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 July, 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: 2 Year: 2019

Quarterly Financial Information

[105000] Management commentary	2
[110000]	General information about financial statements	13
[210000]	Statement of financial position, current/non-current	15
[310000]	Statement of comprehensive income, profit or loss, by function of expense	17
[410000] Statement of comprehensive income, OCI components presented net of tax	18
[520000]	Statement of cash flows, indirect method	20
[610000] Statement of changes in equity - Accumulated Current	22
[610000] Statement of changes in equity - Accumulated Previous	25
[700000]	Informative data about the Statement of financial position	28
[700002] Informative data about the Income statement	29
[700003] Informative data - Income statement for 12 months	30
[800001] Breakdown of credits	31
[800003]	Annex - Monetary foreign currency position	33
[800005]	Annex - Distribution of income by product	34
[800007]	Annex - Financial derivative instruments	35
[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	61
[813000]	Notes - Interim financial reporting	75
Footnotes	94
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[105000] Management commentary

Management commentary

Mexico City, July 8, 2019 - Grupo Televisa, S.A.B. (NYSE:TV; BMV: TLEVISA CPO; "Televisa" or "the Company"), today announced results for second-quarter 2019. The results have been prepared in accordance with International Financial Reporting Standards ("IFRS").

Last year, during second quarter, Content sales and operating segment income benefited by Ps.1,723.5 million and by Ps.817.2 million, respectively, from the non- recurring licensing of certain broadcast and digital rights of the World Cup in Latin America in 2018 (the "non-recurring licensing revenue").

The following table sets forth consolidated Net Sales and Operating Segment Income for the quarters ended June 30, 2019 and 2018, in millions of Mexican pesos excluding the non-recurring licensing revenue:

	Excluding non-recurring licensing revenue for 2Q'18	2Q'19	Margin %	2Q'18	Margin %	Change %
	Net sales	24,307.6	100.0	24,978.3	100.0	(2.7)
Operating segment income 1	9,928.1	38.8	9,935.6	38.1	(0.1)

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

Net sales, excluding non-recurring licensing revenue, decreased by 2.7% to Ps.24,307.6 million in second-quarter 2019 compared with Ps.24,978.3 million in second- quarter 2018. This decrease was attributable to revenue decline in the Content, Sky and Other Businesses segments. Operating segment income remain relatively flat, reaching Ps.9,928.1 million with a margin of 38.8%.

The following table sets forth condensed consolidated statements of income for the quarters ended June 30, 2019 and 2018, in millions of Mexican pesos. The table includes the abovementioned non-recurring licensing revenue and the results presented are not comparable year-over-year:

		2Q'19	Margin %	2Q'18	Margin %	Change %
	Net sales	24,307.6	100.0	26,701.8	100.0	(9.0)
Net income	1,263.4	5.2	4,760.8	17.8	(73.5)
Net income attributable to stockholders of the Company	919.1	3.8	4,297.4	16.1	(78.6)
Segment net sales	25,560.3	100.0	27,768.5	100.0	(8.0)
Operating segment income (1)	9,928.1	38.8	10,752.8	38.7	(7.7)

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

Net income attributable to stockholders of the Company decreased to Ps.919.1 million in second-quarter 2019 compared to Ps.4,297.4 million in second-quarter 2018. The net decrease of Ps.3,378.3 million reflected (i) a Ps.3,520.9 million unfavorable change in other income or expense, net, mainly due to the sale of our investment in Imagina Media Audiovisual, S.L., a media and telecom company in Spain ("Imagina") in second quarter 2018; (ii) a Ps.760.3 million decrease in operating income before depreciation and amortization; (iii) a Ps.493.3 million increase in finance expense, net; (iv) a Ps.313.4 million decrease in share of income of associates and joint ventures, net; and (v) a Ps.231.1 million increase in depreciation and amortization. These unfavorable variances were partially offset by (i) a Ps.1,821.6 million decrease in income taxes; and (ii) a Ps.119.1 million decrease in net income attributable to non-controlling interests.

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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 75 countries through 26 pay-tv brands, television networks, cable operators and over-the-top or "OTT" services. In the United States, Televisa's audiovisual content is distributed through Univision Communications Inc. ("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 Univision Holdings, Inc., 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. Televisa owns a majority interest in Sky, a leading direct-to-home satellite pay television system and broadband provider 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.

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 2019, 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 2019 through available cash from operations, cash on hand and/or borrowings. The amount of borrowings required to fund these cash needs in 2019 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 2018, 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.

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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
• 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
• 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
• Inflation Rates and High Interest Rates in Mexico
• Political events in Mexico

Disclosure of results of operations and prospects

The following table presents second-quarter consolidated results ended June 30, 2019 and 2018, for each of our business segments. Consolidated results for second- quarter 2019 and 2018 are presented in millions of Mexican pesos.

Net Sales	2Q'19	%	2Q'18	%	Change %
Cable	10,215.7	40.0	8,825.7	31.8	15.7
Sky	5,348.1	20.9	5,658.8	20.4	(5.5)
Content	8,050.0	31.5	9,247.9	33.3	(13.0)
Other Businesses	1,946.5	7.6	2,312.6	8.3	(15.8)
Segment Net Sales 1	25,560.3	100.0	26,045.0	93.8	(1.9)
Intersegment Operations 2	(1,252.7)		(1,066.7)
Net Sales 1	24,307.6		24,978.3		(2.7)
Non-recurring licensing revenue	n/a		1,723.5	6.2	n/a
Net Sales	24,307.6		26,701.8		(9.0)
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