Emilio Azcárraga trims Televisa (NYSE: TV) stake with Ps.1.93B share sale

Rhea-AI Filing Summary

Grupo Televisa’s major shareholder Emilio Fernando Azcárraga Jean reports beneficial ownership of 67,417,116,707 Shares, representing 19.8% of the company’s share capital across Series A, B, Dividend Preferred (D) and Series L shares.

On April 1, 2026, he completed the sale of certain Acquired Shares to AAN and BGM for Ps. 1,926,303,610 in cash under a previously signed Transaction Agreement. A large portion of his holdings carries Special Voting Rights tied to that agreement, indicating continued significant influence over the company’s voting power despite the sale.

Insights

Equity ownership and governance analyst

Large Televisa holder completes cash sale but keeps major stake.

Emilio Fernando Azcárraga Jean discloses beneficial ownership of 67.4 billion Shares, equal to 19.8% of Grupo Televisa. The position spans multiple share classes, including A, B, D and L shares, some carrying Special Voting Rights under a Transaction Agreement.

On April 1, 2026, he completed the sale of Acquired Shares to AAN and BGM for Ps. 1,926,303,610 in cash, as contemplated by that agreement. The filing emphasizes that, even after this sale, he retains substantial voting and economic exposure.

Because the company’s operations and earnings are not discussed here, this update is mainly about ownership structure and control rather than business performance. Subsequent ownership filings from major holders will further clarify any additional stake changes.

Key Figures

Cash consideration: Ps. 1,926,303,610 Beneficial ownership: 67,417,116,707 Shares Ownership percentage: 19.8% +5 more

8 metrics

Cash consideration Ps. 1,926,303,610 Sale of Acquired Shares to AAN and BGM on April 1, 2026

Beneficial ownership 67,417,116,707 Shares Total Shares beneficially owned by Emilio Azcárraga Jean

Ownership percentage 19.8% Percent of Televisa share capital represented by owned Shares

A Shares held 58,850,673,929 A Shares Part of total Shares beneficially owned

B Shares held 2,048,497,186 B Shares Part of total Shares beneficially owned

D Shares held 3,258,972,796 D Shares Dividend Preferred Shares beneficially owned

L Shares held 3,258,972,796 L Shares Limited-voting Series L Shares beneficially owned

Shares with Special Voting Rights 36,439,110,342 Shares Shares subject to Special Voting Rights under Transaction Agreement

Key Terms

Beneficially Owned, Special Voting Rights, Transaction Agreement, certificados de participacion ordinarios ("CPOs"), +1 more

5 terms

Beneficially Owned financial

"Aggregate amount beneficially owned by each reporting person 67,417,116,707.00"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

Special Voting Rights financial

"Shares, subject to Special Voting Rights (as defined and further described in Item 4 below)"

Transaction Agreement regulatory

"pursuant to the Transaction Agreement (as defined in Item 4 below)"

certificados de participacion ordinarios ("CPOs") financial

"The Shares trade on the Mexican Stock Exchange in the form of certificados de participacion ordinarios ("CPOs")"

global depositary shares financial

"and in the United States, in the form of global depositary shares, each of which represent 5 CPOs"

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 4)

GRUPO TELEVISA, S.A.B.

(Name of Issuer)

Series A Shares; Series B Shares; Dividend Preferred Shares; Series L Shares

(Title of Class of Securities)

40049J206

(CUSIP Number)

Luis Alejandro Bustos Olivares
c/o Grupo Televisa, S.A.B., Av. Vasco de Quiroga No. 2000
Mexico City, O5, 01210
011 52 55 5022 5899

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

04/01/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 40049J206

1

Name of reporting person

Emilio Fernando Azcarraga Jean

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF, PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

MEXICO

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 30,978,006,365.00
8	Shared Voting Power 36,439,110,342.00
9	Sole Dispositive Power 30,978,006,365.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

67,417,116,707.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

19.8 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

The Shares reported in row (11) consist of (i) 58,850,673,929 A Shares representing 49.6% of the outstanding A Shares; (ii) 2,048,497,186 B Shares representing 3.7% of the outstanding B Shares; (iii) 3,258,972,796 D Shares representing 3.9% of the outstanding D Shares; and (iv) 3,258,972,796 L Shares representing 3.9% of the outstanding L Shares (See Item 5(a)). The Shares reported in rows (8) and (11) include 36,439,110,342 Shares, which consist of (i) 28,491,900,654 A Shares; (ii) 1,900,419,708 B Shares; 3,023,394,990 D Shares; and (iv) 3,023,394,990 L Shares, subject to Special Voting Rights (as defined and further described in Item 4 below) pursuant to the Transaction Agreement (as defined in Item 4 below).

