[SCHEDULE 13D] GRUPO TELEVISA, S.A.B. SEC Filing
Filing Impact
Filing Sentiment
Form Type
SCHEDULE 13D
Grupo Televisa (TV): Gabelli-affiliated investors filed a Schedule 13D reporting beneficial ownership of 29,129,082 Global Depositary Shares (GDS), equal to 5.46% of the class. The filing covers positions held across entities including GAMCO Asset Management and Gabelli Funds. Each GDS represents five CPOs.
The group reports using an aggregate of approximately $112,709,813 to acquire these securities across various client and proprietary accounts. The 5.46% figure is based on 533,500,000 GDS outstanding as of September 30, 2025. The investors state they purchased the shares for investment, may engage in discussions with management, and do not intend to seek control, while reserving the ability to buy or sell depending on their assessments.
Positive
- None.
Negative
- None.
Insights
Neutral: 13D discloses a 5.46% stake with investment intent.
Gabelli-affiliated entities report beneficial ownership of
The filing indicates purchases aggregating
Actual market impact depends on future trading decisions by holders. The document preserves flexibility to acquire or dispose of shares; no specific future actions or timelines are committed in the excerpt.
|
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 |
SCHEDULE 13D
Under the Securities Exchange Act of 1934
|
GRUPO TELEVISA, S.A.B. (Name of Issuer) |
Global Depositary Shares (GDSs), each representing five Certificados de Participacion Ordinarios (CPOs) (Title of Class of Securities) |
40049J206 (CUSIP Number) |
DAVID GOLDMAN 191 MASON STREET, GREENWICH, CT, 06830 914-921-5000 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) |
02/10/2025 (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).
SCHEDULE 13D
|
| CUSIP No. | 40049J206 |
| 1 |
Name of reporting person
GAMCO INVESTORS, INC. ET AL | ||||||||
| 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)
WC | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
NEW YORK
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
5,550.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
0.0 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
CO, HC |
SCHEDULE 13D
|
| CUSIP No. | 40049J206 |
| 1 |
Name of reporting person
GABELLI FUNDS LLC | ||||||||
| 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)
OO | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
NEW YORK
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
7,257,430.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
1.4 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
CO, IA |
SCHEDULE 13D
|
| CUSIP No. | 40049J206 |
| 1 |
Name of reporting person
GAMCO Asset Management Inc. | ||||||||
| 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)
OO | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
NEW YORK
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
19,973,952.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
3.7 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
CO, IA |
SCHEDULE 13D
|
| CUSIP No. | 40049J206 |
| 1 |
Name of reporting person
GABELLI & Co INVESTMENT ADVISERS, INC. | ||||||||
| 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)
OO | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
DELAWARE
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
114,950.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
0.0 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
CO, IA |
SCHEDULE 13D
|
| CUSIP No. | 40049J206 |
| 1 |
Name of reporting person
GABELLI FOUNDATION, INC. | ||||||||
| 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)
WC | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
NEVADA
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
519,000.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
0.1 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
OO |
SCHEDULE 13D
|
| CUSIP No. | 40049J206 |
| 1 |
Name of reporting person
MJG ASSOCIATES, INC. | ||||||||
| 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)
OO | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
CONNECTICUT
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
409,000.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
0.1 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
CO |
SCHEDULE 13D
|
| CUSIP No. | 40049J206 |
| 1 |
Name of reporting person
Teton Advisors, Inc. | ||||||||
| 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)
OO | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
DELAWARE
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
150,000.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
0.0 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
CO, IA |
SCHEDULE 13D
|
| CUSIP No. | 40049J206 |
| 1 |
Name of reporting person
GGCP, INC. | ||||||||
| 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)
WC | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
WYOMING
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
160,000.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
0.0 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
CO, HC |
SCHEDULE 13D
|
| CUSIP No. | 40049J206 |
| 1 |
