Reuters.- Mexican media giant Grupo Televisa announced on Thursday that its board of directors approved a plan to separate its soccer operations and the iconic Azteca Stadium, as well as its lottery and magazine publishing segments, from its business.
Grupo Televisa, the world’s largest producer of Spanish-language audiovisual content, added in its quarterly results report that the reorganization will lead to a new company, which will be listed on the local stock market.
“This plan will allow both the company and the spin-off company to focus on their business models and growth opportunities, so they can create better conditions of access to capital, sources of financing and investors,” he said.
The proposal, which still needs corporate authorization and approval from regulatory authorities, is expected to be implemented in the first half of next year.
Bimbo profits rise 50.8%: sell more despite higher prices
Televisa, owned by tycoon Emilio Azcárraga, reported a 47% year-on-year rise in third-quarter net profit to 1.118 million pesos ($56 million), largely thanks to lower finance costs.
Its total revenue rose 3.6% in the period to 19,252 million pesos, thanks to increased sales from its cable television operations and in its other business activities segment, which includes companies that will be spun off.
At the beginning of the year, Televisa completed a transaction with the American Univision to create TelevisaUnivision, a new company that combines the content of both broadcasters.
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