- Oops!Something went wrong.Please try again later.
(Adds background on Televisa Univision)
MEXICO CITY, April 22 (Reuters) - Mexico's largest broadcaster Grupo Televisa trimmed its losses in the first quarter this year, the company said on Thursday, driven by profit from partnerships and reduced financial expenses.
The company posted a net loss of 584 million pesos ($29 million) in the January-to-March period, compared to a steeper net loss of 9.7 billion pesos the same period a year earlier.
Televisa reported quarterly revenue of 23.83 billion pesos, up 2.6% year-on-year.
Compared with last year, the net loss was eased by a favorable exchange rate, reduced financial costs, and an additional 570 million pesos in operating income, according to a statement filed with the Mexican stock exchange.
The reduced losses were somewhat offset, however, by a decrease in income tax benefits, additional expenses and an increase of depreciation and amortization.
Televisa and Univision announced earlier in April they would merge content through the creation of a new Spanish language media company.
The new firm, called Televisa Univision, will launch a global streaming platform aimed at taking on established rivals including Netflix Inc and Disney Plus, beginning in Mexico and the United States.
Televisa, which will be the single largest shareholder in the new company, said it would contribute its content assets for a total value of $4.8 billion. ($1= 20.4200 pesos at end-March) (Reporting by Cassandra Garrison and Noe Torres Editing by Chris Reese and Grant McCool)