuer's board of directors, if different from
EAJ. If either of the Inbursa Trust or the Investor Trust requests that Shares
be voted in a particular way on such a matter, and EAJ declines to do so, then
notwithstanding the arrangements described below, such party may immediately
withdraw its Shares from the Shareholder Trust. These consultation rights will
terminate as to either the Inbursa Trust or the Investor Trust if it ceases to
be party to the Shareholder Trust or if it owns less than two percent of the
total issued and outstanding Shares.
Release of Shares. Before July 1, 2005 (except as described
above or if certain changes in Mexican tax laws are approved), the Shareholder
Trust beneficiaries will not be permitted to withdraw Shares from the
Shareholder Trust or to pledge Shares without the consent of the other
beneficiaries. During this period, Shareholder Trust beneficiaries will have
only limited rights to transfer, assign or pledge their interests in the
Shareholder Trust. Beginning July 1, 2005, the Investor Trust may withdraw any
or all of its Shares from the Shareholder Trust. The Inbursa Trust may withdraw
up to two-thirds of its Shares from July 1, 2005 through June 30, 2009 and any
or all of its Shares beginning July 1, 2009. The Azcarraga Trust may withdraw
any or all of its Shares from the Shareholder Trust beginning July 1, 2005, but
upon any such withdrawal, the Inbursa Trust may freely withdraw any or all of
its Shares. Notwithstanding these restrictions, if EAJ transfers Shares such
that a third party would control the Issuer, and at the time of the transfer
there is no law that would require the third party purchaser to tender for all
outstanding Shares (including Shares beneficially owned by the Investor Trust
and in the Inbursa Trust), the Investor Trust will have the right to participate
in the transfer on the same terms and conditions as EAJ.
General
The provisions of the Trust Agreement are set forth as an
exhibit to this Statement, and are incorporated herein in their entirety by this
reference in response to this Item. The foregoing description of the terms and
provisions of these documents is a summary only and is qualified in its entirety
by reference to such documents.
There can be no assurance that the Recapitalization, the
Televicentro Distribution or the other transactions described in this Statement
will be effected in the manner described, or at all.
Except as set forth in this Statement, EAJ currently has no
plans or proposals which relate to or which would result in any of the actions
or transactions described in paragraphs (a) through (j) of Item 4 of the
instructions to Schedule 13D. However, from time to time EAJ may evaluate the
possibility of acquiring additional Shares, disposing of Shares, or entering
into corporate transactions involving the Issuer (including, but not limited to,
joint ventures and/or other commercial arrangements with the Issuer). EAJ
reserves the right to formulate plans or proposals regarding the Issuer or any
of its securities and to carry out any of the actions or transactions described
in paragraphs (a) through (j) of Item 4 of the instructions to this Statement,
to the extent deemed advisable by EAJ.
CUSIP No. 13D49J206 GDSs 13D Page 7 of 11
Item 5. Interest in Securities of the Issuer.
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(a) The Shareholder Trust, the Azcarraga Trust, the Inbursa
Trust, the Investor Trust, EAJ, Promotora Inbursa and the Investors constitute a
"group" within the meaning of Section 13(d)(3) of the Exchange Act. Accordingly,
following the Televicentro Distribution and related transactions, the
Shareholder Trust will beneficially own directly, and each of the Azcarraga
Trust, the Inbursa Trust, the Investor Trust, Promotora Inbursa and each
Investor (other than Maria Asuncion Aramburuzabala Larregui, Lucrecia
Aramburuzabala Larregui de Fernandez and Carlos Fernandez Gonzalez) may be
deemed to beneficially own indirectly the following number of Shares:
62,006,754,825 A Shares, which constitute approximately 49.71% of the
124,736,244,175 A Shares outstanding; 8,000,952,240 B Shares, which constitute
approximately 13.28% of the 60,269,682,796 B Shares outstanding; 12,728,787,654
D Shares, which constitute approximately 13.82% of the 92,133,721,715 D Shares
outstanding; and 12,728,787,654 L Shares, which constitute approximately 13.82%
of the 92,133,721,715 L Shares outstanding (in each case based on the number of
Shares outstanding after giving effect to the Recapitalization).
EAJ beneficially owns directly 8,010,814 CPOs, which after the
Recapitalization will represent 200,270,350 A Shares, 176,237,908 B Shares,
280,378,490 D Shares and 280,378,490 L Shares. Accordingly, following the
Televicentro Distribution and related transactions, EAJ will beneficially own
the following number of Shares: 62,207,025,175 A Shares, which constitute
approximately 49.87% of the 124,736,244,175 A Shares outstanding; 8,177,190,148
B Shares, which constitute approximately 13.57% of the 60,269,682,796 B Shares
outstanding; 13,009,166,144 D Shares, which constitute approximately 14.12% of
the 92,133,721,715 D Shares outstanding; and 13,009,166,144 L Shares, which
constitute approximately 14.12% of the 92,133,721,715 L Shares outstanding (in
each case based on the number of Shares outstanding after giving effect to the
Recapitalization).
