Connectin≈>>>
2020 Annual Repor t
Contents
02 This is Televisa
04 Letter to Shareholders
08 Financial highlights
10 Cable
12 Sky
14 Content
16 Other businesses
18 Univision
20 Commitment to
sustainability
22 Fundación Televisa
24 Board of Directors
II
>>>people
Televisa is a leading media company in the Spanish-
speaking world, an important cable operator in Mexico
and an operator of a leading direct-to-home satellite pay
television system in Mexico.
Televisa distributes the content it produces through
several broadcast channels in Mexico and in over 70
countries through 27 pay-TV brands, television networks,
cable operators and over-the-top or “OTT” services.
In the United States, Televisa’s audiovisual content is
distributed through Univision Communications Inc.
(“Univision”) the leading media company serving the
Hispanic market. Univision broadcasts Televisa’s audio-
visual content through multiple platforms in exchange
for a royalty payment. In addition, Televisa has equity
representing approximately 36% on a fully-diluted
basis of the equity capital in Univision Holdings, Inc.,
the controlling company of Univision.
Televisa’s cable business offers integrated services,
including video, high-speed data, voice and mobile
services to residential and commercial customers as
well as managed services to domestic and international
carriers. Televisa owns a majority interest in Sky, a
leading direct-to-home satellite pay television system
and broadband provider in Mexico, operating also in the
Dominican Republic and Central America.
Televisa also has interests in magazine publishing and
distribution, professional sports and live entertainment,
feature film production and distribution, and gaming.
>>>people
1
Televisa is one of the most important participants in Mexico’s telecom industry
DIVISIONS
Multiple System Operators
(“MSOs”) division which offers
video, high-speed data, voice and
mobile services to residential and
commercial customers, including
small and medium sized businesses.
Enterprise
Provides telecommunications
services, including voice, data,
managed services, as well as
integration and cloud services to
domestic and international carriers
and to enterprise, corporate, and
government customers in Mexico
and the United States.
Revenue Generating Units
Video
Broadband
Voice
Mobile
4,284,682
5,430,859
4,296,530
75,515
Total RGUs
14,087,586
A leading direct-to-home satellite television system and broadband provider
Operates in Mexico, Central America
and the Dominican Republic.
58.7% interest owned by Televisa.
Sky offers pay-TV packages,
including exclusive content that
ranges from sports to concerts and
special events, as well as fixed-
wireless broadband services with
speeds ranging from 5 to 20 Mbps.
Revenue Generating Units
Video
Broadband
Voice
7,477,294
665,907
892
Total RGUs
8,144,093
CABLE
SKY
In 2020, Televisa produced more than 86,000 hours of content for free to air and pay-TV
Advertising
Televisa operates four broadcast
channels –2, 4, 5, and 9– in Mexico
City and complements its geographic
coverage through affiliated stations
throughout the country. Televisa
also sells advertising on its pay-TV
networks and online properties.
Network Subscription
Televisa produces and distributes
27 pay-TV brands. In 2020, Televisa
produced more than 18,500 hours of
content for pay-TV networks.
Licensing & Syndication
Televisa exports its programs and
formats to television networks
around the world. In the United
States, Televisa distributes its
content through Univision under a
Program License Agreement (“PLA”).
This year, the PLA resulted in royal-
ties to Televisa of U.S.$379.6 million.
CONTENT
>>> This is
Other
businesses
Gaming
Casino sites and online lottery
business.
Publishing Distribution
Distributes publications in
Mexico and Latin America.
Feature Film Distribution
Distributes movies in Mexico
and Latin America.
Publishing
A leading Spanish-language
magazine publisher.
Soccer
First division soccer team of
the Mexican league and owner
of Azteca stadium, located in
Mexico City.
2
4.1%
Other Businesses
Sales
Contribution >
31.2%
Content
43.5%
Cable
21.2%
Sky
0.3%
Other Businesses
OSI*
Contribution >
30.5%
Content
46.6%
Cable
22.6%
Sky
* Operating segment income (OSI) is defined as operating income before corporate expenses depreciation, and amortization, and other expense, net.
For a reconciliation of operating segment income with consolidated operating income, see Note 26 to our year-end consolidated financial statements.
Televisa
Unconsolidated
businesses
Univision
Televisa holds a direct equity
interest of approximately 36%
on a fully-diluted, as-converted
basis in Univision, the leading
Spanish-language media
company in the United States
and the number five network
regardless of language.
3
January 2020
>>>Dear
Shareholders
Bernardo Gómez
Co-Chief Executive Officer
At Televisa, our strong integrated po-
sition in the media and telecommuni-
cation sectors allowed us to steer the
macro-economic and industry chal-
lenges. We experienced operational
resilience, took broader and sustain-
able decisions, and improved our fu-
ture-readiness, despite the strain of
the pandemic. Our decisive actions
underscored our abilities in times of
such crisis. Notwithstanding the fore-
going, we continued operating our es-
sential businesses uninterrupted to
provide our customers with connec-
tivity, entertainment, and information.
As we focused on our business re-
silience, our main priority was to en-
hance our employees’ safety, health,
and well-being. We worked fast to
adopt all safety measures and proto-
cols, and we developed all the neces-
sary tools to support our workforce
and their ability to remain capable
of working with physical distancing,
irrespective of their location. In this
sense, we take pride in sharing that
our field personnel worked non-stop
under strict sanitary conditions to
satiate our customers’ need for con-
nectivity. Likewise, our newscasts
remained committed to keeping our
population
informed and updated
with the latest news.
As we prepare this annual letter,
the world keeps facing a challeng-
ing environment, with the pandem-
ic (COVID-19) having a far-reaching
socio-economic impact. At Televisa,
our thoughts are with the frontline
health and essential service workers
who have been most at risk during the
pandemic. In this tough landscape,
we remained focused on protecting
our people, while delivering solid re-
sults. Together, we will emerge stron-
ger from this crisis.
KEY HIGHLIGHTS OF 2020
2020 was a challenging and unique
year that saw one of the deepest eco-
nomic shocks that the world has ex-
perienced in decades. As the health
crisis unfolded and lockdowns were
imposed to tighten movement restric-
tions, it brought global economic ac-
tivity to a near standstill. In this con-
text, COVID-19 highlighted the need
for urgent actions to avoid economic
headwinds and to set the stage for
lasting recovery.
