Grupo Televisa stock targets AT&T Mexico deal after Q3 profit return

Grupo Televisa returned to attributable profit in the third quarter, while revenue declined as the satellite business continued to contract. The company also advanced its planned acquisition of AT&T Mexico, giving investors two competing themes: improving reported profitability and a major increase in telecommunications exposure.

In its October 29, 2026 results release, Grupo Televisa reported revenue of 14,077.7 million Mexican pesos for the quarter ended September 30, down 3.8% from 14,627.0 million pesos a year earlier. Net income attributable to the company's stockholders was 882.7 million pesos, compared with a loss of 1,932.5 million pesos in the third quarter of 2025.

The earnings recovery was not driven by stronger top-line momentum alone. Grupo Televisa said the change reflected a 407.0 million peso reduction in net finance expense and a 2,885.1 million peso decrease in income taxes. Operating income nevertheless fell 26.7% to 680.9 million pesos, after other expense increased to 969.5 million pesos from 43.7 million pesos. The company attributed the higher other expense mainly to a non-cash impairment of technical equipment, increased legal and financial advisory expenses, and the absence of a prior-year insurance claim recovery.

Satellite weakness offsets operating gains

Operating segment income rose 5.6% to 5,996.0 million pesos, lifting the margin to 42.6% from 38.8%. Grupo Televisa linked the improvement to efficiency measures and operating expense reductions. Enterprise Services revenue increased 6.8% to 1,147.8 million pesos, while Residential Services revenue was essentially flat at 10,566.0 million pesos.

Satellite Services remained the main drag. Revenue fell 20.5% to 2,363.9 million pesos, and the business recorded 250.6 thousand net revenue-generating-unit disconnections during the quarter, primarily from 231.0 thousand video units. The release showed 2.9 million satellite units at September 30, compared with 4.1 million a year earlier.

Residential operations added 125.1 thousand units in the quarter. Broadband additions, voice growth and mobile gains more than offset 48.1 thousand video losses. Grupo Televisa also upgraded more than 1.3 million homes to fiber-to-the-home during the quarter, supporting its effort to shift the customer mix toward broadband and mobile services.

AT&T deal sets next milestone

The company's October 13 agreement with AT&T calls for an equally owned consortium with Fintech Holdings to acquire AT&T's wireless telecommunications business in Mexico for 2.0 billion U.S. dollars, subject to adjustments. Grupo Televisa expects to contribute an estimated 400.0 million U.S. dollars for a 50% interest. The partners plan to use cash on hand and non-recourse secured debt financing.

Completion is expected in the first quarter of 2027 and remains subject to customary closing conditions, including regulatory approvals. Grupo Televisa said it expects to account for the transaction as an investment in a joint venture under the equity method. The acquisition would add a large mobile operation to the company's existing broadband, video and fixed-line base, but also places execution, financing and regulatory milestones ahead of the expected closing.

Grupo Televisa stock traded at 2.12 euros on Lang & Schwarz at 14:44 CET on Monday, November 9, 2026; investors can follow the real-time quote of Grupo Televisa stock.

U.S. telecommunications and media shares remain part of the broader S&P 500 market environment; see current market reports.

For the underlying results and transaction terms, see the Grupo Televisa Form 6-K carried by StockTitan. More updates are available in more news and analyses on Grupo Televisa stock.