MEXICO CITY — Televisa is expected to announce major cost-cutting and name an unprecedented executive committee as the Mexican media giant unveils a new business plan to investors today in New York. Analysts say the plan, called Televisa 2000, could well contain some surprises, and they expect it will boost the company’s recently limp stock price.
The presentation also will mark the public debut of recently confirmed chairman Emilio Azcarraga Jean, 29.
A Mexican newspaper said Televisa aims to slash administrative costs by 35%, a figure one analyst called “outlandish,” although the company is expected to greatly reduce its head-count of highly paid execs in the near future.
The executive committee, to be headed by chief corporate officer Guillermo Canedo White, likely will include several principal shareholders as well as a couple of outside members such as News Corp. exec VP David Evans, sources said.
Following the April 16 death of longtime Televisa topper Emilio Azcarraga Milmo, Televisa stock dropped 15% inside of two weeks. It since has climbed back somewhat, but analysts still consider it very cheap.
On Wall Street, Televisa Ads climbed 2% on Tuesday in anticipation of good news at the conference, to close at $25.50.