Promotora Inbursa beneficially owns directly 7,149,186 CPOs,
which after the Recapitalization will represent 178,729,650 A Shares,
157,282,092 B Shares, 250,221,510 D Shares and 250,221,510 L Shares.
Accordingly, following the Televicentro Distribution and related transactions,
Promotora Inbursa will beneficially own the following number of Shares:
62,185,484,475 A Shares, which constitute approximately 49.85% of the
124,736,244,175 A Shares outstanding; 8,158,234,332 B Shares, which constitute
approximately 13.54% of the 60,269,682,796 B Shares outstanding; 12,979,009,164,
D Shares, which constitute approximately 14.09% of the 92,133,721,715 D Shares
outstanding; and 12,979,009,164, L Shares, which constitute approximately 14.09%
of the 92,133,721,715 L Shares outstanding (in each case based on the number of
Shares outstanding after giving effect to the Recapitalization).
Following the Televicentro Distribution and related
transactions, Carlos Fernandez Gonzalez will beneficially own directly 2,006,637
CPOs, which after the Recapitalization will represent 50,165,925 A Shares,
44,146,014 B Shares, 70,732,295 D Shares and 70,232,295 L Shares. Accordingly,
following the Televicentro Distribution and related transactions, Carlos
Fernandez Gonzalez will beneficially own the following number of Shares:
62,056,920,750 A Shares, which constitute approximately 49.75% of the
124,736,244,175 A Shares outstanding; 8,045,098,254 B Shares, which constitute
approximately 13.35% of the 60,269,682,796 B Shares outstanding; 12,799,019,949
D Shares, which constitute approximately 13.89% of the 92,133,721,715 D Shares
outstanding; and 12,799,019,949 L Shares, which constitute approximately 13.89%
of the 92,133,721,715 L Shares outstanding (in each case based on the number of
Shares outstanding after giving effect to the Recapitalization).
CUSIP No. 13D49J206 GDSs 13D Page 8 of 11
Maria Asuncion Aramburuzabala Larregui beneficially owns
directly 993,209 CPOs and 37,600 GDSs, which after the Recapitalization will
represent 43,630,225 A Shares, 38,394,598 B Shares, 61,082,315 D Shares and
61,082,315 L Shares. Lucrecia Aramburuzabala Larregui de Fernandez beneficially
owns directly 993,209 CPOs and 37,600 GDSs, which after the Recapitalization
will represent 43,630,225 A Shares, 38,394,598 B Shares, 61,082,315 D Shares and
61,082,315 L Shares. Accordingly, following the Televicentro Distribution and
related transactions, each of Maria Asuncion Aramburuzabala Larregui and
Lucrecia Aramburuzabala Larregui de Fernandez will beneficially own the
following number of Shares: 62,050,385,050 A Shares, which constitute
approximately 49.75% of the 124,736,244,175 A Shares outstanding; 8,039,346,838
B Shares, which constitute approximately 13.34% of the 60,269,682,796 B Shares
outstanding; 12,789,869,969 D Shares, which constitute approximately 13.88% of
the 92,133,721,715 D Shares outstanding; and 12,789,869,969 L Shares, which
constitute approximately 13.88% of the 92,133,721,715 L Shares outstanding (in
each case based on the number of Shares outstanding after giving effect to the
Recapitalization).
EAJ expressly disclaims beneficial ownership of Shares
directly beneficially owned by any direct or indirect participant in the
Shareholder Trust, other than EAJ.
(b) (1) Shareholder Trust
Pursuant to the Trust Agreement, following the
Televicentro Distribution and related transactions, the Shareholder Trust will
have the shared power to vote, or direct the voting, of the following number of
Shares: 62,006,754,825 A Shares, 8,000,952,240 B Shares, 12,728,787,654 D
Shares, and 12,728,787,654 L Shares. The Shareholder Trust will have no power to
dispose, or direct the disposition, of any Shares.
(2) EAJ
Pursuant to the Trust Agreement, following the
Televicentro Distribution and related transactions, EAJ, as the sole beneficiary
of the Azcarraga Trust, will have the shared power to vote, or direct the
voting, and the shared power to dispose, or direct the disposition, of the
following Shares: 62,006,754,825 A Shares, 8,000,952,240 B Shares,
12,728,787,654 D Shares, and 12,728,787,654 L Shares.
EAJ has, and following the Televicentro Distribution and
related transactions, will have, the sole power to vote, or direct the voting,
or to dispose, or direct the disposition, of the following number of Shares:
200,270,350 A Shares, 176,237,308 B Shares, 280,378,490 D Shares and 280,378,490
L Shares.
Upon release of all Shares from the Shareholder Trust, EAJ
would have the sole power to vote, or direct the voting, and the sole power to
dispose, or direct the disposition, of the following number of Shares, in
addition to the Shares described in the preceding paragraph: 52,969,750,686 A
Shares, 48,388,597 B Shares, 76,981,859 D Shares and 76,981,859 L Shares.
