Grupo Televisa : Description Report of Foreign Issuer

UNITED STATES

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, 2019

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

x

Form 40-F

( Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1). )Yes

No

x

( Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7). )

Yes

No

x

TLEVISA

Consolidated

Ticker:

TLEVISA

Quarter:

4

Year:

2018

Quarterly Financial Information

[105000] Management commentary 2

[110000] General information about financial statements 12

[210000] Statement of financial position, current/non-current 14

[310000] Statement of comprehensive income, profit or loss, by function of expense 16

[410000] Statement of comprehensive income, OCI components presented net of tax 17

[520000] Statement of cash flows, indirect method 19

[610000] Statement of changes in equity - Accumulated Current 21

[610000] Statement of changes in equity - Accumulated Previous 24

[700000] Informative data about the Statement of financial position 27

[700002] Informative data about the Income statement 28

[700003] Informative data - Income statement for 12 months 29

[800001] Breakdown of credits 30

[800003] Annex - Monetary foreign currency position 32

[800005] Annex - Distribution of income by product 33

[800007] Annex - Financial derivative instruments 34

[800100] Notes - Subclassifications of assets, liabilities and equities 41

[800200] Notes - Analysis of income and expense 45

[800500] Notes - List of notes 46

[800600] Notes - List of accounting policies 47

[813000] Notes - Interim financial reporting 48

Footnotes 82

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[105000] Management commentary

Management commentary

Mexico City, February 21, 2019 - Grupo Televisa, S.A.B. (NYSE:TV; BMV: TLEVISA CPO; "Televisa" or the "Company"), today announced results for full year and fourth quarter 2018. The results have been prepared in accordance with International Financial Reporting Standards ("IFRS").

The following table sets forth condensed consolidated statements of income for the years ended December 31, 2018 and 2017, in millions of Mexican pesos, as well as the percentage that each line represents of net sales and the percentage change when comparing 2018 with 2017:

2018	Margin %	2017	Margin %	Change %
Net sales	101,282.3	100.0	93,586.2	100.0	8.2
Net income	7,615.3	7.5	6,026.4	6.4	26.4
Net income attributable to stockholders of the Company	6,009.4	5.9	3,973.4	4.2	51.2
Segment net sales	106,094.4	100.0	96,930.4	100.0	9.5
Operating segment income (1)	40,679.2	38.3	37,492.5	38.7	8.5

(1) The operating segment income margin is calculated as a percentage of segment net sales.

Net sales increased by 8.2% to Ps.101,282.3 million in 2018 compared with Ps.93,586.2 million in 2017. This increase was attributable to the growth in Content and Cable segments revenues. Operating segment income increased by 8.5%, reaching Ps.40,679.2 million with a margin of 38.3%.

Net income attributable to stockholders of the Company amounted to Ps.6,009.4 million in 2018, compared with Ps.3,973.4 million in 2017. The net increase of Ps.2,036.0 million, or 51.2%, mainly reflected (i) a Ps.4,015.9 million favorable change in other income or expense, net; and (ii) a Ps.3,323.0 million increase in income before depreciation and amortization. These favorable variances were partially offset by (i) a Ps.2,687.5 million increase in finance expense, net; (ii) a Ps.1,380.4 million decrease in share of income of associates and joint ventures; (iii) a Ps.1,329.5 million increase in depreciation and amortization; and (iv) a Ps.352.6 million increase in income taxes.

Disclosure of nature of business

Televisa, is a leading media company in the Spanish-speaking world, an important cable operator in Mexico, and an operator of a leading direct-to-home satellite pay television system in Mexico. Televisa distributes the content it produces through several broadcast channels in Mexico and in over 50 countries through 26 pay-tv brands and television networks, cable operators and over the top or "OTT" services. In the United States, Televisa´s audiovisual content is distributed through Univision, the leading media company serving the Hispanic market. Univision broadcasts Televisa's audiovisual content through multiple platforms in exchange for a royalty payment. In addition, Televisa has equity and Warrants which upon their exercise would represent approximately 36% on a fully-diluted, as-converted basis of the equity capital in UHI, the controlling company of Univision. Televisa's cable business offers integrated services, including video, high-speed data and voice services to residential and commercial customers as well as managed services to domestic and international carriers through five cable multiple system operators in Mexico. Televisa owns a majority interest in Sky, a leading direct-to-home satellite pay television system in Mexico, operating also in the Dominican Republic and Central America. Televisa also has interests in magazine publishing and distribution, radio production and broadcasting, professional sports and live entertainment, feature-film production and distribution, and gaming.

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Disclosure of management's objectives and its strategies for meeting those objectives

We intend to leverage our position as a leading media company in the Spanish-speaking world to continue expanding our business while maintaining profitability and financial discipline. We intend to do so by maintaining our leading position in the Mexican television market, by continuing to produce high quality programming and by improving our sales and marketing efforts while maintaining high operating margins and expanding our cable business.

