Grupo Televisa, S.A.B. (TV): Business Model Canvas [Dec-2025 Updated]

You're trying to figure out Grupo Televisa, S.A.B. (TV)'s real game plan now that they've gone all-in on telecom integration and content distribution, and honestly, it's a fascinating pivot from their old model. The core engine is now this dual focus: aggressively merging Izzi and Sky operations to hit those 2025 synergies while simultaneously extracting value from their 45% stake in TelevisaUnivision to fuel the ViX streaming service. If you want to see precisely how the $600 million CapEx budget for 2025 supports the 20 million homes passed and how the Ps. 11,679.8 million in cable revenue fits with the content licensing streams, you need to look closely at the nine building blocks detailed below.

Grupo Televisa, S.A.B. (TV) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that power Grupo Televisa, S.A.B.'s strategy, especially how it monetizes its content and infrastructure assets. These partnerships are defintely critical for the company's near-term performance, particularly in the streaming and sports rights space.

The most significant relationship is with TelevisaUnivision, where Grupo Televisa holds a substantial ownership stake. This joint venture is the engine for Spanish-language content creation and the growth of the ViX streaming service. Here's a snapshot of the Q2 2025 performance metrics related to this key partner:

Grupo Televisa's direct ownership in TelevisaUnivision is a 45% stake, a structure established following the transaction completion on January 31, 2022. This partnership is also central to Grupo Televisa's own financial health; for instance, its consolidated operating segment income margin reached 38.1% in the first half of 2025, partly due to synergies and efficiency measures within the broader group structure, including a year-on-year OpEx reduction of around 7% across segments.

Securing premium content rights remains a major focus, particularly in sports. Grupo Televisa recently locked in a significant deal with Formula 1®:

• Formula 1® Official Broadcast Partner in Mexico through the end of the 2028 season.
• Live coverage of every Grand Prix via Sky Sports channels (Sky and Izzi).
• Full coverage of the Mexican Grand Prix plus two additional events each season on Televisa's free-to-air channels.

This multiplatform approach is designed to maximize reach for one of the fastest-growing sports spectacles in the region.

On the telecommunications side, the relaunched Mobile Virtual Network Operator (MVNO) service, branded under izzi Telecom, relies on technology partners. ZTE was announced as the exclusive winner for the izzi MVNO project, providing core network and VAS services. izzi Telecom, which operates under Grupo Televisa, reported having 6.3 million subscribers as of March 2024. This is set against the backdrop of the Mexican MVNO sector, which saw subscriber counts exceed 10.5 million by the end of 2022.

For media sales across its platforms, Grupo Televisa engages with global advertising agencies. The strategy involves enhancing digital sales, especially in the U.S., by leveraging its sports and entertainment assets.

• Global advertising agency partner: GroupM.

We're seeing a push to better window content and maximize advertising revenue across all screens, which is where partners like GroupM come into play to drive those media sales.

Grupo Televisa, S.A.B. (TV) - Canvas Business Model: Key Activities

You're looking at the core actions Grupo Televisa, S.A.B. is taking to run and grow the business as of late 2025. These activities are where the company puts its time and money to deliver on its value proposition.

Integrating Izzi and Sky operations to realize 2025 synergies.

The consolidation of the telecommunications assets is showing clear financial results. The union of Izzi and Sky generated a 38.1% increase in profits and a seven percent decrease in operating expenses as of the second quarter of 2025. Earlier cost-cutting measures, like the 20% staff reduction in December 2024, contributed to savings of nearly US$400 million by the end of 2024 for Izzi alone. The ongoing integration helped expand the consolidated operating segment income margin by 100 basis points in the first nine months of the year. The Sky restructuring and integration specifically cut operating expenses by around 10% year-on-year in 2024.

Expanding the fiber-to-the-home (FTTH) network, reaching around 20 million homes passed.

Network expansion remains a priority, though focused on efficiency. As of end-September 2025, Grupo Televisa, S.A.B. reached approximately 20 million homes passed with its fiber network. During the third quarter of 2025, the company passed a total of 27,700 homes with fiber to the home (FTTH). The focus is on high-end clients, as broadband subscribers stood at 5.6 million at the end of September 2025.

