Televisa Group announced Thursday to its investors and the Mexican Stock Exchange (BMV) that Emilio Azcárraga Jean will cease to preside over the television consortium to address a corruption lawsuit before the US justice system.
The “license,” as mentioned in the official statement, is immediate, meaning that for the first time since its founding – in 1930 by Emilio Azcárraga Vidaurreta – the powerful group will not be led by a member of the Azcárraga family.
Azcárraga Jean is the son of the famous Emilio Azcárraga Milmo, better known as “El Tigre,” who died on April 16, 1997, and the grandson of founder Emilio Azcárraga Vidaurreta, who died on September 23, 1972.
According to the statement from Grupo Televisa to its partners, Azcárraga Jean proposed his departure from the Executive Presidency, which was approved by the Board of Directors of the television station. The reason is related to an investigation that the Department of Justice (DOJ) of the United States is carrying out on the television station after the corruption case related to FIFA.
Since last August, and also in a report to its investors, the group accepted that the investigation could impact its finances and, in light of its financial state, this has been the case. The financial statement reported to the BMV indicates that, for the third quarter of 2024, revenues decreased by 15,362.8 million pesos, compared to 16,416 million in the third quarter of 2023.
This decrease, Televisa argued, is related to the 13.2 percent drop in revenues in the Sky pay television service. The profit of the operating segments decreased by 4.7 percent, translating to a margin of 37.1 percent.
For its part, the net profit or loss attributable to the company’s shareholders changed by 1,585 million pesos to a net profit of 666.6 million, in the third quarter of 2024, in relation to a net loss of 918.5 million during the third quarter of 2023.
Source: OEM
