Televisa Earns US$47M After Year-Ago Loss

MEXICO · COMPANIES

Grupo Televisa, the Mexican cable, satellite television and media group, returned to a profit of 882.7 million pesos (about US$47 million) for its shareholders in the third quarter of 2026, against a loss of 1,932.5 million pesos (about US$103 million) a year earlier. The results, published on Thursday 29 October after US markets closed, showed revenue down 3.8% to 14,077.7 million pesos (about US$750 million) as the satellite business shrank.

The turnaround owes much to tax, because the income tax charge improved by 2,885.1 million pesos (about US$153 million) after the year-earlier quarter carried non-cash write-offs of deferred tax assets linked to capital tax losses that expired in 2025. Peso amounts here use the Banxico FIX rate of 18.7962 per US dollar set on Friday 30 October, and the company’s wider story sits in the profile of Grupo Televisa.

Profit Swings on Tax and Costs

Operating segment income, the profit measure Televisa uses for its business lines, rose 5.6% to 5,996.0 million pesos (about US$319 million), lifting the margin to 42.6% from 38.8%. The company credited efficiency measures and spending cuts made over several quarters, and operating income before other expense rose by 677.9 million pesos (about US$36 million).

Other expense, net, worsened by 925.8 million pesos (about US$49 million), which the release ties to a non-cash impairment loss on technical equipment in the Enterprise business, higher legal and financial advisory costs and the absence of an insurance recovery booked a year earlier. Net finance expense fell to 268.4 million pesos (about US$14 million) from 675.4 million pesos (about US$36 million) on lower debt and a gain on repurchased senior notes.

Satellite Falls While Cable Holds

Satellite revenue fell 20.5% to 2,363.9 million pesos (about US$126 million) as the satellite pay-TV business, which includes Sky, lost 250,603 net subscriber connections in the quarter, 230,986 of them in video. Residential revenue was flat at 10,566.0 million pesos (about US$562 million), down 0.1%, and the company linked part of the stall to the phase-out of World Cup subscription packages.

Enterprise revenue grew 6.8% to 1,147.8 million pesos (about US$61 million) on new projects, while residential customers added 68,364 mobile lines and 8,639 broadband connections but lost 48,089 video subscribers. Broadband reached 5,716,184 connections and mobile 888,314 lines at 30 September, the release shows.

TelevisaUnivision and the AT&T Deal

Televisa’s share of income from associates and joint ventures, which the release says is mainly its stake in TelevisaUnivision, fell by 322.0 million pesos (about US$17 million) to 521.0 million pesos (about US$28 million). TelevisaUnivision is the US-Mexican Spanish-language media group behind the ViX streaming service, and Televisa is its largest shareholder.

On 13 October a consortium owned equally by Televisa and Fintech Holdings agreed to buy AT&T’s wireless business in Mexico for US$2 billion, with closing expected in the first quarter of 2027. Televisa expects to contribute an estimated US$400 million in cash for its half and to account for the stake under the equity method, a deal covered in the earlier report on the AT&T Mexico sale and in AT&T’s US$2.6 billion charge on the sale.

Debt, Spending and Nine Months

Net debt stood at 42,473.6 million pesos (about US$2.26 billion) at 30 September, which is total debt and lease liabilities of 88,317.9 million pesos (about US$4.7 billion) less cash and investments. Capital spending was US$173.2 million in the quarter, down from US$196.1 million a year earlier, during an upgrade of the fibre network.

Over nine months, net income for shareholders reached 1,417.2 million pesos (about US$75 million) against a loss of 1,138.2 million pesos (about US$60 million) a year earlier, while revenue slipped to 42,879.1 million pesos (about US$2.28 billion) from 44,330.0 million pesos (about US$2.36 billion). Earnings per CPO, the share unit in which Televisa trades in Mexico, were 0.30 pesos (about 1.6 US cents) for the quarter against a loss of 0.72 pesos (about 3.8 US cents).

What It Means for You

For US holders of Televisa’s US-traded shares, the quarter combines a return to profit with falling sales, a satellite unit that keeps shrinking and a US$400 million cash commitment to the AT&T Mexico purchase. The 5.6% rise in operating segment income and the 42.6% margin show that cost cuts are working even as revenue slips, after the second-quarter loss reported in July.

For US companies and travellers dealing with Mexico, the AT&T Mexico deal matters more than the quarter because it would move AT&T’s Mexican wireless network to a consortium that includes Televisa in early 2027. At the FIX of 18.7962, the quarter’s operating segment income of 5,996.0 million pesos is worth about US$319 million, a sum a US investor can weigh against the US$400 million AT&T commitment.

What Is Not Known

The release does not say how much of the 2,815.2 million peso (about US$150 million) swing in shareholder profit will repeat, because the largest single driver was a lower tax charge after non-recurring write-offs in 2025. It is also not known what the higher legal and financial advisory costs relate to, or whether they include the AT&T Mexico purchase.

The release gives no forecast for satellite subscribers, so it is not known when the Sky losses will slow. The closing of the AT&T Mexico purchase is expected in the first quarter of 2027, but the release gives no more exact date.

Frequently Asked Questions

How much did Televisa earn in the third quarter of 2026?

Televisa earned 882.7 million pesos (about US$47 million) for its shareholders in the third quarter, against a loss of 1,932.5 million pesos (about US$103 million) a year earlier. Revenue fell 3.8% to 14,077.7 million pesos (about US$750 million).

Why did Televisa swing from a loss to a profit?

The biggest driver was a lower income tax charge, which improved by 2,885.1 million pesos (about US$153 million) because 2025 included write-offs of deferred tax assets. Lower finance costs and a 5.6% rise in operating segment income also helped.

What is Televisa’s deal with AT&T in Mexico?

A consortium owned equally by Televisa and Fintech Holdings agreed on 13 October to buy AT&T’s wireless business in Mexico for US$2 billion. Closing is expected in the first quarter of 2027, with an estimated US$400 million in cash from Televisa.

How is Televisa’s satellite business doing?

Satellite revenue fell 20.5% to 2,363.9 million pesos (about US$126 million) in the third quarter. The unit lost 250,603 net subscriber connections, including 230,986 in video.

What is Televisa’s net debt?

Televisa’s net debt was 42,473.6 million pesos (about US$2.26 billion) on 30 September 2026. That is total debt and lease liabilities of 88,317.9 million pesos (about US$4.7 billion) less cash and investments.

Sources: Grupo Televisa, Form 6-K with the third-quarter 2026 earnings release, filed 30 October 2026; Televisa investor relations, results notice, 29 October 2026; Banco de México, FIX exchange rate, 30 October 2026; Expansión, 28 April 2026.

This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief

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