Mexican media giant's stock rises on glowing earnings report
MEXICO CITY — Boasting a 24.1% year-to-year rise in feevee subscribers, Mexican media giant Televisa saw its profits nearly double on the year in the first quarter, rising 93% to 1.506 billion pesos ($118 million), driving its stock price up 6.21% by Friday afternoon trading in New York.In its quarterly report, the conglom noted a healthy 14.8% rise in net sales to $1.19 billion on “double-digit growth” across all segments. Content revenue rose 13.6% to $446 million with a 9.7% rise in ad sales to $355 million in the first quarter. The outstanding feevee performance hinged on the combination of new lower-cost packages with satcaster Sky aimed to compete against budget-minded competitor Dish Network and booming sales of double- and triple-play packages with its Mexican cablers Cablevision, Cablemas, TVI and Bestel. Sky saw 11.8% annual growth in sales to $265 million, adding over 275,000 subscribers in the last year for 4.28 million. The recently announced addition of broadband packages via Sky adds to a bright future for its satcaster biz. The company’s cable and bundled broadband and telephony services saw a 16.8% increase in the first quarter to $296 million as Televisa’s cablers added nearly 143,000 subscribers for a total of about 4 million clients. Televisa also noted growth in its film distrib Videocine, boosted by solid box office for Daniel Radcliffe-toplined “The Lady in Black,” as well as solid performance in its growing video game unit, led by the performance of its gaming brand PlayCity.