Grupo Televisa, S.A.B. Annual Report 2009

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FY2009 Annual Report · Grupo Televisa, S.A.B.

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BEHIND
THE SCENES

2009 ANNUAL REPORT

www.televisa.com · www.televisair.com

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Grupo Televisa, S.A.B., is the largest
media company in the Spanish-speaking
world based on its market capitalization
and a major participant in the interna-
tional entertainment business. It has
interests in television production and
broadcasting, production of pay-televi-
sion networks, international distribution
of television programming, direct-to-
home satellite services, cable televi-
sion and telecommunication services,
magazine publishing and distribution,
radio production and broadcasting, pro-
fessional sports and live entertainment,
feature-film production and distribution,
the operation of a horizontal internet
portal, and gaming.

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the largest media company in the Spanish-speaking world and a major participant in the international entertainment business

2 Televisa at a glance
4 Letter to shareholders
7 Financial highlights
8 Television Broadcasting
10 Pay Television Networks
11 Programming Exports
12 Cable & Telecom
14 Sky
15 Publishing
16 Interactive Media
18 Other Businesses
20 Fundación Televisa
22 Management´s Discussion
30 Board of Directors
31 Financial Statements

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INVESTOR INFORMATION

Common stock data
CPOs (Certificados de Participación
Ordinarios) of Grupo Televisa,
S.A.B., comprise 117 shares each
(25 Series A Shares, 22 Series B
Shares, 35 Series D Shares and 35
Series L Shares), and are listed and
admitted for trading on the Mexican
Stock Exchange (Bolsa Mexicana
de Valores, S.A.B. de C.V.), under
the ticker symbol TLEVISA CPO.
The GDRs (Global Depositary
Receipts), each representing five
CPOs, are listed on the New York
Stock Exchange and trade under
the ticker symbol TV.

Dividend policy
Decisions regarding the payment and
amount of dividends are subject to approval
by a majority of the Series A Shares and
Series B Shares voting together, generally,
by recommendation of the board of
directors, as well as to the approval of
a majority of the Series A Shares voting
separately. On March 25, 2004, the
Company’s board of directors approved a
dividend payment policy pursuant to which
the Company shall pay an annual ordinary
dividend of Ps.0.35 per CPO.

SEC filings
Televisa files and submits annual reports
to the US Securities and Exchange
Commission. This annual report
contains both historical information
and forward-looking statements. These
forward-looking statements, as well as
other forward-looking statements made
by the company, or its representatives
from time to time, whether orally or in
writing, involve risks and uncertainties
relating to the company’s businesses,
operations, and financial condition. A
summary of these risks is included in the
company’s filings with the US Securities
and Exchange Commission, and this
summary as well as the other filings with
and submissions to the US Securities
and Exchange Commission, are and will
be available through the office of investor
relations upon written request.

Corporate headquarters
Grupo Televisa, S.A.B.
Av. Vasco de Quiroga 2000
C.P. 01210 México, D.F.
(5255) 5261-2000

Legal counsel
Mijares, Angoitia, Cortés
y Fuentes, S.C.
Montes Urales 505, 3er piso
C.P. 11000 México, D.F.
(5255) 5201-7400

Fried, Frank, Harris,
Shriver & Jacobson LLP
One New York Plaza
New York, New York 10004 U.S.A.
(212) 859-8000

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Independent auditors
PricewaterhouseCoopers, S.C.
Mariano Escobedo 573
C.P. 11580 México, D.F.
(5255) 5263-6000

Depositary
The Bank of New York
BNY Mellon Shareowner Services
PO Box 358516
Pittsburgh, PA 15252-8516
(201) 680-6825

Investor relations
We ask that investors and
analysts direct all inquiries to:

Grupo Televisa, S.A.B.
Av. Vasco de Quiroga 2000
C.P. 01210 México, D.F.
(5255) 5261-2445
ir@televisa.com.mx

www.televisa.com
www.televisair.com

This annual report is available in both English and Spanish. April 2010.
Este informe anual está disponible tanto en español como en inglés. Abril 2010.

BEHIND TELEVISA IS
A DIVERSIFIED MEDIA AND
ENTERTAINMENT COMPANY;
THE LEADER IN ITS FIELD;
A RAPIDLY GROWING
PROVIDER OF VIDEO, VOICE,
AND DATA SERVICES; AND
A STRONG MANAGEMENT
TEAM THAT INVESTS IN THE
LONG-TERM SUCCESS OF
THE COMPANY

THIS IS

Television
Broadcasting

Televisa operates four broadcast channels in Mexico—
channels 2, 4, 5, and 9—through 258 affiliated stations
throughout the country; we are the world’s leading producer
of Spanish-language television content.

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Pay Television
Networks

We produce 21 pay-TV channels. In the United States we
distribute five of our pay-TV channels through TuTV, our
50/50 joint venture with Univision.

Programming
Exports

We export our programs and formats to television networks
around the world. In the United States we distribute our
content through Univision.

Sky

Mexico’s leading direct-to-home satellite television system;
Sky also has operations in Central America and the Domini-
can Republic.

Cable and Telecom

Cablevision, Cablemás and TVI offer pay-TV, voice and
data services in Mexico City, Monterrey and several cities
throughout Mexico. Bestel is a telecommunications com-
pany that provides data and long-distance services solutions
in Mexico and the United States.

Publishing

The leading Spanish-language magazine publisher; we pro-
duce 178 titles under 117 different brands.

Other Businesses

TIM. Complete digital entertainment through several web
portals.
Gaming. Bingo parlors and online lottery business.
Soccer teams. Three of Mexico’s professional soccer teams.
Azteca stadium. Mexico’s largest stadium.
Radio. Network of 121 owned and affiliated radio stations.

Unconsolidated
businesses

La Sexta. Free-to-air channel in Spain.
Ocesa Entretenimiento. Live-entertainment company in Mexico.
Volaris. Low-cost-carrier airline.

Roughly 58 thousand hours of
content produced during 2009
for free-to-air television

average weekday prime-
time audience share

72.4%

Roughly 13 thousand hours of
content produced during 2009
for 21 pay-TV channels

+23

million pay-TV subscribers

Launched second and third
seasons of La Fea más Bella in
China, dominating ratings

Demographic expansion
through new packages: MiSky
and VeTV

countries worldwide
(approximate reach)

1.96

million subscribers

YOO: a cobranded effort to
competitively market, on a national
level, triple-play offerings of our three
cable investments in collaboration
with Megacable under a common
brand that can identify their lowest
priced triple-play package offered by
each of them

Cablevision

Cablemás

TVI

Subscribers
Video
Broadband
Voice

Video
Broadband
Voice

632,061
250,550
133,829

912,825
289,006
146,406

237,062
112,105
75,779

Expanding the reach of our
titles through digital platforms:
Vanidades.com
Jambitz.com
MuyInteresante.com.mx
NationalGeographic.com.mx

countries reached,
a leading position
in 18 of them

Expanded our radio content to the
Internet, offering listeners a choice
of radio platforms:
40 Principales: www.los40.com.mx
Ke buena: www.kebuena.com.mx
W Radio: www.wradio.com.mx

Esmas.com: serves more than 24 million
users.
Gaming: 26 PlayCity bingo parlors.
Soccer teams: América, Necaxa and
San Luis.
Azteca stadium: seats approximately 108
thousand people.
Radio: content reaches 75 percent of
Mexico’s territory.

ocesa.com.mx, as of the end of
2009, reported more than 10
thousand visits per day on average
and nearly 13 million page views

La Sexta. (40.5%). Growing audience
share.
Ocesa. (40%). Celebrated the 10th an-
niversary of Vive Latino festival.
Volaris. (25%). Offers flights to 23 cities in
Mexico as well as three destinations to the
United States.

fellow

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We are proud of our performance in 2009, which once again illustrates the strength of our business
model. This was a year in which Mexico experienced the perfect storm: global financial distress, declin-
ing export revenues, lower remittances, and fear of an influenza epidemic. In short, Mexico faced one of
the worst economic environments in its modern history: the economy shrank by 6.5 percent, the worst
decline in 77 years, and the Mexican peso depreciated against the US dollar by 21 percent, on average.

