Mexico’s largest broadcaster, Televisa, swung to a net profit in the third quarter, largely boosted by improved results from the firm’s tie-up with Univision.
Televisa posted a 666.5 million peso ($33.85 million) net profit in the third quarter, nearly doubling analysts’ estimates and reversing the 918.5 million peso loss in the same period a year earlier.
Revenues slipped 6% to 15.36 billion pesos ($780 million), largely dragged down by Televisa’s satellite television unit SKY, it said. Analysts polled by LSEG had expected revenues to land higher at $833.4 million, reports Reuters.
The broadcaster is the world’s largest producer of Spanish-language content.
SKY saw about 270,000 net disconnections with a 13% dip in revenue. Televisa’s cable segment saw 19,618 disconnections between broadband and video subscribers and a revenue drop of 4%.
TelevisaUnivision, a joint venture between Televisa and U.S. Spanish-language broadcaster Univision, brought a billion-peso boost to the Mexican company in the third quarter, it said.
Televisa also benefited from trimming expenses and lower taxes, it said.
TelevisaUnivision replaced its chief executive Wade Davis in September. A source with knowledge of the decision told Reuters at the time that Davis was terminated due to company results that have lagged internal expectations.
