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olivLaw · US equity research

GRUPO TELEVISA, S.A.B. TV

Television Broadcasting Stations · SIC 4833 · Vertical: Television Broadcasting Stations (SIC 4833)

2.33USD+1.30% · 1 dayClose 05 Nov 2026

Grupo Televisa is a Mexican telecommunications company running a large cable network under the izzi brand and a direct-to-home satellite pay-TV service, and it now reports these as one Telecom segment. Revenues fell in 2025 on weaker satellite sales, while the company keeps funding investment, including capital expenditures of 645.0 million USD in 2025.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 05 Nov 2026, GRUPO TELEVISA, S.A.B. (TV) stock was 2.33 USD (+1.30% on the day), with beta 0.74, 52-week range 2.02–3.44 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
unavailable
P/E (TTM)
unavailable
E/P (TTM)
unavailable
Dividend yield
unavailable
Beta (2y)
0.74
Volatility (1y) 42%
52-week range
2.023.44

Price history

Loading chart…

Technical reading

RSI (14)
52.7
neutral
Bollinger (20, 2)
2.03 – 2.52
in the upper half of the band · %B 0.61 · band width 21.7%
SMA 50 / 200
2.37 / 2.78
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.05 / -0.05
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+2.2%−1.1%+3.3 pp—
3 months−18.0%−0.5%−17.5 pp—
6 months−17.7%+4.4%−22.1 pp—
Year to date−19.9%+12.3%−32.2 pp—
1 year−17.4%+13.5%−30.9 pp−2.2%
3 years−9.3%+76.4%−85.8 pp+22.4%
5 years−77.9%+63.7%−141.5 pp—
Max drawdown (1y)
−41.3%
20 Feb 2026 → 02 Nov 2026
Max drawdown (5y)
−86.3%
29 Mar 2022 → 08 Apr 2025
Compound annual growth (5y)
−26.0%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

the price (USD) and the reports are in different currencies

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20172018201920202021202220232024
Revenue94.3 bn101.3 bn101.8 bn70.7 bn73.9 bn68.6 bn66.2 bn62.3 bn
Revenue YoY−2.1%+7.4%+0.5%−30.5%+4.6%−7.2%−3.5%−6.0%
Net income4.5 bn6.0 bn6.1 bn-1.3 bn6.1 bn44.7 bn-8.4 bn-8.3 bn
Net income YoY+21.6%+32.8%+1.6%−120.5%unavailable+638.3%−118.8%unavailable
Diluted EPSunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
Diluted EPS YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
net %4.8%5.9%6.0%-1.8%8.2%65.2%-12.7%-13.3%
Free cash flow8.3 bn15.2 bn8.2 bn13.0 bn6.1 bn-4.8 bn493.4 m23.5 bn

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2024 · 31 Dec 2024

Cash
46.2 bn MXN
Financial debt
4.6 bn MXN
Net debt
-41.6 bn MXN
Equity
111.7 bn MXN
Total assets
251.7 bn MXN
Debt / equity
0.04x
Current ratio
2.50x
ROE
-6.7%
ROA
-3.2%
FCF margin
37.7%

Financial statements (source on every figure)

Revenue and net income (MXN)

