Mexico's Grupo Televisa Reports 31 Percent Second-Quarter Profit Growth
The world's largest Spanish-language TV producer posts its biggest stock gain in more than a year as pay TV subscriptions and ad revenue rise.
Mexican broadcaster Grupo Televisa said late Monday that its second-quarter profit jumped 31 percent, driven by an increase in pay TV subscriptions and signs of improving TV advertising momentum.
The stock of the world's largest Spanish-language TV show producer rose 5.5 percent following the earnings report. Bloomberg News said it was the biggest jump in more than a year.
In the U.S., Televisa has a long-term content deal with Univision Communications, which airs its shows.
Televisa's second-quarter earnings rose to $142 million (1.83 billion pesos). Excluding one-time items, the figure exceeded analysts' expectations. Quarterly revenue
increased 6.4 percent to $1.4 billion (18.1 billion pesos), including a 6.2 percent gain in ad revenue.
The company said it signed up 41,000 new cable TV subscribers in the latest quarter to end it with 2.41 million. It also added 233,000 satellite TV customers to bring its total count to 5.65 million.
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