Grupo Televisa, S.A.B. Annual Report 2010

← All annual reports

FY2010 Annual Report · Grupo Televisa, S.A.B.

Loading PDF…

T
R
O
P
E
R

L
A
U
N
N
A
0
1
0
2
A
S

V
E
L
E
T

O
P
U
R
G

•

T
N
O
R
F
E
R
O
F

e
h

a
e
d
a
c
e
d
a

www.televisa.com

www.televisair.com

a decade

at the FOREFRONT

GRUPO TELEVISA 2010 ANNUAL REPORT

200020052001Today, Fundación Televisa (“Fundación”) reaches millions through Televisa’s media platforms and builds alliances with com-panies, non-governmental organizations, and Mexico’s government and people. Al-liances play a key role in multiplying the social impact of Fundación’s work and base funding.innovation20032004In 2000, Televisa successfully refi-nanced its debt, reducing borrow-ing costs, extending maturities, and replacing a portion of its US-dollar-denominated indebtedness with inflation-adjusted indebted-ness. As a result of these steps, Televisa significantly improved its capital structure and reduced its currency risk. That same year, Moody’s gave Televisa’s debt an investment-grade rating.2002yeardecade2009200520082006In 2006 Cablevisión completed the conversion of its network from analog to digital format. This milestone enabled the company to pro-vide a host of new services and pay-TV offer-a great year2001200020052001innovation200320042002yeardecade20092010200720052008the largest media company in the Spanish-speaking worldforefrontANNUALgrowingin the coming years”telecommunicationsTelevisa20072006In 2007 Televisa celebrated 50 years of producing its popular Telenovelas, capti-vating audiences throughout the Spanish-speaking world and beyond.Televisa launched Televisa Deportes Network (TDN)TELEVISA SIGNS LANDMARK AGREEMENT WITH UNIVISIONAs of today, Televisa has one of the largest telecom in-frastructures in the country. Through its cable and telecom assets, it reaches several of the most important cities in Mexi-co with more than 6 million homes passed and has close to 50 thousand miles of fiber and coaxial cable around the country.annual reportTelevisa will build on these milestonestelevisioncontents

In the past decade, Televisa has achieved several

milestones that have enabled the Company

to create value through the production and

distribution of its content and to strengthen its

position as a leader in its industry.

Today Televisa is well positioned to identify and

quickly respond to opportunities and events in the

rapidly growing and ever-changing global media

and telecommunications market.

In the coming years, Televisa will build on these

milestones to continue benefiting its clients,

shareholders, employees, and the communities in

which it operates.

COMPANY PROFILE

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 international entertainment business.
It has interests in television production and broadcasting,
production of pay-television networks, international distribution
of television programming, direct-to-home satellite services,
cable television and telecommunication services, magazine
publishing and distribution, radio production and broadcasting,
professional sports and live entertainment, feature-film
production and distribution, the operation of a horizontal
internet portal, and gaming.

CONTENTS

TELEVISA AT A GLANCE 02 / LETTER TO SHAREHOLDERS 04 / FINANCIAL HIGHLIGHTS 06

A DECADE AT THE FOREFRONT 08 / MANAGEMENT´S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS 30 / BOARD OF DIRECTORS 40 /

FINANCIAL STATEMENTS 41

INVESTOR INFORMATION

Common stock data

Investor relations

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.

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

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

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

x
m
m
o
c

.
i

n
g
i
s

n
g
i
s
e
D

This annual report is available in both English and Spanish. April 2011.
Este informe anual está disponible tanto en español como en inglés. Abril 2011.

TELEVISA AT A GLANCE

TELEVISION
BROADCASTING

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

Contribution
to Sales:
39%

Contribution
to OSI:1 46%

Produced
approximately 59
thousand hours of
content in 2010 for
free-to-air television

Average weekday
primetime
audience
share 70.5%

PAY-TELEVISION
NETWORKS

Produces and
distributes 18 pay-TV
brands—15 owned
and 3 represented.
In the U.S., distributes
its pay-TV channels
through Univision.

Contribution
to Sales: 5%

Contribution
to OSI:1 7%

Produced
approximately 16
thousand hours of
content in 2010 for
pay-TV channels

+26
million
pay-TV
subscribers

PROGRAMMING
EXPORTS

SKY

Mexico’s leading
direct-to-home satellite
television system; also
operates in Central
America and the
Dominican Republic.

Contribution
to Sales: 19%

Contribution
to OSI:1 22%

Demographic
expansion through
new packages:
MiSky and VeTV.

More than one
million subscribers
added in 2010.

Subscriber base:

3 million

Exports its programs
and formats to television
networks around
the world. In the U.S.,
distributes its content
through Univision
under a recently
renewed and extended
Programming License
Agreement (PLA).

Contribution
to Sales: 5%

Contribution
to OSI:1 7%

The PLA, which was
extended to at least
2025, increases
the royalties
Televisa receives.
In addition,
the PLA now
includes Televisa
programming for
all of Univision’s
audiovisual media
platforms.

58
countries
worldwide
(approximate reach)

1Operating 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.

2
22

UNCONSOLIDATED
BUSINESSES

La Sexta (40.8%)
Free-to-air channel in Spain,
which continues reporting
sustained audience
share of 6.6% and strong
operating performance.

Ocesa
Entretenimiento (40%)
Live-entertainment
company in Mexico.
2010 most popular event:
Paul McCartney concert.

PUBLISHING

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 117 owned and
affiliated radio stations.

Contribution
to Sales: 7%

The leading Spanish-
language magazine
publisher; produces 165
titles under 109 brands.

Contribution to
Sales: 5%

Contribution
to OSI:1 2%

Consolidated
restructuring process
and returned to double-
digit Operating Segment
Income margin. Also,
continued to expand
the reach of its titles
through digital platforms:

• caras.com.mx

• vanidades.com

• muyinteresante.com.mx

• tuenlinea.com.mx

• esquirelat.com

• Tvynovelas.com

20
countries
reached

CABLE AND
TELECOM

Cablevisión, Cablemás,
and TVI offer pay-TV,
voice, and data services
in Mexico City, Monterrey,
and several cities in Mexico.
Telecom company Bestel
provides data and long-
distance services in Mexico
and the United States.