Margins

Income statement · MXN

Revenue
2022
68.6 bn
2023
66.2 bn
2024
62.3 bn

SEC (XBRL)· 30 Apr 2025verified

Cost of revenue
2022
43.4 bn
2023
43.3 bn
2024
41.1 bn

SEC (XBRL)· 30 Apr 2025verified

Gross profit
2022
25.3 bn ≈
2023
22.9 bn ≈
2024
21.1 bn ≈

SEC (XBRL)· 30 Apr 2025derived

Operating income
2022
3.7 bn
2023
1.9 bn
2024
-2.8 bn

SEC (XBRL)· 30 Apr 2025verified

Depreciation & amortisation
2022
21.6 bn
2023
21.9 bn
2024
20.6 bn

SEC (XBRL)· 30 Apr 2025verified

EBITDA
2022
25.3 bn ≈
2023
23.7 bn ≈
2024
17.8 bn ≈

SEC (XBRL)· 30 Apr 2025derived

Interest expense
2022
11.4 bn
2023
8.0 bn
2024
8.8 bn

SEC (XBRL)· 30 Apr 2025verified

Pre-tax income
2022
-12.9 bn
2023
-7.1 bn
2024
-7.7 bn

SEC (XBRL)· 30 Apr 2025verified

Income tax
2022
-1.4 bn
2023
2.4 bn
2024
688.6 m

SEC (XBRL)· 30 Apr 2025verified

Net income
2022
44.7 bn
2023
-8.4 bn
2024
-8.3 bn

SEC (XBRL)· 30 Apr 2025verified

Balance sheet · MXN

Cash
2022
51.1 bn
2023
32.6 bn
2024
46.2 bn

SEC (XBRL)· 30 Apr 2025verified

Receivables
2022
8.5 bn
2023
8.1 bn
2024
6.2 bn

SEC (XBRL)· 30 Apr 2025verified

Inventories
2022
1.4 bn
2023
1.3 bn
2024
463.2 m

SEC (XBRL)· 30 Apr 2025verified

Current assets
2022
81.6 bn
2023
62.1 bn
2024
68.3 bn

SEC (XBRL)· 30 Apr 2025verified

Property, plant & equipment, net
2022
82.2 bn
2023
77.8 bn
2024
63.7 bn

SEC (XBRL)· 30 Apr 2025verified

Total assets
2022
299.1 bn
2023
262.7 bn
2024
251.7 bn

SEC (XBRL)· 30 Apr 2025verified

Accounts payable
2022
16.1 bn
2023
12.9 bn
2024
11.3 bn

SEC (XBRL)· 30 Apr 2025verified

Short-term debt
2022
1.0 bn
2023
10.0 bn
2024
4.6 bn

SEC (XBRL)· 30 Apr 2025verified

Current liabilities
2022
34.4 bn
2023
34.9 bn
2024
27.3 bn

SEC (XBRL)· 30 Apr 2025verified

Total liabilities
2022
155.0 bn
2023
128.0 bn
2024
140.0 bn

SEC (XBRL)· 30 Apr 2025verified

Equity
2022
144.1 bn
2023
134.7 bn
2024
111.7 bn

SEC (XBRL)· 30 Apr 2025verified

Cash flow · MXN

Operating cash flow
2022
12.5 bn
2023
15.2 bn
2024
32.6 bn

SEC (XBRL)· 30 Apr 2025verified

Capex
2022
17.3 bn
2023
14.7 bn
2024
9.1 bn

SEC (XBRL)· 30 Apr 2025verified

Free cash flow
2022
-4.8 bn ≈
2023
493.4 m ≈
2024
23.5 bn ≈

SEC (XBRL)· 30 Apr 2025derived

Investing cash flow
2022
42.7 bn
2023
-15.8 bn
2024
-9.0 bn

SEC (XBRL)· 30 Apr 2025verified

Financing cash flow
2022
-29.8 bn
2023
-17.8 bn
2024
-9.4 bn

SEC (XBRL)· 30 Apr 2025verified

Dividends paid
2022
1.1 bn
2023
1.0 bn
2024
1.0 bn

SEC (XBRL)· 30 Apr 2025verified

Computed indicators

Growth

Revenue growth (YoY)
-6.0%
computed by olivLawFY 2024
Revenue CAGR 3Y
-5.6%
computed by olivLawFY 2021 → FY 2024
Revenue CAGR 5Y
-9.4%
computed by olivLawFY 2019 → FY 2024
EBIT growth (YoY)
-251.7%
computed by olivLawFY 2024
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
input data missing
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
4,654.3%
computed by olivLawFY 2024

Profitability

Gross margin
34.0%
computed by olivLawFY 2024
EBITDA margin
28.5%
computed by olivLawFY 2024
EBIT margin
-4.5%
computed by olivLawFY 2024
Net margin
-13.3%
computed by olivLawFY 2024
FCF margin
37.7%
computed by olivLawFY 2024

Returns

ROE
-7.5%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
ROA
-3.2%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
ROIC
-2.6%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
ROCE
-1.3%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
4.3%
computed by olivLawFY 2024

Balance sheet

Net debt
-41.6 bn MXN
computed by olivLawbalance sheet at 31 Dec 2024
Net debt / EBITDA
-2.3x
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
Debt / equity
0.0x
computed by olivLawbalance sheet at 31 Dec 2024
Interest coverage
-0.3x
computed by olivLawFY 2024

Liquidity

Current ratio
2.5x
computed by olivLawbalance sheet at 31 Dec 2024
Quick ratio
2.5x
computed by olivLawbalance sheet at 31 Dec 2024
Cash ratio
1.7x
computed by olivLawbalance sheet at 31 Dec 2024

Cash

Operating cash flow
32.6 bn MXN
computed by olivLawFY 2024
Capital expenditure
9.1 bn MXN
computed by olivLawFY 2024
Free cash flow
23.5 bn MXN
computed by olivLawFY 2024
FCF conversion
unavailable
insufficient data
Cash conversion
183.2%
computed by olivLawFY 2024

Efficiency

Days sales outstanding
42 days
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
Days inventory outstanding
8 days
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
Days payables outstanding
107 days
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
Cash conversion cycle
-58 days
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024

Market and valuation

Market capitalisation
unavailable
input data missing
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
Earnings yield
unavailable
input data missing
P/B
unavailable
input data missing
P/S
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
input data missing
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 50.0% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

2.33 USD

05 Nov 2026Source: olivLaw, closing series

Market cap: unavailable

Price and reporting are in different currencies; market indicators are unavailable.