Alfonso de Angoitia
Co-Chief Executive Officer
We remained
focused on
protecting our
people, while
delivering
solid results
4
Shareholders
Our focus was to keep our
businesses performing well while
maintaining a strong emphasis on
our three core operations: Cable,
Sky, and Content
BUSINESS PERFORMANCE
The Company’s progress during the
year proved to be gratifying, regard-
less of the pandemic. Our focus was
to keep our businesses performing
well while maintaining a strong em-
phasis on our three core operations:
Cable, Sky, and Content. Excluding
the results of our Other Business-
es segment, revenue for these three
combined core businesses expanded
by 2.0% and operating segment in-
come grew by 2.1%. We kept sight of
our strategic initiatives and continued
to focus on execution, from our enter-
tainment content to our newscasts,
broadband and pay-tv services.
Our reliable network allowed us to
support strong demand for connec-
tivity services due to social distanc-
ing policies, leading us to record a
solid financial and operational per-
formance. Our content business con-
tinued operating without interruption,
entertaining, and informing our audi-
ences, while we were able to substan-
tially compensate for the decline in
advertising revenues with a dramatic
reduction in costs and expenses. At
Sky, we continued with a very healthy
pace of net adds and closed the year
with the highest number of Revenue
Generating Units or RGUs on record.
Our Other Businesses segment was
severely impacted by the closing of
the economy and posted a drop in Op-
erating Segment Income of 92% year-
over-year. Unfortunately, due to the
social distancing measures mandated
by the authorities, we had to close our
gaming sites and the Azteca stadium.
Also, most of the points of sale for our
magazines were not operating, and
our movie distribution business was
put on hold due to the closure of mov-
ie theaters, all of these being circum-
stances outside of our control.
average monthly traffic per user and an
additional 16% in the number of users.
The investments that we made over the
previous years are paying off and have al-
lowed us to keep up with the increase in
demand for high-speed broadband. Also,
we extended our network by 513 thousand
homes, closing the year with approximate-
ly 15.8 million homes passed, of which
more than 60% are connected either with
fiber-to-the-node or fiber-to-the-home.
We set a record in broadband, adding
735 thousand RGUs in 2020, leading to
strong sales and operating segment in-
come growth of 8.8% and 6.2%, respec-
tively. We remain excited about future
opportunities in the business; we believe
there is still a long way to go. Our Enter-
prise business also keeps on building
scale, growing 15.5% and 16.4% in sales
and operating segment income, respec-
tively, during the year.
CABLE – ROBUST ORGANIC GROWTH
Our Cable business had a great year
as we recorded the highest pace of
organic growth in RGUs on record,
with broadband driving most of the
increase. We reported 1.4 million
RGUs net additions of video, broad-
band, voice, and mobile; a year-on-
year growth of 11.3%, surpassing the
milestone of 14 million total RGUs.
Propelled by a strong innovation pipeline,
in 2020 we launched izzi móvil, a dis-
ruptive mobile service that by the end of
the year reached 76 thousand RGUs. We
continued to strengthen our over-the-top
platforms offer and aggregated value to
our video packages with additional al-
ternatives, like our sports-only network
Afizzionados, which now includes rele-
vant sports content on an exclusive basis.
Our network was at par with the cir-
cumstances. We were able to satisfy
our subscribers’ requirements, despite
an approximately 30% increase in the
+14 mm
Cable RGUs
5
It was an excellent year for
Sky, achieving the strongest
combined net additions since
2016, closing the year with a
record high of 8.1 million RGUs
666
thousand
subscribers
broadband
in Sky
Televisa
broadcasted the
Top 20
most-watched
shows during
weekdays
6
SKY – ADDING CUSTOMERS EVERY SIN-
GLE QUARTER
It was an excellent year for Sky, achiev-
ing the strongest combined net addi-
tions since 2016, closing the year with
a record high of 8.1 million RGUs. Sky’s
video business displayed outstanding re-
silience even in this challenging year and
added customers every single quarter. At
the same time, our broadband offer con-
tinued building scale, closing with a total
of 666 thousand subscribers.
Broadband RGUs accounted for 8.2% of
total RGUs in 2020 and represent the
main source of growth for Sky. We in-
creased the offered speed to 20 Mbps,
and we will continue analyzing new ways
to add more value to our broadband sub-
scribers. We also continue innovating
on the video offer. This year, to further
monetize Sky’s investment in exclusive
sports content, we launched a prepaid
offer called Sky Sports, which includes
all free-to-air channels and Televisa’s
suite of pay-tv channels.
We are committed to developing other
pay-tv and telecom offers to maintain
the resilience and profitability of this
business.
CONTENT – CONSTANTLY EVOLVING
Mexico’s television industry is healthy
and exhibiting consistent growth despite
a complicated year for our Content seg-
ment. In 2020, viewership of free-to-air
TV in prime time grew 6% year-over-year
and Televisa contributed significantly to
this growth. While we focused on adapt-
ing to the demanding operational envi-
ronment, we were also able to continue
strengthening our content library.
During the most complicated months of
the pandemic, we had to replace much
of our early afternoon content with li-
brary programming for some time given
the temporary closing of our production
facilities. However, our afternoon con-
tent delivered excellent results, achiev-
ing a viewership that was about 50%
higher than the prime-time content of
our closest competitor. Also, our flag-
ship channel, Las Estrellas, achieved
year-over-year growth
in weekday
viewership of 20% during the combined
afternoon and primetime slots, reach-
ing a five-year rating record. Likewise,
Televisa broadcasted the top 20 most-
watched shows during weekdays.
Our over the top (“OTT”) platform,
Blim, continues to gain scale ending
2020 with approximately 1.1 million
subscribers. Blim is the premier Span-
ish-language SVOD (subscription video
on demand) platform in Mexico with
over 32 thousand hours of content and
35 live streaming channels. It currently
provides access to Televisa’s extensive
library, complemented with content
from other major producers.
