Exhibit 4.8

(TRANSLATION)

Amendment to the credit agreement executed by and between
Scotiabank Inverlat, S.A., a multiple banking institution,
Scotiabank Inverlat Financial Group, hereinafter referred to as
the "Lender", represented by Francisco Vazquez Fernandez, and
Grupo Radio Centro, S.A. de C.V., hereinafter referred as the
"Borrower", represented by Francisco de Jesus Aguirre Gomez,
Carlos de Jesus Aguirre Gomez, Ana Maria Aguirre Gomez and Maria
Adriana Aguirre Gomez, with Desarrollos Empresariales, S.A. de
C.V. and Enlaces Trocales, S.A. de C.V., represented by Francisco
de Jesus Aguirre Gomez, Carlos de Jesus Aguirre Gomez, Ana Maria
Aguirre Gomez and Maria Adriana Aguirre Gomez, acting as
Guarantors, according to the following antecedents, articles and
clauses:

ANTECEDENTS

1. On October 30, 2000, the parties executed a credit agreement up to the
amount of USD$35,000,000.00 (thirty-five million U.S. dollars). In this
agreement, Desarrollos Empresariales, S.A. de C.V. and Enlaces
Trocales, S.A. de C.V. pledged their subsidiaries' shares as a
guarantee, which were listed in Exhibit A of the agreement, to assure
the obligations assumed by the Borrower in favor of the Lender therein.
The credit agreement was authorized by Esther Garcia Alvarez, Federal
District principal 4 public notary, hereinafter referred to as the
"Credit Agreement" including its amendments up to the present document
execution date.

2. On February 20, 2001, the parties executed a letter agreement to amend
the Credit Agreement, described in Antecedent 1, where the Lender
authorized the Borrower to enter into additional third-party
indebtedness of up to USD$3,500,000 (three million five hundred
thousand U.S. dollars) as an additional amount to the sum originally
authorized under the Credit Agreement.

3. On April 17, 2001, the parties executed a letter agreement to amend the
Credit Agreement in which they agreed that the applicable interest rate
would be LIBOR plus three (3%) percent. They also agreed to change the
payment dates of the loan, each payment for the amount of
USD$3,900,000.00 (three million nine hundred thousand U.S. dollars) and
the last payment dated October 31, 2005, for the amount of
USD$3,800,000.00 (three million eight hundred thousand U.S. dollars).

4. On July 13, 2001, the Borrower requested from the Lender authorization
to incur additional third-party indebtedness of up to USD$2,500,000.00
(two million five hundred thousand U.S. dollars) in addition to the
original authorized amount under the Credit Agreement, in order to be
able to liquidate the renewal of one of Grupo Radio Centro's stations'
Operating Agreement.

5. On November 15, 2001, the Borrower notified the Lender that the former
had initiated a corporate restructuring process, with the goal of
improving the Company's organization, to centralize stock holdings, to
make the administrative control more efficient, and to increase the
share participation in Grupo Radio Centro. The mergers of Grupo Radio
Centro's corporations are stated in the deeds, annexed to this
agreement as Exhibit 1.

6. As a result of the mergers, the Borrower and the companies that form a
part of Group Radio Centro are organized in the terms described in the
Exhibit 2 of this Agreement.

7. In light of the foregoing, Desarrollos Empresariales S.A. appears as
the surviving company of Mensajes Digitales S.A. de C.V. and Industrias
Telecentro, S.A. de C.V. and also of Enlaces Trocales S.A. de C.V. that
acquired Radiodiusion S.A. de C.V.'s (former guarantor) shares to
execute a new pledge in order to guarantee the indebtedness stated in
this agreement.

ARTICLES

I. The Lender's representative declares that its company is a valid credit
institution, incorporated according to the respective statute, and has
been authorized to execute this agreement.