Key indicators

Market capitalisation
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
P/B
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
ROE
-7.5%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
Net margin
-13.3%
computed by olivLawFY 2024
Revenue growth (YoY)
-6.0%
computed by olivLawFY 2024
Dividend yield
unavailable
input data missing

Coverage and freshness

27/37 reporting lines present
Latest full fiscal year: 2024
Latest reported period: 31 Dec 2024
Latest balance sheet date: 31 Dec 2024
Source: SEC (XBRL)published 30 Apr 2025
verified 252

The data is older than the freshness threshold.

Score by group

50% · Insufficient data

Estimated value range

unavailable — no valuation assumptions for the reporting currency

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

    Multiple comparisons use the SIC vertical: Television Broadcasting Stations (SIC 4833)

    Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

    Assumptions (illustrative, editorial)

    Risk-free rate
    6.5%
    Equity risk premium
    6.0%
    Beta (default)
    1.00
    Cost of equity
    12.5%
    Terminal growth
    3.0%

    Factor scorecard

    Insufficient data

    Minimum-evidence gate: score weight coverage: 50.0% of at least 60%; valuation methods computed: 0 of at least 1

    FactorValueScoreWeight used
    ROIC · Quality-2.6%17 (vs peers)21%
    Net margin · Quality-13.3%10 (vs peers)13%
    FCF conversion · Qualityunavailableunavailable—
    Revenue CAGR 3Y · Growth-5.6%0 (on a fixed band)17%
    EPS CAGR 3Y · Growthunavailableunavailable—
    Net debt / EBITDA · Balance sheet-2.3x100 (vs peers)21%
    Interest coverage · Balance sheet-0.3x0 (on a fixed band)13%
    Current ratio · Balance sheet2.5x100 (on a fixed band)8%
    P/E (TTM) · Valuationunavailableunavailable—
    EV/EBITDA · Valuationunavailableunavailable—
    FCF yield · Valuationunavailableunavailable—
    Shareholder yield (distributions) · Returnsunavailableunavailable—
    Payout ratio (FCF) · Returns4.3%100 (on a fixed band)8%

    Factors without a value were dropped; the remaining weights were renormalised.

    Score groups

    • Balance sheet70/100 · 3/3 factors with a value
    • Growth· partial0/100 · 1/2 factors with a value
    • Quality14/100 · 2/3 factors with a value
    • Returns· partial100/100 · 1/2 factors with a value
    • Valuation· partialunavailable · 0/3 factors with a value

    A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

    Memo

    Grupo Televisa, S.A.B. (TV). Latest full fiscal year: 2024; data up to 2024-12-31.

    Figures computed from the financial statements: revenue 62.3 bn MXN in 2024; YoY growth -6.0%; net margin -13.3%; ROE -7.5%; net debt/EBITDA -2.3x.

    Valuation cannot be computed from the available data.

    Insufficient data for a verdict (score weight coverage: 50.0% of at least 60%; valuation methods computed: 0 of at least 1).

    Text generated deterministically from the figures shown; no language model. Not investment advice.

    What supports the thesis

    • Net debt / EBITDA: -2.3x
    • Current ratio: 2.5x
    • Payout ratio (FCF): 4.3%

    What contradicts it

    • ROIC: -2.6%
    • Net margin: -13.3%
    • Revenue CAGR 3Y: -5.6%
    • Interest coverage: -0.3x

    Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).