Contribution to
Sales: 20%

Contribution
to OSI:1 17%

Through its 20-year lease
of dark fiber cable from
the Mexican Federal Elec-
tricity Commission (CFE),
the consortium formed
by Telefónica, Televisa,
and Megacable will offer
alternative access to data
transmission services.

Cablevisión
Video subscribers: 668,985
Broadband subscribers: 299,157
Voice subscribers: 190,441

Cablemás
Video subscribers: 997,239
Broadband subscribers: 360,049
Voice subscribers: 205,180

TVI
Video subscribers: 301,698
Broadband subscribers: 147,268
Voice subscribers: 106,129

3
33

TO OUR SHAREHOLDERS:
When I became CEO of Televisa in 1997, I found an incredibly
successful broadcasting operation with decades of experience
producing highly rated content. But at that time, Televisa was
facing a very challenging financial situation. The company was
highly leveraged and held some non-strategic assets.

F rom 1997 to 2000, we worked hard to strengthen the

competitive position of Televisa and, importantly, its
financial position. We shed non-strategic assets, im-
proved our share of the television audience, made our op-
erations more efficient, and significantly reduced our debt.

We continued along this path over the decade that followed.
We further strengthened our financial position, diversified our
business beyond broadcast television, and solidified our posi-
tion as the leading producer of Spanish-language content in
the world with a number of key strategic partnerships. Along
the way, we made successful inroads into the growing tele-
communications segment, in particular cable and satellite
television. Some of the results of the past decade were:

Strengthening our financial position

• Revenue rose from Ps.19.7 billion1 in 2001 to Ps.57.9 bil-
lion in 2010, reflecting a ten-year compounded annual
growth rate (CAGR) of 13 percent.

• Consolidated operating income grew at a CAGR of 16
percent, from Ps.4.1 billion1 in 2001 to Ps.15.6 billion in
2010.

• Our balance sheet strengthened. At the end of 2010, our
net debt was only Ps.12.7 billion, and our net-debt-to-op-
erating-income ratio was 0.8 times. In 2001, that number
was 1.8 times.

• Our market capitalization increased 2.3 times from US$5.5
billion in 20012 to US$14.4 billion in 20102. Over that same
period we returned to our shareholders nearly US$2.2 bil-
lion in dividends.

Diversification beyond broadcast television

Over the past decade we have undertaken significant ef-
forts to diversify the company beyond our legacy broadcast
television business while building on and staying connected
to the true cornerstone of our success: our content.

The results are already apparent. In 2001, advertising reve-
nue was 71 percent of our total revenue, while in 2010 it was
42 percent of revenue. Mexico’s advertising industry has yet
to expand as a result of an improving economy and of peo-
ple’s increasing purchasing power. But in the meantime, we

1 Mexican pesos in real terms as of December 31, 2001, as reported.
2 As of December 31.
3 Source: Pyramid Research 2010E.

4
44

have diversified beyond advertising and positioned Televisa
as a relevant and growing participant in telecommunica-
tions, an industry that currently totals US$243 billion—five times
the size of Mexico’s media industry.

In the process of finding new and faster-growing sources of
revenue, we have made many successful investments but
also a few challenging ones. One is our gaming business,
which has been confronted by legislative changes that
have significantly increased taxes on gaming revenues.
Nonetheless, we see value in our license and will continue
to explore ways to profitably exploit it. And while La Sexta
has succeeded operationally and delivers ratings above our
initial expectations, it currently faces an economic crisis in
Spain that has dampened its financial results.

There is no doubt, however, that—throughout the entire
process—we have taken important steps that have ex-
panded the reach of our brand and our content, multiplying
the value of both. In the pages that follow we mention ten
key milestones, but these are only some of many milestones
that have positioned Televisa to continue succeeding in the
coming years.

Building strong alliances

While diversifying our businesses we worked hard to improve
our operations. Our strategic alliances—in particular our part-
nerships with two of the most important media companies in
the US Hispanic market—are a key component of our ability
to grow our audience with exciting and enduring program-
ming, and to maximize the value that we derive from it. In
2008, for example, we partnered with Telemundo for the ex-
clusive rights to distribute its content in Mexico for ten years,
and we have an option to extend this agreement for an ad-
ditional five years.

In 2010 we strengthened our relationship with Univision
through an agreement that brings significant upside poten-
tial for both companies. We extended our program license
agreement with Univision to at least 2025. The agreement
increases the royalties from Univision and includes the pur-
chase of a five percent equity interest and the issuance of
debentures convertible into an additional 30 percent equity
stake of Univision in the future, subject to existing laws and

regulations. We also have the option to acquire an addi-
tional five percent equity stake in Univision. This agreement
positions Televisa to participate in the most underutilized and
fastest-growing media market in the United States. We will
work with Univision in order for them to optimize the exploita-
tion of our content in the United States.

Cable and telecom: positioning for the long-term

We continued to advance our cable and telecom strategy,
which began in earnest with our acquisitions of Bestel and
stakes in TVI and Cablemás over the past four years. In addi-
tion, as part of a consortium, in 2010 we won the auction to
exploit dark fiber owned by the Mexican Federal Electricity
Commission (CFE). This is a significant step in our effort to be-
come a relevant participant in Mexico’s fast-growing tele-
com market. We are confident that our investments in these
businesses are laying the groundwork for Televisa to benefit
from a rapidly changing and growing industry.

Together, our activities have laid a solid foundation for years
of operational and financial success. Today, our operations,
brands, and balance sheet are very strong. We are the pri-
mary producer of audiovisual content in the Spanish lan-
guage and a very relevant producer of linear channels for
pay-television platforms. Through our multiple investments,
Televisa is an important pay-television provider in Mexico
and has one of the largest telecom infrastructures in the
country. We are a company known for using our reach to
contribute to the health, education, and cultural develop-
ment of the communities that we serve. And we consistently
maintain relatively low levels of debt and long maturities on
our indebtedness.