II. The Borrower's representative declares that:

a) Its company is a Mexican commercial corporation governed by its
corporate bylaws, the Commercial Corporations General Law and
other governing legal provisions.

b) The Borrower is the owner of the company's assets.

c) Except for the legal proceeding initiated against the Borrower by
Infored S.A. de C.V. in the International Chamber of Commerce,
Mexico Section, the ordinary proceedings initiated by Desarrollos
Empresariales S.A. de C.V., and four other individuals against
Mr. Jose Elias Gutierrez Vivo and Mrs. Maria Ivonne Gutierrez
Vivo and the payment requirement filed by Infored S.A. de C.V.,
all the foregoing at the Ordinary Courts of the City, nothing
else adversely affects the financial situation, operations,
assets or legal existence in detriment of the legality, validity
and enforceability of the present agreement, and that it has no
official knowledge of any other legal proceedings initiated
against the Borrower that may adversely affect its financial
situation, operations, assets or legal existence in detriment of
the legality, validity and enforceability of the present
agreement.

d) The financial and accounting information filed with the Lender
for the purpose of this loan, accurately and faithfully reflects
the Borrower's principal financial situation, and therefore it
has not violated article 112 of the Credit Institutions Law,
which has been previously explained to the Borrower.

e) In order to comply with the general dispositions referred in
article 115 of the Credit Institutions Law enacted by the Finance
Ministry and published in Mexico's Official Gazette on March 10,
1997, and its amendments, and in compliance with the Second
disposition, the Borrower has shown the Lender copies of the
following documents:

1. Taxpayer Federal Register and Tax Identification Number.
2. Proof of the Borrower's Articles of Incorporation duly
registered with their corresponding amendments when
applicable, as well as the power of attorney.
3. Documents proving its legal address (telephone bill,
electricity bill, etc.).
4. Copy of its legal representative's official identification.

f) The Borrower, through its executives in specialized areas, has
analyzed the operations that take place in the International
Financial Markets and therefore knows about the London Interbank
Offered Rate interest rate fluctuations and the mechanism to
determine the cost of obtaining dollar funds. Since the dollar is
not legal currency of Mexico, the Lender obtains these funds from
abroad and their cost is determined by foreign banks, and
therefore, the Lender has no control over possible rate
fluctuations.

g) It is the Borrower's will to appear at the execution of the
present agreement and to amend the Credit Agreement described in
Antecedent 1 above.

h) At the execution date of this agreement, and pursuant to the
credit described in Antecedent 1, the Borrower recognizes its
obligation and commits itself to pay to the Lender the amount of
USD$23,300,000.00 (twenty-three million three hundred thousand
U.S. dollars).

i) The Lender has requested of the Borrower a 100% (one hundred
percent) conversion of the amount owed into its peso equivalent,
the Borrower's national currency.

j) On August 15, 2002, the Borrower paid the Lender a USD$10,000.00
(ten thousand U.S. dollars) tax-free commission because of the
default in the financial-ratio obligations.

III. The Guarantors' representatives declare that:

a) Their companies are Mexican commercial corporations governed by
their corporate bylaws, the Commercial Corporations General Law
and other governing legal provisions.

b) They are the full and legitimate owners of the stock delivered as
collateral, and that the shares have been completely subscribed
and paid for.

c) Except for the legal proceeding initiated against them by Infored
S.A. de C.V. and Jose Elias Gutierrez Vivo, initiated at the
International Chamber of Commerce, Mexico Section, the ordinary
proceedings initiated by Desarrollos Empresariales S.A. de C.V.,
and four other individuals against Mr. Jose Elias Gutierrez Vivo
and Mrs. Maria Ivonne Gutierrez Vivo and the payment requirement
filed by Infored S.A. de C.V., all the foregoing at the Ordinary
Courts of this City, nothing else adversely affects the financial
situation, operations, assets or legal existence in detriment to
the legality, validity and enforceability of the present
agreement, and that they have no official knowledge of any other
legal proceedings initiated against the Borrower that may
adversely affect its financial situation, operations, assets or
legal existence in detriment of the legality, validity and
enforceability of the present agreement.

d) The financial and accounting information presented by them to the
Borrower and filed with the Lender for the purpose of this loan,
accurately and faithfully reflects their financial situation,
therefore they have not violated article 112 of the Credit
Institutions Law, which has been previously explained to them.