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Series A Shares; Series B Shares; Dividend Preferred Shares; Series L Shares
(b)	Name of Issuer: GRUPO TELEVISA, S.A.B.
(c)	Address of Issuer's Principal Executive Offices: AV VASCO DE QUIROGA 2000, COLONIA SANTA FE, MEXICO , 01210.
Item 1 Comment: This Amendment No. 4 ("Amendment No. 4") amends the Schedule 13D (the "Original Schedule 13D"), Amendment No. 1 to the Original Schedule 13D ("Amendment No. 1"), Amendment No. 2 to the Original Schedule 13D ("Amendment No. 2") and Amendment No. 3 to the Original Schedule 13D ("Amendment No. 3"), filed by the Reporting Person with the SEC on April 5, 2004, January 19, 2006, February 15, 2024 and January 5, 2026, respectively, with respect to the Series A Shares of common stock, no par value (the "A Shares"), the Series B Shares of common stock, no par value (the "B Shares"), the Dividend Preferred Shares, no par value (the "D Shares"), and the limited-voting Series L Shares, no par value ("L Shares" and, together with the A Shares, the B Shares and the D Shares, the "Shares") of Grupo Televisa, S.A.B. (the "Issuer"). This Amendment No. 4 supplements Items 3 and 4 as set forth below. Except as set forth herein, in Amendment No. 1, in Amendment No. 2, in Amendment No. 3 and in Amendment No. 4, the information in the Original 13D is unchanged and has been omitted from this Amendment No. 3. Unless otherwise defined herein, capitalized terms used herein shall have the meanings ascribed thereto in the Original 13D. The Shares trade on the Mexican Stock Exchange in the form of certificados de participacion ordinarios ("CPOs"), each of which currently comprises of 25 A Shares, 22 B Shares, 35 D Shares and 35 L Shares, and in the United States, in the form of global depositary shares, each of which represent 5 CPOs.
Item 3.	Source and Amount of Funds or Other Consideration
	The information set forth or incorporated in Item 4 of this Amendment No. 4 is incorporated by reference in its entirety into this Item 3.
Item 4.	Purpose of Transaction
	On April 1, 2026, pursuant to the terms of the Transaction Agreement, the Reporting Person completed the sale of the Acquired Shares to AAN and BGM in exchange for available cash on hand in an aggregate amount equal to Ps. 1,926,303,610. This description of the consummation of the transactions contemplated by the Transaction Agreement is qualified in its entirety by reference to the full text of the Transaction Agreement, a copy of which is filed as Exhibit 99.3 to Amendment No. 3 and is incorporated by reference into this Item 4.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Emilio Fernando Azcarraga Jean

Signature:	/s/ Emilio Fernando Azcarraga Jean
Name/Title:	Emilio Fernando Azcarraga Jean/Individually
Date:	04/01/2026

FAQ

How much of Grupo Televisa (TV) does Emilio Azcárraga Jean currently beneficially own?

Emilio Fernando Azcárraga Jean reports beneficial ownership of 67,417,116,707 Shares, representing 19.8% of Grupo Televisa’s share capital. This stake spans Series A, B, Dividend Preferred (D) and Series L shares, giving him substantial economic and voting influence in the company.

What transaction did Emilio Azcárraga Jean complete that triggered this Televisa (TV) Schedule 13D/A?

On April 1, 2026, Emilio Fernando Azcárraga Jean completed the sale of Acquired Shares to AAN and BGM. The consideration was Ps. 1,926,303,610 in available cash on hand, as provided under the previously agreed Transaction Agreement related to his Televisa holdings.

How are Emilio Azcárraga Jean’s Televisa (TV) holdings distributed by share class?

His 67,417,116,707 Shares include 58,850,673,929 A Shares, 2,048,497,186 B Shares, 3,258,972,796 D Shares, and 3,258,972,796 L Shares. These positions correspond to different voting and economic rights across Televisa’s capital structure.

What portion of Televisa (TV) A, B, D and L shares does Emilio Azcárraga Jean hold?

He holds 49.6% of outstanding A Shares, 3.7% of outstanding B Shares, and 3.9% of outstanding D Shares and L Shares. These percentages show concentrated influence in A Shares and smaller but meaningful positions in other Televisa classes.

What are the Special Voting Rights mentioned in the Televisa (TV) Schedule 13D/A?

The filing notes that 36,439,110,342 Shares, across A, B, D and L classes, are subject to Special Voting Rights under a Transaction Agreement. These rights affect how those shares vote, reinforcing Emilio Azcárraga Jean’s governance influence within Grupo Televisa.

How do Grupo Televisa (TV) CPOs and global depositary shares relate to the underlying shares?

Televisa Shares trade in Mexico as CPOs, each comprising 25 A, 22 B, 35 D and 35 L Shares. In the United States, they trade as global depositary shares, each representing 5 CPOs, providing indirect exposure to Televisa’s underlying share capital.