Name of reporting person
Associated Capital Group, Inc. | ||||||||
| 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)
WC | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
DELAWARE
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
275,000.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
0.1 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
CO, HC |
SCHEDULE 13D
|
| CUSIP No. | 40049J206 |
| 1 |
Name of reporting person
GABELLI MARIO J | ||||||||
| 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)
PF | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
UNITED STATES
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
264,200.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
0.1 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
IN |
SCHEDULE 13D
|
| Item 1. | Security and Issuer |
| (a) | Title of Class of Securities:
Global Depositary Shares (GDSs), each representing five Certificados de Participacion Ordinarios (CPOs) |
| (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, D.F.,
MEXICO
, 01210. |
| Item 2. | Identity and Background |
| (a) | This statement is being filed by one or more of the following persons: GGCP, Inc. (GGCP), GGCP Holdings LLC (GGCP Holdings), GAMCO Investors, Inc. (GBL), Associated Capital Group, Inc. (AC), Gabelli Funds, LLC (Gabelli Funds), GAMCO Asset Management Inc. (GAMCO), Teton Advisors, LLC (Teton Advisors), Keeley-Teton Advisors, LLC (Keeley-Teton), Gabelli & Company Investment Advisers, Inc. (GCIA), Morgan Group Holding Co., (MGH), G.research, LLC (G.research), MJG Associates, Inc. (MJG Associates), Gabelli Securities International (Bermuda) Limited (GSIL), Gabelli Foundation, Inc. (Foundation), Mario Gabelli, LICT and CIBL. Those of the foregoing persons signing this Schedule 13D are hereinafter referred to as the Reporting Persons. |
| (b) | GAMCO is a New York corporation and GBL and MGH are Delaware corporations, each having its principal business office at One Corporate Center, Rye, New York 10580. GGCP is a Wyoming corporation and AC and GCIA are Delaware corporations each having its principal business office 191 Mason Street, Greenwich, CT 06830. GGCP Holdings is a Delaware limited liability corporation having its principal business office at 191 Mason Street, Greenwich, CT 06830. G.research is a Delaware limited liability company having its principal officers at One Corporate Center, Rye, New York 10580. Gabelli Funds is a New York limited liability company having its principal business office at One Corporate Center, Rye, New York 10580. Teton Advisors is a Delaware limited liability company having its principal place of business at 189 Mason Street, Greenwich, CT 06830. Keeley-Teton Advisors is a Delaware limited liability company having its principal place of business at 141 W. Jackson Blvd., Chicago, IL 60604. MJG Associates is a Connecticut corporation having its principal business office at 191 Mason Street, Greenwich, CT 06830. The Foundation is a Nevada corporation having its principal offices at 165 West Liberty Street, Reno, Nevada 89501. LICT is a Delaware corporation having its principal place of business as 401 Theodore Fremd Avenue, Rye, New York 10580. CIBL, Inc. is a Delaware corporation having its principal place of business as 165 West Liberty Street, Suite 220, Reno, NV 89501. |
| (c) | GGCP makes investments for its own account and is the manager and a member of GGCP Holdings which is the controlling shareholder of GBL and AC. GBL, a public company whose stock is quoted on the OTCQX platform, is the parent company for a variety of companies engaged in the securities business, including certain of those named below. AC, a public company listed on the New York Stock Exchange, is the parent company for a variety of companies engaged in the securities business, including certain of those listed below.
GAMCO, a wholly-owned subsidiary of GBL, is an investment adviser registered under the Investment Advisers Act of 1940, as amended (Advisers Act). GAMCO is an investment manager providing discretionary managed account services for employee benefit plans, private investors, endowments, foundations and others.
GCIA, a wholly owned subsidiary of AC, is an investment adviser registered under the Advisers Act and serves as a general partner or investment manager to limited partnerships and offshore investment companies and other accounts. As a part of its business, GCIA may purchase or sell securities for its own account. GCIA or its relying advisers, act as a general partner or investment manager of a number of funds or partnerships, including Gabelli Associates Fund, L.P., Gabelli Associates Fund II, L.P., Gabelli Associates Limited, Gabelli Associates Limited II E, Gabelli Intermediate Credit Fund L.P., GAMA Select Plus Master Fund, Ltd., GAMCO Medical Opportunities L.P., and Gabelli Multimedia Partners, L.P.
G.research is a wholly owned subsidiary of MGH. G.research, is a broker-dealer registered under the Securities Exchange Act of 1934, as amended (1934 Act), which may as a part of its business purchase and sell securities for its own account.
