Grupo Televisa S.A.B

What it is

Televisa operates one of Mexico’s most important cable networks and Sky, the country’s leading direct-to-home satellite pay-television and broadband platform. In January 2022 it sold its broadcasting and content assets into a new joint entity called TelevisaUnivision, retaining a 45% stake.

Its cable arm delivers bundled video, high-speed data and voice to residential and business customers; it also holds government concessions to carry TelevisaUnivision signals and is the largest single shareholder in TelevisaUnivision, which distributes Spanish-language content in Mexico, the United States and more than 50 countries. In plain terms: Televisa today is a pipes-and-dishes business with a large minority seat at the world’s biggest Spanish-language content table.

Who owns it

Since its founding the company has been controlled by the Azcárraga family, with three generations having led and owned it in succession. Emilio Azcárraga Jean remains the controlling shareholder, with ownership held through a combination of direct holdings, trusts and affiliated entities.

Azcárraga stepped aside as board chairman in 2024 after requesting a leave of absence amid a US Department of Justice investigation into alleged bribes related to FIFA World Cup broadcasting rights. Following a January 2026 internal share transfer, Azcárraga holds approximately 24% of Series A shares while Co-CEOs Gómez and de Angoitia together hold 22%; crucially, Azcárraga retained voting rights and the power to appoint or remove board members tied to the shares he sold.

Series A shares carry disproportionate voting weight, enabling the Azcárraga family to maintain strong control even as their direct economic percentage fluctuates.

Who runs it

Alfonso de Angoitia Noriega serves as Co-Chief Executive Officer, alongside Bernardo Gómez Martínez, who also holds the Co-Chief Executive Officer title. The pair have run the company together since Emilio Azcárraga Jean stepped back from day-to-day management in 2017.

Carlos Phillips Margain is Chief Financial Officer, as certified in the company’s most recent Form 20-F filed with the SEC on 30 April 2026.

The money, in plain words

Revenue has shrunk for two consecutive years: sales fell 6.0% in fiscal 2024 and a further 5.4% in fiscal 2025, from MXN 66.2 bn (US$3.8 bn) to MXN 58.9 bn (~US$3.39 bn) — three years of contraction in a row (our calculations). The decline is largely attributed to falling subscriber numbers at the Sky satellite segment.

The company loses about 15.6 cents on every peso of sales — a net margin of –15.6% — and for every peso shareholders have put in it loses about 7.6 cents a year, a return on equity of –7.6% (both our calculations from EODHD data). There is no P/E ratio to quote and no dividend is paid.

The one bright spot on the balance sheet is cash: MXN 36.4 bn (~US$2.1 bn) sits on hand, covering more than six months of total sales — substantial liquidity for a company under financial pressure.

In December 2025, Fitch Ratings downgraded Televisa’s credit rating to BB+ — one notch below investment grade — citing high debt and declining Sky subscribers. The market value of the whole company, roughly US$1.55 bn, is now less than the cash on its balance sheet.

What it is doing now

The most closely watched strategic move is a potential acquisition of AT&T’s Mexican mobile operation, which would combine AT&T Mexico’s roughly 24 million mobile customers with Televisa’s existing 20 million fixed customers served by Izzi. In April 2026, Televisa asked shareholders to approve a capital increase of up to MXN 7.2 bn (~US$415 m) whose proceeds could fund the AT&T Mexico purchase.

Separately, in early 2026 the internal share transfer between Azcárraga Jean and the two Co-CEOs formally closed after Mexico’s antitrust commission granted clearance. The deal forms part of a broader swap in which Azcárraga exchanged Televisa exposure for a larger stake in Ollamani, the sports-focused spinoff that owns Club América and Azteca Stadium.

What to watch

• AT&T Mexico deal: If completed, analysts estimate it could roughly triple Televisa’s revenue and double its operating cash generation — but it would also add significant debt to a balance sheet already rated sub-investment grade.
• Sky subscriber trajectory: Sky’s accelerating customer losses are the single biggest drag on revenue; stabilising that line is the prerequisite for any credit-rating recovery.
• TelevisaUnivision stake value: Televisa’s 45% slice of the world’s largest Spanish-language media platform is a large, partly hidden asset — how and when it is monetised matters enormously to the share price.
• Governance: Azcárraga retains voting rights and board appointment powers over the shares he transferred to the Co-CEOs, meaning the formal ownership shift changes incentives more than it changes control.

This is news, not investment advice.