Televisa Reports Q2 2024 Results, Sky Mexico Acquisition Closed

TL;DR

Televisa dropped Q2 earnings, closed Sky Mexico deal with AT&T.

AI Summary

Grupo Televisa, S.A.B. reported its second quarter 2024 results, highlighting the closing of its acquisition of AT&T's participation in Sky Mexico on June 7, 2024. The filing provides details on the company's financial performance for the quarter.

Why It Matters

This filing provides investors with an update on Televisa's financial performance and strategic moves, including a significant acquisition that could impact future revenue streams.

Risk Assessment

Risk Level: medium — The filing contains financial results and details of a significant acquisition, which inherently carry market and integration risks.

Key Players & Entities

• GRUPO TELEVISA, S.A.B. (company) — Filer and reporting company
• AT&T (company) — Partner in Sky Mexico acquisition
• Sky Mexico (company) — Subsidiary involved in acquisition
• June 7, 2024 (date) — Date of closing for Sky Mexico acquisition

FAQ

Key Financial Figures

• $102.1 million — of 2024, we invested approximately U.S.$102.1 million (Ps.1,761.5 million) in property, plant
• $500 million — n the amount in Pesos equivalent to U.S.$500 million; and (ii) terminated an unused revolvin
• $650 m — syndicate of banks in the amount of U.S.$650 million, with an original maturity in 202

Filing Documents

• ff3665199_6k-gruposhort.htm (6-K) — 278KB
• image0.jpg (GRAPHIC) — 27KB
• 0000895345-24-000266.txt ( ) — 317KB

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 July, 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 Investor Relations PRESS RELEASE Televisa Reports Second Quarter 2024 Results Consolidated On June 7, 2024, we announced the closing of our acquisition of AT&T's participation in Sky Mexico. Revenue and Operating Segment Income ("OSI") declined by 5.8% and 7.7%, respectively, translating into a 37.7% margin. During the second quarter of 2024, Operating Cash Flow ("OCF") 1 , increased by 37.8%, for a 26.6% margin. During the first half of 2024, OCF grew by 37.4%, representing a 25.3% margin. Cable Passed 71 thousand additional homes with fiber-to-the-home ("FTTH") during the quarter, reaching close to 19.8 million homes passed with our network. Broadband subscribers of 5.7 million increased by 10.7 thousand as we keep focusing on value customers and working on churn reduction. Revenue fell by 3.1% mainly because our Revenue Generating Unit ("RGUs") base was 5.0% lower following the clean-up that we did in the third quarter of 2023. Sky Total RGUs of 5.6 million, with 262 thousand net-disconnections. Revenue declined by 13.3% driven by an RGU base decrease of 13.9%. Earnings Call Date and Time: Wednesday, July 24, 2024, at 11:00 A.M. ET. Conference ID # is 4624007 From the U.S.: +1 (877) 883 0383 International callers: +1 (412) 902 6506 Rebroadcast: +1 (877) 344 7529 Rebroadcast: +1 (412) 317 0088 The teleconference will be rebroadcast starting at 12:00 P.M. ET with the access code #2269650 on July 24 th and will end at midnight on August 7 th . 1 OCF is defined as total OSI minus capital expenditures in property, plant and equipment. A reconciliation of total OSI to consolidated operating income, and the amount of capital expenditures in property, plant and equipment, are presented in the Notes of Segment Information, and Property, Plant and Equipment, respectively, to our Interim Unaudited Condensed Consolidated Financial Statements as of June 30, 2024 and December 31, 2023, and for the six months ended June 30, 2024 and 2023. Consolidated Results Mexico City, July 23, 2024 — Grupo Televisa, S.A.B. (NYSE:TV; BMV: TLEVISA CPO; "Televisa" or "the Company"), today announced results for the second quarter of 2024. The results have been prepared in accordance with International Financial Reporting Standards ("IFRS"). The financials statements have been adjusted to reflect the impact of the spin-off of Ollamani S.A.B., which took place on January 31, 2024. Results from the Other Businesses segment's assets that were spun-off are presented as discontinued operations. The following table sets forth condensed consolidated statements of income for the quarters ended June 30, 2024 and 2023, in millions of Mexican pesos: 2Q'24 Margin % 2Q'23 Margin % Change % Revenues 15,720.3 100.0 16,693.7 100.0 (5.8) Operating segment income (1) 5,950.1 37.7 6,445.9 38.5 (7.7) (1) The operating segment income margin is calculated as a percentage of segment revenues. Revenues decreased by 5.8% to Ps.15,720.3 million in the second quarter of 2024, compared with Ps.16,693.7 million in the second quarter of 2023. This decline was driven mainly by the revenue decrease of 13.3% at Sky. Operating segment income fell by 7.7%, translating into a 37.7% margin. The following table sets forth condensed consolidated statements of income for the quarters ended June 30, 2024 and 2023, in millions of Mexican pesos: 2Q'24 Margin % 2Q'23 Margin % Change % Revenues 15,720.3 100.0 16,693.7 100.0 (5.8) Net (loss) income (78.0) (0.5) 172.5 1.0 n/a Net (loss) income attributable to stockholders of the Company (25.6) (0.2) 133.5 0.8 n/a Segment revenues 15,763.1 100.0 16,741.1 100.0 (5.8) Operating segment income (1) 5,950.1 37.7 6,445.9 38.5 (7.7) (1) The operating segment income margin is calculated as a percentage of segment revenues. Net income or loss attributable to stockholders of the Company changed by Ps.159.1 million, to a net loss of Ps.25.6 million, in the second quarter of 2024, from a net income of Ps.133.5 million in the second quarter of 2023. This change reflected (i) a Ps.368.7 million decrease in operating income before other expense; (ii) a Ps.334.8 million increase in other expense, net; and (iii) a Ps.235.8 million decrease in income from discontinued operations, net. These unfavorable variances were partially offset by (i) a Ps.240.3 million decrease in finance expense, net; (ii

View Full Filing

View this 6-K filing on SEC EDGAR