Gabelli Funds, a wholly owned subsidiary of GBL, is a limited liability company. Gabelli Funds is an investment adviser registered under the Advisers Act which provides advisory services for The Gabelli Equity Trust Inc., The Gabelli Asset Fund, The Gabelli Growth Fund, The Gabelli Convertible and Income Securities Fund Inc., The Gabelli Value 25 Fund Inc., The Gabelli Small Cap Growth Fund, The Gabelli Equity Income Fund, The Gabelli ABC Fund, The Gabelli Global Content & Connectivity Fund, The Gabelli Gold Fund, Inc., The Gabelli Multimedia Trust Inc., The Gabelli Global Rising Income & Dividend Fund, The Gabelli Capital Asset Fund, The Gabelli International Growth Fund, Inc., The Gabelli Global Growth Fund, The Gabelli Utility Trust, The Gabelli Utilities Fund, The Gabelli Dividend Growth Fund, The Gabelli Focused Growth and Income Fund, The Comstock Capital Value Fund, The Gabelli Dividend and Income Trust, The Gabelli Global Utility & Income Trust, The GAMCO Global Gold, Natural Resources, & Income Trust, The GAMCO Natural Resources, Gold & Income Trust, The GDL Fund, Gabelli Enterprise Mergers & Acquisitions Fund, The Gabelli ESG Fund, Inc., The Gabelli International Small Cap Fund, The Gabelli Healthcare & Wellness Rx Trust, The Gabelli Global Small and Mid Cap Value Trust, Gabelli Merger Plus+ Trust Plc, The Gabelli Global Financial Services Fund, The Gabelli Global Mini Mites Fund, The Gabelli Media Mogul Fund, The Gabelli Pet Parents Fund, The Gabelli U.S. Treasury Money Market Fund, Bancroft Fund Ltd. and Ellsworth Growth & Income Fund Ltd., Gabelli Growth Innovators ETF, Gabelli Love Our Planet & People ETF, Gabelli Automation ETF, Gabelli Commercial Aerospace & Defense ETF, Gabelli Financial Services Opportunities ETF (collectively, the Funds), which are registered investment companies. Gabelli Funds is also the investment adviser to The GAMCO International SICAV (sub-funds GAMCO Merger Arbitrage and GAMCO All Cap Value), a UCITS III vehicle.
Teton Advisors, an investment adviser registered under the Advisers Act, provides discretionary advisory services to The TETON Westwood Mighty Mitessm Fund, The TETON Convertible Securities Fund, The Teton Westwood Balanced Fund, and The TETON Westwood Equity Fund. The TETON Westwood Mighty Mites Fund and the Teton Convertible Securities Fund are subadvised by Gabelli Funds, and their holdings are included in this filing.
Keeley-Teton, an investment adviser registered under the Advisers Act, provides discretionary advisory services to The Teton Westwood Smallcap Equity Fund, The Keeley Small Cap Dividend Value Fund, The Keeley Small-Mid Cap Value Fund, and The Keeley Mid Cap Dividend Value Fund, as well as to institutional and individual clients.
MJG Associates provides advisory services to private investment partnerships and offshore funds. Mario Gabelli is the sole shareholder, director and employee of MJG Associates. MJG Associates is the Investment Manager of Gabelli International Limited and Gabelli Fund, LDC. Mario J. Gabelli is the general partner of Gabelli Performance Partnership, LP.
The Foundation is a private foundation. Mario Gabelli is the Chairman, a Trustee and the Investment Manager of the Foundation. Elisa M. Wilson is the President of the Foundation.
LICT is a holding company with operating subsidiaries engaged primarily in the rural telephone industry. LICT actively pursues new business ventures and acquisitions. LICT makes investments in marketable securities to preserve capital and maintain liquidity for financing their business activities and acquisitions and are not engaged in the business of investing, or trading in securities. Mario J. Gabelli is the Chief Executive Officer, a director, and substantial shareholder of LICT.