Even in the midst of this challenging en-
vironment, our core business continued
to deliver solid results. Our diversifica-
tion into other geographic areas and into
multiple streams of income proved to be
the key to our ability to drive growth and
protect margins.

Consolidated sales increased 9.1 percent
to Ps.52.4 billion, and, with the excep-
tion of Publishing, all of our business
segments grew during 2009. Similarly,
operating segment income grew by
4.2 percent, to Ps.20.7 billion, and the
resulting operating segment income mar-
gin was 38.8 percent. Our geographic di-
versification and business model allowed
us to generate enough revenue in hard
currency to cover the majority of our
dollar-denominated operating expenses,
thus minimizing the impact of the peso
depreciation on our margins.

During the year we continued to derive
a significant portion of our revenue from
advertising and content exports. The
quality of our content and strength of
our platforms helped us to grow in these
segments despite our clients’ tighter

budgets, and our presence in approxi-
mately 57 countries helped to minimize
the impact of the economic slowdown in
many key markets.

Our subscription-based revenue repre-
sented approximately 39 percent of our
total revenue during the year. This figure,
which includes our Pay-TV Networks op-
eration, Sky, and our Cable and Telecom
investments, represented 18 percent of
total revenue only five years ago. During
the year, our successful video and triple-
play offerings drove double-digit organic
growth in this segment.

During 2009 we produced more than
71 thousand hours of content. Our
telenovelas continued to capture the
hearts and minds of our audience. In
fact, our 8pm telenovela, Hasta que el
Dinero nos Separe, became the third-
highest-rated novela ever. After more
than 50 years, this enduring formula is
here to stay.

We reached audiences interested in oth-
er genres as well. In all, during 2009 we
aired 70 of the top-100-rated programs

Emilio Azcárraga Jean
Chairman of the Board and
Chief Executive Officer

in Mexico. Our average weekday prime-
time audience share was 72.4 percent,
and our weekday prime-time audience
share for Channel 2 was 36.6 percent.

During 2009, our Television Broadcast-
ing business performed slightly better
than expected, growing revenues 0.5
percent with a margin of 47.9 percent.
These results were driven by our suc-
cessful content, a solid client base, and
little dependence on local advertising
revenues.

In 2009 we once again proved that
drama has universal appeal. We dem-
onstrated that we can successfully bring
our content, as well as our production
expertise, to markets previously thought
impenetrable. For example, during 2009
we launched the third season of the Chi-
nese version of La Fea más Bella, which
became the second-highest rated show
in China in its time slot. Also in 2009, we
launched a second novela in this market,
the Chinese version of our original story
Las Tontas no van al Cielo. Both were
produced in collaboration with leading
local media companies.

The quality of our content has been criti-
cal to our ability to build a solid pay-TV
networks business. During 2009, Televisa
Networks produced and distributed many
of the top-rated channels on cable plat-
forms in Mexico. Furthermore, our Pay-TV
Networks business has continued to
expand its reach globally. As of December
31, 2009, we reached 23 million sub-
scribers through our cable and DTH affili-
ates worldwide—that’s approximately two
million more subscribers than in 2008. As
a result, full-year sales increased by 23.7
percent to Ps.2.7 billion.

The diversity of our channel offering has
been a key element to the success of our
Pay-TV networks business. Building on
this strategy, we recently launched two
new networks. In August 2009, through a
partnership with Estadio W, we launched
TDN, a sports network, which brings to
our portfolio of pay-TV channels one of the
most important genres in terms of ratings
and commercial opportunities. And in
February 2010 we launched Foro TV, our
dedicated news network, which rounds out
our portfolio and brings significant com-
mercial and subscription potential.

During 2009, after a slow start early in
the year, Sky successfully reached out to
new market segments by expanding its
video offerings. As a result, subscriber
additions during the fourth quarter of
2009 were the highest on record, bring-
ing Sky’s total subscriber base to almost
two million. In addition, after the suc-
cessful launch of its new satellite in early
2010, Sky now offers high-definition
channels, which we believe will be a
significant differentiator.

Our Cable and Telecom platforms
continued to deliver strong results dur-
ing 2009. In the aggregate, revenue
generating units (RGUs) for our three
cable investments reached 2.8 million,
of which 651 thousand were broadband
subscribers and 356 thousand were
telephony subscribers.

On October 1, 2009, we began consoli-
dating Cablevision Monterrey, also known
as TVI. By the end of 2009, TVI had
425 thousand RGUs, which represented
incremental sales of Ps.391 million. As
a result of the success of our triple-play
offerings, total revenue in our Cable and

Telecom business, which includes Bes-
tel, grew by 39.5 percent during the year
to Ps.9.2 billion, or 33.6 percent exclud-
ing the consolidation of TVI. Operating
segment income grew by 39.2 percent to
Ps.3 billion during the year, or 32.9 per-
cent excluding the consolidation of TVI.

In 2009, our three cable investments col-
laborated with Megacable to launch YOO,
a cobranded effort to competitively market
each of such cable companies’ triple-play
offerings under a common brand. YOO’s
launch marks the first time that a cable
offering has been made on a national level
in Mexico. In addition to being an effective
tool for accelerating growth in the number
of triple-play customers, YOO demonstrat-
ed the value of collaboration.

In our Publishing business, revenue
was down 9.3 percent from last year.
Our performance in this business was
as much a result of the recession as of
structural changes in the industry as a
whole. We took a number of steps to re-
structure this business during 2009, and
we will continue our effort to transform it
into a stronger, more profitable business
in 2010. We remain the leading publish-
er in 18 of the 20 markets in which we
operate, and we believe that the strength
of our brands will enable us to turn this
business around as the economic envi-
ronment improves.

During 2009 our Gaming business
became profitable for the first time since
its launch. While we still face challenges
in this business, we continue to see
potential in our license and are working
to find new ways to integrate our content
offerings and extract maximum value
from this business.

The ongoing diversification of Televisa,
from a traditional media company into
a relevant player in the telecommu-
nications industry, will continue to be
a critical element of our strategy, and
our ability to gain access to the mobile
spectrum being auctioned in Mexico
during 2010, will be an important step
in our ongoing diversification. For that
reason, earlier this year we announced a
potential investment of US$1.44 billion
to acquire an initial 30 percent equity
stake in Nextel Mexico, together with an
option to acquire an additional 7.5 per-
cent interest in the company. We found
Nextel Mexico to be the right partner to
help us enter the wireless market in a
very efficient and timely manner.

