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• Consolidated Revenue: MXN62.3 billion in 2024, a decline of 6% year on year.

• Operating Segment Income: MXN23.2 billion in 2024, a decrease of 7.5% year on year.

• Consolidated Operating Cash Flow: MXN14.3 billion in 2024, growing by over 28% year on year.

• Free Cash Flow: Over MXN10.1 billion in 2024, representing a free cash flow yield of around 43%.

• Cable EBITDA Margin: Improved by over 300 basis points to 39% in 2024.

• Cable CapEx: Optimized by 37% to almost $400 million in 2024.

• Cable Operating Cash Flow: Over MXN11 billion in 2024, growing by almost 38% year on year.

• Sky Operating Cash Flow: MXN3.2 billion in 2024, increased by 3% year on year.

• Sky Revenue: MXN3.7 billion in Q4 2024, a decline of 12.4% year on year.

• TelevisaUnivision Revenue: $5.1 billion in 2024, an increase of 3% year on year.

• TelevisaUnivision Adjusted EBITDA: $1.6 billion in 2024, a decline of 3% year on year.

• Consolidated CapEx: $493 million in 2024, below initial guidance of $793 million.

• Warning! GuruFocus has detected 6 Warning Signs with TV.

Release Date: February 21, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Grupo Televisa SAB (NYSE:TV) achieved a significant improvement in profitability, with the Cable segment's EBITDA margin increasing by over 300 basis points to 39% in 2024.

• The company successfully integrated Sky with its Cable segment, leading to a 10% reduction in OpEx and a 44% decline in CapEx deployment for Sky.

• Grupo Televisa SAB (NYSE:TV) generated over MXN10.1 billion in free cash flow, representing a free cash flow yield of around 43% for its consolidated operations.

• The spin-off of Ollamani and its listing on the Mexican Stock Exchange unlocked value for shareholders, with the new company having a market cap of around $270 million.

• ViX, the streaming platform, became a $1 billion direct-to-consumer business and turned profitable in the third quarter of 2024, outperforming peers in terms of time to profitability.

Negative Points

• Grupo Televisa SAB (NYSE:TV) experienced a 6% year-on-year decline in consolidated revenue, primarily driven by lower revenue at Sky.

• The company lost 85,900 broadband subscribers and 95,000 video subscribers in the fourth quarter, attributed to intense promotional activity by competitors.

• Sky's fourth-quarter revenue fell by 12.4% year-on-year due to a lower subscriber base, impacting overall financial performance.

• Despite improvements, the Cable segment faced challenges with lower-than-expected gross additions and a decline in net revenue from enterprise operations.

• The company's full-year adjusted EBITDA for TelevisaUnivision declined by 3% year-on-year, affected by investments in third-party advertising sales and higher sports-related costs.