CIBL is a holding company with interest in telecommunications operations, primarily in the rural telephone industry. CIBL actively pursues new business ventures and acquisitions. CIBL makes investments in marketable securities to preserve capital and maintain liquidity for financing their business activities and acquisitions and are not engaged in the business of investing, or trading in securities. Mario J. Gabelli is a director, and substantial shareholder of CIBL.
Mario Gabelli is the controlling stockholder, co-Chief Executive Officer and a director of GGCP and Chairman and Chief Executive Officer of GBL. He is the Executive Chairman of AC. Mario Gabelli is also a member of GGCP Holdings. Mario Gabelli is the controlling shareholder of MGH and indirectly of Teton Advisors and Keeley-Teton Advisors.
|
| (d) | Not applicable. |
| (e) | Not applicable. |
| (f) | United States. |
| Item 3. | Source and Amount of Funds or Other Consideration |
The Reporting Persons used an aggregate of approximately $112,709,813 to purchase the Securities reported as beneficially owned in Item 5. GAMCO and Gabelli Funds used approximately $78,103,873 and $26,416,170, respectively, of funds that were provided through the accounts of certain of their investment advisory clients (and, in the case of some of such accounts at GAMCO, may be through borrowings from client margin accounts) in order to purchase the Securities for such clients. AC used approximately $1,380,663 of working capital to purchase the Securities reported by it. GCIA used approximately $485,120 of client funds to purchase the Securities reported by it. Foundation used approximately $2,025,744 of working capital to purchase the Securities reported by it. GBL used approximately $29,064 of working capital to purchase the Securities reported by it. GGCP used approximately $869,070 of working capital to purchase the Securities reported by it. MJG Associates used approximately $2,086,261 of client funds to purchase the Securities reported by it. Teton used approximately $766,540 of client funds to purchase the Securities reported by it. Mario Gabelli used approximately $547,308 of personal funds to purchase the Securities reported by it. | |
| Item 4. | Purpose of Transaction |
Each of the Reporting Persons has purchased and holds the Securities reported by it for investment for one or more accounts over which it has shared, sole, or both investment and/or voting power, for its own account, or both.
The Reporting Persons file the long form Schedule 13D pursuant to Section 13d-1 of the Securities Exchange Act of 1934 (the "Act") even though they may be technically eligible to file the short form Schedule G. Because the Reporting Persons may regularly communicate with the Issuer's management, filing the Schedule 13D ensures that these conversations are compliant with the reporting obligations under the Exchange Act.
The Reporting Persons are engaged in the business of securities analysis and investment. The Reporting Persons analyze the operations, capital structure and markets of companies in which they invest, including the Issuer, on a continuous basis through analysis of documentation and discussions with knowledgeable industry and market observers and with representatives of such companies (often at the invitation of management). As a result of these analytical activities one or more of the Reporting Persons may issue analysts reports, participate in interviews or hold discussions with third parties, with management or with Directors in which the Reporting Person may suggest or take a position with respect to potential changes in the operations, management or capital structure of such companies as a means of enhancing shareholder values. Such suggestions or positions may relate to one or more of the transactions specified in clauses (a) through (j) of Item 4 of Schedule 13D including, without limitation, such matters as disposing of one or more businesses, selling the company or acquiring another company or business, changing operating or marketing strategies, adopting or not adopting, certain types of anti-takeover measures and restructuring the company capitalization or dividend policy.
Each of the Reporting Persons intends to adhere to the foregoing investment philosophy with respect to the Issuer. However, none of the Reporting Persons intends to seek control of the Issuer or participate in the management of the Issuer, and any Reporting Person that is registered as an investment company under the Company Act will participate in such a transaction only following receipt of an exemption from the SEC under Rule 17d-1 under the Company Act, if required, and in accordance with other applicable law. In pursuing this investment philosophy, each Reporting Person will continuously assess the Issuers business, financial condition, results of operations and prospects, general economic conditions, the securities markets in general and those for the Issuers securities in particular, other developments and other investment opportunities, as well as the investment objectives and diversification requirements of its shareholders or clients and its fiduciary duties to such shareholders or clients. Depending on such assessments, one or more of the Reporting Persons may acquire additional Securities or may determine to sell or otherwise dispose of all or some of its holdings of Securities. Although the Reporting Persons share the same basic investment philosophy and although most portfolio decisions are made by or under the supervision of Mario Gabelli, the investment objectives and diversification requirements of various clients differ from those of other clients so that one or more Reporting Persons may be acquiring Securities while others are disposing of Securities.
