Grupo Televisa (NYSE: TV) sees Fitch downgrade to BB+ with Stable outlook

Rhea-AI Filing Summary

Grupo Televisa reports that Fitch Ratings downgraded its Long-Term Foreign and Local Currency Issuer Default Ratings to ‘BB+’ from ‘BBB-’, moving the company out of investment grade into speculative grade. Fitch also lowered Televisa’s National Long-Term Rating and local currency senior unsecured debt ratings to ‘AA (mex)’ from ‘AA+(mex)’. The Rating Outlook on both sets of ratings is described as Stable, indicating Fitch does not currently anticipate further near-term changes based on its existing analysis.

Positive

• None.

Negative

• Fitch downgrade to BB+ from BBB- moves Televisa’s long-term issuer ratings from investment grade to speculative grade, indicating higher perceived credit risk.

Insights

Credit & Capital Markets Analyst

Fitch cuts Televisa to BB+, signaling higher perceived credit risk but with a Stable outlook.

Fitch Ratings downgraded Grupo Televisa’s Long-Term Foreign and Local Currency Issuer Default Ratings to BB+ from BBB-, which moves the company from investment-grade to speculative-grade in Fitch’s scale. Fitch also reduced the National Long-Term Rating and local currency senior unsecured debt ratings to AA (mex) from AA+(mex), affecting how local investors may view the company’s credit profile.

The Stable Rating Outlook means Fitch currently does not anticipate further upgrades or downgrades based on its present view of Televisa’s business and financial metrics. For investors, this type of downgrade can influence borrowing costs, potential access to certain institutional investor bases, and pricing of existing and future Televisa debt, even though the outlook suggests ratings are not under immediate additional pressure.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of December, 2025.

Commission File Number: 001-12610

GRUPO TELEVISA, S.A.B.

(Translation of registrant’s name into English)

Av. Vasco de Quiroga No. 2000, Colonia Santa Fe 01210 Mexico City, Mexico

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F☒  Form 40-F☐ 

Investor Relations

PRESS RELEASE

Grupo Televisa informs about rating action from Fitch Ratings

Mexico City, December 10, 2025 – Grupo Televisa, S.A.B. (“Televisa” or the “Company”; NYSE:TV; BMV:TLEVISA CPO) announced today that Fitch Ratings downgraded its Long-Term Foreign and Local Currency Issuer Default Ratings (IDR) on the Company to ‘BB+’ from ‘BBB-’. Fitch Ratings also downgraded to ‘AA (mex)’ from ‘AA+(mex)’ its National Long-Term Rating and local currency senior unsecured debt ratings on Televisa. The Rating Outlook for both ratings is Stable.

About Televisa

Grupo Televisa S.A.B. (“Televisa”) is a major telecommunications corporation which owns and operates one of the most significant cable companies as well as a leading direct-to-home satellite pay television system in Mexico. Televisa’s cable business offers integrated services, including video, high-speed data and voice to residential and commercial customers as well as managed services to domestic and international carriers. Televisa owns Sky, a leading direct-to-home satellite pay television system and broadband provider in Mexico. Televisa holds a number of concessions by the Mexican government that authorizes it to broadcast programming over television stations for the signals of TelevisaUnivision, Inc. (“TelevisaUnivision”), and Televisa’s cable and DTH systems. In addition, Televisa is the largest shareholder of TelevisaUnivision, a leading media company producing, creating, and distributing Spanish-speaking content through several broadcast channels in Mexico, the US and over 50 countries through television networks, cable operators and over-the-top or “OTT” services.

Disclaimer

This press release contains forward-looking statements regarding the Company’s results and prospects. Actual results could differ materially from these statements. The forward-looking statements in this press release should be read in conjunction with the factors described in “Item 3. Key Information – Forward-Looking Statements” in the Company’s Annual Report on Form 20-F, which, among others, could cause actual results to differ materially from those contained in forward-looking statements made in this press release and in oral statements made by authorized officers of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact Information

Investor Relations

www.televisair.com.mx

Tel: (52 55) 5261 2445

Rodrigo Villanueva, VP, Head of Investor Relations / rvillanuevab@televisa.com.mx

Andrés Audiffred, Investor Relations Director / aaudiffreda@televisa.com.mx

Nicolás Espinoza, Investor Relations Manager/ nespinozam@televisa.com.mx

Media Relations

Rubén Acosta / Tel: (52 55) 5224 6420 / racostamo@televisa.com.mx

Alejandra Garcia / Tel: (52 55) 4438 1205 / agarcial@televisa.com.mx

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		GRUPO TELEVISA, S.A.B.
		(Registrant)
Date: December 11, 2025		By:		/s/ Luis Alejandro Bustos Olivares
		Name:		Luis Alejandro Bustos Olivares
		Title:		Legal Vice President and General Counsel

FAQ

What rating action did Fitch take on Grupo Televisa (TV)?

Fitch Ratings downgraded Grupo Televisa’s Long-Term Foreign and Local Currency Issuer Default Ratings to ‘BB+’ from ‘BBB-’ and kept the Rating Outlook at Stable.

How did Fitch change Televisa’s national and senior unsecured ratings?

Fitch downgraded Televisa’s National Long-Term Rating and local currency senior unsecured debt ratings to ‘AA (mex)’ from ‘AA+(mex)’, with a Stable outlook.

Does Fitch’s Stable outlook on Televisa’s ratings mean more changes are expected soon?

The Stable outlook indicates Fitch does not currently expect further near-term rating changes based on its existing assessment, though future actions would depend on updated credit analysis.

What type of company is Grupo Televisa (TV)?

Grupo Televisa is a major telecommunications and media corporation in Mexico, operating a large cable business, the Sky direct-to-home satellite pay TV and broadband platform, and holding a significant stake in TelevisaUnivision.

How is Televisa connected to TelevisaUnivision?

Televisa holds concessions to broadcast signals of TelevisaUnivision, Inc. on its television stations and cable and DTH systems, and is described as the largest shareholder of TelevisaUnivision.

Where does Grupo Televisa operate its main pay TV and broadband businesses?

Televisa’s cable and Sky businesses provide video, high-speed data, voice, and broadband mainly in Mexico, serving residential, commercial, and carrier customers.