With new spectrum, Nextel Mexico will
aim to expand its services and grow its
subscriber base. We are exploring poten-
tial synergies between Nextel Mexico and
Televisa. Nextel Mexico could potentially
have access to our 3.7 million pay-TV
households—that’s nearly 12 million
potential new customers. Nextel Mexico
would also have access to Bestel, one
of the largest backbone and backhaul-
network operators in Mexico. In addi-
tion, Televisa’s advertising, marketing,
and content platforms will be a very
important differentiator. Televisa will be
accessing an experienced management
team, a solid customer base, and a very
profitable operation. The new Nextel
Mexico will have the potential to become
a very important participant in the deliv-
ery of wireless broadband and telephony
services in our core markets.

We are enthusiastic about our prospects
for 2010. Our upcoming shows, includ-
ing our ever-popular novelas, began the

year with strong ratings. Our up-front
negotiations for 2010 concluded suc-
cessfully, growing by 5.5 percent over
last year’s upfront. We intend to continue
positioning Televisa as the leading and
most profitable producer of Spanish-
language content in the world. We will do
so through our scale, our unparalleled
library of scripts and content, our skilled
team of people, and our ability to develop
some of the most cherished and admired
talent in the Spanish-speaking world.

The Soccer World Cup will be an impor-
tant event to many of our businesses,
and we have invested accordingly. Sky
will be the only platform in Mexico to
transmit all 64 matches of the Soccer
World Cup, 24 of which will be avail-
able exclusively to Sky subscribers.
In addition, our sports network, TDN,
will transmit ten of the matches on an
exclusive basis, and the remaining 30 will
be transmitted through our over-the-air
channels.

In keeping with our plans, throughout
2009 we maintained a very solid balance
sheet. We will continue to be selective in
the use of the cash we generate as we
seek out opportunities that make sense
for our business and support our strate-
gic objectives.

As always, I am deeply appreciative of
the dedication of our employees, execu-
tive team, and board of directors. I am
grateful to our customers and audiences
for their loyalty during these challenging
times. And I appreciate the confidence
that our shareholders continue to place
in our company. We are excited about
the future of Televisa, and we hope you
are, too.

Emilio Azcárraga Jean
Chairman of the Board and
Chief Executive Officer

FINANCIAL HIGHLIGHTS

Segment Net Sales

TV Broadcasting

Sky

Cable and Telecom

Other Businesses

Publishing

Programming Exports

Pay Television Networks

Operating Segment Income

TV Broadcasting

Sky

Cable and Telecom

Publishing

Programming Exports

Pay Television

Breakdown

40 %
19 %
17 %
7 %
7 %
5 %
5 %

Breakdown

49 %
21 %
14 %
1 %
7 %
8 %

49,095

53,519

2009
2008
(millions of pesos)

19,917

20,745

2009
2008
(millions of pesos)

In millions of Mexican pesos, except per CPO amounts and shares outstanding.

2008

2009

Var.%

Consolidated net sales

Operating segment income (1)

Segment margin

Operating income

Margin

Controlling interest net income

Earnings per CPO

Shares outstanding at year-end (in millions)

Ps. 47,972

Ps. 52,353

19,917

40.6%

15,128

31.5%

7,804

2.77

328,393

20,745

38.8%

15,157

29.0%

6,007

2.14

327,231

Cash and cash equivalents at year-end

Ps. 33,583

Ps. 29,942

Temporary investments at year-end

Long-term investments at year-end

Total debt at year-end

Net cash (debt) position at year-end

8,321

809

38,901

3,812

8,902

3,996

43,416

(576)

9.1

4.2

0.2

(23.0)

(10.8)

7.0

394.0

11.6

(115.1)

(1) Operating segment income (OSI) is defined as operating income before corporate expenses, depreciation and amortization. For a reconciliation of operating

segment income with operating income, see Note 22 to our year-end consolidated financial statements.

television

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Revenue and Operating Segment Income Margin
(millions of pesos*)

20.0

21.8

21.2

21.5

21.6

48% 51%

50%

49%

48%

2005

2006

2007

2008

2009

Televisa produces a significant amount of
Spanish-language content for television. Our
over-the-air channels in Mexico alone have
consistently enjoyed an average sign-on
to sign-off audience share of more than 70
percent over the past several years. Our abil-
ity to produce and deliver the kind of content
that our audiences love and our customers
demand has established us as the clear
leader in our market.

Televisa operates four broadcast channels—2,
4, 5, and 9—through 258 affiliated stations
throughout Mexico. Programming across our
channels, in particular Channel 2, continued
to draw excellent ratings and audience shares
in 2009. Average weekday prime-time audi-
ence share for Channel 2 alone was 36.6 per-
cent for the year. In 2009 we aired 19 of the
top-25 and 70 of the top-100-rated programs
in Mexico. These results are due primarily to
the quality and variety of our content, which
ranges from telenovelas to reality shows to
world-class sporting events. During the year
we launched new novelas, sports programs,
and formats, all of which have strengthened
our market position across time slots as well as
our relationships with advertising clients.

We are committed to creating the most in-
novative programming in the industry, and our
performance has proved our ability to meet
that goal. In 2009 some of our novelas again

brought us all-time record ratings. For ex-
ample, our 8 pm novela, Hasta Que El Dinero
Nos Separe, which first aired in June 2009,
ranked among the three top-rated novelas for
that time slot since ratings for Mexican televi-
sion programs were first recorded.

Our other formats have proved successful and
have drawn solid audience shares and desir-
able demographics. During 2009 we launched
Hazme Reir, a family-oriented reality show fea-
turing comedians. The program began airing
in April during the important Sunday afternoon
time slot and garnered an average audience
share of 30.4 percent.

Our longstanding relationships with our talent
and advertising clients enable us to produce
the innovative, high-quality programming that
attracts large audiences. Our relationship
with most of the stars of our programs begins
with their enrollment in our performing arts
school, Centro de Educación Artística (CEA),
whose instructors are among the best actors
and teachers in Mexican television. Beyond
appearing in our programs, these personalities
contribute to the content of our other media,
such as magazines and websites. In addition,
we retain top performing, directing, and pro-
duction talent through attractive and exclusive
agreements.

*As required by Mexican FRS, 2005 – 2007 results in this report are presented in millions of Mexican pesos
as of December 31, 2007, and 2008 and 2009 results are presented in millions of nominal Mexican pesos.

Top Rated Telenovelas in History
Average National Rating (%)

25.4

25.9

26.0

29.3

31.7

Esmeralda

1997

Niña amada
mía
2003

Hasta que el dinero
nos separe
2009

La fea más
bella
2006

Nunca te
olvidaré
1999

We are always seeking to strengthen our
relationships with our advertising clients,
for example, we offer sponsored program-
ming, product placement, and other
opportunities for them to commercialize
their offerings. We continually upgrade our
production processes and facilities to en-
sure that we continue to produce content
of the highest quality.

Atrévete a soñar

Televisa has produced over 800
telenovelas; this genre continues
to be as successful today as it
was ten years ago.

Our strategy for our Television Broadcasting business is to continue
to offer innovative, high-quality programming that attracts audiences and
provides a variety of opportunities for our advertising clients.

