EXHIBIT 99.8


[STARMEDIA LOGO]


                           STARMEDIA NETWORK ANNOUNCES
                    INTENTION TO RESTATE PRIOR PERIOD RESULTS


NEW YORK, NY, NOVEMBER 19, 2001 - StarMedia Network (NASDAQ: STRM)
(www.starmedia.com), the leading integrated Internet media and solutions company
targeting Spanish- and Portuguese-speaking audiences, announced today that it
plans to restate its unaudited financial statements for the quarters ended March
31 and June 30, 2001, and its audited financial statements for the fiscal year
ended December 31, 2000. A Special Committee of the Company's Board of Directors
is conducting an investigation of accounting issues with respect to revenue
recognition by two of the company's Mexican subsidiaries, AdNet S.A. de C.V. and
StarMedia Mexico, S.A. de C.V. The Special Committee has retained outside
counsel to assist in the investigation, which has led the Company to a
preliminary conclusion that revenues aggregating approximately $10 million were
improperly recognized by those subsidiaries during the period from October 1,
2000 through June 30, 2001 . At the present time, the financial statements for
those periods should not be relied on.

The Company is working to conclude its investigation expeditiously, and will
file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2001,
as well as the restated reports, promptly after its investigation is completed.
StarMedia does not intend to provide further information with respect to these
matters prior to the completion of its investigation.

Separately, the Company also announced as follows:


  o      Steven J. Heller has resigned as Chief Financial Officer of StarMedia
         Network, effective November 15, 2001, on terms and conditions
         previously agreed with StarMedia Network.

  o      The company terminated the employment of Justin Macedonia as General
         Counsel of the company earlier this month. In September 2001, Mr.
         Macedonia had filed a notice of intention to arbitrate against the
         company asserting that the company was obligated to makes tax indemnity
         payments to him in the amount of $1,740,588. The company denies any
         obligation to make such payments, intends to vigorously defend against
         such claims and has pursued counterclaims against Mr. Macedonia.

  o      In connection with its April 2000 acquisition of AdNet, StarMedia
         Network was obligated under its agreements with respect to such
         acquisition to pay additional consideration in the form of the
         Company's common stock over a five-year period from the acquisition
         date, subject to AdNet meeting certain specified performance targets.
         In November 2001, the Company, AdNet and the former stockholders of
         AdNet entered into a Termination Agreement pursuant to which the
         Company agreed to issue to the stockholders of AdNet 8,000,000 shares
         of the Company's common stock, in full





         satisfaction of the Company's obligations under the stock purchase
         agreement and certain other related agreements between the Company and
         the former stockholders of AdNet.


ABOUT STARMEDIA NETWORK, INC.

StarMedia Network is the leading integrated Internet media and solutions company
for Spanish- and Portuguese-speaking audiences, providing technology and
services that enable consumers and businesses to take full advantage of the
Internet. The company has operations in Argentina, Brazil, Chile, Colombia,
Mexico, Puerto Rico, Spain, Uruguay, Venezuela, and throughout the United
States.

THIS PRESS RELEASE CONTAINS STATEMENTS OF A FORWARD-LOOKING NATURE WITHIN THE
MEANING OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995 RELATING TO FUTURE EVENTS OR FUTURE FINANCIAL RESULTS OF
STARMEDIA NETWORK, INC. INVESTORS ARE CAUTIONED THAT SUCH STATEMENTS ARE ONLY
PREDICTIONS AND ARE BASED ON MANAGEMENT'S CURRENT EXPECTATIONS OR BELIEFS AND
ARE SUBJECT TO A NUMBER OF FACTORS THAT COULD CAUSE ACTUAL EVENTS OR RESULTS TO
DIFFER MATERIALLY. IN CONSIDERING SUCH STATEMENTS, INVESTORS SHOULD SPECIFICALLY
CONSIDER VARIOUS FACTORS WHICH COULD CAUSE ACTUAL EVENTS OR RESULTS TO DIFFER
MATERIALLY FROM THOSE INDICATED FROM SUCH FORWARD-LOOKING STATEMENTS, INCLUDING
THE MATTERS SET FORTH IN STARMEDIA NETWORK, INC.'S REPORTS AND DOCUMENTS FILED
FROM TIME TO TIME WITH THE SECURITIES AND EXCHANGE COMMISSION.


                                      # # #


PRESS AND INVESTOR INQUIRIES:
Romi Schutzer
Senior Vice President, Corporate Communications
(212) 905-8269
romi.schutzer@starmedia.net
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