The telecommunications infrastructure activity is supported by a disciplined capital expenditure plan:

• The total 2025 CapEx budget is set at US$600 million.
• For the nine months ended September 2025, total investment was 7.5 billion pesos.
• Third-quarter 2025 CapEx deployment was MXN 3.6 billion.

Producing high-volume, Spanish-language content for TelevisaUnivision and ViX.

Content creation and distribution are key to the media segment's performance. TelevisaUnivision's ViX streaming service surpassed 10 million global subscribers as of the second quarter of 2025. Analysts forecast ViX will reach 10.5 million paid customers in the Americas by the end of 2025, representing an 18% growth rate for the year. The content slate includes new formats; ViX launched six "microdramas" and is on track to launch 40 by the end of 2025. This DTC (direct-to-consumer) focus helped drive a 10% increase in TelevisaUnivision's adjusted EBITDA in 2Q25.

Maintaining and upgrading the extensive cable and satellite infrastructure.

This activity involves managing the legacy and integrated networks. Here's a look at the subscriber base metrics for the Cable and Sky segments as of late 2025:

The operational cash flow for Cable and Sky combined was MXN 2.1 billion in the third quarter, representing 14.2% of sales.

Grupo Televisa, S.A.B. (TV) - Canvas Business Model: Key Resources

You're looking at the core assets Grupo Televisa, S.A.B. relies on to operate its media and telecom businesses as of late 2025. These aren't just line items; they are the physical and intangible foundations of the company's revenue generation.

The physical network infrastructure is massive, anchoring the cable segment. Grupo Televisa, S.A.B. has been disciplined with its spending, setting a 2025 capital expenditure budget of US$600 million after revising the initial guidance downward by 9.8%. This infrastructure is the backbone for its high-margin broadband strategy.

Your access to premium, culturally relevant content is secured through your ownership position in TelevisaUnivision. Grupo Televisa, S.A.B. holds a 45% equity stake in the entity. This stake is critical for supplying content across the Americas.

The content library itself is a significant intangible asset. The value of the content assets contributed to the joint venture was approximately $4.8 billion. This library powers TelevisaUnivision's platforms, including the streaming service ViX, which surpassed 10 million subscribers in Q2 2025.

For the direct-to-home (DTH) service, Sky, the satellite infrastructure remains a key resource, though the subscriber base is contracting as expected in the DTH space. As of end-September 2025, Sky reported 4.1 million revenue-generating units (RGUs). This segment saw its revenue fall 18.2% to 3.05bn pesos in the third quarter of 2025.

The intellectual property portfolio is vast, covering more than just the content supplied to TelevisaUnivision. You maintain ownership of the broadcasting licenses and transmission infrastructure in Mexico, which are essential for the signals of TelevisaUnivision and your own cable and DTH systems.

• Owned Spanish-language content library, the largest in the world, powering ViX.
• Rights to Mexican soccer leagues content.
• Ownership of the leading Mexican movie studio, Videocine.
• Concessions from the Mexican government for broadcasting programming.

The operational efficiencies derived from integrating Sky and Izzi are also a resource, as seen in the 80-basis-point margin expansion in the consolidated operating segment income to 38.1% in the first half of 2025. Finance: draft 13-week cash view by Friday.

Grupo Televisa, S.A.B. (TV) - Canvas Business Model: Value Propositions

You're looking at the core offerings Grupo Televisa, S.A.B. delivers to its customers as of late 2025. The value is clearly split between the integrated telecom services and the premium content ecosystem.

The bundled quad-play services, delivered primarily through the integrated Izzi and Sky operations, provide connectivity and entertainment under one roof. The strategic merger of Izzi and Sky has already yielded tangible operational benefits, including a 38.1% increase in profits and a 7% decrease in operating expenses from workforce optimization and center consolidation by Q2 2025.

Here's a look at the subscriber base supporting these bundled services, based on the latest available figures:

Access to the ViX streaming platform is a major component of the modern value proposition. This Spanish-language service surpassed 10 million global paying subscribers by the summer of 2025. Forecasts suggested the platform would reach 10.5 million paying customers by the end of 2025. This direct-to-consumer growth is a clear driver, as TelevisaUnivision's adjusted OIBDA (Operating Income Before Depreciation, Amortization, and Other Adjustments) grew 10% in Q2 2025, partly due to this scaling business.

