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    TLEVISA CPO   MXP4987V1378

GRUPO TELEVISA, S.A.B.

(TLEVISA CPO)
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Grupo Televisa B : Mexican soap-opera factory Televisa profit falls 77%, but ads rebound

10/21/2021 | 06:05pm EST

MEXICO CITY, Oct 21 (Reuters) - Grupo Televisa , Mexico's largest broadcaster, reported on Thursday a 77.3% drop in net profit in the third quarter compared with the same period a year earlier.

The company posted third-quarter net profit of 760.6 million pesos ($36.8 million) compared with 3.350 billion pesos in the same period last year, falling short of a Barclays estimate of 933 million pesos.

Televisa said its bottom line took a hit from the Mexican peso's 3.7% depreciation versus the U.S. dollar during the quarter.

Revenue grew 9.1% to 26.128 billion pesos, from 23.943 billion pesos in the year-earlier period. That was above a Barclays prediction of 24.5 billion pesos.

Televisa operates several television channels along with other media including a cable broadband and direct-to-home satellite pay television. In recent years it has been under pressure to meet the challenge of streaming services which have drawn away viewers.

However, advertising revenues jumped in the quarter, up 25% over the previous three month period, and 16% over the same period in 2020, led by a recovery in private sector advertising spending.

To battle rivals such as Netflix, Televisa and leading U.S. Spanish-language broadcaster Univision announced in April they would merge content through the creation of a new Spanish language media company, in which Televisa will be the largest shareholder.

The new firm, called Televisa Univision, will launch a global streaming platform with content from both.

Mexico's telecommunications regulator, IFT, last month authorized the tie-up. The transaction is expected to close this year, Televisa said.

In September, Televisa said the sale of its 40% stake in Ocesa Entertainment to U.S. firm Live Nation would move forward, a move that would support Televisa's deleveraging efforts, according to S&P Global Ratings. ($1= 20.642 pesos at end-September) (Reporting by Noe Torres and Anthony Esposito in Mexico City; Editing by Daina Beth Solomon, Matthew Lewis and Chris Reese)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
GRUPO TELEVISA, S.A.B. -1.32% 40.96 End-of-day quote.25.11%
NETFLIX, INC. -2.33% 602.13 Delayed Quote.14.01%
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10/22GRUPO TELEVISA : Q3 Earnings Snapshot
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10/21GRUPO TELEVISA B : Third - Quarter 2021 Results
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10/21GRUPO TELEVISA B : Mexican soap-opera factory Televisa profit falls 77%, but ads rebound
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10/21Grupo Televisa, S.A.B. Reports Earnings Results for the Third Quarter and Nine Months E..
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10/04Latin American M&A booms to 10-year high of $105 billion so far this year
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Analyst Recommendations on GRUPO TELEVISA, S.A.B.
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Financials
Sales 2021 103 B 4 849 M 4 849 M
Net income 2021 6 094 M 287 M 287 M
Net Debt 2021 96 999 M 4 562 M 4 562 M
P/E ratio 2021 14,8x
Yield 2021 0,88%
Capitalization 115 B 5 357 M 5 398 M
EV / Sales 2021 2,05x
EV / Sales 2022 2,00x
Nbr of Employees 47 106
Free-Float 19,1%
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Mean consensus OUTPERFORM
Number of Analysts 10
Last Close Price 40,96 MXN
Average target price 56,40 MXN
Spread / Average Target 37,7%
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Managers and Directors
Bernardo Gómez Martínez Co-Chief Executive Officer, Director & EVP
Alfonso de Angoitia Noriega Co-Chief Executive Officer & Director
Carlos Phillips Chief Financial Officer
Emilio Fernando Azcárraga Jean Executive Chairman
José Antonio Lara del Olmo Vice President-Administration
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