Even as we look back on a very successful decade, our eyes
are fixed firmly on the future. Ever mindful of both challenges
and opportunities, our vision is to:

• remain the world’s foremost producer of Spanish-lan-

guage content;

• increase the reach of our linear pay-television channels

around the world;

• continue to play a role in the consolidation of Mexico’s

cable industry;

• participate in the opportunities presented by the growing

wireless data industry; and

• continue to capitalize on the emergence of new platforms
that, through audience segmentation, present a highly frag-
mented yet largely untapped advertising client base.

We live in a multiplatform world, in which television content is
viewed not only over televisions, but also on many other de-
vices. Increasingly, people are viewing television content on
the go. We are investing to ensure that our content reaches
our audiences wherever they may be and on whatever de-
vice they prefer. We have made significant progress. For ex-

We further strengthened our financial position,
diversified our business beyond broadcast
television, and solidified our position as the
leading producer of Spanish-language
content in the world with a number of key
strategic partnerships.

ample, since 2007, all of our content is produced with an eye
toward the multiplatform opportunities for distribution. This,
together with the digitalization of a large portion of our library
of content, means that we now have more than 50 thousand
hours of content available for digital audiovisual distribution.

The media and telecom environment is rapidly changing.
We are confident that the steps we have taken during the
last decade leave us well positioned to capitalize on the
changes that are sure to come. We never tire of highlight-
ing that our biggest competitive edge is the fact that we
produce the majority of the content that we transmit, the
same content that has delivered close to 70 percent of the
audience for many years now. We produce it and therefore
have the ability to make it available in the platforms chosen
by our audiences.

I want to thank our dedicated employees, management
team, and board of directors for their hard work and our
audiences and customers for their continuing loyalty. To our
shareholders I want to extend my appreciation for your con-
tinued confidence in our vision and our long-term prospects.
We look forward to rewarding you well into the future.

Emilio Azcárraga Jean
Chairman of the Board and Chief Executive Officer

5
55

FINANCIAL HIGHLIGHTS

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

2009

2010

Var.%

Consolidated net sales

Ps.

52,353

Ps.

57,857

10.5

Operating segment income 1

20,745

23,063

11.2

Segment margin

38.8%

39.0%

Operating income

15,157

15,583

2.8

Margin

29.0%

26.9%

Controlling interest net income

Earnings per CPO

6,007

2.14

7,683

27.9

2.75

Shares outstanding at year-end (in millions)

327,231

325,023

Cash and cash equivalents at year-end

Ps.

29,942

Ps.

20,943

(30.1)

Temporary investments at year-end

Long-term investments at year-end

8,902

3,996

10,447

17.4

3,858

(3.5)

Total debt at year-end

43,416

47,965

10.5

Net debt position at year-end

576

12,717

2,107.8

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.

Segment
Net Sales

Operating
Segment Income

TV Broadcasting
Cable and Telecom

Sky

Other Businesses

Publishing

Programming Exports

Pay-Television Networks

TV Broadcasting

Sky
Cable and Telecom

Programming Exports

Pay-Television Networks

Publishing

Breakdown

39%
20%
19%
7%
5%
5%
5%

Breakdown

46%
22%
17%
7%
7%
2%

7
5
8
7,
5

3
5
3
2
5

(millions of pesos)

3
6
0
3
2

5
4
7
,
0
2

(millions of pesos)

Other Businesses reported a negative contribution
to OSI of Ps.184mm during the year 2010.

THE LAUNCH OF
FUNDACIÓN TELEVISA

The first Televisa foundation was established in 1975 as Fundación
Cultural Televisa and focused primarily on cultural initiatives. It closed
in the late 1990s while Televisa underwent financial restructuring. To-
ward the end of 2000, Emilio Azcarraga Jean, Televisa’s chairman
and CEO, led an effort to reopen the foundation and to focus on
social efforts, in particular education, nutrition, health, and housing,
while continuing to promote Mexican culture.

Today, Fundación Televisa (“Fundación”) reaches millions through
Televisa’s media platforms and builds alliances with companies, non-
governmental organizations, and Mexico’s government and people.
Alliances play a key role in multiplying the social impact of Fundación’s
work and base funding. Through these alliances the effective dollar-
for-dollar match for Fundación’s programs over the past ten years
has been 8.39 to 1. In 2010 alone, the match was 17.7 to 1 —that’s
US$17.70 for every dollar that the foundation contributes itself.

Over the years Fundación has worked hard to reach its goals and
can now share with pride many of its success stories. For example, in
2006 Fundación launched Bécalos, a scholarship program, in part-
nership with the Mexican Bank Association. By leveraging these alli-
ances and Fundación’s access to media, Bécalos has raised more
than US$110 million and provided more than 113,000 scholarships
since 2005. These include 65,813 awards for teachers and school prin-
cipals; 26,808 for high school students; and 21,011 bachelor awards,
primarily for studies in engineering, science, and technology.

Over the last decade, Fundación has improved the nutrition and
health of more than 44,000 children in the poorest regions of Mexico.

Access to housing has also been at the top of Fundación’s agenda.
As of year-end 2010, Fundación had built 22,000 homes through an
alliance structure similar to that of Bécalos. If compared with com-
mercial homebuilders, Fundación and its allies would be the fifth-
largest housing developer in Mexico.

But its mission goes beyond education, health, and housing. Fun-
dación’s relationship with Televisa enables it to raise awareness of so-
cial issues and expand the impact of its campaigns. Televisa contrib-
utes with advertising space for Fundación to promote and increase
public action on health, such as breast cancer, and on environmen-
tal issues, such as energy and water conservation.

Growing number of beneficiaries

The launch of Fundación in 2001 was only the beginning.
The number of people directly benefiting from Fundación’s
programs has risen each year, from 100,339 in 2001 to
633,403 in 2010. Fundación will continue to invest resources
in education and health while maintaining its commitment
to the promotion of Mexican culture at home and abroad.

Solid financial position

Even after our recent US$1.2 billion investment in Univision,
our balance sheet remains strong. As of December 31, 2010,
our consolidated net-debt position was approximately Ps.12.7
billion, and the average maturity of our debt was 14.3 years.
In the years to come, we will continue to focus on maintaining
the health of our balance sheet.

