Mexico’s Televisa posts 47% jump in Q3 net profit By Reuters

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(Reuters) – Grupo Televisa, Mexico’s largest broadcaster, on Thursday said its third-quarter net profit jumped 47% from a year earlier, boosted by lower financial expenses.

The company posted a net profit of 1.118 billion pesos ($55.6 million), up from 760.6 million pesos in the same period in 2021.

The company’s revenue edged up 3.6% to 19.252 billion pesos from the year-earlier period.

Televisa said in a statement to the Mexican stock exchange that its board had approved a spin-off proposal for some of its businesses including soccer operations and the iconic Azteca stadium in Mexico City.

It expected the proposal to be implemented in the first half of next year, pending the necessary regulatory approvals.

Televisa’s satellite cable unit SKY, which the company has aimed to revamp in recent months, reported 411,000 disconnections in the quarter, with sales and income from operating segments falling 8.7% and 24.8%.

Cable sales posted a 2% increase, the results showed.

TelevisaUnivision, a firm that combines content with U.S. broadcaster Univision, has rolled out a subscription-based version of streaming platform, ViX+, which will compete with established rivals like Netflix Inc (NASDAQ:) and Amazon.com Inc (NASDAQ:)’s Prime Video.

In July, Televisa said SKY will offer a new mobile service with AT&T (NYSE:)’s network in the second half of the year.

($1 = 20.1271 pesos by end-September)

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