TPI's stake in Publiguias

Telefonica SA
18 March 2004



'TELEFONICA PUBLICIDAD E INFORMACION, S.A.(TPI)', a subsidiary of Telefonica, 
S.A., as provided in article 82 of the Spanish Stock Market Act (Ley del Mercado 
de Valores), hereby informs that:


Further to the significant event dated February 23rd, 2004 informing that TPI
had reached an agreement to increase its stake in the Chilean company' Impresora
y Comercial Publiguias, S.A.' to 91%, Telefonica Publicidad e Informacion, S.A.
reports that this acquisition has been carried out on March 16th, 2004.


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