With respect to voting of the Securities, the Reporting Persons have adopted general voting policies relating to voting on specified issues affecting corporate governance and shareholder values. Under these policies, the Reporting Persons generally vote all securities over which they have voting power in favor of cumulative voting, financially reasonable golden parachutes, one share one vote, management cash incentives and pre-emptive rights and against greenmail, poison pills, supermajority voting, blank check preferred stock and super-dilutive stock options. Exceptions may be made when management otherwise demonstrates superior sensitivity to the needs of shareholders. In the event that the aggregate voting position of all Reporting Persons exceeds 25% of the total voting position of the Issuer, one or more of the filing persons may transfer voting and/or dispositive power over shares to independent committees of directors or the owners of such shares. Such committees vote and/or consider disposition of such shares independently of the Reporting Persons.
Each of the Covered Persons who is not a Reporting Person has purchased the Securities reported herein as beneficially owned by him for investment for his own account or that of one or more members of his immediate family. Each such person may acquire additional Securities or dispose of some or all of the Securities reported herein with respect to him.
Other than as described above, none of the Reporting Persons and none of the Covered Persons who is not a Reporting Person has any present plans or proposals which relate to or would result in any transaction, change or event specified in clauses (a) through (j) of Item 4 of Schedule 13D.
| |
| Item 5. | Interest in Securities of the Issuer |
| (a) | The aggregate number of Securities to which this Schedule 13D relates is 29,129,082 GDS shares, representing 5.46% of the 533,500,000 GDS shares outstanding as reported by the Issuer as of September 30, 2025. Each GDS represents five CPOs. The Reporting Persons beneficially own those GDS Securities as follows: GAMCO 19,973,952 shares 3.74%, Gabelli Funds 7,257,430 shares 1.36%, AC 275,000 shares 0.05%, GCIA 114,950 shares 0.02%, Foundation 519,000 shares 0.10%, GBL 5,550 shares 0.00%, GGCP 160,000 shares 0.03%, MJG Associates 409,000 shares 0.08%, Teton 150,000 shares 0.03% and Mario Gabelli 264,200 shares 0.05%. |
| (b) | Each of the Reporting Persons and Covered Persons has the sole power to vote or direct the vote and sole power to dispose or to direct the disposition of the Securities reported for it, either for its own benefit or for the benefit of its investment clients or its partners, as the case may be, except that (i) GAMCO does not have authority to vote 1,179,500 of the reported shares, (ii) Gabelli Funds has sole dispositive and voting power with respect to the shares of the Issuer held by the Funds so long as the aggregate voting interest of all joint filers does not exceed 25% of their total voting interest in the Issuer and, in that event, the Proxy Voting Committee of each Fund shall respectively vote that Funds shares, (iii) at any time, the Proxy Voting Committee of each such Fund may take and exercise in its sole discretion the entire voting power with respect to the shares held by such fund under special circumstances such as regulatory considerations, and (iv) the power of Mario Gabelli, AC, GBL, and GGCP is indirect with respect to Securities beneficially owned directly by other Reporting Persons. |
| (c) | Information with respect to all transactions in the Securities which were effected during the past sixty days or since the most recent filing on Schedule 13D, whichever is less, by each of the Reporting Persons and Covered Persons is set forth below:
DATE SHARES PURCHASED PRICE
/SOLD
GABELLI & COMPANY INVESTMENT ADVISERS, INC.
GABELLI MULTIMEDIA PARTNERS, LP
10/22/2025 10,000 2.4000
PAN ALTES MULTI STRATEGY, L.P.
9/24/2025 -8,000 2.7290
9/22/2025 -2,000 2.7210
9/18/2025 -8,000 2.8000
GABELLI FOUNDATION, INC.
