Call options- Antena 3 shares

Telefonica SA
08 January 2003





                           JOAQUIN DE FUENTES BARDAJI

                             General Vice Secretary

                  and Vice Secretary of the Board of Directors

                              TELEFONICA, S.A.






'TELEFONICA, S.A.', in accordance with that stated in article 82 of the
Spanish Stock Market Law hereby informs of the following:





                        SIGNIFICANT EVENT




Telefonica confirms that today Telefonica S.A. and its subsidiary Telefonica de
Contenidos S.A. have respectively proceeded to exercise vis-a-vis Banco
Santander Central Hispano, S.A. call options over 17,365,125 and 2,167,500
shares of Antena 3 de Television, S.A. owned by Banco Santander Central Hispano,
S.A., which in aggregate represent, at the present date, 11.719% of the capital
of Antena 3 de Television, S.A. The company designated as buyer of the shares is
Corporacion Admira Media S.A.U., a member of the Telefonica Group.


The transfer of the shares shall be formally executed in the coming weeks and
the exact price to be paid for the shares will be determined once the effective
purchase date has been set.


The acquisition of these shares will bring the Telefonica Group's overall equity
stake in Antena 3 de Television, S.A. to 59.229%.


Corporacion Admira Media S.A. has on this date issued the mandatory prior notice
of the purchase to the State Secretariat for Telecommunications and for the
Information Society (Secretaria de Estado de Telecomunicaciones y para la
Sociedad de la Informacion)




                                                        Madrid, January 8, 2003.



                      This information is provided by RNS
            The company news service from the London Stock Exchange             NFBKKODK