Update on OCESA sale transaction: Televisa announces agreement with Live Nation and CIE
Mexico City, September 13, 2021 - Grupo Televisa, S.A.B. ('Televisa' or the 'Company'; NYSE:TV; BMV:TLEVISA CPO) announced today, that it has reached an agreement with Live Nation Entertainment, Inc. ('Live Nation') to move forward with the previously announced acquisition by Live Nation of Televisa's unconsolidated 40% equity participation in Ocesa Entretenimiento, S.A. de C.V. ('Ocesa').
As previously disclosed, Televisa expects to receive MXN$5,206 million for its equity interest in Ocesa.
The agreement and the closing of the transaction are subject to the fulfillment of certain obligations and other conditions, including obtaining regulatory approvals and certain notifications, and to the closing of the sale by Corporación Interamericana de Entretenimiento, S.A.B. de C.V. to Live Nation of a portion of its stake in Ocesa. Live Nation will hold back and retain 7% of the total amount of the transaction to cover Ocesa potential operating losses, if any, for a period of time following closing.
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. Statements contained in this release relating to the COVID-19 outbreak, the impact of which on our business performance and financial results remains inherently uncertain, are forward-looking statements. 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.
Televisa is a leading media company in the Spanish-speaking world, an important cable operator in Mexico and an operator of a leading direct-to-home satellite pay television system in Mexico. Televisa distributes the content it produces through several broadcast channels in Mexico and in over 70 countries through 27 pay-tv brands, television networks, cable operators and over-the-top or 'OTT' services. In the United States, Televisa's audiovisual content is distributed through Univision Communications Inc. ('Univision'), a leading media company serving the Hispanic market. Univision broadcasts Televisa's audiovisual content through multiple platforms in exchange for a royalty payment. In addition, Televisa has equity representing approximately 36% on a fully-diluted basis of the equity capital in Univision Holdings II, Inc., the controlling company of Univision. Televisa's cable business offers integrated services, including video, high-speed data and voice services to residential and commercial customers as well as managed services to domestic and international carriers. Televisa owns a majority interest in Sky, a leading direct-to-home satellite pay television system and broadband provider in Mexico, operating also in the Dominican Republic and Central America. Televisa also has interests in magazine publishing and distribution, professional sports and live entertainment, feature-film production and distribution, and gaming.