Univision: A. Jerrold Perenchio, Chairman & CEO
2003 stock performance: +62.00%
2003 CEO pay: +/- 0.00%

Univision CEO Jerry Perenchio didn�t see a change in his paycheck last year because he didn�t get one. He draws no salary or bonus from the company, nor does he receive any stock options or other perks. He isn�t even paid the fees that other company directors receive.

Instead, Perenchio�s entire economic interest in Univision is in having its stock price go up. He owns over 37 million shares, virtually all of them super-voting Class P shares, which give him 56% voting control of the company. At the beginning of 2004, his stake was worth $1.48 billion.

Strangely, no one has the title of President at Univision. Vice Chairman Robert Cahill (who, despite the title, is not a board member) is employed by Perenchio personally, with half his salary and all of his bonus paid by Univision. He received a salary of $600,000 last year and a $600,000 bonus last year - - exactly the same as Executive Vice President Andrew Hobson and Executive Vice President & CFO George Blank. The latter two also got $6,000 in 401(k) contributions. The totals for all three were up about 73% from $690,000-$696,858 in 2002.

But they were not the company�s highest paid employees. That title went to Univision Networks President Ray Rodriguez. His salary was $800,000 and he got a bonus of $800,000, plus the $6,000 401(k) payment for a total of $1,606,000, up 83.14% from $876,906 the previous year.

Having joined the company in late September, when his company, Hispanic Broadcasting Corporation, was merged into Univision, Univision Radio President McHenry T. �Mac� Tichenor Jr. was paid only $242,884 by Univision in 2003 - - $163,636 in salary and a bonus of $79,248. His contract with Univision calls for him to receive an annual base salary of $600,000.

While not on the scale of Perenchio, Univision�s other top execs are wealthy shareholders. Tichenor owns 2,530,214 shares and has 332,350 options for a total value at the beginning of 2004 of $113.6 million. Hobson, Blank, Rodriguez and Cahill have stakes of $40-50 million, mostly in options.

Univision has multiple classes of stock and a complicated way of electing its board of directors. Class A and P shareholders vote as a group for most board seats, and with his super-voting Class P stock all that really matters is Perenchio�s vote. However, the HBC merger agreement requires him to vote for Tichenor and one other director candidate, currently Fernando Aguirre, designated by the Tichenor family. In addition to Perenchio and Tichenor, Rodriquez serves on the board as a management member elected by A/P shareholders. 

Two seats are reserved for foreign broadcast companies that own large stakes in Univision - - Televisa, based in Mexico, and the Cisneros Group of Companies (whose main network is Venevision), based in Venezuela. Televisa owns all of Univision�s Class T stock and Cisneros all of the Class V stock.
Directors not employed by or affiliated with Univision, Perenchio, Televisa or Cisneros are paid $50,000 per year and receive stock options.

Class A/P Directors:
Fernando Aguirre, President and CEO of Chiquita Brands International
Harold Gaba, President and CEO of ACT III Communications Holdings LP
Alan F. Horn, President and COO of Warner Bros.
John G. Perenchio, President of Ultimatum Music LLC (and son of Jerry Perenchio)

Class T Director:
Emilio Azc�rraga Jean, President, CEO and Chairman of Televisa
(Alternate) Alfonso De Angoitia, CFO and Executive Vice President of Televisa 

Class V Director:
Gustavo Cisneros, Chairman and CEO of the Cisneros Group of Companies
(Alternate) Alejandro Rivera, Managing Director and Vice President of Venevision International LLC and Director and President of Venevision International Corporation