e) To comply with the general dispositions referred in article 115
of the Credit Institutions Law enacted by the Finance Ministry
and published in Mexico's Official Gazette on March 10, 1997, and
its amendments, and in compliance with the Second disposition,
the Guarantors have presented the Lender with copies of the
following documents:

IV. The representatives of the Lender, Borrower and Guarantors declare that
in virtue of the mergers and the corporate restructuring of Grupo Radio
Centro, S.A. de C.V. referred to in Antecedents 6 and 7 of this
agreement, Desarrollos Empresariales S.A. de C.V., as the surviving
company of Mensajes Digitales S.A. de C.V., Industrias Telecentro S.A.
de C.V. and Enlases Troncales S.A. de C.V. and purchaser of
Radiodifusion Red S.A. de C.V.'s shares (former guarantor), establish a
new pledge guarantee in the Lender's favor, considering that its
shares, have been canceled as a consequence of the merger and the
corporate restructure.

In light of the foregoing, the parties agree to the following:

CLAUSES:

FIRST: The Borrower recognizes it owes and shall pay to the Lender the amount of
USD$23,000,000.00 (twenty-three million U.S. dollars).

The parties agree to convert to pesos 100% (one hundred percent) of the
recognized owed amount, at the sale exchange rate in effect on the execution
date of this agreement at the Lender's comptroller's office.

Hence, the Borrower recognizes it owes and shall pay to the Lender the following
peso amount: $238,242,500.00 (two hundred and thirty-eight million two hundred
and forty-two thousand and five hundred pesos and 00/100).

The previously mentioned sum does not include interests, costs and miscellaneous
expenses that the Borrower must cover.

SECOND: The Borrower shall pay the amount recognized in the preceding clause,
according to the following:

Recognized amount: $238,242,500.00 (two hundred and thirty-eight million two
hundred and forty-two thousand and five hundred pesos and 00/100).

PAYMENT DATES AMOUNT
- -------------------------------------------------
April 30, 2003 $39,710,000.00
- -------------------------------------------------
October 31, 2003 $39,710,000.00
- -------------------------------------------------
April 30, 2004 $39,710,000.00
- -------------------------------------------------
October 31, 2004 $39,710,000.00
- -------------------------------------------------
April 30, 2005 $39,710,000.00
- -------------------------------------------------
October 31, 2005 $39,692,500.00
- -------------------------------------------------
TOTAL $238,242,500.00
- -------------------------------------------------

Likewise, the Borrower shall pay to the Lender a USD$2,000 (two thousand U.S.
dollars) commission regarding the Credit Agreement amendment referred to in the
first clause of this agreement, that shall be paid precisely on the execution
date.

THIRD: The Borrower shall pay to the Lender the ordinary interest due on a
quarterly basis. To such effect, the parties agree that the applicable interest
rate for the peso-recognized amount will be determined taking into consideration
the financial ratio of the total liabilities to earnings before interest, tax,
depreciation and amortization (total liabilities/EBITDA).

As a result of the foregoing, the parties agree to the following:

For the peso-recognized amount, the Borrower shall pay interest for the unpaid
balance, according to the following:

Financial Indicator Ordinary Applicable Interest Rate
Total Passive/EBITDA

- -------------------------------------------------------------------------------------------------
More than or equal to 5.20 T.I.I.E. plus 3.25 percentage points
- -------------------------------------------------------------------------------------------------
More than 4.5 and less than 5.20 T.I.I.E. plus 3.00 percentage point
- -------------------------------------------------------------------------------------------------
More than 3.50 and less than or equal to 4.50 T.I.I.E. plus 2.75 percentage points
- -------------------------------------------------------------------------------------------------
More than 3.00 and less than or equal to 3.50 T.I.I.E. plus 2.50 percentage points
- -------------------------------------------------------------------------------------------------
Less than or equal to 3.00 T.I.I.E. plus 2.00 percentage points
- -------------------------------------------------------------------------------------------------

If the T.I.I.E. rate ceases to exist, or if at the time of calculating the
ordinary interest rate according to the foregoing table, its quotations are
unknown, the interest rate of the Treasury Certificates (CETES) shall be taken
as a substitute interest rate, and according to the foregoing table, the
correspondent percentage points shall be added.

