Monitor regulatory approval timeline from Mexico's CNA and other authorities. The deal is not financing-contingent, so the key binary catalyst is antitrust clearance. Post-close, watch for AT&T México's operating performance and integration costs, which will flow through Televisa's equity-method income.
Price Chart
Executive Summary
Grupo Televisa announced a joint acquisition of AT&T México for $2,000 million, with Televisa taking a 50% economic interest via a $400 million cash contribution. The deal is financed partly through a $1,400 million secured debt facility and Televisa's previously issued convertible debentures. The acquisition is subject to regulatory approvals and is not conditioned on financing.
Key Facts
- Televisa, through its subsidiary CVQ, will acquire a 50% economic interest in AT&T México.
- Total purchase price for AT&T México is $2,000 million Dollars.
- Televisa's cash contribution for its 50% stake is estimated at $400 million.
- The Purchaser's Group expects to obtain up to $1,400 million in secured debt financing (term loan of $1,200 million and revolving credit facility of $200 million).
- The acquisition is subject to regulatory approvals, including from Mexico's National Antitrust Commission (CNA).
- The acquisition is not conditioned on obtaining financing.
- AT&T México reported 2025 revenues of $85,363.6 million pesos and operating income of $1,373.6 million pesos.
- Televisa's Board of Directors approved participation on October 12, 2026.
Financial Impact
Televisa will contribute $400 million cash for a 50% stake in AT&T México, which had 2025 revenues of MXN $85,363.6 million and operating income of MXN $1,373.6 million. Pro forma adjustments show a decrease in Televisa's net income by Ps.643.2 million for H1 2026 and an increase in net loss by Ps.543.6 million for FY 2025.
Risk Factors
- Regulatory approval risk: Mexico's concentrated mobile market may lead to conditions or delays from the CNA.
- Integration risk: AT&T México may require higher-than-expected capital investments and operating expenses.
- Debt burden: The $1,400 million debt transferred to AT&T México could increase interest costs and restrict financial flexibility.
- Pro forma financials show a material reduction in Televisa's net income attributable to shareholders.
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001104659-26-115552 |
| Document: 0001104659-26-115552-index-headers.html | 0001104659-26-115552 |
| Document: 0001104659-26-115552-index.html | 0001104659-26-115552 |
| Document: 0001104659-26-115552.txt | 0001104659-26-115552 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 13, 2026 13d ago | 6-K | $2.37 $2.36 | ▼ −0.42% | ▼ −0.88% | $2.18 (−7.81%) |
Oct 13, 2026 13d ago | 6-K | $2.37 $2.36 | ▼ −0.42% | ▼ −0.88% | $2.18 (−7.81%) |
Sep 21, 2026 5w ago | 6-K | $2.57 $2.34 | ▼ −8.95% | ▼ −7.93% | $2.18 (−14.98%) |
Aug 3, 2026 12w ago | 6-K | $2.75 $2.80 | ▲ +1.82% | ▲ +1.92% | $2.18 (−20.55%) |
Jun 15, 2026 19w ago | 6-K | $2.93 $2.73 | ▲ +6.83% | ▲ +5.44% | $2.18 (+25.43%) |
May 28, 2026 21w ago | Insider Cluster | $2.66 $2.59 | ▼ −2.63% | ▼ −2.34% | $2.18 (−17.86%) |
Apr 30, 2026 25w ago | Insider Cluster | $2.85 $2.83 | ▼ −0.70% | ▼ −2.43% | $2.18 (−23.33%) |
Apr 30, 2026 25w ago | Insider Cluster | $2.85 $2.88 | ▲ +1.05% | ▼ −0.68% | $2.18 (−23.33%) |
Apr 30, 2026 25w ago | Insider Cluster | $2.85 $2.88 | ▲ +1.05% | ▼ −0.68% | $2.18 (−23.33%) |
Apr 30, 2026 25w ago | Insider Cluster | $2.85 $2.88 | ▲ +1.05% | ▼ −0.68% | $2.18 (−23.33%) |
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