Televisa Agrees to Buy AT&T's Stake in Sky Mexico Satellite TV Business
By Anthony Harrup
MEXICO CITY--Mexican cable and telecommunications company Grupo Televisa has agreed to buy AT&T's stake in its satellite television business Sky Mexico, with which Televisa will own 100% of the unit.
In a filing Wednesday with the Mexican stock exchange, Televisa said it will pay for the stake in 2027 and 2028.
Televisa said Sky Mexico Chief Executive Luis Malvido will step down on April 15 after two years in the position, and be replaced by Francisco Valim, who will also remain as chief executive of cable unit izzi.
In his extended role, Valim will be responsible for generating synergies and efficiencies for Televisa, the company added. Sky accounted for around 24% of Televisa's sales last year, and the cable unit for about 66%.
Televisa has around a 59% stake in Sky Mexico, which operates in Mexico, Central America and the Dominican Republic, and AT&T owns around 41% through DirecTV.
Terms of the stake acquisition weren't disclosed.
Write to Anthony Harrup at anthony.harrup@wsj.com
(END) Dow Jones Newswires
April 03, 2024 17:21 ET (21:21 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
For Bond Investors, Delayed Rate Cuts Demand a Different Playbook
-
What’s Happening In the Markets This Week
-
How the Tokyo Stock Exchange Is Pushing for Better Shareholder Returns
-
Magnificent 7 Stocks Earnings Updates: AI Remains the Focus
-
Where We See Opportunities After an Ugly Month for Stocks
-
After Earnings, Is Alphabet Stock a Buy, a Sell, or Fairly Valued?
-
When Will the Fed Start Cutting Interest Rates?
-
What’s the Difference Between the CPI and PCE Indexes?
-
10 Questions for Berkshire Hathaway’s 2024 Annual Meeting
-
After Earnings, Is Ford Stock a Buy, a Sell, or Fairly Valued?
-
3 Dividend Stocks for May 2024
-
Amgen Earnings: Obesity Drug Update Is Highly Encouraging
-
What’s Going on With Apple, Tesla, and Alphabet?
-
Apple Earnings: A Weak 2024, but Optimism for 2025
-
4 Utility Stocks to Play the AI Data Center Boom
-
Albemarle Earnings: We Expect Improved Results In the Rest of Year Following Cyclically Low Profits