Univision Communications Inc.
7.85% Senior Notes due 2011

unconditionally guaranteed as to the
payment of principal, premium,
if any, and interest by the Guarantors
named in Schedule I hereto

Exchange and Registration Rights Agreement

    July 18, 2001

Goldman, Sachs & Co.,
BNP Paribas Securities Corp.
J.P. Morgan Securities Inc.
Banc of America Securities LLC
BNY Capital Markets, Inc.
Fleet Securities, Inc.
Mizuho International plc
UBS Warburg LLC
  As representatives of the several Purchasers named in Schedule I to the Purchase Agreement
c/o Goldman, Sachs & Co.
85 Broad Street
New York, New York 10004

Ladies and Gentlemen:

    Univision Communications Inc., a Delaware corporation (the "Company"), proposes to issue and sell to the Purchasers (as defined herein) upon the terms set forth in the Purchase Agreement (as defined herein) its 7.85% Senior Notes due 2011, which are unconditionally guaranteed by the Guarantors (as defined herein). As an inducement to the Purchasers to enter into the Purchase Agreement and in satisfaction of a condition to the obligations of the Purchasers thereunder, the Company and each of the Guarantors agree with the Purchasers for the benefit of holders (as defined herein) from time to time of the Registrable Securities (as defined herein) as follows:

1.

Certain Definitions. For purposes of this Exchange and Registration Rights Agreement, the following terms shall have the following respective meanings:

    "Base Interest" shall mean the interest that would otherwise accrue on the Securities under the terms thereof and the Indenture, without giving effect to the provisions of this Agreement.

    The term "broker-dealer" shall mean any broker or dealer registered with the Commission under the Exchange Act.

    "Closing Date" shall mean the date on which the Securities are initially issued.

    "Commission" shall mean the United States Securities and Exchange Commission, or any other federal agency at the time administering the Exchange Act or the Securities Act, whichever is the relevant statute for the particular purpose.

1

    "Effective Time," in the case of (i) an Exchange Registration, shall mean the time and date as of which the Commission declares the Exchange Registration Statement effective or as of which the Exchange Registration Statement otherwise becomes effective and (ii) a Shelf Registration, shall mean the time and date as of which the Commission declares the Shelf Registration Statement effective or as of which the Shelf Registration Statement otherwise becomes effective.

    "Electing Holder" shall mean any holder of Registrable Securities that has returned a completed and signed Notice and Questionnaire to the Company in accordance with Section 3(d)(ii) or 3(d)(iii) hereof.

    "Exchange Act" shall mean the Securities Exchange Act of 1934, or any successor thereto, as the same shall be amended from time to time.

    "Exchange Offer" shall have the meaning assigned thereto in Section 2(a) hereof.

    "Exchange Registration" shall have the meaning assigned thereto in Section 3(c) hereof.

    "Exchange Registration Statement" shall have the meaning assigned thereto in Section 2(a) hereof.

    "Exchange Securities" shall have the meaning assigned thereto in Section 2(a) hereof.

    "Guarantors" shall have the meaning assigned thereto in the Indenture, which Guarantors are named in Schedule I hereto.

    The term "holder" shall mean each of the Purchasers and other persons who acquire Registrable Securities from time to time (including any successors or assigns), in each case for so long as such person owns any Registrable Securities.

    "Indenture" shall mean the Indenture, dated as of July 18, 2001, among the Company, each of the Guarantors and The Bank of New York, as Trustee, as the same shall be amended from time to time.

    "Notice and Questionnaire" means a Notice of Registration Statement and Selling Securityholder Questionnaire substantially in the form of Exhibit A hereto.

    The term "person" shall mean a corporation, association, partnership, organization, business, individual, government or political subdivision thereof or governmental agency.

    "Purchase Agreement" shall mean the Purchase Agreement, dated as of July 13, 2001, among the Purchasers, each of the Guarantors and the Company relating to the Securities.

    "Purchasers" shall mean the Purchasers named in Schedule I to the Purchase Agreement.

    "Registrable Securities" shall mean the Securities; provided, however, that a Security shall cease to be a Registrable Security when (i) in the circumstances contemplated by Section 2(a) hereof, the Security has been exchanged for an Exchange Security in an Exchange Offer as contemplated in Section 2(a) hereof (provided that any Exchange Security that, pursuant to the last two sentences of Section 2(a), is included in a prospectus for use in connection with resales by broker-dealers shall be deemed to be a Registrable Security with respect to Sections 5, 6 and 9 until resale of such Registrable Security has been effected within the 180-day period referred to in Section 2(a)); (ii) in the circumstances contemplated by Section 2(b) hereof, a Shelf Registration Statement registering such Security under the Securities Act has been declared or becomes effective and such Security has been sold or otherwise transferred by the holder thereof pursuant to and in a manner contemplated by such effective Shelf Registration Statement; (iii) such Security is sold pursuant to Rule 144 under circumstances in which any legend borne by such Security relating to restrictions on transferability thereof, under the Securities Act or otherwise, is removed by the Company or pursuant to the Indenture; (iv) such Security is eligible to be sold pursuant to paragraph (k) of Rule 144 by the holder thereof; or (v) such Security shall cease to be outstanding.

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