By Aida Pelaez-Fernandez
MEXICO CITY (Reuters) -Mexico's largest broadcaster, Grupo Televisa, reduced 2025 capital spending on Wednesday, lowering it to $600 million from $665 million.
Televisa's Co-Chief Executive Alfonso de Angoitia said on a call with analysts that negotiations with suppliers had resulted in more favorable terms for the company.
“While we expect CAPEX deployment to accelerate during the second half of the year, we are cutting our CAPEX budget,” Angoitia said.
Following the call, shares in the world's biggest producer of Spanish-language content were up 3.3%, paring earlier gains of as much as 7.6%.
Televisa's stock has surged over 30% year-to-date, with Wednesday's gain alone adding 820.4 million pesos ($44.18 million) to the company's market capitalization.
On Tuesday, the broadcaster reported net profit of 474.5 million pesos for the second quarter, rebounding from a 25.6-million peso loss one year ago.
The quarterly profit was largely supported by lower costs, despite a fall in subscriptions, particularly for Televisa's satellite-TV unit, SKY.
“Through 2025, we expect the broadcaster to maintain constant challenges in both the cable and Sky segments, but with a less adverse scenario in terms of inflation and comparable bases,” analysts at brokerage Monex said.
SKY had about 350,000 disconnections and a 16.3% dip in revenue during the second quarter, while the cable segment registered a revenue drop of 2.5% year-over-year.
The company's revenue totaled 14.73 billion pesos, a 6% decrease from the same period last year. However, Angoitia added that revenue remained unchanged when excluding the impact of the Mexican peso's depreciation.
The peso weakened 2.6% from the end of June last year to the end of June this year.
($1 = 18.5705 Mexican pesos)
(Reporting by Aida Pelaez-Fernandez; Additional reporting by Noe Torres; Editing by Natalia Siniawski, Brendan O'Boyle, Rod Nickel)