TELEVISA ISSUES
US$300 MILLION, 30-YEAR,
INVESTMENT-GRADE BOND

In the late 1990s Televisa initiated the arduous but necessary process
of repairing its finances and strengthening its balance sheet. Later,
in 2000, Televisa successfully refinanced its debt, reducing borrowing
costs, extending maturities, and replacing a portion of its US-dollar-
denominated indebtedness with inflation-adjusted indebtedness.
As a result of these steps, Televisa significantly improved its capital
structure and reduced its currency risk. That same year, Moody’s
gave Televisa’s debt an investment-grade rating.

Because of the earlier work it had undertaken to refinance its debt
and improve its financial structure, on March 11, 2002, Televisa was
able to become the first Mexican company to issue a 30-year bond.
The offering consisted of US$300 million in Senior Notes at a cou-
pon of 8.50 percent. The proceeds were used to refinance a US$276
million bridge loan. Televisa was able to complete this transaction
thanks to a strong credit profile and the market’s confidence in its
long-term prospects.

The bond received three awards, including one from Latin Finance.
Shortly after the bond was issued, Fitch and Standard & Poor’s gave
Televisa’s debt an investment-grade rating. These ratings made
Televisa one of the first Mexican companies to receive investment-
grade ratings from all three agencies, even before Mexican sover-
eign debt was given an investment-grade rating. The bond offering
was also significant because, up to its issuance, Mexican companies
had no access to financing with maturities of this length.

Since then, Televisa has continued to focus on improving the strength
of its balance sheet. In November 2009, Televisa issued a US$600 mil-
lion bond at a spread over U.S. Treasuries of only 245 basis points,
the second-smallest spread of any Mexican issuer at the time. A
year later, in October 2010, Televisa issued a Ps.10 billion bond with
a coupon of 7.38 percent due in 2020 and a spread of only 135
basis points over Mexican Government Bonds. It was, at that time,
the largest corporate fixed-rate debt issuance in the history of the
Mexican market.

Solid and profitable growth

As of December 31, 2010, Televisa reached a market
capitalization of US$14.4 billion. As it looks forward to the next
decade, Televisa will continue to focus on delivering solid,
profitable growth and on maintaining a consistent and open
channel of communication with the market in order to remain
a relevant holding for the investor community.

TELEVISA CELEBRATES
10 YEARS ON THE NYSE

Televisa was first traded on the Mexican stock exchange (BMV) in
1991. In June of 1993 the company’s GDS (Global Depositary Shares)
began trading on the New York Stock Exchange (NYSE), and in 2003
the company celebrated the tenth anniversary of its listing.

During the fourth quarter of 2003, Televisa was the fifth-largest Latin
American GDS holding for institutional investors and the third most
liquid among Mexican companies. Televisa’s average daily volume
on the NYSE was more than 450,000 shares, and the average daily
value traded was more than US$18 million.

Since its listing, Televisa has focused on maintaining an ongoing dia-
logue with the investor community—one that distinguishes itself for
being an honest, open, and straightforward channel of communi-
cation. Televisa has always taken very seriously its fiduciary duty to
all company shareholders and recognizes the importance of under-
standing the expectations of the investor community.

In 2010, Televisa was the third most-liquid GDS holding among Mexi-
can companies listed on the NYSE and the sixth most-liquid on the
Mexican stock exchange. During 2010, the average daily volume
on the NYSE was more than 2 million shares, or approximately US$50
million, representing more than 70 percent of the Company’s total
trading volume.

Listing on the NYSE allowed Televisa to access capital in order to
fuel growth while improving efficiency and management stan-
dards. Among other measures, Televisa took the necessary steps
to strengthen corporate governance and meet the expectations
of its shareholder base.

Quality and innovation

Sky will continue to seek profitable growth by maintaining
superior service and innovative offerings. Low pay-TV
penetration in Mexico and Sky’s scale and nationwide
distribution will continue to contribute to solid profit margins.
Along the way, Sky will remain focused on upgrading systems
and facilities, increasing satellite capacity, and expanding its
high-definition (HD) offerings to subscribers.

SKY CONSOLIDATES ITS
POSITION AS THE LEADING
DTH PROVIDER IN MEXICO

Sky began operations in 1997 and quickly became a very successful
pay-TV provider in Mexico. From an early stage, it positioned itself as
the pay-TV provider of choice for the same reasons that Sky is suc-
cessful today: superior customer service, international sports content,
and attractive pay-TV packages.

In 2004, Sky’s competitor decided to exit the Mexican market and
reached an agreement with Televisa to migrate its subscribers to Sky.
That same year, Televisa began the consolidation of Sky into its finan-
cial statements.

Since then, Sky’s subscriber base has grown at a compounded an-
nual rate of 20 percent, from close to 600 thousand in 2000 to more
than 3 million at year-end 2010. Much of the initial growth in Sky origi-
nated from a strategy that targeted the high-end and middle-market
segments. Sky continues to serve this customer base with attractive
premium packages and value-added services.

Most recently, in the second quarter of 2010, Sky launched its suc-
cessful HD package, further enhancing its premium pay-TV offerings.
The profile of its customer base allows Sky to deliver one of the stron-
gest ARPU, or average revenue per user, in Mexico.

In 2009 Sky entered the lower-income market segment with pack-
ages such as MiSky and VeTV. This strategic move allowed Sky to
deliver growth of one million subscribers in 2010 alone. Furthermore,
Sky was able to expand into this new segment of the market while
maintaining strong margins. During 2010, at 45 percent, its Operating
Segment Income margin was among the highest in the industry.

In addition to Sky’s recent successful inroads into other demographics
in Mexico, Sky has developed a solid presence in other Latin Ameri-
can markets. In the aggregate for the Dominican Republic and Cen-
tral America, Sky closed 2010 with 145 thousand subscribers.

INTERNATIONAL SUCCESS
OF TELEVISA’S CONTENT

In 2005 Rebelde (Rebel), a Telenovela that portrayed the life of teen-
agers at a private boarding school in Mexico, became an interna-
tional sensation. The success of Rebelde demonstrated Televisa’s
ability to produce content that has universal appeal and can deliver
value to all of Televisa’s business segments.

