TV AZTECA FULLY FUNDED TO AMORTIZE ITS
                 US$125 MILLION 101/8% NOTE DUE FEBRUARY 2004


FOR IMMEDIATE RELEASE

     MEXICO CITY,  DECEMBER 18, 2003--TV Azteca,  S.A. de C.V. (NYSE:  TZA; BMV:
TVAZTCA),  one of the two  largest  producers  of  Spanish  language  television
programming  in the world,  announced  today it is fully  funded to amortize its
US$125  million  101/8% note due February 15, 2004.  The funding  entails  US$60
million from TV Azteca's cash position and US$65 million of unsecured  financing
obtained from private institutions.

     "Our focus on building  the  necessary  cash within an ample  timeframe  is
oriented  to  avoid  any   possible   contingency   in  meeting  our   financial
obligations,"  commented Pedro Padilla,  Chief  Executive  Officer of TV Azteca.
"Our ultimate goal is to increase free cash generation by gradually reducing our
debt and interest expense."

     "We will save close to US$13  million  annually from  amortizing  the note,
whereas the new credit,  smaller in size and with substantially  lower interest,
entails  reduced  financial  outlays,"  added Mr.  Padilla.  "This  transaction,
together  with solid  operating  perspectives  at TV Azteca for the coming year,
will translate into strong  expected cash creation for 2004, and reduced overall
risk perception."

     The company noted the debt  amortization  is part of its plan to allocate a
substantial  portion of TV Azteca's  expected cash generation  within a six year
term  to  gradually  reduce  the  company's  outstanding  debt by an  amount  of
approximately  US$250 million,  as well as to make distributions to shareholders
above US$500 million within the six-year period.  Completion of the plan implies
reduction of the  company's  yearly  interest  payments by  approximately  US$25
million and a substantial improvement of its overall capital structure.

COMPANY PROFILE

      TV  Azteca  is  one of the  two  largest  producers  of  Spanish  language
television  programming in the world, operating two national television networks
in Mexico,  Azteca 13 and  Azteca 7,  through  more than 300 owned and  operated
stations  across  the  country.  TV Azteca  affiliates  include  Azteca  America
Network,  a new broadcast  television  network focused on the rapidly growing US
Hispanic market; Unefon, a Mexican mobile telephony operator focused on the mass
market; and Todito.com, an Internet portal for North American Spanish speakers.

      Except for  historical  information,  the matters  discussed in this press
release are  forward-looking  statements  and are  subject to certain  risks and
uncertainties  that could cause actual results to differ  materially  from those
projected.  Risks that may affect TV Azteca are  identified in its Form 20-F and
other filings with the US Securities and Exchange Commission.

                               INVESTOR RELATIONS:

              Bruno Rangel                           Omar Avila
             5255 3099 9167                        5255 3099 0041
        jrangelk@tvazteca.com.mx               oavila@tvazteca.com.mx

                                MEDIA RELATIONS:

            Tristan Canales                         Daniel McCosh
            5255 3099 5786                        5255 3099 0059
        tcanales@tvazteca.com.mx               dmccosh@tvazteca.com.mx