What supports ratings and audience share?
Televisa has produced many novelas since it was founded in 1930,
including programs that were first broadcast through radio and, later,
television.

Our longstanding commitment to the telenovela has given us access
to an extensive archive of high-quality scripts that we are leveraging by
adapting them to attract audiences not only in Mexico but also abroad.

Producers and directors who have worked with Televisa for many years
are familiar with audience customs and preferences. Their experi-
ence gives Televisa a unique advantage as a producer of entertaining
and engaging content. In turn, Televisa’s producers have access to

high-quality equipment and technology, trained and profes-

sional talent, successful and attractive scripts, and screen
writers—all of which help them to better execute their
creative ideas.

Many of the actors who appear in Televisa-produced
shows received their training at CEA. Here they learn
to act and gain performance, singing, vocalization, and
other skills that allow them to succeed throughout
their artistic careers. In addition, Televisa pro-
vides actors and performers exposure to millions
of households through their participation in
programs that continually generate strong ratings
and audience shares.

Televisa’s versatility in the production process
and its investments in employees, creative staff,
equipment, and technology have helped its
novelas to be as successful today as they were
ten years ago.

D
N
H
E
B

pay television

NETWORKS

TDN rounds out our port-
folio of pay-TV channels
and strengthens our po-
sition at the forefront of
our industry.

Our strategy for our Pay-TV Networks business
is to successfully distribute our recently launched
channels, extract the highest value from the content
currently in our library—for example by dubbing or
adapting formats for other markets—and expand the
number of channels per subscriber.

Revenue and Operating Segment Income Margin
(millions of pesos*)

2.7

2.2

62%

61%

1.9

62%

1.2

47%

1.4

51%

2005

2006

2007

2008

2009

Televisa is the world’s leading producer of
original Spanish-language programming
for pay-television (pay-TV) networks. Dur-
ing 2009, Televisa produced more than 13
thousand hours of content for its 21 different
pay-TV channels, which reach more than 23
million subscribers in 50 countries through-
out the world. In addition, Televisa’s pay-TV
channels have, in the aggregate, the highest
audience share of any pay-TV content provider
in the country.

This year we launched in partnership with
Estadio W, Televisa Deportes Network (TDN),
our new all-sports pay-TV channel, in Mexico,
Central America, and the Caribbean. A dedi-
cated channel that offers compelling program-
ming for our audiences, TDN rounds out our
portfolio of pay-TV channels and strengthens
our position at the forefront of our industry.
TDN features more than eight hours of pro-
prietary content a day, including exceptional
editorial content, story coverage, commentary,
and transmission of national and international
soccer tournaments, American football, bas-
ketball, baseball, golf, wrestling, boxing, and
extreme sports.

TDN’s exclusive content includes matches of
the Mexican first division soccer tournament,
the Spanish soccer cup, Televisa sports
news, ten games of the 2010 FIFA Soccer
World Cup, the Ultimate Fighting Champion-
ship, and much more. TDN’s programming

features an experienced team of commenta-
tors, including those from Televisa Deportes
and Estadio TV, who are well-known for their
experience, passion, commitment, and famil-
iarity with our audiences.

Over the past several years, our new channel
launches have helped to make our pay-TV
networks offerings among the most robust and
entertaining in the world. In the United States,
TuTV, our joint venture with Univision, offers
film, music, and lifestyle content through five
pay-TV channels that reached approximately
1.9 million subscribers in 2009. In addition,
the Telemundo pay-TV network and our part-
nership with the BBC enabled us to broaden
our reach to audiences throughout Mexico and
Latin America. Currently we coproduce and
distribute two BBC-branded entertainment
channels, BBC Entertainment and CBeebies,
a preschool children’s channel. In Canada,
we currently distribute the TL Novelas and
Ritmoson Latino channels through Paquete
Televisa, a multicultural package from Rogers
Cable, the leading cable television provider
in Canada. In addition, during the fourth
quarter of 2009 we launched the Portuguese
version of our all-novela channel, TL Novelas.
Because Televisa already has a vast library of
telenovelas dubbed in Portuguese, this new
channel for the markets of Brazil and Portugal
has been very profitable and serves as an
example of how Televisa continues to extract
value from existing content.

*As required by Mexican FRS, 2005 – 2007 results in this report are presented in millions of Mexican pesos as of December 31, 2007, and 2008 and 2009 results are
presented in millions of nominal Mexican pesos.

NETWORKS

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programming

EXPORTS

Revenue and Operating Segment Income Margin
(millions of pesos*)

2.3

46%

2.4

44%

2.8

51%

2.0

36%

2.2

41%

2005

2006

2007

2008

2009

Through our Programming Exports
business, we reach millions of
people across the world. In
2009, we exported more
than 65 thousand hours of
our original programming
to about 57 countries.
In addition, we have
formed mutually beneficial
collaborations to produce con-
tent in high-growth, high-potential
markets. These arrangements help
to strengthen our position in these mar-
kets, expand the reach of our content across
both traditional and new-media platforms,
and allow us to share in new and promis-
ing advertising markets. Below are a few
examples of our collaboration arrangements.

China. During 2009 we continued our col-
laboration with a Chinese producer to broad-
cast, for the third season, the Chinese version
of our hit show, La Fea más Bella—or, as it
is known in China, Chou Nu Wud. During
the 2009 season, the broadcaster aired two
episodes per day, seven days a week, during
prime time. As a result, the program reached
approximately 12 million viewers each night.
Also during 2009 we produced in collabora-
tion with a Chinese company, the production
of the Chinese version of our original series
Las Tontas no van al Cielo.

Our strategy for Programming Exports is to
expand our reach through collaborations to produce
content in high-growth, high-potential markets and
maintain our position as the world’s leading pro-
ducer of original Spanish-language programming.

Televisa is the best option for advertisers
We work hard to satisfy the communica-
tion needs of our advertisers in every pro-
gram we produce. As a result, we have
secured our position over the years as
the best option for advertisers to engage
consumers with their brands.

We offer an extensive portfolio of content
produced for free-to-air and pay-TV chan-
nels through which our customers can
advertise in regular 10- or 20-second
spots. In addition, because we produce
the content, we can also offer product
integration and branded entertainment
such as sponsored game shows.

Televisa’s content reaches far beyond the
Mexican audience. Our pay-TV channels
are available worldwide, and through our
exports business we sell our content for
distribution in 57 countries. In addition,
we develop content through partner-
ships and strategic relationships in other
countries. All of these initiatives are
supported by Televisa’s superior-quality
formats and extensive experience, all of
which help clients meet or exceed the
results they expect from their advertising
campaigns.

In addition to these commercialization
efforts, we provide our advertising clients
with marketing support through innovative
concepts, analysis, and media research.

Brazil. We are coproducing 200 episodes of
the Brazilian version of La Fea más Bella,
which began airing weekdays in prime time
in mid-2009. This novela is the only one
broadcast through TV Record, Brazil’s second-
largest television network, and reaches more
than six million viewers per episode. Our co-
production arrangement in Brazil enables us to
participate in the country’s advertising market,
the largest in Latin America.

The United States remains an important and
growing market, and we continue to bring
our content to US audiences through Univi-
sion. In 2009, Televisa’s content represented
a significant amount of Univision Network’s
programming.

