Televisa Is Refining Its Business, but a Restructuring of the Mexican Broadband Sector Is Needed

Not much is going well for Televisa, and the road ahead looks difficult. The firm is focused primarily on Mexican telecom, a highly competitive market that would benefit greatly from consolidation. The firm also holds a minority interest in TelevisaUnivision, the largest Spanish-language media company globally but a small player versus streaming giants like Netflix. We expect Televisa to continue to refine its portfolio as it finds opportunities to improve its competitive position or realize value for shareholders. Still, it doesn’t entirely control the path forward, which will likely cause continued volatility in financial performance and the stock price.