Televisa Posts Another Weak Quarter; Ad Sales Model Changing Again
Grupo Televisa reported a soft second quarter as revenue and EPS both came in below our expectations. Management attributed the revenue decline of 1.5% and 2.7% fall in operating segment income to the soft Mexican economy, lower advertising expenditures by large clients, and issues with the current advertising model for Content segment. We expect all three factors to linger in the near term, but the longer-term outlook appears more positive if the firm can shift its advertising sales model to a ...
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