If the T.I.I.E. and the CETES rates cease to exist, or if at the time of
calculating the ordinary interest rate, their quotations are unknown, the C.C.P.
interest rate (tasa de Captacion a Plazo de Pasivos) shall be taken as a
substitute interest rate, and according to the preceding table, the
correspondent percentage points plus three more percentage points shall be
added, resulting in the substitute interest rate.

The agreed rates, and, in their case, the substitute ones, will be applied to
the effectively elapsed days for each interest rate computation period.

Definitions:

T.I.I.E means the twenty-eight day Interbank Equilibrium Interest Rate that is
published daily by the Bank of Mexico through Mexico's Official Gazette on the
first day of each interest rate determination period, and for calculation
purposes, the twenty-eight day T.I.I.E. will be equivalent to a thirty-day
period. If this rate is not published, the rate published on the immediately
preceding day will be used as a reference rate, successively until day number
twenty-two of such interest rate calculation period.

CETES means the twenty-eight day interest rate of the Federation's Treasury
Certificates that is published by the Bank of Mexico through Mexico's Official
Gazette on the closest date to or before the starting date of each interest rate
calculation period.

C.C.P. interest rate (tasa de Captacion a Plazo de Pasivos) means the thirty-day
peso-denominated cost to obtain debt, estimated by the Bank of Mexico as
representative of the combined Multiple Banking Institutions, published through
Mexico's Official Gazette on the closest date to or before the starting date of
each interest rate calculation period.

According to the foregoing, the applicable interest will be determined by the
Lender taking as a base the quarterly financial information delivered by the
Borrower. Consequently, the interest rate will be applied in the following
quarter as of the date on which the information was delivered.

If the Borrower defaults in any of the agreed payment dates or on any other of
its obligations, the Lender will apply a default interest equal to multiplying
by 2 (two) the ordinary applicable interest rate pursuant to this clause, so
long as the default continues.

The default interest rate will be applied over any outstanding recognized amount
not timely paid by the Borrower except for interest, and over any other amount
of any other of the Borrower's obligation except for principal and interest if
they are not fulfilled pursuant to the terms of this agreement.

FOURTH: To document the obligations assumed by the Borrower in this present
agreement, the Borrower will execute notes to the Lender's order, whose maturity
dates will not be later than the termination date of this agreement, and will
comply with the requirements and conditions referred to under the Credit
Operations and Securities Law.

FIFTH: The parties agree to amend paragraph (e) in the fifth clause of the
Credit Agreement to read as follow:

e) To comply through the validity of the Credit Agreement with the following
financial ratios:

- - A maximum total liabilities/principal of 0.65 to 1.0 (zero point sixty-five to
one).

- - A maximum total liabilities/EBITDA (operating income before deducting
depreciation and amortization) according to the following:

For the September and December 2002 quarters, a 5.20 maximum (five point
twenty). For the March 2002 quarter, a 5.00 maximum (five point zero zero). For
the June 2003 quarter, a 4.50 maximum (four point five). For the September and
December 2003 quarters, a 4.00 maximum (four point zero zero). As of 2004, a
3.00 maximum (three point zero zero).

These financial ratios will be calculated taking into account the last twelve
months.

- - A $75,000,000.00 minimum tangible capital (seventy million pesos) for year
2002. For the following years, the minimum tangible capital will be the
preceding minimum tangible capital plus 30% (thirty percent) of that year's net
revenue. Tangible capital means accountable capital less Deferred Taxes,
warranty deposits, advanced payments, investment in subsidiaries, receivables
with affiliates and subsidiaries, deferred charges and intangible assets.

- - Debt coverage from September to December 2002 of 1.15 (one point fifteen);
from March to June 2003 of 1.30 (one point thirty), from September 2003 on of
1.50 (one point fifty). Debt Coverage means Income before Interest, Taxes,
Depreciation and Amortization, over the sum of outstanding long-term bank debt
plus Financing Costs.