Regarding the financial results of this
business, we remained on track to de-
liver savings with an acute focus on
maintaining cost efficiency. We brought
down our costs and expenses by Ps.2.2
billion in 2020, thereby improving our
profitability and reaching the highest
margin since 2016.
UNIVISION
By the end of 2020, Searchlight and
ForgeLight concluded the acquisition
of a majority ownership interest in
Univision and as part of the transac-
tion we converted our warrants into
common stock. We remain excited by
the opportunity to experience a new
growth phase and look forward to
contributing with Univision’s transfor-
mational initiatives.
On the Televisa side, Emilio and we
both will continue participating in
Univision’s Board. Today we have the
closest working relationship we’ve
ever had with our partners at Univi-
sion and are looking forward to sup-
porting Wade and his team with all the
initiatives they have in the pipeline.
DELIVERING ON ESG PRIORITIES,
SERVING THE SOCIETY
At Televisa, we understand our role
in serving society. We believe that
adopting sustainable business prac-
tices is critical to generate long-term
value for our customers, employees,
shareholders, and communities.
Our sustainability achievements re-
sult from a regular enhancement of
policies and programs to improve
corporate performance. During 2020,
Televisa’s many sustainability efforts
continued to be recognized globally.
For example, the Company was added
in the 2020 Dow Jones Sustainability
MILA Pacific Alliance Index. It was
one of only five Mexican companies
chosen for the DJS Emerging Markets
Index. Also, Televisa was included in
three 2020 FTSE4Good Index Series:
FTSE4Good Emerging Markets, FTSE-
4Good Emerging Latin America, and
FTSE4Good BIVA.
The Company was also selected as
one of only five Mexican companies
to be included in the 2020 Bloomberg
Gender-Equality Index. Further, Tele-
visa was selected as a constituent of
the ESG index, launched by S&P, Dow
Jones, and the Mexican Stock Ex-
change. Finally, Televisa was ratified
as a signatory of the United Nations
Global Compact, the world’s largest
corporate sustainability initiative.
WELL-PREPARED AND WELL-POSI-
TIONED FOR 2021
While we hope that the worst of
COVID-19 impact is now behind us,
we anticipate 2021 to present its own
set of challenges. Nonetheless, we
remain well-prepared for the future
and well-positioned to keep growing
with clear priorities and strategic ini-
tiatives in mind.
In Cable, our key priority will be to
expand broadband market share, im-
prove the network, and keep on inno-
vating on our offers. At Sky, as we con-
tinue generating healthy cash flow, we
will enhance our broadband services
and continue our focus on aggregating
value to our packages. In Content, our
emphasis will be to launch the premier
Spanish-language AVOD (advertising
video on demand) platform in Mexi-
co, execute our digital transformation
strategy, and maintain cost efficien-
cy as we produce new and innovative
content. As a fully integrated media
company with access to all delivery
platforms, our primary goal will be to
optimize these windows and monetize
our content even more effectively. We
remain determined in our mission of
providing appealing programming to
our audiences through a wide variety
of platforms.
With differentiated capabilities and
disciplined management, we will con-
tinue to build the momentum to find
innovative ways of delivering value to
our stakeholders. We will also keep
looking for fresh growth opportunities
and showing clear strategic impera-
tives, improving the very foundation
of our business.
In conclusion, as we wish good health
and safety to all, we take the opportu-
nity to thank our employees for their
dedication. Our priority of keeping our
workforce safe with all the right mea-
sures in place will remain unabated.
On behalf of the management and our
Board, we thank you, our sharehold-
ers, for the unflinching support and
trust which enable us to build a sus-
tainable future together.
Bernardo Gómez
and Alfonso de Angoitia
Co-Chief Executive Officers
7
>>>Financial
Highlights
In millions of Mexican pesos, except per
CPO amounts and shares outstanding
2020
2019
Chg.%
Consolidated net sales
97,362
101,757
(4.3)%
Operating-segment income1
40,511
41,032
(1.3)%
Segment margin
Operating income
Margin
38.8%
38.6%
17,525
17,005
3.1%
18.0%
16.7%
Controlling interest net
(1,250)
4,626
(127.0)%
Earnings per CPO
(0.44)
1.60
Shares outstanding at year-end (in millions)
325,993
337,244
Cash and cash equivalents at year-end
29,058
27,452
5.9%
Non-Current investments in financial instruments
6,533
10,439
(37.4)%
Total debt at year-end
122,553
120,937
1.3%
1 Operating segments income (OSI) is defined as operating income before corporate expenses, depreciation and amortization, and other income
(expense), net. For a reconciliation of operating segment income with operating income, see Note 26 to our year-end consolidated financial
statement.
8
.
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3
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6
.
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3
7
.
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8
.
1
8
8
.
3
6
9
.
3
4
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.
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1
0
1
.
8
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0
1
X
X
X
4
.
7
9
.
4
5
2
.
4
8
2
.
9
9
2
.
3
2
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.
7
5
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.
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.
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.
7
0
4
.
0
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.
0
4
11 12 13 14 15 16 17 18 19 20
11 12 13 14 15 16 17 18 19 20
Consolidated net sales
in billions of pesos (as reported)
Operating segment income
in billions of pesos (as reported)
Compound Annual
Growth Rate
4.5%
Compound Annual
Growth Rate
4.9%
9
During 2020, Cable segment
reached 14.1 million RGUs,
improving service quality and
offering attractive video, voice,
broadband and mobile packages
<<<<< >Cable
+1.4
million RGUs
added
8.8%
Revenue
grow
15.8
million
homes
passed
10
Televisa’s Cable business offers cable and convergent ser-
vices across 28 states in Mexico, covering the main metropol-
itan areas of the country.
We continued upgrading our network, which now reaches
more than 15.8 million homes in the country. Our network is
up to cable industry standards, combining traditional hybrid
fiber-coaxial, fiber deep, and deployments of Gigabit Passive
Optical Networks (GPON).
Internet Protocol Access and Large-Scale Core networks are
in place and Voice over IP Cores is placed in several regions
to support telephony traffic for residential and enterprise cus-
tomers. We are able to deliver up to 100 megabits of speed
per second in a large portion of homes passed.
