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

                                  SCHEDULE 13D

                    Under the Securities Exchange Act of 1934
                               (Amendment No. ___)

                       Grupo Televisa, S.A. (the "Issuer")
--------------------------------------------------------------------------------
                                (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)
--------------------------------------------------------------------------------
                                 (CUSIP Number)

--------------------------------------------------------------------------------
                          Juan Sebastian Mijares Ortega
                              Grupo Televisa, S.A.
                        Avenida Vasco de Quiroga No. 2000
                                Colonia Sante Fe
                               01210 Mexico, D.F.
                                     Mexico
--------------------------------------------------------------------------------
                  (Name, Address and Telephone Number of Person
                Authorized to Receive Notices and Communications)

                                 March 24, 2004
--------------------------------------------------------------------------------
             (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 12)

-------------------
(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 12


   1   NAMES OF REPORTING PERSONS
       I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

       Trust No. 80375

   2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*                 (a) |X|
                                                                         (b) |_|

   3   SEC USE ONLY

   4   SOURCE OF FUNDS*

       OO (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

                                -0-

  NUMBER OF SHARES          8   SHARED VOTING POWER
BENEFICIALLY OWNED BY
EACH REPORTING PERSON           62,006,754,825 A Shares, 8,000,952,240 B Shares,
        WITH                    12,728,787,654 D Shares and 12,728,787,654
                                L Shares (See Items 5(a) and 5(b))

                            9   SOLE DISPOSITIVE POWER

                                -0-

                            10  SHARED DISPOSITIVE POWER

                                -0-


   11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

         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))

   12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
         SHARES*                                                            [X]

   13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

         49.71% of A Shares, 13.28% of B Shares, 13.82% of D Shares and 13.82%
         of L Shares

   14    TYPE OF REPORTING PERSON*

         OO


                      *SEE INSTRUCTIONS BEFORE FILLING OUT!




CUSIP No.   13D49J206 GDSs            13D                         Page 3 of 12


Item 1.           Security and Issuer.
------            -------------------

                  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 represents 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.
------            -----------------------

                  (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 Trust No.
80375, a trust established under the laws of Mexico (the "Shareholder Trust").

                  The beneficiaries of the Shareholder Trust are three trusts,
each of which is organized under the laws of Mexico: (i) Trust No. 80370, which
holds for the benefit of Emilio Fernando Azcarraga Jean ("EAJ") (the "Azcarraga
Trust"); (ii) Trust No. F-0553, which holds for the benefit of Promotora
Inbursa, S.A. de C.V. (the "Inbursa Trust"); 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"). Promotora
Inbursa, S.A. de C.V. ("Promotora Inbursa") is an indirect subsidiary of Grupo
Financiero Inbursa, S.A. de C.V.

                  The address of the Shareholder Trust is Insurgentes Sur 1971,
Anexo Nivel Jardin, Colonia Guadalupe Inn, 01020 Mexico, D.F.

                  (d) and (e)

                  The name, address, occupation and citizenship of each member
of the technical committee of the Shareholder Trust are set forth in Schedule I
attached hereto. None of the members of the technical committee of the
Shareholder Trust has 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 as a result of such proceeding was or is 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.




CUSIP No.   13D49J206 GDSs            13D                         Page 4 of 12



Item 3.           Source and Amount of Funds or Other Consideration.
------            -------------------------------------------------

                  As more fully described under Item 4, on March 23, 2004, each
of the Azcarraga Trust, the Inbursa Trust and the Investor Trust contributed all
its shares, respectively, in Grupo Televicentro, S.A. de C.V., a sociedad
anonima de capital variable organized under the laws of Mexico ("Televicentro")
to 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.
------            ----------------------

                  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 and
the Investor Trust 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) the Inbursa Trust owned 24.70%; and (iii) the Investor Trust
owned 20.01%. 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 12

                  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.

                  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.