SIXTH: The parties agree to amend the fifteenth clause of the Credit Agreement,
to add another two paragraphs to the obligations stated in I, in the following
terms:

g) To pay any dividends only if the Borrower is in compliance with the principal
and interest payments obligations as well as the financial covenants referred in
the preceding fifth clause and the one established in the Credit Agreement
during three consecutive quarters, to the Lender's satisfaction, and with the
Lender's previous written authorization.

h) To deliver monthly to the Lender a letter signed by the Borrower's financial
director certifying that the Borrower is in compliance with the financial
covenants referred to in the fifth clause above, and the ones stated under the
Credit Agreement.

Likewise, the parties agree to amend the fifteenth clause of the Credit
Agreement to modify paragraphs (a), (c) and (d) of the obligations stated in II
and to add another paragraph to read as follows:

a) To incur additional indebtedness over a five million U.S. dollars
or its peso equivalent, without the Lender's previous written
consent, and only if the Borrower is in compliance with the
financial covenants.

c) To grant personal or real warranties to third-parties, in the
understanding that such a negative covenant is also applicable to
the Borrower's present and future subsidiaries.

d) To conduct operations with it subsidiaries and affiliates except
for the ones required in the normal course of business and not to
pay administration commissions and acquire intercompany
obligations, and not to grant loans to the Borrower's employees
and officers.

e) To cease payment on our loan pending the results of the legal
proceeding initiated against them by Infored S.A. de C.V. and Jose
Elias Gutierrez Vivo at the International Chamber of Commerce,
Mexico Section, or pending the results of the payment requirement
filed by Infored S.A. de C.V., at the Civil Courts of this city.
Hence, and without taking into consideration the aforementioned
controversies, the Borrower shall pay the loan amount in the terms
agreed to under this agreement.

SEVENTH: The parties agree to modify the sixteenth clause of the Credit
Agreement by adding the following paragraph:

k) If the Borrower fails to comply with any of its obligations to any of its
creditors, and as a result of such failure, the Borrower's financial statements
are materially and adversely affected.

EIGHTH: As a result of the mergers and the corporate restructuring undertaken by
the group of corporations to which the Borrower belongs, the Borrower and the
Guarantors agree to terminate the pledge warranty executed under this agreement,
and consequently, to execute a new pledge warranty over the subsidiaries' share
according to the following terms:

Without prejudice to the Borrower's obligation to respond with all its present
or future assets to its obligations under this agreement of interest payment and
any other obligations that may be derived thereon, to any statute or judicial
decision and to cost and judicial expenses if applicable, the Borrower,
Desarrollos Empresariales S.A. de C.V. and Enlaces Troncales S.A. de C.V.,
grant, in this act and pursuant to article 334 of the General Law of Operations
and Credit Titles, a pledge over the stock of its subsidiaries listed in Exhibit
2 of this agreement.

For the pledge execution, each of the companies previously named shall deliver
to the Lender the correspondent endorsed stock titles, therefore, they have
obliged themselves to note in the stock register of each issuing company that
the shares have been pledge in the Lender's favor.

Likewise, the parties agree that the Borrower and the Guarantors keep ownership
of the titles pledged, including the right to vote said shares in shareholders'
meeting, and the right to receive dividends declared on them, provided that the
Borrower duly complies with its payment obligations, with the financial ratios
established in the fifth clause with the obligations pursuant subparagraph (g)
of the sixth clause herein. The Lender shall provide the Borrower and the
Guarantors with the documents requested in order to put this stipulation into
effect, provided that such documentation is requested five days in advance of
the date set for the corresponding meeting where this matter is attached to the
agenda, reserving to the Lender the right to attend such meetings. If the
Borrower fails to comply with any of its payment obligations and/or with the
financial ratios established in the fifth clause herein, the Borrower and the
Guarantors will give their consent for the Lender to execute the voting rights
of the pledged shares.

The warranties executed herein will be in effect until there is no outstanding
balance, principal or interest. Likewise, the parties agree that, in its case,
they may agree into a guarantee reduction according to a reduction in the amount
of the loan.

The Borrower and the Guarantors agree to pledge in the Lender's benefit, the
shares of any of its present or future subsidiaries with respect to the tenth
clause herein.