*As required by Mexican FRS, 2005 – 2007 results in this report are presented in millions of Mexican pesos as of December 31, 2007, and 2008 and 2009 results are
presented in millions of nominal Mexican pesos.

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CABLE & TELECOM

Together, our cable assets reach several cities in Mexico, their network passes
5.6 million homes and reached, by year-end 2009, more than 1.7 million video
subscribers, more than 650 thousand broadband subscribers, and more than
355 thousand voice subscribers.

Together, our cable assets Cablevision, Ca-
blemás, and TVI reached, by year-end 2009,
more than 1.7 million video subscribers, more
than 650 thousand broadband subscribers,
and more than 355 thousand voice subscrib-
ers. We offer customers a range of choices,
from low-cost basic cable packages to pre-
mium packages with attractive pay-TV, voice,
and data options. Together, our cable assets
reach several cities in Mexico and pass 5.6
million homes.

The cornerstone of our cable operations,
Cablevision, is a fully digital provider of
high-quality content and services and the
largest digital cable pay-TV service provider in
Mexico City. Since its beginnings in 1969 as a
basic analog cable provider, Cablevision has
transformed itself into a fully digital provider
of advanced triple-play services, offering
customers the benefit of technologies such as
high-definition television (HDTV), digital-video
recording (DVR), TiVo, VOD, and IP telephony.

thousand broadband subscribers, and more
than 133 thousand voice subscribers.

Cablemás is the second-largest cable provider
in Mexico in terms of subscribers. The first
cable operator in Mexico to provide bundled
triple-play services, at the end of 2009 Ca-
blemás had a network of approximately 16.6
thousand kilometers, 913 thousand video sub-
scribers, 289 thousand broadband subscrib-
ers, and 146 thousand voice subscribers in 49
cities throughout Mexico.

Cablevision de Monterrey, also known as TVI,
is the leading provider of triple-play and pay-
TV services in northern Mexico. At year-end
2009, TVI had a network of approximately
12.8 thousand kilometers, 237 thousand
video subscribers, 112 thousand broadband
subscribers, and 76 thousand voice subscrib-
ers in several cities including Monterrey. TVI
will continue to invest in expanding its cover-
age and increasing its services.

Cablevision’s conversion to a fully digital pro-
vider, initiated to eliminate piracy and provide
better service, has advanced its position in
the market and yielded significant benefits in
terms of reducing costs, streamlining op-
erations, and offering high-quality service to
customers. Today Cablevision is the most tech-
nologically advanced cable provider in Mexico.
Cablevision closed the year with a network of
approximately 13.5 thousand kilometers, more
than 632 thousand video subscribers, 250

Bestel provides long-distance and local tele-
phony services and broadband access to carri-
ers, the government, cable companies, calling-
card companies, and corporate customers.
Televisa’s management has redefined Bestel’s
business strategy to focus on strengthening re-
lationships with key domestic and international
clients and commercializing products with
higher profit potential. During 2009, Bestel
surpassed more than 3.4 billion minutes of
use, a growth of 6.2 percent from 2008.

Cablevision
Video subscribers

As a percentage of homes passed

Broadband subscribers

As a percentage of video subscribers

Voice subscribers

As a percentage of video subscribers

RGUs

Network (km)

Homes passed (million)

% Bidirectionality
Cablemás
Video subscribers

As a percentage of homes passed

Broadband subscribers

As a percentage of video subscribers

Voice subscribers

As a percentage of video subscribers

RGUs

Network (km)

Homes passed (million)

% Bidirectionality
TVI
Video subscribers

As a percentage of homes passed

Broadband subscribers

As a percentage of video subscribers

Voice subscribers

As a percentage of video subscribers

RGUs

Network (km)

Homes passed (million)

% Bidirectionality

2009
632,061

34%

250,550

40%

133,829

21%

1,016,440

13,530

1.9

85%
2009
912,825

33%

289,006

32%

146,406

16%

1,348,237

16,584

2.73

88%
2009
237,062

24%

112,105

47%

75,779

32%

424,946

12,853

100%

CABLE & TELECOM

Revenue and Operating Segment Income Margin
(millions of pesos*)

9.2

6.6

32%

41%

2.1

36%

2.6

35%

1.5

2005

2006

2007

2008

2009

We see tremendous opportunity for our cable
business. We are investing in infrastructure
that will enable us to, over time, maximize the
value of our cable assets. And we are seeking
new ways to bring products to market. For
example, in 2009 Cablevision, Cablemás, and
TVI, together with Megacable, launched YOO,
a low-cost, unified triple-play service.

As with all of our business segments, we are
constantly looking to the future of our cable
and telecom business. We plan to invest in
expanding bandwidth for data offerings in
order to provide the higher broadband speeds
that customers will come to expect. We will
continue to consolidate our position as a
leading provider of triple-play services and
expect to become a relevant participant
in Mexico’s telecommunications
market. We look forward to bring-
ing the highest-quality service
to customers and to actively
participating in the con-
vergence of cable and
telephony in Mexico.

Our strategy for our Cable and Telecom business is to con-
tinue to build a strong presence in Mexico’s cable and telecom
market by expanding our presence into voice and data through
triple-play; offering customers a range of choices; and develop-
ing new, innovative services that will open us to new markets.

Reaching new customers through
attractive triple-play offerings
Televisa sees tremendous potential in its new offer-
ings to lower-income customers. Low penetration
of pay-TV and broadband services, together with
technological advances made in cable platforms,
have provided the opportunity for

our cable subsidiaries to profitably
offer a greater variety of services
to our customers at an affordable
price, driving viewership, and capi-
talizing on economies of scale.

In the first half of 2009, Cablevi-
sion, Cablemás, and TVI partnered
with Megacable to offer custom-
ers a new low-cost triple-play

offering called YOO: The first
national alliance among the
four largest cable companies
to provide quality, afford-
able triple-play services to
lower-income customers.

Yo si voy

*As required by Mexican FRS, 2005 – 2007 results in this re-
port are presented in millions of Mexican pesos as of December
31, 2007, and 2008 and 2009 results are presented in millions
of nominal Mexican pesos.

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SKY

In the past six years Sky, our direct-to-home
(DTH) satellite television business, has enjoyed
double-digit compounded annual growth in its
subscriber base, transforming itself into the lead-
ing DTH platform in Mexico. Sky owes its success
to exclusive sports content, superior customer
service, nationwide coverage, and its use of
advanced digital and satellite technologies.

Sky currently offers more than 220 channels
featuring sports, news, entertainment, movies,
music, and children’s programming.

Exclusive content makes Sky the must-have
television service for sports fans. Sky offers
key Mexican soccer matches, Spain’s La
Liga, and the Copa del Rey soccer tourna-
ments; English soccer matches, including the
Barclays Premier League; NFL Sunday Ticket;
NBA Pass; MLB Extra Innings; NHL; Nascar;
the Golf Channel; and exclusive coverage of
some of the WTA and ATP tennis events. In
addition, Sky will carry exclusive coverage of
24 games of the 2010 Soccer World Cup.

Sky’s exclusive content
makes it the must-have
television service for
sports fans.

Our strategy for Sky is to continue to deliver
exclusive content that is attractive to subscribers,
and to maintain the high-quality customer service
for which we are recognized.

