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(Updates with analysis on stock moves)
By Cassandra Garrison and Abraham Gonzalez
MEXICO CITY, July 6 (Reuters) - Mexico's Grupo Televisa , the world's top producer of Spanish-language content, said on Tuesday that it is already producing content for the launch next year of a new streaming service as part of its content merger with Univision.
In a call following the company's second-quarter results, Televisa Co-Chief Executive Alfonso de Angoitia said all filings in Mexico and the United States had been made for the content merger with Univision and the transaction was on track to conclude by the end of the year.
"We hit the road running so we are already producing the premium content that we will use for the launching of the platform in 2022," De Angoitia said.
Televisa and leading U.S. Spanish-language broadcaster Univision announced in April they would merge content through the creation of a new Spanish language media company called Televisa Univision.
The new company will launch a global streaming platform with content from both to take on rivals like Netflix Inc and Disney Plus.
There was a "huge" opportunity in the Spanish-language market, which will be worth $3 billion to $4 billion in advertising by 2024, executives said on the call. The company's shares rose earlier Tuesday to their highest level since November 2018 before dipping more than 7%, after the company reported results with mixed trends a day earlier.
"While the results were overall ahead of expectations, there were some negative trends that might be giving investors reasons to take profits today," Barclays analyst Gilberto García told Reuters.
Televisa posted on Monday a 25% jump in net profit in the second quarter to 2.2 billion pesos ($109 million), in line with analyst expectations. Quarterly revenue increased 10.5% to 24.8 billion pesos, up from 22.4 billion pesos in the year-earlier period.
While cable revenues were higher than Barclays' forecast, broadband net additions disappointed at the slowest pace since 2019, the bank said in a note. Growth in Televisa's Sky pre-paid TV was also slower as people go out more with pandemic restrictions lifting.
Televisa said in the call Tuesday that advertising revenue would likely sustain growth through 2021.
"We feel confident that advertising revenue is likely to grow low double digits for the full year," De Angoitia said.
($1= 19.9470 pesos at end-June) (Reporting by Cassandra Garrison and Abraham Gonzalez; Editing by Andrea Ricci)