Overview

• Moody’s downgraded both Grupo Televisa’s issuer and senior debt ratings from Baa3 to Ba1 and assigned a negative outlook on July 11-12, moving it into speculative territory.
• Revenue-generating units fell 6.3% year-on-year and broadband subscribers dropped 1.2% as of March 2025.
• Structural erosion in the Sky DTH segment and underperforming broadband growth have weighed on operating performance.
• Adjusted gross leverage is forecast to exceed four times EBITDA through 2026 despite Televisa’s $2.1 billion cash balance and $500 million revolver.
• Uncertainty stemming from an international FIFA corruption probe into owner Emilio Azcárraga has heightened governance risk.