Grupo Televisa S.A. (TV), the largest media company in Mexico, reported mixed financial results for the third quarter 2009. Quarterly consolidated net revenue of $970 million was an improvement of 5.5% over the prior-year quarter. However, this was below the Zacks Consensus Estimate of $983 million. The year-over-year increase in the top-line was mainly attributable to healthy revenue growth in Sky, Cable & Telecom, Programming Exports, Pay television Networks, and Other Business segments, partially offset by a fall in revenue in Publishing and Television Broadcasting segments. Quarterly consolidated net income was $174.8 million, up 3.8% year-over-year. Third-quarter EPGDS (Earnings per Global Depository Shares) was 31 cents, exceeding the Zacks Consensus Estimate of 29 cents. This was primarily due to effective control of operating expenses, as well as a significant reduction of integral cost of financing. Quarterly operating segment income (excluding corporate expenses and depreciation & amortization) was $395 million, up 1.5% year-over-year. Third-quarter consolidated operating income was $294.7 million, up 0.5% over the prior-year quarter. Integral cost of financing in the reported quarter was $38.1 million, down almost 12% year-over-year. During the same quarter, the company repurchased 1.4 million CPOs (1 CPO= 117 common outstanding shares) for total consideration of a little over $5 million. At the end of the third quarter 2009, Grupo Televisa had approximately $2.9 billion cash and marketable securities and $2.66 billion outstanding debt on its balance sheet, compared to $4.35 billion of cash and marketable securities and $3.2 billion outstanding debt at the end of the prior-year quarter. Capital expenditure, during the reported quarter was $149.2 million. Television Broadcasting Segment Quarterly revenue of $399.63 million was down 1.9% year-over-year. Operating profit was $198.9 million, down 3.8% year-over-year. Quarterly operating margin was 49.3% compared to 50.3% in the year-ago quarter. Pay Television Networks Segment Quarterly revenue of $50.74 million was up 28.6% year-over-year. Operating profit was $29.36 million, up 18.7% year-over-year. However, quarterly operating margin was 57.9%, compared to 62.7% in the year-ago quarter. Programming Exports Segment Quarterly revenue of $55.75 million was up 36.9% year-over-year. Operating profit was $31.2 million, up 77.6% year-over-year. Quarterly operating margin was 56%, compared to 43.2% in the year-ago quarter. Publishing Segment Quarterly revenue of $58.64 million was down 11.8% year-over-year. Operating profit was $2.6 million, down 78.1% year-over-year. Quarterly operating margin was just 4.4%, compared to 17.8% in the year-ago quarter. Sky Segment Quarterly revenue of $184.95 million was up 9.2% year-over-year. However, operating profit was $79.8 million, down 3.4% year-over-year. Quarterly operating margin was 43.1%, compared to 48.8% in the year-ago quarter. Cable and Telecom Segment Quarterly revenue of $161.56 million was up 10.6% year-over-year. Operating profit was $55.47 million, up 11.5% year-over-year. Quarterly operating margin was 34.3%, compared to 34.1% in the year-ago quarter. Other Businesses Segment Quarterly revenue of $78.6 million was up 14.6% year-over-year. Operating loss was $2.28 million, up 44.2% year-over-year. However, quarterly operating margin was negative (2.9%), compared to negative (6%) in the year-ago quarter.

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