CUSIP No. 13D49J206 GDSs 13D Page 9 of 11
(3) Promotora Inbursa
Pursuant to the Trust Agreement, following the
Televicentro Distribution and related transactions, Promotora Inbursa, as the
sole beneficiary of the Inbursa Trust, will have the shared power to vote, or
direct the voting, of 8,000,952,240 B Shares with respect to the election of two
individuals to serve as members of the Issuer's Board of Directors.
Promotora Inbursa has, and following the Televicentro
Distribution and related transactions will have, the sole power to vote, or
direct the voting, or to dispose, or direct the disposition, of the following
number of Shares: 178,729,650 A Shares, 157,282,092 B Shares, 250,221,510 D
Shares and 250,221,510 L Shares.
Pursuant to the Trust Agreement, following the
Televicentro Distribution and related transactions, Promotora Inbursa, as the
sole beneficiary of the Inbursa Trust, will have the shared power to dispose, or
direct the disposition, of the following number of Shares: 62,006,754,825 A
Shares, 8,000,952,240 B Shares, 12,728,787,654 D Shares, and 12,728,787,654 L
Shares.
Upon release of all Shares from the Shareholder Trust,
Promotora Inbursa would have the sole power to vote, or direct the voting, and
the sole power to dispose, or direct the disposition, of the following number of
Shares: 4,994,724,717 A Shares, 4,395,357,751 B Shares, 6,992,614,604 D Shares
and 6,992,614,604 L Shares.
(4) Investors and the Investor Trust
Pursuant to the Trust Agreement, following the
Televicentro Distribution and related transactions, each of the Investors and
the Investor Trust will have the shared power to vote, or direct the voting, of
8,000,952,240 B Shares with respect to the election of one individual to serve
as a member of the Issuer's Board of Directors.
Pursuant to the Trust Agreement, following the
Televicentro Distribution and related transactions, each of the Investors and
the Investor Trust will have the shared power to dispose, or direct the
disposition, of the following number of Shares: 62,006,754,825 A Shares,
8,000,952,240 B Shares, 12,728,787,654 D Shares, and 12,728,787,654 L Shares.
Pursuant to the Trust Agreement, following the
Televicentro Distribution and related transactions, Carlos Fernandez Gonzalez
will have the sole power to vote, or direct the voting, or to dispose, or direct
the disposition, of the following number of Shares: 50,165,925 A Shares,
44,146,014 B Shares, 70,732,295 D Shares and 70,232,295 L Shares.
Maria Asuncion Aramburuzabala Larregui has, and following
the Televicentro Distribution and related transactions, will have, the sole
power to vote, or direct the voting, or to dispose, or direct the disposition,
of the following number of Shares: 43,630,225 A Shares, 38,394,598 B Shares,
61,082,315 D Shares, 61,082,315 L Shares.
Lucrecia Aramburuzabala Larregui de Fernandez has, and
following the Televicentro Distribution and related transactions will have, the
sole power to vote, or direct the voting, and to dispose, or direct the
disposition, of the following number of Shares: 43,630,225 A Shares, 38,394,598
B Shares, 61,082,315 D Shares, 61,082,315 L Shares.
CUSIP No. 13D49J206 GDSs 13D Page 10 of 11
Upon release of all Shares from the Shareholder Trust,
each Investor and the Investor Trust would have the shared power to vote, or
direct the voting, and the shared power to dispose, or direct the disposition,
of the following number of Shares: 4,042,279,421 A Shares, 3,557,205,891 B
Shares, 5,659,191,190 D Shares and 5,659,191,190 L Shares.
(c) On March 25, 2004, EAJ disposed of 7,149,186 CPOs,
representing an equivalent number of A Shares, D Shares and L Shares, for a
price per CPO of Ps. 23.36. The disposition was effected in an off-exchange
transaction outside the United States. Except as described herein, no
transactions in Shares were effected during the past 60 days by EAJ.
(d) Not applicable.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships With
Respect to Securities of the Issuer.
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Except as disclosed in Item 4 of this Statement, there are no
contracts, arrangements, understandings or relationships (legal or otherwise)
between EAJ and any person with respect to Shares.
Item 7. Material to be Filed as Exhibits.
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1. Trust Agreement relating to Trust No. 80375, dated as of
March 23, 2004, by and among Nacional Financiera, S.N.C., as trustee of Trust
No. 80370, Banco Inbursa, S.A., as trustee of Trust No. F/0553, Banco Nacional
de Mexico, S.A., as trustee of Trust No. 14520-1, Nacional Financiera, S.N.C.,
as trustee of Trust No. 80375, Emilio Azcarraga Jean, Promotora Inbursa, S.A. de
C.V., Maria Asuncion Aramburuzabala Larregui, Lucrecia Aramburuzabala Larregui
de Fernandez, Maria de las Nieves Fernandez Gonzalez, Antonino Fernandez
Rodriguez, Carlos Fernandez Gonzalez, Grupo Televisa, S.A. and Grupo
Televicentro, S.A. de C.V.
CUSIP No. 13D49J206 GDSs 13D Page 11 of 11
SIGNATURE
After reasonable inquiry, and to the best of my knowledge and belief, I
certify that the information set forth in this Statement with respect to myself
is true, complete and correct.
/s/ Emilio Azcarraga Jean
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