<<<<< >Cable
Revenues for our Cable segment grew by 8.8% in 2020.
We added more than 1.4 million RGUs and north of 500
thousand homes passed.
We are the main aggregator of Over the Top of platforms in
Mexico. During 2020, we continued to add new OTT ser-
vices into our packages including Netflix, Disney+, Blim and
launched our new state of the art Android TV set-top boxes.
We continue to strengthen the exclusive content in our
Afizzionados sports channel (including exclusive matches
from Chivas, Atlas and Tigres in the first Division Soccer
League and one NFL Sunday match).
In addition, we launched our mobile service (izzi Móvil)
with disruptive pricing and services.
11
2020 was a very solid year for Sky. Our
broadband offer continued building scale
and we managed to add video customers
in every single quarter of the year.
Our combined net
additions were the
strongest since 2016.
>>> >Sky
12
>>> >Sky
666
thousand
broadband RGUs
by the end of
2020
+8.1
million
customers
Sky is our direct-to-home (DTH) satellite tele-
vision and fixed wireless broadband operation.
Through its pay-TV packages, it reaches every
corner in Mexico, plus the Dominican Republic
and Central America.
Sky offers pay-TV packages, including exclusive
content that ranges from sports to concerts and
special events, as well as fixed-wireless broad-
band services with speeds ranging from 5 to 20
Mbps. With 8.1 million RGUs, Sky remains as
one of the most successful pay-TV operations
in the region.
We continued expanding broadband services
Sky reached 666 thousand broadband RGUs by
the end of 2020, adding a total of 280 thousand
in one year.
Sky is the best platform to access sports from
any device. Also, in December we launched Sky
Sports, a bundle of channels to watch all sports
that Sky has on exclusive basis, plus all Televi-
sa’s free to air and pay-TV channels.
13
Audience y-o-y
growth of 20%
in our flagship
network during
weekdays
<<<<< >>>Content
37.9%
Maintained
strong OSI margin
U.S.$379.6
million received
in the form of
royalties from
Univision in 2020
14
ADVERTISING
During 2020, advertising sales posted a decrease of 16.0%,
mainly explained by a significant deterioration in the Mexi-
can economy due to COVID-19.
With four free-to-air channels in Mexico City –2, 4, 5, and 9–
which Televisa operates with a combination of owned and
affiliated network stations throughout Mexico, a strong port-
folio of pay-TV networks, and new media platforms, Televisa
is one of the largest providers of advertising alternatives in
the Mexican market.
Ratings in 2020 were strong. The success of our productions
was evident even before the beginning of social distancing
measures in mid-February when ratings were already reach-
ing levels not seen since 2016.
<<<<< >>>Content
blim tv
blim tv is Televisa’s over the top (“OTT”) platform.
With over 32 thousand hours of content and 35
live streaming channels, is the premier Span-
ish-language SVOD (subscription video on de-
mand) platform in Mexico.
It currently provides access to Televisa’s exten-
sive library, complemented with content from
other major producers, like, Univision, Telemun-
do, Videocine, Sony, Atresmedia, RTVE, Viacom,
Mediapro and many others.
NETWORK SUBSCRIPTION
Televisa Networks is one of the most successful
producers and distributors of content for pay-TV
platforms in Mexico.
We are one of the world’s leading producers of
original Spanish-language content for pay-TV
platforms. We commercialize 27 pay-TV brands
through 65 domestic and international feeds,
which reach over 42 million subscribers around
the world.
Over the years we have assembled a portfolio of channels
for pay-TV that improve every day. Televisa’s pay-TV net-
works continue to be among the most watched networks on
pay- TV platforms in Mexico.
LICENSING AND SYNDICATION
Televisa keeps successfully exporting innovative content
around the world, as well as creating alliances with new
partners.
In the United States, through our Program License Agreement
(“PLA”) with Univision, we reach a very important demographic
in the Spanish-speaking world: the Hispanic market.
Our PLA grants Univision exclusive access to most of our
audiovisual content in any format for distribution in the
United States. In exchange, we currently receive a royal-
ty payment of 16.45% on substantially all of Univision’s
Spanish-language audiovisual revenue. In 2020, we re-
ceived U.S.$379.6 million in the form of royalties from
Univision. Televisa’s content has been distributed globally
for many decades and has an enduring base of followers
beyond Mexico and the United States. During 2020, we
exported over 74 thousand hours of our original program-
ming to more than 70 countries.
15
>>>Other
Businesses
16
GAMING
PlayCity Casino and PlayCity Apuestas, include 18 sites across
the country with over 7,000 Electronic Gaming Machines and
Online Sports Betting through a responsive mobile app. Our
Casinos have the most modern video reels and bingo games,
as well as the widest sports betting offer in Mexico.
During 2020, and despite the retail shutdown across the
country, Playcity maintained all properties in great condition
and with all safety measures already settled to receive cus-
tomers back.
PUBLISHING
During 2020, Televisa published 32 magazine titles in Mexi-
co. These titles cover a wide variety of consumer interests
from health, beauty, fashion, pop culture, technology, trav-
el, and science.
Our titles aim to capitalize on the success of Televisa’s au-
diovisual content and to engage with our audiences at a
deeper level.
18
PlayCity Casino
and PlayCity
Apuestas sites
across the
country.
32
magazine titles
published in
Mexico.
17
The leading Hispanic
media company
in the U.S.
<<<< >>>Univision
18
In the United States, Televisa has equity representing approxi-
mately 36% on a fully-diluted basis of the equity capital in Univi-
sion Holdings, Inc., the controlling company of Univision.
Univision, the leading media company serving Hispanic America.
It includes:
• Univision Network, one of the leading networks in the United
States regardless of language and the most watched Span-
ish-language broadcast television network in the country
available in approximately 80% of US-Hispanic television
households.
• UniMás, one of the leading Spanish-language broadcast tele-
vision networks in the United States.
<<<< >>>Univision
• Univision Cable Networks, including Galavisión, the most
watched U.S. Spanish-language entertainment cable net-
work, and TUDN, the most watched U.S. Spanish-language
sports cable network.