By leveraging all our business segments and capitalizing on their synergies to extract maximum value from our content and our distribution channels, we also intend to continue expanding our cable business, increasing our international programming sales worldwide and strengthening our position in the growing U.S.-Hispanic market. We also intend to continue developing and expanding Sky, our DTH platform, and our cable businesses. We will continue to strengthen our position and will continue making additional investments, which could be substantial in size, in the DTH and cable industry in accordance with the consolidation of the cable market in Mexico, and we will also continue developing our publishing business and maintain our efforts to become an important player in the gaming industry.

We intend to continue to expand our business by developing new business initiatives and/or through business acquisitions and investments in Mexico, the United States and elsewhere. However, we continue to evaluate our portfolio of assets, in order to determine whether to continue plans to dispose of select non-core operations.

Disclosure of entity's most significant resources, risks and relationships

We expect to fund our operating cash needs during 2018, other than cash needs in connection with any potential investments and acquisitions, through a combination of cash from operations and cash on hand. We intend to finance our potential investments or acquisitions in 2018 through available cash from operations, cash on hand and/or borrowings. The amount of borrowings required to fund these cash needs in 2018 will depend upon the timing of such transactions and the timing of cash payments from advertisers under our advertising sales plan.

The investing public should consider the risks described as follows, as well as the risks described in "Key Information_Risk Factors" in the Company's Annual Report 2017, which are not the only risks the Company faces. Risks and uncertainties unknown by the Company, as well as those that the Company currently considers as not relevant, could affect its operations and activities.

Risk Factors Related with Political Developments :

•

•

Imposition of fines by regulators and other authorities could adversely affect our financial condition and results of operations Social Security Law

•

•

Federal Labor Law Mexican tax laws

•

Elimination of the tax consolidation regime

•

•

Limitation of the deduction of non-taxable employee benefits Increase to the border Value Added Tax rate

•

•

•

Regulations of the General Health Law on advertising Weaknesses in internal controls over financial reporting Changes in U.S. tax law

•

Mexican Securities Market Law

•

Renewal or revocation of our concessions

Risk Factors Related to our Business:

•

Control of a stockholder

•

•

Measures for the prevention of the taking of control Competition

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•

Seasonal nature of our business

•

Loss of transmission or loss of the use of satellite transponders

•

•

Incidents affecting our network and information systems or other technologies Results of operations of UHI

•

Uncertainty in global financial markets

•

•

Renegotiation of Trade Agreements or other changes in foreign policy by the presidential administration in the United States Political events in Mexico

Disclosure of results of operations and prospects

The following table presents full year consolidated results ended December 31, 2018 and 2017, for each of our business segments. Full year consolidated results for 2018 and 2017 are presented in millions of Mexican pesos.

Net Sales	2018	%	2017	%	Change %
Subtotal Content	36,490.1	34.4	33,997.2	35.1	7.3
World Cup rights	2,733.6	2.6	n/a	n/a	n/a
Content	39,223.7	37.0	33,997.2	35.1	15.4
Sky	22,002.2	20.7	22,196.6	22.9	(0.9)
Cable	36,233.0	34.2	33,048.3	34.1	9.6
Other Businesses	8,635.5	8.1	7,688.3	7.9	12.3
Segment Net Sales	106,094.4	100.0	96,930.4	100.0	9.5
Intersegment Operations (1)	(4,812.1)	(3,344.2)	(43.9)
Net Sales	101,282.3	93,586.2	8.2
Operating Segment Income (2)	2018	Margin %	2017	Margin %	Change %
Subtotal Content	13,444.6	36.8	12,825.3	37.7	4.8
World Cup rights	1,410.5	51.6	n/a	n/a	n/a
Content	14,855.1	37.9	12,825.3	37.7	15.8
Sky	9,767.3	44.4	10,106.6	45.5	(3.4)
Cable	15,302.5	42.2	14,034.8	42.5	9.0
Other Businesses	754.3	8.7	525.8	6.8	43.5
Operating Segment Income	40,679.2	38.3	37,492.5	38.7	8.5
Corporate Expenses	(2,154.7)	(2.0)	(2,291.0)	(2.4)	5.9
Depreciation and Amortization	(19,834.2)	(19.6)	(18,504.7)	(19.8)	(7.2)
Other Expense, net	1,562.3	1.5	(2,453.6)	(2.6)	n/a
Operating Income	20,252.6	20.0	14,243.2	15.2	42.2

• 1 For segment reporting purposes, intersegment operations are included in each of the segment operations.

• 2 Operating segment income is defined as operating income before depreciation and amortization, corporate expenses, and other expense, net.

Content
Millions of Mexican pesos	2018	%	2017	%	Change %
Advertising	21,154.9	53.9	20,719.1	61.0	2.1
Network Subscription Revenue	4,814.3	12.3	4,058.1	11.9	18.6
Licensing and Syndication	10,520.9	26.8	9,220.0	27.1	14.1
Subtotal Content	36,490.1	93.0	33,997.2	100.0	7.3
World Cup rights	2,733.6	7.0	n/a	n/a	n/a
Net Sales	39,223.7	100.0	33,997.2	100.0	15.4

Fourth quarter sales increased by 0.3% to Ps.10,642.8 million compared with Ps.10,605.8 million in fourth quarter 2017.

Full year sales increased by 15.4% to Ps.39,223.7 million compared with Ps.33,997.2 million in 2017.

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