Televisa will separate the football business and Azteca StadiumMediotiempo

the city of Mexico /

Mexican media giant Television announced Thursday that its board of directors had approved a plan for to separate its soccer operations and the iconic Azteca Stadium from its businessas well as prize game segments and magazine publishing.

Grupo Televisa TLEVISACPO.MX, the world’s largest producer of audiovisual content in Spanish, added in its quarterly results report that the reorganization would create a new company that would be listed on the domestic stock exchange.

“This plan will enable both the company and the new company resulting from the spin-off, focus on their business models and growth opportunitiesto be able to generate better conditions of access to capital, financing sources and investors,” he said.

The proposal, which still needs corporate authorization and regulatory approval, is expected to be realized in the first half of next year.

Televisa, owned by magnate Emilio Azcárraga, reported a a 47% year-over-year profit increase to 1,118 million pesos ($56 million) third quarter, mainly driven by lower financial expenses.

Your total income rose 3.6% in that period to 19,252 million pesosthanks to increased sales from its cable television operations and in the segment of other businesses, which includes companies that will be spun off.

At the beginning of the year, Televisa completed a transaction with the American Univision for creation TelevisaUnivision, a new company that combines the content of both broadcasters.

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