Televisa first aired Rebelde in October of 2004. The characters were
also members of the band RBD, which, together with Rebelde, quickly
captured the imagination of youth throughout Mexico, Latin America,
the United States, and many other countries around the world.

Rebelde aired on Channel 2 in Mexico for three seasons through July
2006 for a total of 750 half-hour episodes. The Telenovela’s tremendous
success spurred the production of additional content that crossed all
of Televisa’s platforms. These other platforms included DVDs, pay-TV
content, music production, nearly 240 live concerts, RBD magazine,
SMS, ring tones, and licensing agreements for merchandising. Rebelde,
the Mexican adaptation of Cris Morena’s original script, was not only
a multiplatform success; it was also a global phenomena. Eventually,
Rebelde was successfully transmitted in 65 countries.

The popularity of Rebelde has endured: the program was aired in
2009 and 2010 via pay-TV platforms and on Televisa’s all-Telenovela
channel, TLnovela. Today, Rebelde continues to draw an important
audience.

During 2005, Rebelde was just one success of many for Televisa’s
Programming Exports business. That same year, other international
hits included the reality series Bailando por un Sueño, of which we
sold the format in Italy, France, and Peru, among others. Also, the
Telenovela Rubí was televised in the United States, 16 countries in
Latin America, the Philippines, Malaysia, Israel, and Eastern Europe,
among other countries.

Beyond selling its content worldwide, in 2008 Televisa began export-
ing some of its most successful program formats through collabora-
tive arrangements with producers in China, Brazil, and afterwards
with France. These arrangements enabled Televisa to participate in
high-potential advertising markets around the world. Televisa is suc-
cessfully adapting its content to the languages and nuances particu-
lar to each culture and in formats new to those markets.

Maximizing the value of
our content

In the years to come, Televisa will continue to focus on
finding creative ways to maximize the value of its content
and expertise and will seek new markets, new formats,
and new business models.

At the forefront of technology

Today Cablevisión is one of several cable assets that,
together, have transformed Televisa into a relevant player in
Mexico’s cable and telecom industry. In 2010, Cablevisión
served a total of 1.2 million revenue-generating units (RGUs)
in Mexico City. Of that number 669 thousand were video, 299
thousand broadband, and 190 thousand voice subscribers.

With this and other efforts Cablevisión is working to remain at
the forefront of technology and to strengthen its competitive
position in this fast-growing industry.

CABLEVISIÓN DIGITALIZES
ITS NETWORK

In 2006 Cablevisión completed the conversion of its network from
analog to digital format. This milestone enabled the company to
provide a host of new services and pay-TV offerings, tapping its full
potential in Mexico City and laying the groundwork to become one
of the most technologically advanced players in Mexico’s cable
and telecom market.

Two years earlier, Cablevisión had begun the process of convert-
ing its analog-format cable infrastructure to a fully digitalized net-
work. The conversion positioned Cablevisión to combat what was
then an intractable problem in Mexico: piracy. The conversion
brought an immediate jump in the number of video subscribers,
which grew on average 10 percent annually during the three-year
digitalization period.

More significant was the fact that the conversion, built with an invest-
ment of US$133 million, allowed the company to offer high-value-
added services such as HD TV and video-on-demand.

During recent years, Cablevisión’s triple-play services have fueled
the Company’s growth in Mexico’s cable and telecom market. In
2007, Cablevisión launched its first triple-play package, effectively
transforming the company from a pay-TV provider into a telecom-
munications company.

In 2009 Cablevisión began a US$240-million project to deploy “fiber
to the curb,” and in doing so to bring more and better services to
the home. These include higher capacity and download speeds for
high-speed internet, video-programming such as digital video re-
cording, and HD TV.

TELEVISA CELEBRATES 50
YEARS OF THE TELENOVELA

In 2007 Televisa celebrated 50 years of producing its popular Tele-
novelas, captivating audiences throughout the Spanish-speaking
world and beyond.

The novela as a media format was first transmitted by radio in 1932.
The first Telenovela produced in Mexico, Senda Prohibida, was
broadcast in 1958. Since then, Televisa has produced more than 800
Telenovelas, and today the Telenovela remains one of our most suc-
cessful formats.

Unlike soap operas, which can run for decades, Telenovelas begin
with a defined story line, are broadcast on a daily basis, and have
an average run of 120 episodes. Televisa is able to produce approxi-
mately ten to 15 Telenovelas every year, aided by an extensive library
of scripts and a tremendous pool of talent, most of which is devel-
oped in-house.

The appeal of the Telenovela continues to grow in Mexico and
abroad. As a matter of fact, three of the five most successful Tele-
novelas ever were launched in the past five years. During 2007, for
example, Destilando Amor achieved an average audience share of
46.8 percent and, during its final episode, garnered an impressive 61.1
percent audience share. Televisa repeatedly replicates successes
such as these in the United States. That same year, Destilando Amor
reached an audience of 12.7 million viewers and powered Univision
to the nation’s number-one ranking among all adults in the coveted
18–34 and 18–49 demographics. Additionally, the final episode of
Destilando Amor, transmitted by Univision, was the most-watched fi-
nale of any Telenovela in Univision’s history1.

Key to the success of Televisa is the consistency in the quality and
appeal of the content that it produces. In 2006, the final episode of
La Fea Más Bella garnered 43 rating points and an audience share
of more than 62 percent. And last year, the final episode of Soy tu
Dueña was the highest-rated show in Mexico, with 30.4 rating points.
In all, during 2010, Televisa produced and transmitted all of the top-
ten Telenovelas in Mexico, including the final episode of Hasta que el
Dinero nos Separe, which garnered 28.4 rating points.

The company’s skill in the production of Telenovelas has comple-
mented Televisa’s success in the production of other popular formats,
such as news and sports programs, reality shows, and series.

1 Among key demographics including all viewers 2 plus and adults 18 to 49. Source:

Univision fourth-quarter 2007 earnings conference call transcript.