At the end of 2009, Sky’s gross active sub-
scribers numbered nearly two million after a
growth of 11.4 percent during the year. In re-
cent years, Sky has diversified its geographic
reach beyond Mexico to Central America and
the Dominican Republic; it closed the year
with 137 thousand subscribers in the region.

In 2009, Sky broadened its subscriber
base by launching MiSky and VeTV, two
new, lower-priced packages that are highly
attractive to customers with lower budgets.
MiSky is the first modular offer in Mexico that
enables our clients to add thematic pack-
ages to a basic package that includes 25 of
the most-watched channels. VeTV offers a
low-cost package that includes the free-to-air
channels as well as pay-TV channels that ap-
peal to the whole family.

Revenue and Operating Segment
Income Margin
(millions of pesos*)

7.7

48%

6.5

42%

8.4

9.2

10.0

48%

45%

Number of subscribers
(in millions)

1.59

1.43

1.25

1.96

1.76

Recently, Sky launched IS-16. This satellite
provides additional capacity which will allow
Sky to offer HDTV services in 2010. This
service will be available to subscribers with
premium packages.

As a result of its growth, diversification, and
ability to deliver high-quality content in pack-
ages that are attractive to a variety of sub-
scriber tastes and budgets, Sky has become
Televisa’s second-largest business segment.

2005

2006

2007

2008

2009

2005

2006

2007

2008

2009

Mexico

Central America and
Dominican Republic

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PUBLISHING

Revenue and Operating Segment Income Margin
(millions of pesos*)

3.3

3.7

3.4

3.0

2.7

19%

18%

2005

2006

2007

2008

2009

Televisa publishes 178
magazine titles under
117 different brands in
20 countries.

Our strategy for our Publishing business is
to continue to develop new ways to maximize the
value of our publishing brands. Although the indus-
try is undergoing significant structural change, we
believe we can expand the reach of our titles as
well as options for leveraging our content.

Maximizing the value of our titles via the web
Televisa continues to explore innovative
ways to expand the reach of its more
popular publishing brands and thereby
maximize their value. For example, Tele-
visa has strengthened readership of sev-
eral of its popular titles, including Men’s
Health, Cinemanía, and Muy Interesante,
by taking their content online.

As the leading Spanish-language magazine
publisher in the world, Televisa publishes 178
magazine titles under 117 different brands.
Through our Publishing business we reach 20
countries and hold a leading position in 18 of
them. In Mexico, where our distribution opera-
tions are integrated into our publishing busi-
ness, Televisa’s publications reach 50 percent
of overall readership.

We have license agreements with some of
the most prestigious magazine brands in
the world, including National Geographic,
Hearst, Marie Claire, Disney, Rodale, G+J,
Motorpress, and Northern & Shell. Televisa’s
own brands include Vanidades, TVyNovelas,
Caras, Tú, Conozca Más, Casaviva, and In
Fashion—all of which reach our key Latin
American markets.

Our magazines cover a range of popular
topics, from health, beauty, fashion, and
celebrity to technology, travel, sports, and
science. Because a number of our titles—
including the popular TVyNovelas and Furia
Musical—draw on content we develop for
television and distribution outlets, our Pub-
lishing business benefits from our presence
on other platforms and expands the reach of
our content.

While the Publishing business has been af-
fected by the recession, as well as by struc-
tural changes in the industry as a whole, we
have continued to streamline the operations
of this business segment and seek new
ways to extract maximum value from our
brands. For example, in 2009 we expanded
into the custom publishing market and now
produce magazines for clients in several
sectors, including healthcare, food manu-
facturing, and pharmaceuticals.

We are expanding
the reach of our titles
through our digital
platforms to raise
brand aware-
ness, create
new business
opportunities,
and expand con-
tent options. For exam-
ple, websites tied to our
magazine titles, such as
Vanidades.com, Jambitz.
com, and MuyInteresante.
com.mx have enabled Televisa to
reach a new and better-segmented
readership. We will continue to seek
new and innovative ways to realize
the full value that our publishing
brands continue to offer.

*As required by Mexican FRS, 2005 – 2007 results in this report are presented in millions of Mexican pesos as of December 31, 2007,
and 2008 and 2009 results are presented in millions of nominal Mexican pesos.

Tu magazine

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In 2009 our website, esmas.com, received
approximately 677 million visits and more than 4.5
billion premium-content-related page views per
month. In 2009 esmas.com’s traffic grew 51 percent.

Televisa Interactive Media (TIM) is a leading
multimedia digital platform that provides ac-
cess to text, image, audio, and video content.
Through TIM’s broad array of pioneering
products and services delivered through the
Internet and to mobile phones, we are able
to strengthen the vertical integration of our
business segments and maximize the value
of our content. TIM seeks to enrich the user’s
experience, engage a growing stream of loyal
visitors, and expand the reach of its content
through innovative digital platforms.

Through TIM, our audiences have access
to most of Televisa’s content and a great
deal of third-party content—including sports
programs, major-label music, sitcoms, and
feature films—via the Internet and mobile
devices. As part of Televisa’s ongoing effort
to enrich the user experience and broaden
audiences, Televisa has invested in state-of-
the-art technology that enables users with
low broadband speeds to view high-quality
streaming video.

TIM currently serves more than 24 million
visitors throughout the Spanish-speaking

world. In 2009, TIM registered more than
4.5 billion premium-content-related page views
per month. TIM’s traffic grew by 51 percent,
outpacing the Mexican online industry by more
than 30 percentage points. TIM also strength-
ened its leadership position in the digital mar-
ketplace during the year by producing exclusive
web content, including six simultaneous signals
for live soccer matches, live concerts, live
coverage of telenovela launch events, and other
events. In addition, through esmas móvil, TIM
provides premium mobile telephony content to
more than 200 million cell phones in more than
14 Latin American countries.

media

The TIM platform

esmas.com: the leading digital entertainment web portal in
Latin America.

esmas.TV: online subscription-based streaming video service.

Tarabu.com: online digital music store in Mexico.

Tvolucion.com: the leading vertical multiformat premium video
destination in the Americas.

Televisadeportes.com: a leading source of online sports news.

At year-end 2009, Tvolucion.com
offered more than 181 movies, 85
shows and series with more than 6,545
chapters, 61 telenovelas, short clips of
the most important sports events, and
news and entertainment content. In all,
Tvolucion.com has created a catalog of
more than 29,500 video clips and more
than 7,000 hours of content.

Our strategy for our digital business is to extend both the reach and life of
our extensive library of content by seeking out innovative partnerships, delivery
platforms, and services that engage audiences.

Online, our content lives on
The soccer match between the United States and Mexico held on
August 12, 2009, provides an excellent example of how TIM is
extending the reach and life of its programming by streaming content
through televisadeportes.com. The site recorded approximately 139
thousand1 users who logged-on to watch the game and stayed online
for an average of roughly 53 minutes.

As our online presence grows in sophistication and scope, we can
eventually sell this extended viewership to our advertisers, adding
rating points to those already achieved by our Television Broadcasting
segment. In addition, when users log on to the websites, TIM re-

ceives valuable information about them such as their age, pref-

erences, and gender. This information enables our clients to
target advertising specifically to their demographics.

