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    Emilio Fuentes • GBM

    Emilio Fuentes is a Senior Equity Analyst at GBM, specializing in coverage of key Mexican-listed companies such as Grupo Bimbo, Coca-Cola FEMSA, and Alsea within the consumer and retail sectors. He is recognized for his insightful investment recommendations, maintaining a track record of strong success rates and double-digit average portfolio returns, with rankings in the top quartile of equity analysts on prominent Latin American investment research platforms. Emilio launched his career in equity research in the early 2010s, previously working at Santander before joining GBM in 2018, and he holds professional credentials including a CFA designation and FINRA Series 7 and 63 licenses. His contributions have earned him nominations for regional analyst awards, underscoring his reputation for high-quality market analysis.

    Emilio Fuentes's questions to Grupo Televisa SAB (TV) leadership

    Emilio Fuentes's questions to Grupo Televisa SAB (TV) leadership • Q2 2025

    Question

    Emilio Fuentes of GBM asked about Televisa Univision's strategy regarding the bundling of content and distribution, and whether Sky's subscriber losses could become a financial burden.

    Answer

    Co-CEO Alfonso de Angoitia Noriega stated that while they monitor industry unbundling, their distribution business remains a $1.1B revenue stream and bundling currently makes sense. Francisco Valim, CEO of IZZI, explained that Sky's cost structure is now fully integrated, making it a high-margin revenue stream with variable costs, not a potential burden. He added that installation fees ensure a positive payback on new subscribers.

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