Grupo Televisa SA (TV, Financial) (0.3%) (TV – $8.86 – NYSE) is Mexico's largest media company with operations in television broadcasting, cable networks, television production, satellite distribution (through its 58.7% ownership of Sky México) and cable distribution. Televisa also has a 36% interest in Univision Communications, the fifth largest overall and most popular Spanish language broadcast network in the U.S. The company's dominant position in Spanish language content in Mexico's free-to-air and pay-TV industry is attractive, and we believe Televisa should benefit from growing demand for Spanish language content in the U.S. and Latin America. TV also has a market leading position in the growing Mexican pay-TV industry, serving approximately 11.8 million or 65% of existing pay-TV subscribers through its satellite & cable operations. We expect the continued recovery in post-COVID-19 Mexican advertising spending as well as growth in pay-TV and broadband penetration to benefit Televisa over time.
From Mario Gabelli (Trades, Portfolio)'s Gabelli Asset Fund first-quarter 2021 shareholder commentary.