Univision owns and operates 61 television stations in ma-
jor U.S. Hispanic markets.
• The Uforia Audio Network includes 58 owned and op-
erated radio stations, a live event series and the Uforia
music application.
• Various digital properties consisting of online and mobile
websites and applications including Univision.com, the
most visited Spanish-language website among U.S. His-
panics; and Univision Now, a direct-to-consumer on-de-
mand and live streaming subscription service.
19
>>>Commitment
to Sustainability
As we produce some of the best Spanish-language con-
tent globally and broadcast it through the most relevant
platforms, and leverage on our extensive telecommunica-
tions infrastructure to provide entertainment and connect
people, we focus on managing our environmental, social,
and corporate governance (ESG) performance. We aim to
develop a consistent, transparent, and comparable ESG
reporting framework to inform our stakeholders.
We acknowledge the importance of targeting climate
change-related issues. For that reason, we are committed
to reducing our environmental impact and greenhouse gas
emissions through specific programs, training, and emis-
sion inventories. We have also set ecological targets such
as clean energy generation, energy consumption reduction,
water consumption reduction, and greenhouse gases (GHG)
emissions reduction. These targets align with public sector
efforts, such as the UN Sustainable Development Goals.
Furthermore, we focus on our social performance.
Growth of our employees is an important topic for us. We
further enhance careers with training programs (ethics,
anti-corruption, human rights, information security, and
data protection), performance evaluations, and addition-
al benefits. We are committed to offering stable labor
conditions to our employees by respecting their human
and collective rights and providing a working environ-
ment that enables them to improve their performance
and increase their engagement.
20
Additionally, we focus on achieving local community en-
gagement through assessment and planning, to under-
stand their potential, expectations, and needs. We create
opportunities in education, culture, entrepreneurship,
health, and environmental protection to improve commu-
nities and help build better and more sustainable societ-
ies through our social programs.
Our sustainability achievements result from a regular en-
hancement of policies and programs to improve corporate
performance. During 2020, Televisa’s many sustainability
efforts continued to be recognized globally. For example,
the Company was selected for the Dow Jones Sustain-
ability MILA Pacific Alliance Index and was one of only
five Mexican companies selected for the DJS Emerging
Markets Index. Also, Televisa was included in three FTSE-
4Good Index Series: FTSE4Good Emerging Markets, FTSE-
4Good Emerging Latin America, and FTSE4Good BIVA.
Besides, the Company was selected as one of only five
Mexican companies to be included in the Bloomberg
Gender-Equality Index. Also, Televisa was selected as
a constituent of the ESG index, launched by S&P, Dow
Jones and the Mexican Stock Exchange. Finally, Televi-
sa was confirmed as a signatory of the United Nations
Global Compact, the world’s largest corporate sustain-
ability initiative.
To sum up, we understand our sustainability strategy as
a commitment to enhancing the lives of the communi-
ties we serve, and by doing so, we will also contribute
to our growth.
We are committed
to sustainability and
corporate social
responsibility through
programs that help
build sustainable
development in the
communities we serve
21
Our innovative programs in education,
culture, entrepreneurship, and environmental
protection provide an empowering platform for
hundreds of thousands of people
>>>Fundación Televisa
Fundación programs work along different life stages. Emp-
ieza Temprano focuses on early childhood development by
providing parents and families with information and practi-
cal tips. To enhance the skills of K-12 students, Fundación
has a civic values program called Valores. Cuantrix teaches
computer science and coding. Technolochicas empowers
young women through STEM (Science, Technology, Engi-
neering, and Mathematics). Bécalos works to increase high
school and college completion while improving the stu-
dent’s employability and POSiBLE helps expand high-im-
pact innovation-driven entrepreneurship through train-
ing, networking, resources, visibility, and acceleration for
high-potential startups.
Also, Fundación’s cultural and environmental programs
cut across ages serving the general public through actions
in specific locations and the digital and media space. As
it was an atypical year, we adapted our programs and ac-
tions to suit the new normal. We used media and digital
assets to be closer to our beneficiaries. Through our disas-
ter relief program, we supported activities tailored to the
COVID-19 emergency
In a challenging 2020, Fundación Televisa was commit-
ted to those most in need. We continued our programs,
and at the same time, developed new ones that could
respond to the COVID-19 crisis. As a result, we could
impact the lives of 924,900 children, youth, and adults
in Mexico and the United States, investing with our allies
together more than Ps.368.5 million.
Our innovative programs in education, culture, entrepre-
neurship, and environmental protection provide an em-
powering platform for hundreds of thousands of people
to improve their lives, transform their communities, and
build better and more sustainable societies. Our approach
combines effective leverage of Televisa communication
channels with state-of-the-art digital tools, financial sup-
port, and on-the-ground multidisciplinary teams.
We directly contributed to 11 of the 17 United Nations
Sustainable Development Goals.
We provided more than 2.4 million media impacts,
reaching more than 51 million people with our mes-
sages. Among them, many related to safety measures
for COVID-19 like staying at home and wearing safety
masks. At the same time, we helped more than 64 insti-
tutions and organizations through communication cam-
paigns with television spaces. We generated more than
1.5 million followers on social networks and more than 4
million people on our platforms.
22
For more information, please visit our
2020 Fundación Televisa Annual Report:
https://informe.fundaciontelevisa.org/en/
>>>Fundación Televisa
Our numbers:
• We donated Ps.124.4 million to projects that sup-
ported hospitals, medical staff, and vulnerable
groups affected by the COVID-19 pandemic emer-
gency. These benefitted more than 135,000 people
with medical protection supplies, mechanical ven-
tilators, and food pantries, among others. We part-
nered this effort with 16 organizations.
• More than 40,000 public school students and 8,800
teachers and instructors nationwide were registered
in our Cuantrix platform to learn basic coding skills.
•
• More than 1,000 middle-school girls participated in
Technolochicas STEM activities in Mexico and the
United States.
There were 37,186 recipients of Bécalos scholar-
ships, including 9,814 for students and teachers de-
veloping employability competencies and 100 schol-
arships for students attending a program for talented
youth. This year it was crucial for them to be able to
pay for internet connectivity.
