Televisa, Mexico’s top TV network, said Friday that a trust run by Modelo beer heiress Maria Asuncion Aramburuzabala had sold off 60 million shares of the web.
Latin America’s richest woman still will hold a stake in Televisa and will remain on its board. Analysts estimated the trust had sold roughly a third of its shares, comprising a 17% stake in the network.
In 2004, Televisa restructured its shares to give topper Emilio Azcarraga Jean greater control over the company. As part of the deal, Aramburuzabala and Latin America’s richest man, Carlos Slim, traded voting stock for more liquid shares.
Rolling in cash from broadcast and pay TV revenue and with strong prospects ahead, Televisa stock has soared around 90% since the 2004 deal.
Gossip on the Mexican bourse was that Aramburuzabala is building a campaign war chest for her husband, U.S. Ambassador Tony Garza, who is eyeing the governor’s mansion in Texas.