    Versus the vertical median

    Television Broadcasting Stations (SIC 4833) · same industry (4-digit SIC) · compared with 11 companies

    Multiples and returns vs the median

    P/E
    —
    vertical median 23.6x
    EV/EBITDA
    —
    vertical median —
    P/S
    —
    vertical median —
    P/B
    —
    vertical median 0.9x
    ROE
    -7.5%
    vertical median 6.9%
    below median (−208.3%)
    Net margin
    -13.3%
    vertical median 3.0%
    below median (−539.4%)
    EBIT margin
    -4.5%
    vertical median 8.6%
    below median (−152.5%)
    Revenue YoY
    -6.0%
    vertical median -5.3%
    below median
    Net debt/EBITDA
    -2.3x
    vertical median 3.5x
    below median (−166.1%)
    Dividend yield
    —
    vertical median 5.3%

    Price rebased to 100 (monthly, 5 years)

    Companies in the vertical

    Market capP/EROENet marginRevenue YoY1A / 3A
    PSKYSkydance Corp10.5 bn———−1.5%unavailable / unavailable
    NXSTNexstar Media Group, Inc.5.8 bn34.68.3%3.2%−8.5%−2% / +32%
    FOXFox Corporation6012.716.8%11.6%+5.1%+3% / +117%
    VSNTVersant Media Group, Inc.——9.0%11.1%−5.3%unavailable / unavailable
    FWONALiberty Media Corporation——5.4%9.4%+22.7%+13% / +74%
    NMAXNewsmax Inc.——-5.8%-3.2%+10.7%−11% / unavailable
    SBGISinclair, Inc.—10.225.4%2.8%−10.7%−10% / +12%
    GTNGray Media, Inc.——-1.2%-0.8%−15.1%−1% / −37%
    SSPThe E.w. Scripps Company——-174.7%-58.0%−14.3%−7% / −43%
    TVGrupo Televisa, S.A.B.——-7.5%-13.3%−6.0%−17% / −9%
    EVCEntravision Communications Corporation—732.14.8%0.6%+22.6%+170% / +89%
    FENGPhoenix New Media Limited——15.4%30.2%−15.8%−37% / −9%

    1- and 3-year price returns: for TV from daily closes (the same as the performance table), for the other companies from month-end closes.

    olivLaw engine forecast

    The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

    The engine has no published run for this company yet.

    Valuation scenarios (editable assumptions)

    Illustrative scenarios

    Scenarios are not available. input data missing

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 30 Apr 2026; since then the company filed 6-K (05 Nov 2026), 6-K (30 Oct 2026), 6-K (13 Oct 2026), 6-K (21 Sept 2026), 6-K (08 Sept 2026).

    In brief

    Grupo Televisa is a Mexican telecommunications company running a large cable network under the izzi brand and a direct-to-home satellite pay-TV service, and it now reports these as one Telecom segment. Revenues fell in 2025 on weaker satellite sales, while the company keeps funding investment, including capital expenditures of 645.0 million USD in 2025 1.

    SWOT

    Strengths

    • Strong positions in cable and satellite in Mexico, with a large base of subscribers and connected homes, plus control of a major media group through its stake in TelevisaUnivision 1.
    • An integrated offer combining television, broadband, telephony and mobile services, which can help raise customer retention 1.
    • Integrating the cable and satellite operations created a shared cost structure, with efficiencies that can support operating margins 1.

    Weaknesses

    • Satellite revenues fell sharply and the loss of video subscribers shows the vulnerability of the traditional pay-TV model 1.
    • The net loss attributable to stockholders remains significant, with large depreciation and amortization charges and other net expenses 1.
    • Reliance on external financing and new equity for investments raises questions about the capital structure 1.

    Opportunities

    • The telecom reform could open room for expansion in telecommunications through acquisitions and new investments 1.
    • Growth in mobile services, broadband and OTT platforms could generate additional revenues 1.
    • Collaboration with TelevisaUnivision could open new joint initiatives in content and distribution 1.

    Threats

    • The preponderant economic agent status could impose asymmetric regulation that limits commercial flexibility 1.
    • Intense competition from telecom operators and streaming platforms could pressure pricing and retention 1.
    • Changes in the institutional regulatory framework could create uncertainty for medium-term investment plans 1.

    Risks

    • Regulation and preponderant statushigh

      The preponderant agent determination and the new LMTR framework could impose additional obligations that might affect the results of the broadcasting business 1.

    • Decline in satellite subscribershigh

      The loss of video RGUs in satellite has caused a significant drop in revenues. If the trend persists, the impact on profitability could be substantial 1.

    • Financing and dilutionmedium

      The approved capital increase could represent a large share of outstanding shares, and the final amount depends on the trading price, which could dilute existing shareholders 1.

    • Net losses and margin pressuremedium

      The net loss attributable to stockholders stayed negative in 2025, and tax and other expenses weighed on results 1.

    • Currency exposure and large investmentslow

      Some investments and acquisitions were paid in pesos and translated into dollars at the applicable rate, which can make reported figures sensitive to exchange rates 1.

    Investment thesis

    What would need to be true (bull case)

    • If Cable and Sky integration and cost reductions translate into better margins, the company could restore the operating profitability that turned positive in 2025 1.
    • Growth in mobile and broadband services, together with integrated OTT offers, could support revenues in the Residential segment, which makes up most of the business 1.
    • The telecom reform could open acquisition and expansion opportunities, especially if the new financing is deployed effectively 1.