• With these numbers, Bécalos reached a historic sum
of 339,830 beneficiaries.
• We established a partnership with Schmidt Futures
and Rhodes Trust to launch their RISE scholarship
program in Mexico.
• We supported 18,210 entrepreneurs in building their
business models through our POSiBLE program.
• We participated in far-reaching communication cam-
paigns, including teenage pregnancy prevention, Va-
lores, which promoted civic values, and Cero Violencia
to prevent domestic violence against women.
• More than 51,360 parents received practical tips
weekly via SMS and via our platform, through our Em-
pieza Temprano program.
• More than 37,345 new aid was given in health, nu-
trition, development and dwelling, and scholarships
for the children of the deceased medical staff that
fought the front lines of the pandemic;
• We launched Cuarentena Fotográfica, a Visual Arts
Cultural Project which offered 14 digital tours on
Facebook Live through our photographic archives,
reaching more than 1.2 million attendees.
• We received the following recognitions:
• Caracol de Plata Award for the “Cabes tú, cabemos
todos” a Valores program campaign. Caracol de Plata
Awards recognize advertising messages that create
awareness and solutions to social problems.
By responsibly leveraging media, talent, partnerships,
and financial assets, the efforts led by Fundación reflect
the commitment of Televisa to this particularly problem-
atic year. We intend to make a strategic contribution to
building a more empowered, prosperous, and democrat-
ic society where all people have a platform to succeed.
23
>>>Board of Directors *
EMILIO FERNANDO AZCÁRRAGA JEAN (P) 1
Executive Chairman of the Board and Chairman of the Executive Commit-
tee of Grupo Televisa. Member and Chairman of the Board of Empresas Ca-
blevisión (subsidiary of Grupo Televisa). Former President and Chief Exec-
utive Officer of Grupo Televisa. Member of the Boards of Grupo Financiero
Banamex and Univision. Member and Chairman of the Board of Managers of
Innova (subsidiary of Grupo Televisa). Member of Consejo Mexicano de Hom-
bres de Negocios and Fundacion Teletón. Member since December 1990.
ALFONSO DE ANGOITIA NORIEGA 1
Co-Chief Executive Officer, Member of the Executive Committee of Grupo
Televisa. Member of the Board of Empresas Cablevisión (subsidiary of Grupo
Televisa). Chairman of the Board of Univision. Member of the Boards of Liber-
ty Latin America, Grupo Financiero Banorte and Innova (subsidiary of Grupo
Televisa). Chairman of the Board of Trustees of Fundación Kardias. Member
of the Boards of Trustees of Fundación Mexicana para la Salud, Fundación
UNAM and The Paley Center for Media. Former Executive Vice President and
Chief Financial Officer of Grupo Televisa. Member since April 1997.
BERNARDO GÓMEZ MARTÍNEZ 1
Co-Chief Executive Officer and Member of the Executive Committee of Gru-
po Televisa. Member of the Board of Empresas Cablevisión (subsidiary of
Grupo Televisa). Member of the Boards of Univision and Innova (subsidiary
of Grupo Televisa). Former Executive Vice President and Deputy Director of
the President of Grupo Televisa and Former President of Cámara Nacional
de la Industria de Radio y Televisión. Member since April 1999.
ALBERTO BAILLÈRES GONZÁLEZ 2
Chairman of Grupo Bal and Chairman of the Board of Directors of Industrias
Peñoles, Fresnillo plc, Grupo Palacio de Hierro, Grupo Nacional Provincial,
Grupo Profuturo, Profuturo Afore, PetroBal, Energía Eléctrica BAL, EnerAB
and Tane. Member of the Boards of Directors of Dine, Grupo Kuo, Fomento
Económico Mexicano and member of Consejo Mexicano de Negocios, A.C.
Chairman of the Board of Trustees of Instituto Tecnológico Autónomo de
México (ITAM) and Founder and President of Fundación Alberto Bailléres.
Member since April 2004.
EDUARDO TRICIO HARO 2
Chairman of the Board of Directors of Grupo Lala. Chairman of the Executive
Committee of Aeromexico and Member of the Corporate Practices Com-
mittee of Grupo Televisa. Chairman of Grupo Industrial Nuplen, Fundación
Lala and SER, A.C. Member of the Boards of Directors of Grupo Aeroméxico,
Grupo Financiero Banamex, Orbia, Aura Solar, Hospital Infantil de Méxi-
co “Federico Gómez”, el Instituto Tecnológico y de Estudios Superiores de
Monterrey, el Consejo Mexicano de Negocios, el Instituto Nacional de Cien-
cias Médicas y Nutrición “Salvador Zubirán”, the Latin America Conserva-
tion Council of the Nature Conservancy (LACC). Member since April 2012.
MICHAEL THOMAS FRIES 2
President and Chief Executive Officer of Liberty Global, plc. Vice Chairman
of the Board of Liberty Global, Executive Chairman of the Board of Liberty
Latin America, Member of the Boards of Directors of Lionsgate and Cable
Television Labs, Trustee of the Board of The Paley Center for Media, Chair-
man of the Boards of Directors of Museum of Contemporary Art Denver and
Biennial of the Americas, Digital Communications Governor and Steering
Committee Member of the World Economic Forum. Member of Young Pres-
idents’ Organization. Member since April 2015.
FERNANDO SENDEROS MESTRE 2
Executive President and Chairman of the Boards of Directors of Grupo Kuo,
S.A.B. de C.V. and Dine, S.A.B de C.V. Chairman of the Board of Directors of
Grupo Desc, S.A. de C.V. Member of the Boards of Kimberly-Clark de Méx-
ico, Industrias Peñoles and Grupo Nacional Provincial. Member of Consejo
Mexicano de Hombres de Negocios and Member of Fundación para las Let-
ras Mexicanas. Member since April 1992.
JON FELTHEIMER 2
Chief Executive Officer of Lionsgate. Former President of Columbia TriS-
tar Television Group, former Executive Vice President of Sony Pictures
Entertainment. Member of the Boards of Lionsgate, Celestial Tiger Enter-
tainment and Pilgrim Media Group. Member since April 2015.
