Competitive Pressure Continues to Weigh on Televisa

Historically a powerhouse in Spanish-language media, Televisa is now focused primarily on Mexican telecom, a highly competitive market that would benefit greatly from consolidation. The firm also holds a majority interest in satellite television provider Sky Mexico and a minority interest in TelevisaUnivision, the largest Spanish-language media company globally, in addition to several smaller holdings it plans to spin off. We expect Televisa will continue to refine its portfolio as it finds opportunities to improve its competitive position or realize value for shareholders.