GRUPO TELEVISA, S.A.B. (TV)

Grupo Televisa, S.A.B. is a major Mexican telecommunications company that owns and operates one of the country's most significant cable network groups and a leading direct-to-home (DTH) satellite pay television system. Its cable networks offer integrated high-speed data, video, mobile and voice services to residential and commercial customers, as well as telecommunications managed services to domestic and international enterprises. The company also holds concessions from the Mexican government for its cable networks and satellite system, and for broadcasting TelevisaUnivision's signals. It is the largest shareholder of TelevisaUnivision, a media company that produces and distributes Spanish-language content in Mexico, the United States and more than 50 countries.

Televisa runs its telecommunications operations as a single business with three revenue categories: Residential, Satellite and Enterprise. In Residential, it sells cable TV, broadband, IP telephony and mobile services under the "izzi" brand, and under Wizz and Wizzplus in some municipalities. It owns 51.5% of Cablevisión, which serves Mexico City and its metropolitan area, and 100% of TVI, Cablemás and Cablecom, which operate in several Mexican states. Offerings include izzi TV, the izzi Go app, the izziTV-smart set-top box that aggregates OTT platforms such as Netflix, Disney+ and HBO Max, ViX content, and the izzi mobile MVNO service run through a reseller agreement with Altán Redes. Business and government customers can buy mobile service under Bestel mobile. At December 31, 2025, the cable networks had 6.1 million subscribers and 20.0 million homes passed, with 3.6 million video, 5.7 million broadband, 5.6 million voice and 652,860 mobile RGUs. The Satellite business is Innova ("Sky"), a Ku-band DTH operator serving Mexico, Central America and the Dominican Republic with about 3.5 million video subscribers, 6.1% of them commercial. Televisa owns 100% of Sky after buying AT&T's stake in 2024, with payment due in 2027 and 2028. Sky's content includes exclusive sports such as La Liga, the Bundesliga, NFL Sunday Ticket, MLB Extra Innings and the NHL. Sky is being integrated into the former Cable segment, now the Telecom segment.

The company serves residential customers, micro and small businesses, enterprises, and corporate and government clients in Mexico, with satellite coverage extending into Central America and the Dominican Republic. It also holds a 33.3% interest in Grupo de Telecomunicaciones de Alta Capacidad (GTAC), which it finances. Its strategy centers on upgrading its networks to broadband and fiber, growing mobile and OTT offerings, and pursuing investments or acquisitions in the Mexican telecom sector.

Televisa operates under Mexican telecommunications regulation. A new telecommunications law (LMTR) was published in July 2025, and the CRT replaced the IFT as the sector regulator in October 2025. América Móvil (Telcel and Telmex) is designated a preponderant economic agent subject to asymmetric regulation. Capital expenditures were US$645.0 million in 2025, with US$772.5 million expected in 2026. Shareholders approved a capital increase of up to Ps.7.2 billion (about US$400 million) in April 2026. Televisa was incorporated in Mexico in 1990 and is headquartered at Avenida Vasco de Quiroga 2000, Colonia Santa Fe, Mexico City.