Mexico’s largest media and entertainment corporation, Grupo Televisa, April 26 obtained permission from shareholders to break off part of its business to create a “gambling and soccer” operation. The new entity would be listed on the Mexican Stock Exchange (BMV) according to a report by SBC News.
The “reorganization process” will be published in the first half of this year and will, says the board, “maintain the same shareholding structure as the current organization.”
Televisa said in a statement: “Management believes that this plan will allow both the Company and the new entity to focus on their respective business models and growth opportunities, thus enhancing their ability to generate better access to capital, financing sources, and investors aligned with each business.”
The new gambling and soccer operation will also include gaming and lottery units, publishing, magazines and media rights distributions.
Last year the company reported group revenues of $4.1 billion, with a large percentage of that credited to its secondary business of gaming. That share of the business saw a 40.2 percent increase in revenues last year.
Televisa merged with Univision in January 2022. The resulting company led to the creation of TelevisaUnivision, a major Hispanic media company that focuses on Mexico, the United states and Central America.
The gaming segment runs PlayCity Casino, which operates 7,000 slot machines among 18 properties. The soccer end of the business includes sports events promotions and shows and managing Estadio Azteca, a stadium in Mexico City that is home to the soccer clubs Club América and Cruz Azul, and the Mexico national team.
