MEXICO CITY (Reuters) - Mexican broadcaster Televisa’s quarterly profit tripled, as the company sold off a valuable stake in a Spanish media firm and basked in a World Cup glow, the company reported on Monday.
Grupo Televisa (TLVACPO.MX), Mexico’s largest broadcaster by far, reported a net profit of 4.297 billion pesos ($216.22 million) in the second quarter, up from 1.419 billion pesos in the prior-year period. Net sales reached 26.7 billion pesos for the three-month period ending in June, compared with 22.976 billion pesos a year earlier.
The quarter included Televisa’s sale of a 19 percent stake in Spanish media group Imagina, the Mexican broadcaster said. The company has said it will seek to shed assets as it invests more in content and distribution.
Like other broadcasters, Televisa has suffered from falling advertising revenue as streaming services win more viewers. The broadcaster changed its management team last year, promoting Alfonso de Angoitia and Bernardo Gomez to serve as co-chief executives, succeeding longtime leader Emilio Azcarraga.
Still, Televisa’s advertising revenues rose 9.1 percent in the quarter as the company benefited from strong World Cup viewership. The gains also reflect a new model for ad pricing rolled out this year, the company said.
Reporting by Julia Love; additional reporting by Sheky Espejo and Noe Torres; editing by Anthony Esposito and Leslie Adler