TV US (Neutral, TP: $7, +50%) Q1 23 Quick Take: Revs/EBITDA miss; Inflection (from the lows) in MSO Cable, SKY weak, TVUNI update
Televisa reported Q1s after close last night, which followed TelevisaUnivision’s report earlier in the day. Consolidated revenue and EBITDA came in below expectations (2-3%), with some improvements in MSO cable revenue (+4% y/y from 1% in Q4), offset by Enterprise Cable and ongoing weakness at SKY.
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