Analyst Note| Neil Macker, CFA |
Televisa’s content segment continues to rebound from the pandemic, and the cable segment—now its main business—reported strong growth again for the third quarter. The merger of the firm’s content business with Univision remains on track for completion by the end of 2021. After the merger, Televisa will become a bet on broadband and pay-TV penetration in Mexico. We are maintaining our narrow moat rating and fair value estimate of $14.