ENRIQUE KRAUZE KLEINBORT 1
Chief Executive Officer, Chairman of the Board of Directors and Founder
of Editorial Clío, Libros y Videos, S.A. de C.V. and Letras Libres, S.A. de
C.V. Member of Academia Mexicana de la Historia and Colegio Nacional.
Member since April 1996.
GUADALUPE PHILLIPS MARGAIN 2
Chief Executive Officer of Empresas ICA, S.A.B. de C.V. Former Chief Re-
structuring Officer of Empresas ICA, S.A.B. de C.V. Former Vice-Presi-
dent of Finance and Risk of Grupo Televisa (left more than 5 years ago).
Member of the Board of Directors of Ica Tenedora, Innova (subsidiary
of Grupo Televisa) and Grupo Aeroportuario del Centro Norte. Member
since April 2012.
CARLOS HANK GONZÁLEZ 2
Chairman of the Board of Directors of Grupo Financiero Banorte and
Banco Mercantil del Norte. Vice-President of the Board of Directors of
Gruma. Chief Executive Officer of Grupo Hermes. Former Chief Executive
Officer of Grupo Financiero Interacciones, Banco Interacciones and In-
teracciones Casa de Bolsa. Former Deputy General Manager of Grupo Fi-
nanciero Banorte. Member of the Boards of Directors of Bolsa Mexicana
de Valores and Grupo Hermes. Member since April 2017.
LORENZO ALEJANDRO MENDOZA GIMÉNEZ 2
Chief Executive Officer, Member of the Board of Directors and Chairman
of the Executive Committee of Empresas Polar. Former Member of the
Boards of AES La Electricidad de Caracas, CANTV-Verizon and BBVA
Banco Provincial. Member of the Board of Grupo GEPP. Member of the
MIT Sloan Board, the Latin American Board of Georgetown University,
Group of Fifty (G-50), the Latin America Conservation Council (LACC),
the Latin American Business Council, the Board of Trustees of Universi-
dad Metropolitana, the Board of Trustees of Instituto de Estudios Superi-
ores de Administración (IESA), Ashoka Fellow and Member of the World
Economic Forum (named a Global Young leader in 2005). Member since
April 2009.
SALVI RAFAEL FOLCH VIADERO 1
Chief Executive Officer of Grupo Televisa’s Cable Division. Former Chief
Financial Officer of Grupo Televisa. Former Vice President of Financial
Planning of Grupo Televisa and former Vice Chairman of Banking Su-
pervision of the National Banking and Securities Commission. Member
of the Board of Directors and Alternate Member of the Executive Com-
mittee of Empresas Cablevision (subsidiary of Grupo Televisa). Member
since April 2002.
GUILLERMO GARCÍA NARANJO ÁLVAREZ 2
Member of the Audit and the Corporate Practices Committees of Grupo
Televisa. Former Chairman of the Board of Trustees of Consejo Mexicano
de Normas de Información Financiera. Former Chief Executive Officer
and Former Audit Partner of KPMG Cárdenas Dosal, S.C. Member of the
Audit Committee of Banco de Mexico, Member of the Board and the Au-
dit Committee of Nacional Monte de Piedad I.A.P., Banco Nacional de
México, S.A. and Citibanamex, Casa de Bolsa, S.A., Member of the Board
of Directors, Member of the Corporate Practices Committee and Chair-
man of the Audit Committee of Grupo Posadas. Statutory Auditor of To-
tal Systems de México. Member of the Board and the Audit Commission
of Fundación Pro-Empleo D.F., A.C. (a non-profit organization). Member
since April 2018.
24
* Information of the members which designation or ratification will be proposed to the Shareholders’ Meeting on April 28, 2021.
FRANCISCO JOSÉ CHÉVEZ ROBELO 2
In-house advisor, co-founder and retired partner of Chevez, Ruiz,
Zamarripa y Cía, S.C., Chairman of the Audit Committee of Grupo Televi-
sa. Member of the Board of Directors and Member and Chairman of the
Audit and Corporate Practices Committee of Empresas Cablevisión (sub-
sidiary of Grupo Televisa). Member of the Board of Directors of Apuestas
Internacionales and Quality Tube, S.A. de C.V. Former Managing Partner
of Arthur Andersen & Co. (Mexico City). Member of the Board of Direc-
tors and Chairman of the Audit Committees of Regiomontana de Perfiles
y Tubos, S.A. de C.V. and Pytco, S.A. de C.V. Member since April 2003.
JOSÉ LUIS FERNÁNDEZ FERNÁNDEZ 2
Managing Partner of Chévez, Ruíz, Zamarripa y Cía., S.C., Member of the
Audit Committee and Chairman of the Corporate Practices Committee of
Grupo Televisa. Member of the Boards of Directors of Unifin Financiera,
Controladora Vuela Compañía de Aviación, Grupo Financiero Banamex,
Banco Nacional de México and Apuestas Internacionales. Alternate
member of the Board of Directors of Arca Continental Corporativo. Al-
ternate Member of the Board of Directors and Alternate Member of the
Audit and Corporate Practices Committee of Empresas Cablevisión (sub-
sidiary of Grupo Televisa). Member since April 2002.
DAVID M. ZASLAV 2
President, Chief Executive Officer and Director of Discovery, Inc. Mem-
ber of the Boards of Sirius XM Radio, Inc., Lionsgate Entertainment
Corp., the National Cable & Telecommunications Association, The Cable
Center, Mt. Sinai Medical Center, the USC Shoah Foundation, the Part-
nership for New York City and the Paley Center for Media. Member since
April 2015.
ENRIQUE FRANCISCO JOSÉ SENIOR HERNÁNDEZ 2
Managing Director of Allen & Company LLC. Member of the Boards of Direc-
tors of Coca-Cola FEMSA, Cinemark and FEMSA. Member since April 2001.
JOSÉ ANTONIO CHEDRAUI EGUÍA 2
Member of the Board of Directors and Chief Executive Officer of Grupo
Comercial Chedraui, S.A.B. de C.V. Former Chief Executive Officer of the
Galos division of Grupo Comercial Chedraui, S.A.B. de C.V. Member since
April 2019.
