Fthr re PublicOfferForEndemol

Telefonica SA
15 June 2000

ANNOUNCEMENT REGARDING TELEFONICA'S PROPOSAL TO LAUNCH A PUBLIC STOCK OFFER FOR
ENDEMOL


(This announcement may under no circumstances be made public within or to the
United States of America.  The proposal for the public stock offer for ordinary
ENDEMOL shares may not be exercised in the United States of America.)

Regarding the press releases of March 17th, 2000 and April 14th 2000, Telefonica
S.A. (Telefonica) announces the launching of a public offering for all the
outstanding ordinary shares that make up ENDEMOL Entertainment Holding N.V.
('Endemol') to take place, once the necessary documents have been compiled and
the authorisations needed have been obtained, before the end of June 2000.

This release is neither a direct or indirect extension of the public offer for
the United States of America.  The proposed offer will not be made, be it
directly or indirectly, to or within the United States of America, and it may
not be accepted within or from the United States of America.



                                                      Madrid, June 14,2000