INVESTMENT IN
CABLEMÁS ADVANCES
TELEVISA’S CABLE AND
TELECOM STRATEGY

In 2006, Televisa invested US$258 million in long-term notes con-
vertible into a 49 percent interest in Cablemás, the second-largest
cable company in Mexico.1 In 2008 Televisa made an additional
investment in Cablemás, and COFECO, Mexico’s competition
commission, approved the conversion of those notes into equity.
Televisa’s resulting 58.3 percent investment in Cablemás was a key
step forward in the company’s strategy to become a relevant par-
ticipant in Mexico’s cable and telecommunications industry.

Televisa’s initial investment in Cablemás was one of the first in a
series of steps to expand its presence in the rapidly growing cable
and telecom industry. For example, in 2006, Televisa acquired a
50 percent interest in Televisión Internacional (TVI), which oper-
ates in Monterrey and other parts of northern Mexico. And in 2007
Televisa took a majority stake in Bestel, a fiber-optic network that
provides voice, data, and managed services to domestic and in-
ternational carriers both in Mexico and the United States. In 2009,
Televisa’s cable assets Cablevisión, TVI, and Cablemás collabo-
rated with Megacable to offer YOO, a nationally branded, low-
cost triple-play offering. And in June 2010, the Mexican Commu-
nications and Transportation Ministry awarded to the consortium
formed by Televisa, Telefónica, and Megacable a 20-year con-
tract for the lease of a pair of dark-fiber wires held by the Mexican
Federal Electricity Commission.

As of today, Televisa has one of the largest telecom infrastructures
in the country. Through its cable and telecom assets, it reaches sev-
eral of the most important cities in Mexico with more than 6 million
homes passed and has close to 50 thousand miles of fiber and co-
axial cable around the country. In the aggregate, as of December
31, 2010, its three cable investments had more than 1.9 million video
subscribers, 502 thousand voice subscribers, and 806 thousand data
subscribers. Since the Cablemás investment in 2006, the total num-
ber of RGUs has been growing at an average rate of 22 percent per
year. For the coming years, Televisa expects this business to remain
an important source of growth.

1 Based on number of subscribers and homes passed.

Attractive growth potential

As Televisa continues to explore opportunities to expand its
presence in cable and telecom, it will seek to play a role in the
consolidation of cable in Mexico. The Company expects to
benefit from economies of scale and the growth potential of
this industry, and it will continue to work to improve its offerings,
the quality of its service, and the profitability of its business.

Continuous growth

The ongoing growth in pay-TV penetration in Mexico and
abroad, the appeal of Televisa’s pay-TV channels, and its
extensive advertising inventory in this platform will continue
to position Televisa Networks as one of the fastest-growing
segments in Televisa.

TDN LAUNCH ENHANCES
TELEVISA’S PAY-TV OFFERING

Televisa launched Televisa Deportes Network (TDN), its all-sports pay-
TV channel, in 2009. The addition of TDN rounded out Televisa’s portfo-
lio of pay-TV channels with one of the most important genres in terms
of ratings and commercial opportunities.

Immediately upon its launch, TDN became one of the highest-rated
sports channels in Mexico.1 TDN enabled Televisa to build an audience
different from viewers of its general entertainment content, and one
that is particularly attractive to advertising clients.

The dedication put into making TDN a success is evidence of the im-
portance that Televisa gives to this media platform. Through Televisa
Networks, we distribute a total of 18 pay-TV brands (15 owned and 3
represented) in more than 50 countries. Pay television provides Tele-
visa with an opportunity to monetize much of the content that has
already been produced and amortized while accessing a revenue
stream different from advertising, namely subscription revenue. In
addition, through this platform Televisa is able to monetize more ef-
fectively its content abroad. Of the more than 26 million subscribers
around the world, two thirds of them are outside Mexico.

Today, Televisa’s pay-TV channels are top-ranked in many catego-
ries. In 2010, the channels Televisa transmitted over pay-TV platforms in
Mexico included five of the top-ten general entertainment channels;
three of the top-five music/lifestyle channels; and three of the top-five
movie channels.

Advertising in this platform is becoming an important source of rev-
enue. Pay-TV channels attract demographics different from those
of broadcast television. As such, Televisa is able to gain access to
a special set of clients that otherwise would have not advertised in
over-the-air television, such as those that seek certain demographics
or that target specific geographies. In addition to benefiting from a
recurring stream of affiliate revenue, the growth of this platform has ef-
fectively allowed Televisa to benefit from the fragmentation of adver-
tisers, expanding its total client base. For Televisa Networks, advertising
has grown at a CAGR of 43 percent2 since 2005. Today, it represents
nearly 20 percent of the total revenues of this business segment.

1 As measured on platforms carrying both TDN and other sports channels.

2 Calculated with information as reported in each time period.

Increasing presence in
the Hispanic market

In 2010, Univision royalties accounted for US$156 million and
constituted the majority of Televisa’s Programming Exports
segment revenue. Under the new agreement, Televisa now
benefits from the creation of value in Univision. Televisa
invested US$1.2 billion in Univision for a five percent equity
stake and debentures convertible into a 30 percent
equity stake of Univision, subject to existing laws and
regulations. The agreement also gives Televisa an option to
acquire an additional five percent equity stake in Univision.
In addition, the two companies signed a program license
agreement for Mexico, under which Televisa received the
right to broadcast Univision’s content in the country.

The agreement expands and deepens the most important
alliance in Spanish-language media today. It aligns the
interests of both companies and empowers them to work
together to enhance their presence and prospects in the
growing U.S. Hispanic market.

TELEVISA SIGNS
LANDMARK AGREEMENT
WITH UNIVISION

In December 2010 Televisa made a substantial investment in
Univision and expanded and extended its long-term Program
License Agreement.

Since 1961, Televisa has successfully exported its content to the United
States, initially through Spanish International Network, which in the
1980s changed its name to Univision. Televisa has also participated
in the U.S. pay-TV market through TuTV, its joint venture with Univision,
since 2002.

This new agreement increases the exposure of Televisa’s content to
the U.S. Hispanic market, giving Univision the right to carry it across
all of its audiovisual platforms.

