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Mexico's Televisa swings to profit in third quarter on boost from Univision tie-up
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Mexico's Televisa swings to profit in third quarter on boost from Univision tie-up
Nov 3, 2024 11:12 AM

MEXICO CITY, Oct 24 (Reuters) - Mexico's largest

broadcaster, Televisa, swung to a net profit in the third

quarter, largely boosted by improved results from the firm's

tie-up with Univision.

Televisa posted a 666.5 million peso ($33.85 million)

net profit in the third quarter, nearly doubling analysts'

estimates and reversing the 918.5 million peso loss in the same

period a year earlier.

Revenues slipped 6% to 15.36 billion pesos ($780

million), largely dragged down by Televisa's satellite

television unit SKY, it said. Analysts polled by LSEG had

expected revenues to land higher at $833.4 million.

The broadcaster is the world's largest producer of

Spanish-language content.

SKY saw about 270,000 net disconnections with a 13% dip in

revenue. Televisa's cable segment saw 19,618 disconnections

between broadband and video subscribers and a revenue drop of

4%.

TelevisaUnivision, a joint venture between Televisa and U.S.

Spanish-language broadcaster Univision, brought a billion-peso

boost to the Mexican company in the third quarter, it said.

Televisa also benefited from trimming expenses and lower

taxes, it said.

TelevisaUnivision

replaced its chief executive Wade Davis in September. A

source with knowledge of the decision told Reuters at the time

that Davis was terminated due to company results that have

lagged internal expectations.

($1 = 19.6921 Mexican pesos at end-September)

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