Grupo Televisa’s Board of Directors approved a reorganization plan to separate businesses, including soccer operations, the Azteca Stadium, games and raffles, and the publication and distribution of magazines, as well as certain related assets and real estate.
While the businesses that will remain in Televisa are Izzi -fixed services and pay TV firm- and Sky -satellite pay television company-, the company’s investment in TelevisaUnivision, broadcasting concessions and infrastructure, as well as certain other assets and real estate related to these businesses.
According to the company, the reorganization will be implemented through a spin-off of the company, for which a new holding company for the Spin-off Businesses will be created, listed on the Mexican Stock Exchange, which would have the same shareholding structure as Televisa. .
“Televisa believes that this plan will allow both the company and the new company resulting from the spin-off to focus on their respective business models and growth opportunities, being able to generate better conditions of access to capital, sources of financing and investors, which are aligned with each business”, assures Televisa in its financial report.
The reorganization is expected to be implemented in the first half of next year, which will be subject to various conditions, including compliance with applicable laws, as well as obtaining the required corporate and regulatory authorizations, and the approval of the spin-off. by the company’s shareholders’ meeting.
On the other hand, in the third quarter of this year, Grupo Televisa obtained a net profit of 1,118 million pesos, which means an increase of 47%, whose result was driven by lower financial expenses.
On the other hand, the company’s revenues rose 3.6% to report 19,251 million pesos compared to 18,590 million pesos.
The company attributes the increase to increased sales in the cable segment and in the Other Businesses segment.
In the cable segment, the company obtained revenues of 12,394 million pesos, an increase of 2.7% compared to 12,066 million pesos.
