October 24, 2019 / 11:34 PM / a month ago

Mexico's Televisa posts 23% drop in third-quarter profit

MEXICO CITY (Reuters) - Grupo Televisa (TLEVISACPO.MX), Mexico’s largest broadcaster, reported a third-quarter net profit of 755.2 million pesos ($38 million) on Thursday, down nearly 23% compared to the same period last year.

The drop in quarterly profit reflects higher financial costs, among other factors, said the company, also the world’s biggest producer of Spanish-language video content.

Its revenue for the quarter was 25.8 billion pesos, up 3% from the year-earlier period.

Televisa and other media companies have been grappling with a reduction in government advertising spending during the administration of Mexican President Andres Manuel Lopez Obrador, who took office in December.

Televisa shares have come under pressure this year as the broadcaster best known for its high-drama soap operas searches for new revenue sources.

Reporting by Diego Ore and Noe Torres; Editing by Himani Sarkar

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