Grupo Televisa stock swings to profit as Sky pressure persists
Published on 11/04/2026 at 14:40 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSProfit improves as satellite weakens
- Grupo Televisa returned to profit in the third quarter as lower tax and finance costs offset weaker revenue.
- Operating segment income rose while the margin reached a three-year high.
- Satellite revenue fell sharply, while enterprise services expanded and broadband additions remained positive.
- The planned AT&T Mexico acquisition could require a cash contribution of US$400 million in the first quarter of 2027.
Grupo Televisa returned to profit in the third quarter of 2026, according to The Rio Times. The company reported attributable net income of 882.7 million Mexican pesos for the period ended September 30, compared with a loss of 1,932.5 million pesos a year earlier.
Revenue nevertheless fell 3.8% year over year to 14,077.7 million pesos. The decline reflected continued pressure in satellite services, which more than offset growth in enterprise operations. A lower income-tax charge was a major factor behind the swing to profit, while lower finance costs also supported the result.
Margins improve despite revenue pressure
Operating segment income increased 5.6% to 5,996.0 million pesos. The margin reached 42.6%, up from 38.8% in the year-earlier quarter. Televisa attributed the improvement to efficiency measures, lower operating expenses and synergies from the ongoing integration of its izzi and Sky operations.
The earnings mix remained uneven. Residential revenue was essentially flat at 10,566.0 million pesos, while enterprise revenue rose 6.8% to 1,147.8 million pesos. Televisa linked the enterprise gain to new projects with public- and private-sector customers.
Sky remains the central weakness
Satellite revenue dropped 20.5% to 2,363.9 million pesos. The business lost 250,603 revenue-generating units during the quarter, including 230,986 video connections, leaving the satellite operation with 2.9 million units. The continuing subscriber contraction remains the clearest operational risk in the quarterly figures.
Televisa's residential operations added 68,364 mobile lines and 8,639 broadband connections, although video subscribers declined by 48,089. Broadband connections reached 5,716,184 at September 30, while mobile lines totaled 888,314. These figures show that connectivity growth is partly offsetting the decline in traditional pay television.
AT&T deal adds a capital test
Televisa is also preparing for a larger strategic commitment. On October 13, a consortium owned equally by Televisa and Fintech Holdings agreed to acquire AT&T's wireless business in Mexico for US$2 billion. Closing is expected in the first quarter of 2027, and Televisa expects to contribute an estimated US$400 million in cash for its half of the transaction.
For investors, the quarter offers a mixed picture: cost control and enterprise growth are improving profitability, but falling satellite sales and the financing needs of the AT&T transaction could keep attention on cash generation and leverage. The company reported net debt of 42,473.6 million pesos at September 30, according to the cited report.
Grupo Televisa stock traded at 1.94 euros on Lang & Schwarz at 14:32 CET on Wednesday, November 4, 2026. Investors can follow the real-time quote of Grupo Televisa stock.
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Grupo Televisa quarterly snapshot
- Company: Grupo Televisa, S.A.B.
- ISIN: US40049J2069
- Ticker: TV
- Listing: New York Stock Exchange ADR
- Lang & Schwarz quote: 1.94 euros on November 4, 2026, at 14:32 CET
- Third-quarter attributable net income: 882.7 million Mexican pesos
- Third-quarter revenue: 14,077.7 million Mexican pesos, down 3.8% year over year
- Operating segment income: 5,996.0 million Mexican pesos, up 5.6% year over year
- Operating segment margin: 42.6%