10/30/2025 10,500 2.6800
10/27/2025 583 2.4000
10/24/2025 2,000 2.3700
10/22/2025 5,917 2.3700
10/17/2025 20,000 2.4100
9/26/2025 21,950 2.6700
9/25/2025 1,050 2.6700
9/24/2025 51,000 2.7326
9/18/2025 36,000 2.8599
GABELLI FUNDS, LLC
GABELLI ASSET FUND
10/21/2025 15,000 2.4071
10/14/2025 10,000 2.3992
10/8/2025 15,000 2.4882
GABELLI EQUITY INCOME FUND
9/25/2025 9,200 2.7000
9/5/2025 -9,200 2.8904
GABELLI EQUITY TRUST
10/15/2025 -5,000 2.4606
10/2/2025 50,000 2.6000
9/12/2025 -5,000 2.8641
GABELLI DIVIDEND & INCOME TRUST
10/28/2025 10,000 2.7495
GABELLI MULTIMEDIA TRUST
10/22/2025 20,000 2.3700
10/17/2025 30,000 2.4000
10/9/2025 50,000 2.4700
9/18/2025 10,000 2.8000
9/17/2025 10,000 2.8500
9/16/2025 25,000 2.8400
9/12/2025 15,000 2.8524
9/9/2025 15,000 2.8300
9/8/2025 15,000 2.8564
GABELLI GLOBAL RISING INCOME AND DIVIDEND FUND
10/14/2025 10,000 2.3500
9/29/2025 20,000 2.7000
GABELLI GLOBAL SMALL & MIDCAP VALUE TRUST
11/3/2025 6,000 2.6600
KEELEY SMALL CAP FUND
9/25/2025 20,000 2.7000
9/17/2025 30,000 2.8964
9/5/2025 40,000 2.8880
GABELLI SMALL CAP GROWTH FUND
10/17/2025 50,000 2.4200
10/9/2025 50,000 2.4500
10/6/2025 50,000 2.5600
9/9/2025 15,000 2.8200
GABELLI VALUE 25 FUND
10/27/2025 2,330 2.4000
10/24/2025 15,000 2.4199
10/23/2025 20,000 2.4000
9/25/2025 10,000 2.6882
9/24/2025 15,000 2.6900
9/17/2025 15,000 2.8490
9/15/2025 15,000 2.8600
9/8/2025 15,000 2.8800
9/4/2025 15,000 2.8391
GAMCO ASSET MANAGEMENT INC.
11/3/2025 21,000 2.5900
10/31/2025 65,000 2.6500
10/31/2025 10,000 2.6700
10/31/2025 17,000 2.6765
10/30/2025 -20,000 2.6800
10/30/2025 60,000 2.7363
10/28/2025 -20,000 2.7802
10/27/2025 4,500 2.4886
10/27/2025 -61,000 2.4927
10/27/2025 801 2.5000
10/24/2025 4,199 2.3891
10/24/2025 -20,456 2.3900
10/24/2025 15,000 2.4196
10/23/2025 40,000 2.4000
10/22/2025 55,500 2.3937
10/22/2025 -22,600 2.4000
10/21/2025 -500 2.4150
10/21/2025 22,000 2.4154
10/21/2025 20,000 2.4240
10/20/2025 10,500 2.4047
10/20/2025 -41,000 2.4208
10/17/2025 -20,000 2.3820
10/17/2025 5,000 2.4100
10/17/2025 22,000 2.4177
10/17/2025 29,000 2.4200
10/16/2025 5,000 2.4400
10/15/2025 -15,000 2.4700
10/14/2025 25,000 2.3500
10/14/2025 -13,000 2.3600
10/14/2025 10,000 2.4066
10/14/2025 18,800 2.4094
10/14/2025 20,000 2.4100
10/13/2025 73,950 2.3983
10/13/2025 2,000 2.4050
10/13/2025 -23,769 2.4160
10/10/2025 7,000 2.3953
10/10/2025 24,000 2.4100
10/10/2025 -35,000 2.4234
10/10/2025 78,515 2.4270
10/9/2025 9,800 2.4459
10/9/2025 14,900 2.4552
10/9/2025 58,000 2.4594
10/8/2025 25,000 2.5000
10/8/2025 50,000 2.5100
10/8/2025 -26,231 2.5119
10/8/2025 8,000 2.5291
10/8/2025 9,000 2.5333
10/7/2025 -25,000 2.5103
10/7/2025 50,000 2.5200
10/7/2025 63,500 2.5285
10/7/2025 50,000 2.5338
10/7/2025 -750 2.5500
10/6/2025 5,000 2.5400
10/6/2025 8,500 2.5500
10/3/2025 4,683 2.5400
10/2/2025 50,000 2.5696
10/2/2025 83,000 2.5881
10/2/2025 55,317 2.5903
10/1/2025 30,500 2.6480
10/1/2025 -6,500 2.6700
