Tender Offer

Telefonica SA
25 July 2000


A SIGNIFICANT EVENT

TELEFONICA, S.A., in accordance with that stated in article 82 of the Spanish
Stock Market Law and that set forth in the Circular Letter 2/1993, of July 3rd,
hereby informs the Spanish Securities Commission of the following:

The tender offer launched by Telefonica, S.A. on Endemol shares has been
accepted by 97.4% of the latter's shareholders, therefore surpassing the minimum
level set in order to make this operation effective.

Telefonica will proceed to execute the offer in accordance with the conditions
set forth in the prospectus.

Madrid, July 25th, 2000