The U.S. Hispanic market represents an important growth opportunity
for Televisa, since a significant number of U.S. companies still do not
advertise in this market—even though population is growing at four
times the rate of the total U.S. population.

In addition, nearly two-thirds of the country’s 50 million Hispanics
are of Mexican heritage, and household consumption is 27 percent
higher than consumption in Mexico. As a cultural demographic,
U.S. Hispanics tend to retain cultural traditions and value systems,
which partly explains why Televisa’s content travels naturally and
successfully to the United States.

This new agreement provides a mutually beneficial platform. For
example, the agreement will enable them to capture the growth
opportunity presented by offering new advertising alternatives to
current and potential clients. The agreement will also extend the
portfolio of pay-TV channels distributed in the United States and
allow for the digital transmission of Televisa’s content.

The agreement expands the royalty base and immediately increases
the royalty payment to Televisa from 9.36 percent of television-only
revenues to 11.91 percent of all audiovisual revenue. The agreement
provides for a further increase, to 16.22 percent, beginning in 2018.

a decade

at the FOREFRONT

2001

• The launch of

Fundación Televisa

• Pricing of US$300 million

10-year Senior Notes offering
with an 8% coupon.

• Salomé breaks rating

records, delivering 25 rating
points.

2003

• Televisa celebrates 10

years on the NYSE

• Niña Amada Mía breaks

rating records, delivering 26
rating points.

2005

• International success of

Televisa’s content

• The DirecTV subscriber
migration process is
completed, increasing Sky’s
base to more than 1.25
million.

• Cablevisión begins to offer

DVR and HD services.

• A US$600 million dollar
20-year Senior Notes
offering is priced.4

2002

2004

2006

• Televisa issues US$300

• Sky consolidates its

• Cablevisión digitalizes its

million, 30-year,
investment-grade bond

position as the leading DTH
provider in Mexico

• Agreement to launch five

Pay-TV channels in the U.S.1

• Cablevisión launches public
offering on the Mexican
stock exchange2.

• Pay-TV Networks subscribers
reach more than 10 million.

• The corporate restructuring
concludes, and a dividend
policy3 is approved.

• Amor Real ranks as the most-
watched Telenovela of all
time among US Hispanics.

network

• La Fea Más Bella breaks

rating records, delivering 29
rating points.

• Pay-TV Network subscribers
reach more than 15 million.

• Televisa acquires a 50%

equity stake in TVI.

in partnership with Univision.
49% of its capital.

1
2
3

Ps.0.35 per CPO annually.
with a coupon rate of 6.625%.
at 8.49% and due 2037.
which represented an approximate 11.3% equity stake.

together with Megacable.

9 US$600 million aggregate principal amount due 2040.
10
11 at 7.38% and due 2020.
12
13 among Total Viewers 2+.

formed by Telefónica, Televisa, and Megacable.

7 US$500 million aggregate principal amount of Senior Notes due 2018.

in Mexico and Latin America.

28
2828

2007

2009

• Televisa celebrates 50
years of the Telenovela

• Pricing of Ps.4,500 million

aggregate principal amount
of Senior Notes,5 one of the
few 30-year euro-peso deals.

• Cablevisión launches

telephony services and
acquires Bestel.

• Sky reaches 1.5 million

subscribers and initiates
operations in Central
America and the Dominican
Republic.

• Televisa acquires Editorial

Atlántida.

• Televisa sells its shares and
warrants6 in Univision for
US$1,094.37 million.

• TDN launch enhances

• Television Broadcasting

delivers revenue growth of
0.5%, while Mexican GDP
decreases 6%.

• Televisa expresses interest in
participating in the mobile
telecommunications
market.

Televisa’s Pay-TV offering

• Pricing of Senior Notes9 at
6.625%, a 245 bp spread
over Mexican treasuries, the
second smallest spread of
any Mexican issuer.

• Our three cable

investments10 launch YOO,
a successful triple-play
offering.

• Sky launches VeTV and pays
Ps.2.7 billion in dividends.

• Cablevisión initiates “Grand
Slam” project, taking fiber-
to-the-curb and increasing
homes passed, among other
objectives.

2008

2010

• Investment in Cablemás

advances Televisa’s cable
and telecom strategy

• Pricing of Senior Notes7 at

6%, the lowest coupon ever
paid for any bond issued by
Televisa.

• Televisa becomes exclusive
distributor of Telemundo
content in all audiovisual
platforms.8

• Pay-TV Networks subscribers
reach more than 20 million.

• Telehit beats MTV in Mexico

national ratings and
maintains leadership in the
years to follow.

• Televisa signs landmark
agreement with Univision

• Pricing of Ps.10,000 million

aggregate principal
amount of notes,11 the
largest corporate issuance
at a fixed rate in the local
market, at a historically low
interest rate.

• Sky reaches 3 mm

subscribers, of which 1 mm
are added in 2010; launches
IS-16 satellite; and starts to
offer HD services.

• Televisa launches ForoTV, a

24-hour news channel.

• Pay-TV Networks subscribers
reach more than 25 million.

• The consortium12 receives a
contract for the lease of a
pair of dark-fiber wires held
by the Mexican Federal
Electricity Commission.

• Publishing concludes the

restructuring of the business
and extends the presence
of six brands to digital
platforms.

• Televisa produces its 800th

Telenovela.

• Soy tu Dueña becomes the
most-watched Spanish-
language Telenovela in US
television history13.

29
2929

Grupo Televisa, S.A.B.

BOARD OF DIRECTORS

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

Emilio Fernando Azcárraga Jean

Manuel Jorge Cutillas Covani

Enrique Krauze Kleinbort

Chairman of the Board of Directors, President
and Chief Executive Officer, and Chairman of
the Executive Committee of Grupo Televisa.
Member of the Boards of Directors of
Banco Nacional de México and Univision
Communications.

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 Boards of
Directors of Grupo Modelo and Univision
Communications. Former Chief Financial
Officer of Grupo Televisa.