The content itself is a distinct value driver, leveraging Grupo Televisa's historical strength as a major Spanish-language content producer. The value proposition includes:

• Access to the largest Spanish-language content streamer globally.
• Leveraging major live sports rights, such as the CONCACAF Gold Cup and FIFA Club World Cup, which drove record viewership.
• A deep library, with ViX having doubled its SVoD catalogue size since launch, adding over 2,500 distinct titles.
• Annual production of around 100,000 hours of long-form video content across news, sports, and scripted entertainment.

Reliable broadband internet service remains central, with a specific operational focus on value customers. The company has been executing a strategy to attract and retain these value-focused cable customers, which allowed the Internet subscriber base to grow over the first nine months of 2025 compared to the end of 2024. This focus is evident in the reported 5.6 million broadband subscribers for the cable segment in Q1 2025.

Grupo Televisa, S.A.B. (TV) - Canvas Business Model: Customer Relationships

You're looking at how Grupo Televisa, S.A.B. manages its direct interactions and relationships with its diverse customer base across its cable/telecom and streaming divisions as of late 2025. The strategy clearly pivots on digital self-service for scale and targeted retention for the fixed-line business.

Automated and self-service options via digital platforms

While specific metrics on automated support ticket resolution aren't public, the entire structure of the ViX Direct-to-Consumer (DTC) offering is inherently self-service, relying on digital onboarding, account management, and content discovery without direct agent intervention for the majority of interactions.

• The ViX platform operates on a hybrid freemium model, requiring digital self-selection of tiers.
• Digital partnerships, like the bundle with Disney+ in Mexico, streamline access without physical sales points.

Dedicated customer retention strategies to stabilize the Internet subscriber base

Grupo Televisa, S.A.B. has explicitly shifted its cable focus toward retaining and attracting higher-value customers, which is showing results in stabilizing the base following the Izzi/Sky integration. The focus is on quality over sheer volume, which helps manage churn.

Here's a look at the recent performance in the Cable segment:

The strategy is definitely working to keep the most reliable customers engaged. Francisco Valim Filho, CEO of Sky and Televisa's cable segment, noted the goal is to target growth from high-end, more reliable, and stable customers.

Consolidated customer service centers following the Izzi/Sky merger

The integration of Izzi and Sky included a significant effort to streamline operations, directly impacting customer-facing support structures. This consolidation was a key driver in achieving operational efficiencies post-merger.

• Workforce optimization included a 20% staff reduction in December 2024.
• Consolidation of Customer Service Centers was a direct action taken.
• These synergy efforts contributed to a year-on-year Operating Expense (OpEx) reduction of around 7% in the first 9 months of 2025.
• Savings from these optimization moves totaled nearly US$400 million by the end of 2024.

The financial benefits from the merger, including these cost cuts, led to a 38.1% increase in profits from the union.

Direct-to-Consumer (DTC) engagement through the ViX streaming service

ViX represents Grupo Televisa, S.A.B.'s primary DTC relationship channel, leveraging a hybrid model to maximize reach and revenue diversification. The growth trajectory for ViX is aggressive, positioning it as a leader in the Americas.

Here are the key subscriber and revenue projections for ViX in 2025:

Engagement is also driven by strategic bundling, which acts as a digital customer acquisition and retention tool. For example, a hard bundle deal with Charter Communications in the U.S. is expected to contribute 900,000 new ad-tier subscribers between 2024 and 2026. Also, ViX has established retail partnerships in Mexico with OXXO and Mercado Libre.

The DTC division is performing well financially; subscription and licensing revenue grew 2% excluding foreign exchange impact, driven by ViX's premium tiers offsetting linear declines. Finance: draft 13-week cash view by Friday.

Grupo Televisa, S.A.B. (TV) - Canvas Business Model: Channels

You're looking at the distribution arteries for Grupo Televisa, S.A.B. (TV) as of late 2025, which are heavily focused on consolidating the cable business post-Sky acquisition and scaling the direct-to-consumer streaming offering, ViX. Here's the breakdown of how they get their value proposition to the customer.

Izzi's fixed-line cable network for broadband and pay-TV remains a core channel, focusing on high-value customers and fiber deployment. The strategy is clearly shifting toward broadband retention and growth, even as video subscribers decline.