    What would break the thesis

    • If the satellite decline continues, total revenues could keep falling and the company could remain loss-making at the net level 1.
    • Preponderant-agent status and the new regulatory framework could bring obligations that limit commercial flexibility and raise compliance costs 1.
    • The capital increase and any equity issuance could dilute existing shareholders, particularly if the trading price is low 1.

    What to watch

    • Trend in satellite revenues and video RGUsQ1 2027
    • Execution of the capital increase of up to about 400 million USD and its terms2026
    • Payments for the Sky acquisition, scheduled for 2027 and 20282027

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 30 Apr 2026; since then the company filed 6-K (05 Nov 2026), 6-K (30 Oct 2026), 6-K (13 Oct 2026), 6-K (21 Sept 2026), 6-K (08 Sept 2026).

    The business

    Grupo Televisa, S.A.B. is a major telecommunications company in Mexico that owns one of the most significant cable network groups and a leading direct-to-home (DTH) satellite pay-TV system. Its cable networks offer high-speed data, video, mobile and voice services, plus managed services for enterprises, while the DTH system provides pay-TV and broadband 1. The company is also the largest shareholder of TelevisaUnivision, a Spanish-language media company 1.

    Beginning in the fourth quarter of 2025, the company reports its Cable and Sky businesses as a single segment, Telecom, with three revenue categories: Residential, Satellite and Enterprise. The change follows an integration that was substantially concluded in the fourth quarter of 2025 and created a shared operating cost structure 1.

    Consolidated revenues were 58878.2 million MXN in 2025, and the net loss attributable to stockholders was 9168.3 million MXN, while operating income turned positive at 4224.9 million MXN, showing that profitability remains under pressure 1.

    Segments

    Residential

    The Residential segment, which includes the izzi cable and telecom services, produced 71.6% of revenues in 2025. Total revenue generating units (RGUs) grew, mainly from mobile, voice and broadband net additions 1.

    Market context

    Mexico's telecommunications and pay-TV market is competitive and its regulatory framework is changing. The LMTR law of July 2025 repealed the former IFT and moved its powers to the CRT and CNA 1. The company was determined to be a preponderant economic agent in broadcasting, which can bring asymmetric obligations 1.

    In telecommunications, the regulation also opens room for expansion through acquisitions and new investments, funded from cash, equity or debt. The company has approved a capital increase of up to about 400 million USD, though the final amount depends on the trading price 1.

    Trends

    • Telecom regulatory reformmixed

      The new LMTR law and the abolition of the IFT could change the rules for dominant operators. For Grupo Televisa, the regulation could open expansion opportunities in telecommunications, but it could also impose asymmetric obligations if the preponderant status continues to apply 1.

    • Decline of satellite pay-TVheadwind

      Satellite revenues fell 17.5% in 2025 and the number of video subscribers dropped sharply. If this trend continues, the segment could contribute less to revenues in the coming years 1.

    • Cable and satellite integrationtailwind

      Consolidating the Cable and Sky operations into one segment, with cost reductions, lowered selling and administrative expenses, which could support operating margins 1.

    • Growth in mobile and broadband servicestailwind

      Mobile and broadband subscriptions grew in 2025, and bundled packages including OTT services can help customer retention. Continued growth, however, depends on ongoing network investment 1.

    Competitive position

    The company competes in telecommunications with other Mexican operators. The source explicitly names Grupo Carso and Grupo Financiero Inbursa as preponderant economic agents in telecommunications, placing them in the same regulatory arena 1. Competition in pay-TV and broadband is intense, especially in areas not served by cable operators 1.

    On regulation, the CNA retains antitrust authority and relies on a technical opinion from the CRT to declare dominance, which can shape competitive pressure over the medium term 1.

    • America Movil

      Declared a preponderant economic agent in telecommunications, with asymmetric obligations on interconnection and infrastructure 1.

    • Grupo Carso

      Named together with America Movil in the decision on preponderant economic agents in telecommunications 1.

    • Grupo Financiero Inbursa

      Named as a preponderant economic agent in telecommunications in the same regulatory decision 1.

    • Altan Redes

      Network partner for the izzi mobile and Bestel mobile services, and part of the mobile network landscape 1.

    News & filings

    In the press

    The latest news item in our archive is from 14 Oct 2026; the newest SEC filing is from 05 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.

    Sources

    1. [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / GRUPO TELEVISA, S.A.B. · 30 Apr 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.