First elected: April 1998

Pedro Carlos Aspe Armella

Chairman of the Board of Directors and
CEO of Protego Asesores. Co-Chairman of
Evercore Partners. Member of the Board
of Directors 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 Grupo Televisa.

First elected: December 1990

José Antonio Bastón Patiño

President of Television and Content and
Member of the Executive Committee
of Grupo Televisa. Alternate Member
of the Board of Directors of Univision
Communications. Former corporate Vice
President of Television, Vice President of
operations, and former general director
of programming of Grupo Televisa.

First elected: April 1998

Alberto Bailleres González

President of Grupo Bal. President of the Boards
of Directors of Industrias Peñoles, Fresnillo PLC,
Grupo Nacional Provincial, Grupo Profuturo,
GNP Afore, GNP Pensiones, Valores Mexicanos
Casa de Bolsa, Grupo Palacio de Hierro and
Member of the Boards of Directors of BBVA
Bancomer, Fomento Económico Mexicano,
Grupo Kuo, Grupo Dine and President of the
Board of Directors of Governors of ITAM.

First elected: April 2005

Former President and Chief Executive
Officer of Bacardi Limited.

Director and Partner of Editorial Clío
Libros y Videos

First elected: April 1994

First elected: April 1996

José Antonio Fernández Carbajal

Michael Larson

Chairman of the Boards of Directors and Chief
Executive Officer of Fomento Económico
Mexicano and Coca-Cola FEMSA.
Vice Chairman of the Board of Directors
of Heineken Holding and Chairman of the
Americas Committee of Heineken.
Vice Chairman of the Board of Directors
of ITESM and Member of the Boards
of Directors of Grupo Financiero BBVA
Bancomer, Industrias Peñoles, Grupo Bimbo,
Concesionaria Vuela Compañía de Aviación,
Xignux, US-Mexico Foundation and Cemex.

Chief Investment Officer of Cascade
Investment, LLC and the Bill and Melinda
Gates Foundation Trust. Member of the Boards
of Directors of Hamilton Lane Advisors, LLC,
Republic Services, and AutoNation. Chairman
of the Board of Directors 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

First elected: April 2007

Germán Larrea Mota Velasco

Carlos Fernández González

Chairman of the Board of Directors and Chief
Executive Officer of Grupo Modelo.
Member of the Board of Directors of Emerson
and Member of the International Counsel
Board of Banco Santander.

Chairman of the Board of Directors, President
and Chief Executive Officer of Grupo México.
Chairman of the Boards of Directors of
Southern Copper Corporation and Grupo
Ferroviario Mexicano.

First elected: April 1999

First elected: July 2000

Lorenzo Alejandro Mendoza Giménez

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 Director
to the president of Grupo Televisa.

CEO and Member of the Board of Directors
and Executive Committee of Empresas Polar
Member of the Board of Directors of Junior
Achievement, Venezuela-USA Entrepreneurs
Council, Group of 50, The Latin America
Business Council, Board of Directors of Trustees
for the Metropolitana University and the Sloan
School of Management (MIT). Member of the
WEF, YGL and Ashoka fellow.

First elected: April 1999

First elected: April 2009

Claudio X. González Laporte

Alejandro Quintero Iñiguez

Chairman of the Board of Directors of
Kimberly-Clark de México.
Member of the Boards of Directors of Grupo
Alfa, Grupo Carso, Grupo México, Grupo
Financiero Inbursa and Mexico Fund.
Director Emeritus General Electric.
Chairman of the Strategy Committee of the
Mexican Business Council.

First elected: April 1997

Roberto Hernández Ramírez

Chairman of the Board of Directors of Banco
Nacional de México. Member of the Boards
of Directors of Grupo Financiero Banamex
Accival, the Nature Conservancy and World
Monuments Fund.

Corporate Vice President of Sales and
Marketing and Member of the Executive
Committee of Grupo Televisa.
Former advisor to former President Ernesto
Zedillo. Shareholder of Grupo TV Promo.

First elected: April 1998

Fernando Senderos Mestre

Chairman of the Boards of Directors and
President of the Executive Committee of
Desc,Dine, and Grupo Kuo. Member of the
Boards of Directors of Grupo Carso, Grupo
Nacional Provincial, Kimberly Clark de
México, and Industrias Peñoles.

First elected: April 1992

Francisco José Chévez Robelo

First elected: April 1992

Enrique F. Senior Hernández

Certified Public Accountant.
Cofounder of the Mexican tax firm Chevez,
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

* Appointed in our last Shareholders meeting which took place in April 2010.

4040

Managing Director of Allen & Company
LLC. Member of the Boards of Directors of
Coca-Cola FEMSA, Cinemark, FEMSA and
Univision Communications.

First elected: April 2001

In the past decade, Televisa has achieved several

milestones that have enabled the Company

to create value through the production and

distribution of its content and to strengthen its

position as a leader in its industry.

Today Televisa is well positioned to identify and

quickly respond to opportunities and events in the

rapidly growing and ever-changing global media

and telecommunications market.

In the coming years, Televisa will build on these

milestones to continue benefiting its clients,

shareholders, employees, and the communities in

which it operates.

COMPANY PROFILE

CONTENTS

TELEVISA AT A GLANCE 02 / LETTER TO SHAREHOLDERS 04 / FINANCIAL HIGHLIGHTS 06

A DECADE AT THE FOREFRONT 08 / MANAGEMENT´S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS 30 / BOARD OF DIRECTORS 40 /

FINANCIAL STATEMENTS 41

INVESTOR INFORMATION

Common stock data

Investor relations

Dividend policy

SEC filings

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

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

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

x
m
m
o
c

.
i

n
g
i
s

n
g
i
s
e
D

This annual report is available in both English and Spanish. April 2011.
Este informe anual está disponible tanto en español como en inglés. Abril 2011.

T
R
O
P
E
R

L
A
U
N
N
A
0
1
0
2
A
S

V
E
L
E
T

O
P
U
R
G

•

T
N
O
R
F
E
R
O
F

e
h

a
e
d
a
c
e
d
a

www.televisa.com

www.televisair.com

a decade

at the FOREFRONT

GRUPO TELEVISA 2010 ANNUAL REPORT