La Jornada: Televisa’s competitive position weakens: S&P

Standard and Poor’s (S&P) detected a continued weakening of Televisa’s competitive position in key markets, such as fixed broadband services, which is why on May 8 it lowered the company’s credit risk ratings to BBB- from BBB and assigned a negative outlook.

He added that this has occurred under a highly participatory environment in the Mexican telecommunications market, where other companies have gradually increased their subscriber base.

“Based on the above, we revised Televisa’s business risk profile downwards.”

As of March 2026, Grupo Televisa reported a drop in revenue of 4.7 percent annually due to a continuous decrease in subscribers, which totaled 19.28 million revenue-generating units at the end of 2025, which represents a decrease of 15.5 percent in the past three years.

S&P specified that Televisa reported consolidated income of 58.9 billion pesos in 2025, which represented a decrease of 5.4 percent on the 62.3 billion recorded in 2024. The decrease was mainly due to a 17.5 percent drop in income from satellite services (Sky).

“Despite efforts to retain subscribers, especially in the key fixed broadband Internet service, the company has not been able to reverse the number of disconnections in recent years, which has resulted in a reduction of approximately 15.6 percent in its consolidated revenues over the past three years.”

According to S&P estimates, the company closed last year with a share of close to 20 percent in the fixed broadband market (from approximately 26 percent as of 2021), which is comparable to that of competitors such as Megacable and is marginally above Totalplay.

In pay television, Televisa’s leadership has been reduced from 62 to 49 percent in the same period.

“In addition, we foresee a challenging scenario for the growth of this subsector, coupled with greater disconnections of video subscribers,” S&P indicated.