Televisa Spin-Off Ollamani Shares Approved by Mexican Regulator

TL;DR

**Televisa's Ollamani spin-off just got regulatory green light, expect new shares soon!**

AI Summary

Grupo Televisa, S.A.B. (NYSE:TV) announced on February 12, 2024, that the Mexican National Banking and Securities Commission (CNBV) authorized the registration of shares and CPOs for Ollamani, S.A.B., a new company formed from Grupo Televisa's spin-off. This authorization allows Ollamani's Series "A", "B", "D", and "L" shares and associated CPOs to be listed on the National Securities Registry. This matters to investors because it signals the final regulatory step for the Ollamani spin-off, meaning shareholders will soon receive their Ollamani shares, effectively separating the content and sports/gaming businesses.

Why It Matters

This regulatory approval is a crucial step for Grupo Televisa's spin-off of Ollamani, allowing the new entity's shares to be publicly traded and providing clarity on the separation of assets for investors.

Risk Assessment

Risk Level: low — This filing reports a positive regulatory approval for a previously announced corporate action, reducing uncertainty rather than introducing new risks.

Analyst Insight

A smart investor would review the 'Folleto Informativo' on www.bmv.com.mx to understand the specifics of Ollamani's business and financial structure, and assess the implications for their Grupo Televisa holdings post-spin-off.

Key Players & Entities

• Grupo Televisa, S.A.B. (company) — registrant and parent company undergoing spin-off
• Ollamani, S.A.B. (company) — new company formed from Grupo Televisa's spin-off
• National Banking and Securities Commission (CNBV) (company) — Mexican regulatory authority that authorized the registration
• Nacional Financiera, S.N.C. (company) — trustee for the Ollamani CPOs
• February 12, 2024 (date) — date of the CNBV authorization

Forward-Looking Statements

• Ollamani shares will begin trading publicly on the Mexican stock exchange soon after this regulatory approval. (Ollamani, S.A.B.) — high confidence, target: Q1 2024
• Grupo Televisa's stock (TV) may see increased investor clarity and potentially a re-rating as the spin-off process concludes. (Grupo Televisa, S.A.B.) — medium confidence, target: Q1 2024

FAQ

Filing Documents

• ff3020223_6k-grupo.htm (6-K) — 30KB
• image00002.jpg (GRAPHIC) — 3KB
• 0000895345-24-000043.txt ( ) — 35KB

From the Filing

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN ISSUER PURSUANT TO RULES 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of February, 2024 Commission File Number: 001-12610 GRUPO TELEVISA, S.A.B. (Translation of registrant's name into English) Av. Vasco de Quiroga No. 2000, Colonia Santa Fe 01210 Mexico City, Mexico (Address of principal executive offices) (Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.) Form 20-F Form 40-F Mexico City, Mexico, February 12, 2024.- Grupo Televisa, S.A.B. (" Grupo Televisa "; NYSE:TV; BMV:TLEVISA CPO), informs that on the date hereof, the National Banking and Securities Commission ( Comisin Nacional Bancaria y de Valores ) (" CNBV ") authorized the registration in the National Securities Registry ( Registro Nacional de Valores ) (" RNV ") of (i) the Series "A", Series "B", Series "D" and Series "L" nominative shares, without par value, representative of the capital stock (the " Ollamani Shares ") of Ollamani, S.A.B. (" Ollamani "), a new company incorporated as a result of Grupo Televisa's spin-off (the " Spin-Off "); and (ii) the ordinary participation certificates ( certificados de participacin ordinarios) (" CPOs ") issued based on Ollamani Shares (" Ollamani CPOs ") by Nacional Financiera, S.N.C., Institucin de Banca de Desarrollo, Direccin Fiduciaria (" Nafin "), as trustee of the irrevocable administration and issuance trust number 80785. The Spanish-language information statement (" Folleto Informativo ") is available at www.bmv.com.mx and www.gob.mx/cnbv. An information statement based on the Folleto Informativo will be furnished on Form 6-K (the " U.S. Information Statement "), for its exclusive use in the United States of America, and will be available at the U.S. Securities and Exchange Commission's website at www.sec.gov. Please review the U.S. Information Statement for additional information regarding the effects of the Spin-Off on holders of GTV CPOs. Holders of the Series "A", Series "B", Series "D" and Series "L" nominative shares, without par value, representative of the capital stock of Grupo Televisa (" GTV Shares ") will be entitled to receive, on February 20, 2024 (the " Distribution Date "), the following: (a) 1 (one) Series "A" Ollamani Share for each Series "A" GTV Share they own; (b) 1 (one) Series "B" Ollamani Share for each Series "B" GTV Share they own; (c) 1 (one) Series "D" Ollamani Share for each Series "D" GTV Share they own; and (d) 1 (one) Series "L" Ollamani Share for each Series "L" GTV Share they own; Holders of GTV CPOs will be entitled to receive 1 (one) Ollamani CPO for every 20 (twenty) GTV CPOs they own. Only holders of GTV Shares, as of February 19, 2024, will receive Ollamani Shares as a result of the Spin-Off. Prior to the Distribution Date, there will be no separate certificates ( ttulos ) for the Ollamani Shares; therefore, the right to receive such shares will be transferred together with the GTV Shares and no investor may purchase, acquire, sell, or transfer Ollamani Shares or GTV Shares separately. In the case of GTV Shares deposited with S.D. Indeval Institucin para el Depsito de Valores, S.A. de C.V. (" Indeval "), the distribution of Ollamani Shares will be made as of the Distribution Date in accordance with the applicable legal provisions. With respect to the certificates ( ttulos ) that, if any, are not deposited with Indeval, the distribution and delivery of the Ollamani Shares will be made in person, as of the Distribution Date, at the offices of Ollamani, located at Avenida Santa Fe 481, 10th and 11th floors, Col. 05349, Cuajimalpa de Morelos, Mexico City, Mexico, on business days and hours; it being understood that, in the latter case, shareholders must present their original GTV Share certificate(s), and provide Ollamani with a copy of their tax identification card issued by the Ministry of Finance and Public Credit ( Secretara de Hacienda y Crdito Pblico ). The Ollamani Shares and the Ollamani CPOs will be listed in the Mexican Stock Exchange ( Bolsa Mexicana de Valores, S.A.B. de C.V. , " BMV "), and it is expected that: The initial trading date of the Ollamani CPOs, under the ticker "AGUILAS.CPOs", and the starting date for the exercise ( fecha de inicio de ejercicio ) of the GTV CPOs, at the adjusted price will be the Distribution Date. To avoid significant variations in the price of the Ollamani CPOs and GTV CPOs, and to provide transparency to the Spin-Off process, Grupo Televisa has requested from the BMV that the opening market price of the Ollamani CPOs and GTV CPOs (the " Adjusted Price "), at the beginning of the auction session on the Distribution Date, be determined, in each case, by the market through a spin-off auction ( subasta de escisin ), which will be held in respect of the Ollamani CPOs and the GTV CPOs on the Distribution Date, in a

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