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COFECO Approves Conversion of Long-Term Notes

COFECO Approves Conversion of Long-Term Notes

MEXICO CITY, May 13 /PRNewswire/ -- Cablemas S.A. de C.V. (Cablemas) announced today that COFECO, the Mexican antitrust commission, authorized Televisa the conversion of the long-term convertible notes into 49% of the voting equity of Cablemas.

Cablemas CEO M. Alvarez Figueroa, commented: "We are pleased with COFECO's decision to authorize Televisa to purchase 49% of Cablemas. This decision allows the Company to strengthen its capital structure while increasing its penetration of the incipient Triple Play market in Mexico for the benefit of current and future clients."

About Cablemas

Cablemas is the second-largest cable television operator in Mexico based on number of subscribers and homes passed. As of December 31, 2007, Cablemas' cable network served over 797,018 cable television subscribers, 220,446 high- speed internet subscribers, and 41,062 IP telephony lines, with 2,204,603 homes passed.

Cablemas is the concessionaire with the broadest coverage in Mexico, operating in 46 cities throughout the country's oil, maquiladora and tourist regions as of December 31, 2007. Cablemas has consistently introduced innovative products in Mexico and is the first cable operator in the country to provide a "Triple Play" bundled service package of cable television, high speed internet and IP telephony. More information about Cablemas can be found at http://www.cablemas.com/.

This document may contain certain forward-looking statements concerning Cablemas' operations, performance, business, financial condition and growth prospects. These statements are based upon beliefs of management as well as a number of assumptions and estimates, which are inherently subject to significant uncertainties, many of which are beyond Cablemas' control. Actual results may differ materially from those expressed or implied by such forward- looking statements. Factors that could cause actual results to differ materially include, but are not limited to, changes in the Mexican economy, including changes in inflation rates or exchange rates, changes in political conditions and government policies in Mexico, increased competition, regulatory developments and customer demand. These statements are made as of the date of this press release and Cablemas undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise in light of these risks and uncertainties, there can be no assurances that the events described or implied in the forward-looking statements contained in this document will in fact transpire.

Cablemas S.A. de C.V.

CONTACT: In Mexico: Allan Ituarte Hesles, Planning & IR Manager,
Cablemas, +5255-24-54-58-84, [email protected]; In the U.S.,
Susan Borinelli, of the Breakstone Group for Cablemas, +1-646-452-2332,
[email protected]

Web site: http://www.cablemas.com/

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