Televisa Reports Mixed Start to 2018; Sales Model Switch Helps Ad Revenue Growth Bounce Back
Grupo Televisa started 2018 with a mixed first quarter as revenue came in slightly below consensus projections but operating income beat Street expectations. Ad revenue bounced back in the quarter to growth for the first time since the fourth quarter of 2016. It appears that the switch of the advertising sales model to a U.S.-style sales structure is working, but we are waiting for a few more quarters of growth before anointing the change as a success. We are maintaining our wide economic moat r...
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