UNIVISION COMMUNICATIONS INC
EXHIBIT 10.14.4
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<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="lk1072_exhibit_10.14.4"> </A>
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<BR></FONT><FONT SIZE=2><B>Exhibit&nbsp;10.14.4    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>Amendment No.&nbsp;8 (the "Amendment") To<BR>
Employment Agreement between<BR>
Univision Communications&nbsp;Inc. and<BR>
Andrew Hobson ("Employee") that<BR>
was assigned to Univision Management Co. ("Company") effective<BR>
January&nbsp;1, 2003 (the "Employment Agreement")  </B></FONT></P>

<P><FONT SIZE=2>Employee
and Company agree to amend the Employment Agreement as follows: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Term.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Term of the Employment Agreement is extended through December&nbsp;31,
2005, unless earlier terminated in accordance with the provisions of the Employment Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Salary.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The annual Base Salary rate will be: Six Hundred Thousand Dollars ($600,000)
for the annual period from January&nbsp;1, 2005 through December&nbsp;31, 2005. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Effective Date of Amendment.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Upon execution by Employee and Company, this Amendment
will become effective as of January&nbsp;1, 2003. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Notices.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Any notice to Company shall also be sent to Company's General Counsel at
1999 Avenue of the Stars, Suite 3050, Los Angeles, California 90067, Fax (310)&nbsp;556-1526; and to Company's Deputy General Counsel at Univision, 5999 Center Drive, Los Angeles,
California 90045, Fax (310)&nbsp;348-3679. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Other.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Except as provided in this Amendment, all other terms and conditions in the
Employment Agreement will remain in full force and effect, and the Employment Agreement, as amended hereby, is ratified and confirmed. </FONT></P>

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<TD COLSPAN=3><BR><FONT SIZE=2><B>UNIVISION MANAGEMENT CO.</B></FONT></TD>
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&nbsp;</FONT></TD>
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By:</FONT></TD>
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/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ROBERT V. CAHILL</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Robert V. Cahill<BR>
Chairman, President and CEO</FONT></TD>
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<TD WIDTH="39%"><FONT SIZE=2>/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ANDREW HOBSON</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Andrew Hobson</FONT></TD>
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<P><FONT SIZE=2>As
further inducement for Employee to enter into this Amendment, Univision Communications&nbsp;Inc. hereby guarantees all of Company's financial obligations under the Employment Agreement as
amended. Company acknowledges that Employee is relying on this guarantee in entering into this Agreement. </FONT></P>

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<TD COLSPAN=3><BR><FONT SIZE=2><B>UNIVISION COMMUNICATIONS&nbsp;INC.</B></FONT></TD>
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By:</FONT></TD>
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<TD WIDTH="53%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ROBERT V. CAHILL</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Robert V. Cahill<BR>
Vice Chairman and Corporate Secretary</FONT></TD>
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