• Broadband subscribers reached 5.6 million as of the third quarter of 2025, adding 21.6 thousand net adds in that quarter alone.
• Net revenues from residential operations in Q3 2025 were MXN 10.6 billion, showing a deceleration in decline at only 0.7% year-on-year.
• The company passed around 20 million homes with Fiber-to-the-Home (FTTH) by Q3 2025.
• The enterprise operations channel within the cable segment generated revenue of MXN 1.1 billion in Q3 2025, marking a 7.7% year-on-year increase.
• Video subscribers saw a loss of about 43,000 in Q3 2025.

Sky's Direct-to-Home (DTH) satellite service is clearly in a managed decline phase, with revenue dropping significantly as the subscriber base shrinks, though the remaining business is expected to maintain high margins.

The integration between Izzi and Sky is a key operational move to manage this channel shift, aiming for synergies and cost efficiencies.

The Mobile Virtual Network Operator (MVNO) channel, relaunched in late 2024, is showing positive net additions, making bundles more competitive.

• Mobile subscribers reached 557.6 thousand by the end of Q3 2025.
• This included 94.0 thousand net adds in the first nine months of 2025.

ViX streaming platform (free and premium tiers) is the primary growth engine for the direct-to-consumer side, leveraging a hybrid model.

Here's the quick math on ViX's expected revenue mix for 2025, based on analyst forecasts:

The platform's subscriber momentum is strong, with global paying customers projected to hit 10.5 million in the Americas by the end of 2025, representing an 18% growth rate for the year.

• Global subscriber base surpassed 10 million in Q2 2025, up from 7 million at the end of 2023.
• The platform secured a deal with Charter Communications expected to add 900,000 new ad-tier subscribers from 2024 into 2026.

Finance: draft 13-week cash view by Friday.

Grupo Televisa, S.A.B. (TV) - Canvas Business Model: Customer Segments

Grupo Televisa, S.A.B. serves distinct customer groups across its telecommunications and content platforms in Mexico and internationally.

The residential telecom segment, primarily through Izzi, focuses on bundled services within Mexico.

• The network passed approximately 20 million homes with fiber as of June 2025.
• Broadband subscribers totaled 5.6 million as of June 30, 2025.
• Video Revenue Generating Units (RGUs) stood at 3.7 million at the end of the second quarter of 2025.
• Mobile connections reached 463,601 total connections, adding 83,000 net subscribers in Q2 2025.
• Net revenue from residential operations for Q2 2025 was 10.5 billion pesos (US$562 million).
• The monthly churn rate for this segment fell below the historical average of 2%.

Enterprise customers are served with dedicated network and data services.

The satellite TV business, Sky, serves subscribers across Mexico, the Dominican Republic, and Central America, though it is experiencing subscriber decline.

Global Spanish-speaking audiences are targeted through TelevisaUnivision and its streaming platform, ViX.

• ViX global subscribers surpassed 10 million as of the second quarter of 2025.
• The platform is predicted to reach 10.5 million paid customers in the Americas by the end of 2025.
• The US segment reached 28 million video viewers across all ViX tiers.
• For 2025, ViX revenue is predicted to be 60% from advertising (free and ad-supported tiers) and 36% from the ad-free subscription tier.

You can see the content revenue context for TelevisaUnivision in Q2 2025 below.

Grupo Televisa, S.A.B. (TV) - Canvas Business Model: Cost Structure

You're looking at the cost side of Grupo Televisa, S.A.B. (TV)'s operations as of late 2025. It's a mix of heavy infrastructure spending, ongoing content creation, and the payoff from recent integration efforts. Honestly, managing capital expenditure in a competitive telecom market is always a balancing act.

The network and infrastructure costs remain a major outlay. For 2025, the capital expenditure (CapEx) budget has been set at US$600 million for network maintenance and deployment. This figure was actually trimmed by 9.8% from an initial guidance of US$665 million, thanks to more favorable negotiations with suppliers. This US$600 million budget implies a reasonable capital expenditure to sales ratio of less than 20% for the full year.

The Sky segment, which is now fully integrated with Izzi, still carries variable costs tied to its satellite operations and programming agreements. While the integration is designed to absorb much of the legacy cost structure, the subscriber trends show the pressure. For instance, Sky's second-quarter 2025 revenue saw a significant year-on-year drop of 16.3%, largely from shedding prepaid video subscribers. That revenue decline directly impacts the variable cost structure associated with that service delivery.