SEBASTIÁN MEJÍA 2
President and Co-Founder of Rappi. Co-Founder of Grability.
Alternate Directors
JULIO BARBA HURTADO 1
Legal Advisor of Grupo Televisa and Secretary of the Audit and Corpo-
rate Practices Committee of Empresas Cablevisión (subsidiary of Grupo
Televisa). Former Legal Advisor to the Board of Grupo Televisa. Alternate
member of the Board of Directors of Editorial Televisa Colombia. Mem-
ber since December 1990.
JORGE AGUSTÍN LUTTEROTH ECHEGOYEN 1
Vice-President and Corporate Controller of Grupo Televisa. Former Se-
nior Partner of Coopers & Lybrand, Despacho Roberto Casas Alatriste,
S.C. and former Controller of Televisa Corporación. Alternate Member of
the Board of Empresas Cablevision (subdisiary of Grupo Televisa). Alter-
nate Member of the Board of Managers and the Executive Committee of
Innova (subsidiary of Grupo Televisa). Member since April 2000.
JOAQUÍN BALCÁRCEL SANTA CRUZ 1
Chief of Staff of the Executive Chairman of the Board of Directors of Gru-
po Televisa. Former Vice-President - Legal and General Counsel of Grupo
Televisa. Former Vice-President and General Counsel of Television Divi-
sion. Former Legal Director of Grupo Televisa. Member since April 2000.
LUIS ALEJANDRO BUSTOS OLIVARES 1
Legal Vice-President and General Counsel of Grupo Televisa. Member
of the Board of the International Chamber of Commerce. President of
the Mexican Association of Advisors of Pre-Elementary School (Asoci-
ación Mexicana de Asesores en Educación Preescolar). Former Legal
and Regulatory on Telecommunications Vice-President, former Legal
General Director of Special Affairs, former Corporate Legal General
Director, former Legal Director of Litigation of Grupo Televisa. Former
General Counsel of Pepsi Bottling Group. Former litigation lawyer at Mr.
Ramón Sánchez Medal’s lawfirm. Former Vice-President of the National
Chamber of the Cable Communications Industry (Cámara Nacional de
la Industria de las Comunicaciones por Cable). Former President of the
Commission of Coordination with the Federal Judicial Power (Comis-
ión de Enlace con el Poder Judicial Federal) of the Interinstitutional
Committee for the Attention and Protection of Industrial and Intellec-
tual Property Rights (Comité Interinstitucional para la Atención y Pro-
tección de los Derechos de Propiedad Intelectual e Industrial). Former
Vice-President of the Civil Participation Committee (Consejo de Partic-
ipación Ciudadana) of the Federal Attorney General (Procuraduría Gen-
eral de la República). He was a member of the National Chamber of the
Cable Telecommunications Industry (Cámara Nacional de la Industria
de Telecomunicaciones por Cable).
FÉLIX JOSÉ ARAUJO RAMÍREZ 1
Vice President of Digital and Broadcast Television and Televisa Region-
al. Former Chief Executive Officer of Telesistema Mexicano. Chairman of
the Board of Directors of Televisión Independiente de México and Tele-
vimex. Member since April 2002
RAÚL MORALES MEDRANO 2
Partner of Chévez, Ruiz, Zamarripa y Cia., S.C. Member of the Audit and
Corporate Practices Committee and Alternate Member of the Board of
Directors of Empresas Cablevisión (subsidiary of Grupo Televisa). Mem-
ber since April 2002.
HERBERT ALLEN III 3
President of Allen & Company LLC. Former Executive Vice-President
and Managing Director of Allen & Company Incorporated and Alternate
Director of Coca Cola FEMSA. Member since April 2002.
Secretary of the Board of Directors
RICARDO MALDONADO YÁÑEZ
Audit Committee
GUILLERMO GARCÍA NARANJO ÁLVAREZ (P) 2
FRANCISCO JOSÉ CHÉVEZ ROBELO 2
JOSÉ LUIS FERNÁNDEZ FERNÁNDEZ 2
Corporate Practices and Compensation Committee
JOSÉ LUIS FERNÁNDEZ FERNÁNDEZ (P) 2
GUILLERMO GARCÍA NARANJO ÁLVAREZ 2
EDUARDO TRICIO HARO 2
(P) President
1 Related
2 Independent
3 Alternate of Mr. Enrique Francisco José Senior Hernández
25
>>>Investor
Information
CORPORATE HEADQUARTERS
Grupo Televisa, S.A.B.
Av. Vasco de Quiroga 2000
C.P. 01210 México, CDMX
(5255) 5261-2000
LEGAL COUNSEL
Mijares, Angoitia, Cortés y Fuentes, S.C.
Javier Barros Sierra 540, 4to piso
C.P. 01210, México, CDMX
(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
KPMG Cárdenas Dosal, S.C.
Blvd. Manuel Ávila Camacho No.176
Col. Reforma Social
C.P. 11650, México, CDMX
(5255) 5246-8300
DEPOSITARY
The Bank of New York
BNY Mellon Shareowner Services
PO Box 358516
Pittsburgh, PA 15252-8516
(201) 680-6825
COMMON STOCK DATA
CPOs (Certificados de Participación Ordinarios) of Gru-
po Televisa, S.A.B., comprise 117 shares each (25 Se-
ries 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 TLE-
VISA 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 divi-
dends are subject to approval by holders of a majority
of the Series “A” Shares and Series “B” Shares voting
together, generally, but not necessarily, on the recom-
mendation of the Board of Directors, as well as a major-
ity of the Series “A” Shares voting separately.
SEC FILINGS AND FORWARD LOOKING STATEMENT
Televisa files and submits annual reports to the US Se-
curities 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 com-
pany, or its representatives from time to time, whether
orally or in writing, involve risks and uncertainties relat-
ing to the company’s businesses, operations, and finan-
cial 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 fil-
ings with and submissions to the US Securities and Ex-
change Commission are and will be available through the
office of investor relations upon written request.
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, CDMX
(5255) 5261-2445
ir@televisa.com.mx
www.televisa.com
www.televisair.com
III
>>>Consolidated Financial Statements>> >>>www.televisa.com>>>www.televisair.com