1 Source: Google Analytics

other

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www.los40.com.mx

www.wradio.com.mx

www.kebuena.com.mx

than 10 thousand visits per day on average,
approximately three million users, and nearly
13 million page views.

In 2009 Televisa produced concerts or-
ganized annually by the radio stations 40
Principales and Ke buena. These events are
held in the Azteca Stadium, where thousands
of fans have the opportunity to watch the
performances of several of their favorite art-
ists, bands, and radio talk-show hosts in one
event. In addition, during the year Televisa’s
soccer team America participated in the
World Football Challenge, which took place
in the United States, playing against interna-
tional teams such as AC Milan and Chelsea.

GAMING. Televisa’s gaming business
includes PlayCity bingo parlors and Multijue-
gos, an electronic lottery in Mexico. By the

RADIO. Televisa is a leader in Spanish-lan-
guage radio. Televisa’s radio content reaches
75 percent of Mexico’s territory through its
stations, entertaining and informing nearly
all of the country’s listeners as well as the
majority of the southwestern markets of the
United States. As of 2009, Televisa broad-
cast its news, music, and talk shows through
a network of 121 owned and affiliated radio
stations. In addition, we have expanded our
radio content to the Internet, offering listen-
ers a choice of radio platforms. Our popular
stations include the following:
• 40 Principales: Top 40 English- and
Spanish-language pop music hits.
• Ke buena: Popular Mexican music.
• W Radio: Political and economic news
and commentary as well as other radio
programs covering a variety of topics.

LIVE ENTERTAINMENT. Televisa is an im-
portant provider of experiential entertainment
in Mexico. Televisa’s portfolio of live-enter-
tainment assets includes the leading event
producer Ocesa Entretenimiento (Ocesa);
the Azteca Stadium in Mexico City; and the
popular soccer teams América, Necaxa, and
San Luis. In 2009, Ocesa celebrated the 10th
anniversary of popular Latin rock festival Vive
Latino, which has long served as a platform
for Latin American artists. This festival, which
spans two days, featured 77 artists in 2009.

In 2008 Ocesa launched ocesa.com.mx,
which, as of the end of 2009, reported more

Televisa is an important
provider of experiential
entertainment in Mexico.

end of 2009, Multijuegos operated through
a network of nearly six thousand lottery
machines across the country and offered five
different lottery games, including a soccer
betting game called Gana Gol. In addition,
Televisa owned and operated 26 PlayCity
bingo parlors featuring traditional bingo,
electronic bingo machines, and sports bet-
ting rooms. Customer traffic at our existing
sites grew by 20 percent during 2009.

We are optimistic about the appeal of gaming
in Mexico and the prospects for this busi-
ness. We are leveraging our expertise and
will continue to explore ways to profitably
expand the business. In addition, we are
seeking ways to diversify machines, games,
and formats and to vertically integrate this
business with our other business segments
and capitalize on our brands.

Depeche Mode

A lifelong passion, an exciting opportunity
Televisa’s passion for soccer has endured for more
than a half century. Fifty years ago, we became
the owners of Club América, one of Mexico’s most
popular soccer teams. Mr. Emilio Azcárraga Milmo
saw the opportunity to transform the sport from a
club event to entertainment for the masses and
invested in scouts, player development, infrastruc-
ture, and merchandising.

Since then, soccer has become a national pas-
sion in Mexico. With the 2010 Soccer World
Cup, to be held in South Africa, Televisa recog-
nized another opportunity to please audiences
while investing in the growth of the company.

Televisa purchased the rights to carry 64 games
of the Soccer World Cup through its various plat-
forms: 30 over its broadcast-television channels,
24 exclusively through Sky, and ten exclusively
for subscribers of its new all-sports channel,
TDN. In addition, Sky subscribers will be able to
access the world cup games and exclusive cover-
age of selected games via televisadeportes.com.

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At Televisa, we apply the same passion that
we use in our businesses to help those in
need. Through Fundación Televisa we help
people overcome their challenges and gain
access to the tools that are vital for their
social and economic development.

For nine years Fundación Televisa has identi-
fied and generated opportunities to assist
individuals and families in need to live better
lives. In the process, we are helping to close
the profound gap between wealth and poverty
that exists in Mexico.

Ensuring a strong start
Our efforts start in the first stages of child-
hood. We provide the nutrition and other
assistance essential for the healthy develop-
ment of the child. We provide housing for
families that cannot afford even the most
modest home. And we support initiatives that
improve children’s health, sight, and hearing.

Nutrition. We have supported 38,750 children
in rural communities by providing nutritional
kits, medical attention, and education on the
nutritional value of various foods.

Hearing deficiencies. We donated 53,803
hearing aids benefiting 29,866 people
throughout Mexico.

Housing. Through our Alianzas que Con-
struyen and Goles por México programs,
12,358 houses were built in Mexico City,
Hidalgo, Jalisco, Querétaro, Tamaulipas,
Yucatán, and other states. In all, these pro-
grams provided 61,790 people with decent
housing.

Raising the quality of education
Fundación Televisa is committed to improv-
ing the quality and availability of education to
families in Mexico.

Scholarships. Our Bécalos program has
enabled 85,091 deserving children, teenag-
ers and adults to attend school and differ-
ent courses on scholarship. We are proud
that 5,266 of our scholarship students have
graduated since this program began.

Technology. Our Technology in Education
program provides teachers with tools they
need to provide their students with a quality
learning experience. So far, 2,584 classrooms
have been equipped with internet access
through this program, benefitting 1,669,947
students or 86 percent of Mexican children
born in 2009.

Televisa

Knowledge olympics. Since 2003, 817,487
students have enrolled; we have held eight
geography and history Olympics and one Ge-
ography World Championship.

Supporting personal and social development
We seek to enrich the lives of the people of
Mexico by providing opportunities to continue
their personal growth through initiatives that
build awareness of universal values, respect for
the environment, and exposure to Mexican and
world cultures.

Values. We sold 190,000 copies of the book
2009: Historias de Valor, a collection of stories
that explore the topic of values. Since 2004, we
have printed 1,340,000 books of values. In ad-
dition, we have distributed 3,400,000 calendars
that focused on the values theme. Also, in 2009
we conducted eight ¿Tienes el Valor o Te Vale?
(Do you share the values or not?) campaigns.

Environment. Through initiatives conducted by
Televisa Verde, we distributed 1,000,000 energy-
saving light bulbs and sold 60,000 copies of the
book La Tierra: Manual de Uso Responsable
(The Earth: Responsible Use Manual).

Visual arts. The Fundación Televisa Collection
presented 16 exhibitions in México and abroad,
including the United States, United Kingdom,
and France. Televisa published books on a

variety of topics, such as our book on
the Mexican Revolution, and we served
as editor on nine other publications.

Cultural promotion. Through our networks
we promoted more than 600 cultural
events and showed 26 videos of Imag-
inantes, messages designed to stimulate
interest in creativity expressed through
literature, art, and science, through
over-the-air television, Televisa Networks,
Channel 22, and cinema festivals. We
sponsored cultural programs and
promoted Mexican movies and
cultural series in Mexico and
abroad. For example, we spon-
sored exhibitions that promoted
Mexican culture around the
world, such as Teotihuacán,
Ciudad de los Dioses in
Paris, and the work of Mexi-
can artist Gabriel Orozco in
New York.

