UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): ~~March~~May 3115, 2009

UNIVISION COMMUNICATIONS INC.

(Exact name of registrant as specified in ~~its~~ charter)

Delaware

(State or Other Jurisdiction of Incorporation)

001-12223 (Commission File Number) 95-4398884 (IRS Employer Identification No.)


001-12223		95-4398884
(Commission File Number)		(IRS Employer Identification No.)

605 Third Avenue, 12^th Floor

New York, NY 10158

(Address of principal executive offices)

(212) 455-5200

(Registrant’s telephone number, including area code)

~~No Change~~ NO CHANGE

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written ~~Communications~~communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 1 2.0102 ~~Entry~~Results ~~into~~of aOperations ~~Material~~and ~~Definitive~~Financial ~~Agreement.~~Condition

On ~~March~~May 3115, 2009, ~~affiliates of~~ Univision Communications Inc. (the “Company”) ~~entered~~issued ~~into~~ a ~~three-year,~~press ~~$250~~release ~~million~~announcing ~~revolving~~its ~~accounts~~results ~~receivable~~of ~~purchase~~operations ~~facility~~for (the ~~“Facility”), which provides for working~~three ~~capital~~months ~~funding~~ended ~~and the proceeds of which are available for general corporate purposes. The Facility was entered into pursuant to a receivables purchase agreement, dated as of~~ March 31, 2009 ~~(the “Purchase Agreement”), among Univision Receivables Co~~., ~~LLC,~~A acopy ~~special~~of ~~purpose entity in which~~ the ~~Company~~press ~~and~~release ~~its~~is ~~parent,~~furnished ~~Broadcasting~~herewith ~~Media Partners, Inc. each holds a 50% voting interest (the “Receivables Entity”), the purchasers from time to time party thereto (the “Purchasers”) and General Electric Capital Corporation,~~ as ~~purchaser agent (the “Purchaser Agent”)~~Exhibit 99. Pursuant to the Purchase Agreement, the Receivables Entity may sell specified accounts receivable generated by certain subsidiaries of the Company to the Purchasers during the term of the Purchase Agreement1. ~~The Company indirectly holds a 100% economic interest in the Receivables Entity and will receive the economic benefit of the Facility.~~

The ~~maximum~~press ~~availability~~release ~~under~~uses the ~~Facility is $250 million, and such amount may be decreased subject to certain terms of the Purchase Agreement. In~~ ~~addition,~~non-GAAP ~~subject~~(Generally toAccepted ~~certain~~Accounting ~~conditions~~Principles) inmeasure ~~the Purchase Agreement, the Facility may be increased to an aggregate amount not to exceed $300 million, provided that the Purchasers will have the first option to provide all or a portion~~ of ~~such~~adjusted ~~increase, and~~operating ~~any~~income ~~agreement~~before ~~for~~depreciation such increase entered into with a third party purchaser must be reasonably satisfactory to the Purchaser Agent. The interest rate on the Facility is LIBOR plus 4.50% per annum, with a 3.00% floor on LIBOR. In addition, certain subsidiaries of the Company are obligated to pay a commitment fee to the Purchasers, such fee to be calculated based on the unused portion of the Facility. The Purchase Agreement contains customary default and ~~termination provisions~~amortization, which ~~provide~~ ~~for~~is ~~the~~reconciled ~~acceleration~~to ~~of amounts owed under~~ the ~~Facility upon the occurrence of certain specified events including, but not limited~~ to, ~~failure by~~ the ~~Receivables~~most ~~Entity~~directly tocomparable ~~pay~~GAAP ~~interest~~financial ~~and~~measure ~~other amounts due, defaults on certain indebtedness, change~~ in ~~control,~~the ~~bankruptcy~~press ~~and insolvency events~~release.

~~This~~For ~~description~~the ofthree months ended March 31, 2009, the ~~Purchase~~Company ~~Agreement~~reported isadjusted ~~qualified~~operating byincome ~~the~~before ~~actual~~depreciation ~~terms~~and amortization of ~~such agreement~~$153.8 ~~The~~million, compared ~~Company~~to ~~will include~~ the ~~Purchase~~GAAP ~~Agreement~~measure asof anoperating ~~exhibit~~income toof ~~its~~$102.7 ~~Quarterly~~million, ~~Report~~for onthe ~~Form~~same ~~10-Q~~period. ~~for~~For the ~~fiscal~~three ~~quarter~~months ~~ending~~ended March 31, ~~2009~~2008, ~~which~~the itCompany ~~expects~~reported toadjusted ~~file~~operating ~~with~~income ~~the~~before ~~Securities~~depreciation and ~~Exchange~~amortization ~~Commission~~of on$148.6 ormillion, ~~before~~compared ~~May~~ to the GAAP measure of operating loss of $15.6 million, ~~2009~~for the same period.

Item 2 9.0301 ~~Creation of a Direct~~ Financial ~~Obligation~~Statements orand anExhibits ~~Obligation under an Off-Balance Sheet Arrangement of a Registrant.~~

~~The~~(d) ~~disclosure set forth in Item 1.01 above is incorporated by reference into this Item 2.03.~~ Exhibits

~~Item 8~~99.011 Press ~~Other Events~~release.

The following corrects the inadvertent error by the Company in the 2008 total amounts column in the “Summary Compensation Table” reported in the Company’s Form 10-K for the year ended December 31, 2008 filed with the Securities and Exchange Commission on March 30, 2009.

The amounts in the applicable columns for 2008 for each of the individuals are correct and the corrected total amounts below for each individual is the sum of such amounts. The correct total amounts are as follows:

Name and Principal Position		Total ($)
Joseph Uva Chief Executive Officer		3,449,110
Andrew W. Hobson Senior Executive Vice President and Chief Financial Officer		4,112,557
Ray Rodriguez President and Chief Operating Officer		2,926,710
C. Douglas Kranwinkle Executive Vice President and General Counsel		7,313,923
Peter H. Lori Senior Vice President and Chief Accounting Officer		667,172

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the ~~Registrant~~registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: April 6, 2009	UNIVISION COMMUNICATIONS INC.
		UNIVISION COMMUNICATIONS INC.
	By:	/s/ Peter H. Lori
Date: May 15, 2009		By:	/s/ Peter H. Lori
	Name:	Peter H. Lori
			Name: Peter H. Lori
	Title:	Senior Vice President and Chief Accounting Officer
			Title: Senior Vice President and Chief Accounting Officer

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