The big win on the cost side comes from the Izzi/Sky integration synergies. This effort is definitely paying off in the operating expense (OpEx) line. The integration delivered a year-on-year OpEx reduction of around 7% across the combined entity in the first half of 2025. Furthermore, the efficiency plan at TelevisaUnivision is targeting an OpEx reduction of over US$400 million dollars for the full year 2025. By the end of 2024, the savings from the initial Izzi/Sky moves alone totaled nearly US$400 million.

Content costs are central to the TelevisaUnivision side of the business. While we don't have the specific 2025 content budget, we can look at the scale of the assets driving those costs. When the content and media assets were combined into TelevisaUnivision, the contribution from Televisa included assets valued at approximately $4.8 billion, which comprised $3.0 billion in cash, $750 million in Univision equity, and $750 million in Series B preferred equity. This massive content library, which includes 300,000 hours of content, requires continuous investment for refresh and production.

Here's a quick look at some key cost-related metrics we are tracking:

• The 2025 CapEx budget is set at US$600 million.
• TelevisaUnivision's 2025 OpEx reduction target is over US$400 million.
• The Izzi/Sky integration yielded a 7% OpEx reduction in H1 2025.
• The content asset contribution value was $4.8 billion.
• Sky's 2Q25 revenue declined by 16.3% year-on-year.

To put some of these figures into perspective, here is a table summarizing key financial data points relevant to the cost structure:

The content assets are capitalized based on the merger valuation, which dictates amortization and impairment considerations, a significant non-cash cost component. Also, remember that the $3.0 billion cash portion of the content contribution was an outflow that needed to be managed against cash flow generation.

Finance: draft 13-week cash view by Friday.

Grupo Televisa, S.A.B. (TV) - Canvas Business Model: Revenue Streams

You're looking at the money coming in for Grupo Televisa, S.A.B. as of late 2025, based on their latest reported figures. It's a mix of connectivity, content, and advertising.

The core connectivity business, which now combines the former Izzi and Sky operations, is a major contributor. Cable (Izzi) residential and enterprise services generated 3Q25 revenue of Ps. 11,679.8 million.

The satellite pay-TV component, Sky, is seeing pressure, with its total revenue declining year-on-year. Sky pay-TV subscription revenue totaled 3Q25 revenue of Ps. 3,051.0 million.

The joint venture with Univision is a key source of recurring income. Subscription and licensing revenue from the TelevisaUnivision joint venture showed growth in the third quarter of 2025. Specifically, this stream grew 3% to $493 million for the quarter ended September 30, 2025.

Advertising sales across broadcast and digital platforms remain significant, though subject to market fluctuations. Consolidated advertising revenue for TelevisaUnivision decreased by 6% year-on-year in 3Q25, totaling $755 million. However, excluding political advertising, this revenue declined by 3%.

Here's a quick look at the key revenue components we have data for from the most recent quarter:

Drilling down into the connectivity segment, you can see where the growth is concentrated within the former Izzi operations, even as the overall segment revenue remained relatively flat compared to the prior quarter. The Enterprise Operations are showing strength, which is a positive sign for higher-value services.

• Enterprise Operations revenue increased by 7.7% year-on-year in 3Q25.
• Enterprise Operations revenue reached MXN 1.1 billion in 3Q25.
• This 7.7% growth in Enterprise Operations is the best performance in the last 3 years for that specific unit.
• The MSO Operations revenue grew by 0.4% on a sequential basis.

For the joint venture, the advertising performance shows a split market. In Mexico, advertising revenue actually increased by 3%, largely powered by ViX. The U.S. market, however, saw a more significant drop in advertising revenue.

• TelevisaUnivision U.S. Advertising Revenue (3Q25): $428 million.
• TelevisaUnivision U.S. Advertising Decline (excluding political): 8%.
• TelevisaUnivision Mexico Advertising Revenue (3Q25): $327 million.
• TelevisaUnivision Mexico Advertising Growth (including political): 3%.

Also, remember that the share of income from associates and joint ventures, net, which includes the TelevisaUnivision results, was reported as Ps. 843.0 million for Grupo Televisa in 3Q25.

Finance: draft 13-week cash view by Friday.