CUSIP No.   13D49J206 GDSs            13D                         Page 6 of 12

                  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 and the Inbursa 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, the Shareholder Trust
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 the Shareholder
Trust 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). The Shareholder Trust 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 the
Shareholder Trust.




CUSIP No.   13D49J206 GDSs            13D                         Page 7 of 12

Item 5.           Interest in Securities of the Issuer.
------            ------------------------------------

                  (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 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).

                  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).

                  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).

                  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, and each of the Reporting Persons may
be deemed to 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).



CUSIP No.   13D49J206 GDSs            13D                         Page 8 of 12

                  The Shareholder Trust expressly disclaims beneficial ownership
of any Shares directly beneficially owned by any direct or indirect participant
in the Shareholder Trust.

                  (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 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.

                      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.

                      (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.




CUSIP No.   13D49J206 GDSs            13D                         Page 9 of 12

                      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.

                      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.

                      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, in addition to the Shares described in the preceding paragraph:
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.

                      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) Except as described herein, no transactions in Shares were
effected during the past 60 days by the Shareholder Trust.

                  (d) Not applicable.




CUSIP No.   13D49J206 GDSs            13D                         Page 10 of 12

                  (e) Not applicable.

Item 6.           Contracts, Arrangements, Understandings or Relationships With
                  Respect to Securities of the Issuer.
                  ------------------------------------

                  Except as disclosed in Item 4 of this Statement, there are no
contracts, arrangements, understandings or relationships (legal or otherwise)
between the Shareholder Trust and any person with respect to Shares.

Item 7.           Material to be Filed as Exhibits.
------            --------------------------------

                  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 12


                                    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 the
Shareholder Trust is true, complete and correct.

                                                  NACIONAL FINANCIERA, S.N.C.,
                                                  AS TRUSTEE OF TRUST NO. 80375


                                                  By:  /s/ Emilio Fragosa Garcia
                                                       ------------------------
                                                  Name:  Emilio Fragosa Garcia
                                                  Title: Delegado Fiduciario
                                                         (Attorney-in-Fact)




CUSIP No.   13D49J206 GDSs            13D                         Page 12 of 12


                                   SCHEDULE I

           All of the individuals listed below are citizens of Mexico.


                                 Trust No. 80375

                               Technical Committee




Name                           Principal Occupation                      Principal Business Address
----                           --------------------                      --------------------------

                                                                   
Emilio Fernando                President and Chairman of the Board of    Av. Chapultepec 18, First Floor, News
Azcarraga Jean                 Grupo Televisa, S.A.                      Center, Col. Doctores, 06724 Mexico, D.F,
                                                                         Mexico.

Alfonso de Angoitia Noriega    Executive Vicepresident of Grupo          Av. Vasco de Quiroga No. 2000,
                               Televisa, S.A., President of the          Edificio "A", Piso 4,
                               Finance Committee                         Colonia Santa Fe
                                                                         01210 Mexico, D.F.

Bernardo Gomez Martinez        Executive Vicepresident of Grupo          Av. Chapultepec 18. First Floor
                               Televisa, S.A.                            New Center
                                                                         Col. Doctores
                                                                         06724, Mexico D.F

Maria Asuncion                 Chief Executive Officer, Tresalia         Paseo de los Tamarindos No. 400,
Aramburuzabala Larregui        Capital S.A. De C.V.                      Torre B, Piso 25,
                                                                         Col. Bosques de las Lomas
                                                                         05120 Mexico, D.F.

Juan Pablo Andrade Frich       Asset Manager                             Paseo de los Tamarindos No. 400,
                                                                         Torre B, Piso 25,
                                                                         Col. Bosques de las Lomas
                                                                         05120 Mexico, D.F.

Jose Heredia Breton            Banker                                    Paseo de las Palmas 736,
                                                                         Col. Lomas de Chapultepec
                                                                         11000 Mexico, D.F.

Raul Zepeda Ruiz               Lawyer                                    Montes Urales No. 632, Third Floor
                                                                         Col. Lomas de Chapultepec
                                                                         11000 Mexico, D.F.