Fundación Televisa collabo-
rates with federal and state
governments, companies, and
civic organizations to positively
impact the lives of millions of citi-
zens, who could one day, in turn,
offer their talent and resources to
serve society.

BOARD OF DIRECTORS*

The independence of Board members will be qualified by the Shareholders Meeting pursuant to applicable law.

Emilio Azcárraga Jean
Chairman of the Board, President and Chief
Executive Officer, and Chairman of the
Executive Committee of Grupo Televisa.
Member of the board of Banco
Nacional de México.
First elected: December 1990

Alfonso de Angoitia Noriega
Executive Vice President,
Member of the Executive Office of
the Chairman, and Member of the
Executive Committee of Grupo Televisa.
Member of the board of Grupo
Modelo and former Chief Financial
Officer of Grupo Televisa.
First elected: April 1998

Pedro Carlos Aspe Armella
Chairman of the Board and Chief
Executive Officer of Protego Asesores.
Co-Chairman of the Board of Evercore
Partners, Member of the Board of The
McGraw-Hill Companies.
First elected: April 2003

Julio Barba Hurtado
Secretary to the Audit & Corporate
Practices Committee of Grupo Televisa.
Legal advisor to Televisa.
First elected: December 1990

José Antonio Bastón Patiño
President of Television and Contents
and Member of the Executive
Committee of Grupo Televisa.
Former Corporate Vice President of
Television, former Vice President of
Operations, and former General Director of
Programming of Grupo Televisa.
First elected: April 1998

Alberto Bailleres González
President of Grupo Bal.
Member of the boards of Industrias
Peñoles, Grupo Nacional Provincial,
Grupo Profuturo, GNP Afore, GNP
Pensiones, Valores Mexicanos Casa
de Bolsa, Grupo Palacio de Hierro,
BBVA Bancomer, Fomento Económico
Mexicano, Grupo Kuo, Grupo Dine,
Fresnillo PLC and President of the
Board of Governors of ITAM.
First elected: April 2005

Francisco José Chévez Robelo
Cofounder of Chévez, Ruiz, Zamarripa y
Cia., S.C.
Currently a retired partner of that Firm.
Chairman of the Audit & Corporate
Practices Committee of Grupo Televisa.
First elected: April 2003

Manuel Jorge Cutillas Covani
Former President and Chief Executive
Officer of Bacardi Limited.
First elected: April 1994

José Antonio Fernández
Carbajal
Chairman of the Board and Chief
Executive Officer of Fomento Económico
Mexicano and Coca-Cola FEMSA.
Vice chairman of the Board of ITESM
and Member of the Board of Grupo
Financiero BBVA Bancomer, Industrias
Peñoles, Grupo Bimbo, Concesionaria
Vuela Compañía de Aviación, Xignux,
US-Mexico Foundation and Cemex.
First elected: April 2007

Carlos Fernández González
Chairman of the Board and Chief
Executive Officer of Grupo Modelo
Member of the board of Emerson
and Member of the International
Counsel Board of Banco Santander.
First elected: July 2000

Bernardo Gómez Martínez
Executive Vice President, Member of the
Executive Office of the Chairman, and
Member of the Executive Committee of
Grupo Televisa.
Former President of the Mexican Chamber
of Television and Radio Broadcasters and
Deputy to the President of Grupo Televisa.
First elected: April 1999

Claudio X. González Laporte
Chairman of the Board of Kimberly-Clark
de México.
Member of the boards of Grupo Alfa,
Grupo Carso, Grupo México, Grupo
Financiero Inbursa, Investment Company
of America and Mexico Fund.
Director Emeritus General Electric.
Chairman of Mexican Business Council.
First elected: April 1997

Roberto Hernández Ramírez
Member of the boards of Grupo Financiero
Banamex Accival, the Nature Conservancy
and World Monuments Fund.
First elected: April 1992

Enrique Krauze Kleinbort
Director and Partner of Editorial Clío Libros
y Videos.
First elected: April 1996

Michael Larson
Chief Investment Officer of Cascade
Investment, LLC and the Bill and Melinda
Gates Foundation Trust.
Member of the Board of Directors of
Pan American Silver Corporation,
Hamilton Lane Advisors, LLC,
Republic Services, and AutoNation.
Chairman of the Board of Trustees for the
Western Asset/Claymore Inflation-Linked
Securities & Income Fund and the
Western Asset/Claymore Inflation-Linked
Opportunities & Income Fund.
First elected: April 2009

Germán Larrea Mota Velasco
Chairman of the Board, President and Chief
Executive Officer of Grupo México.
Chairman of the board of Southern Copper
Corporation and Grupo Ferroviario Mexicano.
First elected: April 1999

Lorenzo Alejandro Mendoza
Giménez
Chief Executive Officer and member of the
Board of Directors and Executive Committee
of Empresas Polar.
Member of the Board of Junior Achievement,
Venezuela-USA Entrepreneurs Council,
Group of 50, The Latin America Business
Council, Board of Trustees for the
Metropolitana University and the Sloan
School of Management (MIT). Member of
the WEF, YGL and Ashoka fellow.
First elected: April 2009

Alejandro Quintero Iñiguez
Corporate Vice President of Sales and
Marketing and Member of the Executive
Committee of Grupo Televisa.
Shareholder of Grupo TV Promo.
First elected: April 1998

Fernando Senderos Mestre
Chairman of the Board and President
of the Executive Committee of Desc,
Dine, and Grupo Kuo.
Member of the boards of Grupo Alfa,
Grupo Carso, Kimberly Clark de México,
and Industrias Peñoles.
First elected: April 1992

Enrique F. Senior Hernández
Managing Director of Allen & Company LLC.
Member of the boards of Coca-Cola
FEMSA, Cinemark, and FEMSA.
First elected: April 2001

*Appointed in our last Shareholders Meeting which took place in April 2009.

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the largest media company in the Spanish-speaking world and a major participant in the international entertainment business

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INVESTOR INFORMATION

Corporate headquarters
Grupo Televisa, S.A.B.
Av. Vasco de Quiroga 2000
C.P. 01210 México, D.F.
(5255) 5261-2000

Legal counsel
Mijares, Angoitia, Cortés
y Fuentes, S.C.
Montes Urales 505, 3er piso
C.P. 11000 México, D.F.
(5255) 5201-7400

Fried, Frank, Harris,
Shriver & Jacobson LLP
One New York Plaza
New York, New York 10004 U.S.A.
(212) 859-8000

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Independent auditors
PricewaterhouseCoopers, S.C.
Mariano Escobedo 573
C.P. 11580 México, D.F.
(5255) 5263-6000

Depositary
The Bank of New York
BNY Mellon Shareowner Services
PO Box 358516
Pittsburgh, PA 15252-8516
(201) 680-6825

Investor relations
We ask that investors and
analysts direct all inquiries to:

Grupo Televisa, S.A.B.
Av. Vasco de Quiroga 2000
C.P. 01210 México, D.F.
(5255) 5261-2445
ir@televisa.com.mx

www.televisa.com
www.televisair.com

This annual report is available in both English and Spanish. April 2010.
Este informe anual está disponible tanto en español como en inglés. Abril 2010.

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BEHIND
THE SCENES

2009 ANNUAL REPORT

www.televisa.com · www.televisair.com

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