9/30/2025 20,000 2.6499
9/29/2025 -5,000 2.6770
9/29/2025 2,500 2.6772
9/26/2025 7,500 2.6795
9/26/2025 30,000 2.6867
9/26/2025 -4,000 2.6900
9/25/2025 15,000 2.7000
9/24/2025 -90,000 2.6971
9/24/2025 18,000 2.7204
9/24/2025 10,200 2.7290
9/23/2025 5,000 2.7800
9/23/2025 -160,000 2.7911
9/22/2025 500 2.7094
9/22/2025 76,500 2.7224
9/22/2025 -116,900 2.7392
9/22/2025 20,000 2.7400
9/22/2025 -7,500 2.7858
9/19/2025 4,000 2.7200
9/19/2025 118,000 2.7232
9/19/2025 -32,000 2.7280
9/18/2025 10,000 2.7400
9/18/2025 -6,000 2.7500
9/18/2025 8,000 2.7750
9/18/2025 15,000 2.7977
9/18/2025 52,000 2.8279
9/18/2025 20,000 2.8364
9/17/2025 30,000 2.8388
9/17/2025 34,500 2.8756
9/17/2025 10,000 2.9129
9/17/2025 20,000 2.9300
9/16/2025 -6,000 2.8452
9/16/2025 15,000 2.8734
9/16/2025 40,500 2.8744
9/16/2025 -2,500 2.9100
9/16/2025 -500 2.9202
9/15/2025 4,000 2.8489
9/15/2025 15,000 2.8717
9/15/2025 50,000 2.8763
9/12/2025 -11,000 2.8541
9/12/2025 -2,500 2.8610
9/12/2025 -1,400 2.8611
9/11/2025 -7,500 2.7700
9/11/2025 20,000 2.7800
9/11/2025 36,000 2.7928
9/11/2025 -4,000 2.8000
9/10/2025 15,000 2.7789
9/10/2025 22,000 2.7800
9/9/2025 16,000 2.8172
9/9/2025 2,000 2.8300
9/9/2025 6,500 2.8377
9/9/2025 15,000 2.8500
9/9/2025 -15,000 2.8565
9/8/2025 -12,000 2.8769
9/8/2025 3,000 2.8899
9/5/2025 5,300 2.8499
9/5/2025 38,500 2.8500
9/5/2025 17,000 2.8600
9/4/2025 30,000 2.8300
GGCP, INC.
10/24/2025 2,582 2.3900
10/23/2025 28,418 2.3969
10/22/2025 4,000 2.3700
MJG ASSOCIATES, INC.
10/1/2025 4,000 2.6200
MARIO J. GABELLI
10/7/2025 30,000 2.5100
9/18/2025 7,000 2.7300
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| (d) | The investment advisory clients of, or partnerships managed by, GAMCO, Gabelli Funds, Teton Advisors and MJG Associates have the sole right to receive and, subject to the notice, withdrawal and/or termination provisions of such advisory contracts and partnership arrangements, the sole power to direct the receipt of dividends from, and the proceeds of sale of, any of the Securities beneficially owned by such Reporting Persons on behalf of such clients or partnerships. Except as noted, no such client or partnership has an interest by virtue of such relationship that relates to more than 5% of the Securities. |
| (e) | Not applicable. |
| Item 6. | Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer |
The powers of disposition and voting of Gabelli Funds, Teton Advisors, GAMCO, GCIA and MJG Associates with respect to Securities owned beneficially by them on behalf of their investment advisory clients, and of MJG Associates and GCIA with respect to Securities owned beneficially by them on behalf of the partnerships or corporations which they directly or indirectly manage, are held pursuant to written agreements with such clients, partnerships and funds. |
| 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.
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