Grupo Televisa, S.A.B. (NYSE:TV) Q1 2024 Earnings Conference Call April 26, 2024 11:00 AM ET
Company Participants
Alfonso de Angoitia - Co-Chief Executive Officer
Francisco Valim - Chief Executive Officer, Cable Company & Sky
Carlos Phillips - Chief Financial Officer
Conference Call Participants
Marcelo Santos - JPMorgan
Carlos de Legarreta - ITAU
Vitor Tomita - Goldman Sachs
Alejandro Azar - GBM
Operator
Good morning everyone and welcome to Grupo Televisa's First Quarter 2024 Conference Call. All participants will be in listen-only mode. [Operator Instructions] Before we begin, I would like to draw your attention to the press release, which explains the use of forward-looking statements and applies to everything we discuss in today's call and in the earnings release. Please note, this event is being recorded.
I will now turn the call over to Mr. Alfonso de Angoitia, Co-Chief Executive Officer of Grupo Televisa. Please go ahead, sir.
Alfonso de Angoitia
Thank you, Elsa. Good morning everyone and thank you for joining us. With me today are Francisco Valim, CEO of Cable and Sky; and Carlos Phillips, CFO of Grupo Televisa.
As you may recall, one of the strategic pillars approved by our Board of Directors was to streamline Grupo Televisa's operations and simplify our asset structure. I am delighted by the progress we have achieved on this front so far this year.
On February 20th, we concluded the spin-off of Ollamani and its listing on the Mexican Stock Exchange under the ticker symbol, AGUILASCPO, unlocking significant value to our shareholders.
And on April 3rd, we announced that we reached an agreement with AT&T to acquire its minority stake in Sky Mexico, subject to regulatory approvals.
Following the conclusion of these two milestones, Grupo Televisa will not only be a pure telecom company from a consolidated standpoint with massive opportunities to take advantage of Sky's exclusive sporting content rights in our Cable segment and generate significant synergies and efficiencies through the integration of these two businesses, but also the largest shareholder in Televisa Univision, the world's leading Spanish language media and streaming company through our unconsolidated 44% stake with huge potential to create value.
Regarding the agreement with AT&T to acquire its minority stake in Sky Mexico, I would like to ask Valim to walk you through the plan that we will pursue to fully merge Sky with our Cable operations, materially strengthening the competitive and financial position of the combined company.