Grupo Televisa stock rises as profit returns despite Sky weakness

Grupo Televisa returned to profit in the third quarter, but weaker satellite operations kept pressure on revenue. The earnings call highlights published by Yahoo Finance on November 3 said consolidated segment revenue fell 3.8 percent year on year, while operating segment income rose 5.6 percent.

Grupo Televisa stock traded at 2.02 euros on Lang & Schwarz at 17:04 CET on Thursday, November 5, 2026. That was 4.12 percent above the 1.94 euros quoted in the previous report on November 4, a separate comparison from the regular Xetra session.

The quarter showed a mixed operating picture. Operating segment income margin expanded to 42.6 percent, its highest level in three years, supported by efficiency measures and the Izzi-Sky integration. Enterprise revenue increased 6.8 percent, while Sky revenue fell 25.5 percent to 2.4 billion Mexican pesos.

Acquisition raises execution demands

Management continues to frame the planned acquisition of AT&T Mexico as a platform for fixed-mobile convergence, bundled products and cross-selling. The transaction is being pursued with Fintech Holdings in a 50-50 structure and is expected to close in the first quarter of 2027, subject to regulatory approvals.

The earnings-call account said the transaction would require 400 million US dollars of equity from each partner, with the remaining purchase funding arranged through nonrecourse debt. Grupo Televisa's net debt-to-EBITDA ratio is expected to rise from 1.6 times to 1.9 times after closing.

TelevisaUnivision remains an important counterweight to the weak satellite business. Mexico revenue rose 51 percent year on year to 665 million US dollars, while U.S. revenue declined 14 percent. At the same time, Sky lost 250,000 revenue-generating units and the cable business added about 9,000 broadband customers in the quarter.

For investors, the next test is whether the acquisition can produce operating synergies without adding excessive leverage while Grupo Televisa stabilizes its legacy subscription businesses.

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