Mexico’s Televisa posts 44% jump in Q2 net profit, boosted by TelevisaUnivison By Reuters

MEXICO CITY (Reuters) -Grupo Televisa, Mexico’s largest broadcaster, reported on Tuesday a 44% jump in net profit in the second quarter compared with the year earlier period, boosted by profit from its joint venture with Univision.

The company posted a net profit of 3.14 billion pesos ($156 million) compared with 2.2 billion pesos in the same period in 2021.

The company’s revenue slightly increased 0.3% to 18.53 billion pesos from the year-earlier period.

Stake in net profit from associations and joint ventures increased to 4.2 billion pesos in the second quarter from 888.4 million pesos a year earlier, the company said in a filing with the Mexican stock exchange.

“This… primarily reflected an increase in our stake in TelevisaUnivision Inc from approximately 36% in the second quarter of 2021 to approximately 45% on a full conversion basis in the second quarter of 2022,” the company said.

TelevisaUnivision, a firm that combines content with U.S. broadcaster Univision, earlier in July launched the subscription-based version of its streaming platform, ViX+, which will compete with established rivals like Netflix Inc (NASDAQ:) and Amazon.com Inc (NASDAQ:)’s Prime Video.

($1 = 20.1335 Mexican pesos at end-June)