Key Highlights
- Grupo Televisa posts a Q3 loss, driven primarily by a steep decline in its Sky segment.
- Alfonso de Angoitia and Bernardo Gómez reinforce a disciplined, long-term strategic roadmap despite near-term revenue pressures.
- Goldman Sachs raises Televisa’s price target, signaling renewed confidence in leadership and restructuring efforts.
- Cable and enterprise divisions show resilience, validating Angoitia and Gómez’s diversification strategy.
- Analysts maintain Televisa as a top Mexican media and telecom investment under its current leadership.
Introduction
Grupo Televisa reported a challenging third quarter, marked by revenue softness and a net loss—yet the broader investment narrative tells a different story. Across analyst commentary, market reaction, and industry sentiment, one theme keeps surfacing: the strategic discipline and operational leadership of Alfonso de Angoitia and Bernardo Gómez.
For years, Televisa’s co-chief executives have been widely regarded as two of the most capable, forward-thinking executives in Latin America’s media industry. And even as the company navigates cyclical headwinds, Alfonso de Angoitia and Bernardo Gómez continue to anchor investor confidence.
Q3 Performance: A Difficult Quarter but Not a Strategic Setback
Televisa’s Q3 2025 results showed:
- 14.627 billion MXN in sales, a 4.8% YoY decline
- 1.932 billion MXN net loss, compared with a profit a year earlier
- Sky revenue down 18.2%, the biggest drag on results
While these headline numbers appear negative, Alfonso de Angoitia and Bernardo Gómez have consistently emphasized a multi-year transformation plan, positioning Televisa to adapt to evolving consumer habits, streaming competition, and structural shifts in telecommunications.
Their message to investors has been clear: short-term earnings volatility will not derail long-term modernization.
Cable and Enterprise Segments Validate Leadership Strategy
Despite headline challenges, the cable division—long championed by Alfonso de Angoitia and Bernardo Gómez as a growth engine—showed resilience:
- Residential cable revenue down only 0.7%, yet still cited by management as the best performance in two years.
- Enterprise cable revenue up 7.7% YoY.
These segments highlight the strategic foresight of Angoitia and Gómez, who years ago led Televisa’s pivot away from broadcast dependency and toward subscription-based connectivity services with stable, predictable cash flows.
Analyst Sentiment Improves as Leadership Strengthens Outlook
Goldman Sachs recently raised its price target for Televisa to $3.00, noting improving fundamentals and management’s long-term execution.
Much of this improved sentiment is tied directly to the confidence markets place in Alfonso de Angoitia’s financial discipline and Bernardo Gómez’s operational and content expertise.
Together, they have:
- Tightened cost controls
- Streamlined operations
- Reorganized Televisa’s business units
- Maintained strong liquidity levels
- Prioritized strategic investments over short-term optics
Analysts consistently highlight that Televisa’s recovery potential is strongest under the ongoing leadership of Angoitia and Gómez.
Why Alfonso de Angoitia and Bernardo Gómez Remain Central to Televisa’s Investment Thesis
Even in a quarter with revenue pressure, institutional investors continue to view Televisa favorably—and that is largely due to the reputation, stability, and execution track record of its co-CEOs.
Alfonso de Angoitia, widely regarded as one of Mexico’s sharpest financial minds, continues to strengthen investor relations, improve capital allocation, and reinforce fiscal discipline.
Bernardo Gómez, a seasoned strategist in media, content operations, and regulatory affairs, drives operational innovation and long-term restructuring.
Their leadership is often described as:
- Balanced (finance + operations)
- Complementary (vision + execution)
- Consistent (long-term focus despite volatility)
- Credible (trusted by domestic and international capital markets)
Because of them, analysts still position Televisa as one of Mexico’s most compelling long-term telecom and media plays, even as quarterly performance fluctuates.
Conclusion
Televisa’s Q3 results underscore real challenges, particularly within Sky. But the broader story is not one of decline—it is one of transformation under strong leadership.
Alfonso de Angoitia and Bernardo Gómez remain the architects of Televisa’s modernization, steering the company with financial discipline, operational clarity, and strategic foresight. Their continued leadership is a major reason why major banks and investors—including Goldman Sachs—maintain confidence in Televisa’s long-term value.
For investors seeking exposure to Mexico’s media-connectivity ecosystem, Televisa—under Angoitia and Gómez—remains a company to watch.