Likewise, the Lender shall return to the Borrower the titles that it keeps as
guarantee pursuant to the tenth clause of the Credit Agreement.

NINTH: At such time, the Lender ratifies, for the Borrower's benefit, that on
July 13, 2001, the Lender authorized the Borrower, in that single occasion, to
incur additional indebtedness for up to US$2,500.000.00 (Two million five
hundred thousand U.S. dollars) to the original amount stated in the Credit
Agreement. Such authorization does not imply an amendment of paragraph (a) in
the fifteenth clause of the previous agreement.

TENTH: The execution of this agreement does not substitute the Credit Agreement
and its amendments. All of its terms, conditions and obligations remain in full
force and effect, but for the amendments contained herein.

ELEVENTH: Pursuant to article 68 of the Law of Credit Institutions, this
agreement together with the certified account by the Lender's accountant will be
considered duly executed.

TWELFTH: If during the duration of this agreement, the corresponding authorities
enact general legal dispositions, applicable to this kind of agreement, pursuant
to which there is an increase in the costs of the credit, the Lender will notify
the Borrower in writing of such event so that during the next thirty days
following such notification, the parties negotiate how to pay such additional
costs under paragraph 4 M.21.2 of Banco de Mexico's 2019/95 circular which
states: "With regards to loans whose cost to the lending institution depends in
part on commissions that will be provided by a third-party, and which were not
recognized by the lender at the time of the loan, or which could be modified by
a third-party in the future, the lending institution may converse with its
borrowers about the possibility of recuperating such commissions".

THIRTEENTH: The Borrower shall promptly notify the Lender of any possible
default in the case the Borrower knows in advance that it would not be able to
comply on time with any of it obligations. If such is the case, the Borrower
shall request an extension to comply with them. In such request the Borrower
shall mention the causes of such defaults, the time and the measures that it
will take to remedy the matter, with the understanding that the Lender retains
the right to grant or not grant such a waiver.

If the Lender knows of any default on the Borrower's obligation, the Lender will
notify the Borrower, with the goal that the Borrower inform the Lender of the
causes of such defaults, the measures and the time that the Lender will take to
remedy the matter.

In both cases the Borrower shall authorize the Lender to charge a USD$18,000.00
(Eighteen thousand U.S. dollars) commission.

Notwithstanding the above, the Lender shall keep its right to accelerate the
present agreement in case of default.

FOURTEENTH: The duties, fees and other expenses resulting from the execution of
this agreement, as well as fees for the public notary regarding the registration
in the corresponding Public Commerce and Property Register and its cancellation,
in due time, shall be payable by the Borrower, who shall pay them at the
execution of this agreement.

FIFTEENTH: For everything related to the interpretation, performance and
execution of this agreement, the parties shall be subject to the jurisdiction of
the courts of Mexico City, expressly waiving jurisdiction privileges of any
other domicile they have or may come to have.

Signed in triplicate, in Ciudad de Mexico, Distrito Federal, on 10th day of
December 2002.

Lender
SCOTIABANK INVERLAT, S.A.
INSTITUCION DE BANCA MULTIPLE
GRUPO FINANCIERO SCOTIABANK INVERLAT

/s/ Lic. Francisco Vazquez Fernandez
--------------------------------------

Borrower
GRUPO RADIO CENTRO, S.A. DE C.V.

/s/ Sr. Francisco de Jesus Aguirre Gomez /s/ Sra. Ana Maria Aguirre Gomez
- ----------------------------------------- ----------------------------------

/s/ Sr. Carlos de Jesus Aguirre Gomez /s/ Sra. Maria Adriana Aguirre Gomez
- ------------------------------------- ----------------------------------

Guarantors
DESARROLLOS EMPRESARIALES, S.A. DE C.V. AND
ENLACES TRONCALES, S.A. DE C.V.

/s/ Sr. Francisco de Jesus Aguirre Gomez /s/ Sra. Ana Maria Aguirre Gomez
- ---------------------------------------- --------------------------------

/s/ Sr. Carlos de Jesus Aguirre Gomez /s/ Sra. Maria Adriana Aguirre Gomez
- ------------------------------------- ------------------------------------