January 12, 2001

Telemundo Communications Group, Inc. and Harriscope of Los Angeles, Inc. announced that they have entered into an agreement for Telemundo to acquire the independent Spanish-language television station KWHY- TV in Los Angeles from Harriscope for approximately $239 million.

The acquisition will provide Telemundo with a second full-power television station in the largest Hispanic market in the United States. This transaction reflects the continued growth and significance of Spanish-language broadcasting/television in this country. The Los Angeles market alone is one of the five largest Spanish-language television advertising markets in the world. KWHY-TV, the most successful independent Spanish-language television station in the country, provides a full range of programming tailored to the Los Angeles Hispanic community, including locally produced entertainment shows and local news.

"The strategic benefits to be achieved by Telemundo from a second distribution outlet, as well as an additional sales and marketing platform in this key market, are enormous," said James McNamara, President and CEO of Telemundo. "As a very successful independent with a large and loyal audience and advertiser base, KWHY is unique in the Spanish-language television market. The station, along with its viewers and advertising clients, will benefit from further enhancements to KWHY's already strong programming line-up and operations through the vast resources of the Telemundo Network."

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