Grupo Televisa buys AT&T’s stake in Sky México

After obtaining approval from Federal Telecommunications Institute (IFT), Televisa Group specified the buys of the stake of AT&T in the signing of Sky Mexico satellite television.

The above was reported by this Friday June 7 the media The CEO, who added that “the closing of the operation has been carried out, with which Televisa is owner of 100% of Sky’s share capital from this date”.

“As previously announced, the transaction price will be paid by the company in 2027 and 2028,” the company owned by Emilio Azcárraga Jean said in a statement, and sent to the Mexican Stock Exchange (BMV).

Televisa already owned a majority interest of 58.7 percent; the remaining 41.3 percent was in the hands of AT&T. But that has already changed.

The CEO also remembers that last April, Televisa Group announced that it would seek to integrate Sky with its cable television segment, which operates under the brand Izzythis, as soon as possible.

It is detailed that in a call with investors, to talk about the company’s results in the first quarter of 2024, it was highlighted that the merger between both brands will be more evident in the third quarter of the current year.

“In the first three months of the year, Televisa recorded a drop in income, driven mainly by a contraction of money inflows into Sky of 12.3% during the period, to 4,657.6 million, a division that also lost 250,600 clients,” publishes El CEO.

On the other hand, the cable segment reported sales of 11,908.7 million pesos, 1.8 percent less year-on-year; There was an increase of 27,900 users between January and March of this year.

After several quarters with losses, Grupo Televisa achieved profits of 951.8 million pesos between January and March 2024, according to a financial report. In the same period last year, it lost 788.9 million pesos, while in all of 2023 the figure reached 10,611.6 million pesos, far from the 45,283.9 million pesos in profits achieved in 2022.

In the report sent to the BMV, Televisa explained that this improvement was a reflection of a favorable change of 2,472.4 million pesos in other income or expenses and a decrease of 1,021.3 million in financial expenses, the CEO details in his publication.