Televisa May Make Renewed Bid for Univision

MEXICO CITY, July 19: The Televisa/Univision saga continues
with the Mexican media giant now saying that it has not yet ruled out a new
takeover offer for the market-leading Hispanic broadcaster after losing the
bidding war over the company last month.

Televisa, which owns an 11.4-percent stake in Univision,
failed in its bid to acquire the broadcaster, which accepted a $12.3 billion
from a consortium of private equity firms and mogul Haim Saban. Televisa has
since said that is ready to offload its stake to the consortium, but
speculation has persisted that Televisa may want to retain this foothold in the
U.S. market. Further, its programming supply deal with Univision is valid until
2017.

Televisa’s EVP Alfonso De Angoitia told investors in a
conference call yesterday: "We have not made a final decision, but I will
not speculate on the price." He added, "We also officially told that
group we would be willing to start a negotiation to sell the block of stock
that we own in Univision to them. That has not changed."

De Angoitia’s comments came as Televisa reported its
financial results for the second quarter. Consolidated net sales increased 20.9
percent to Ps.9,799.1 million ($897.9 million). Net income increased 75.1
percent to Ps.2,307.4 million ($186.7 million).

Television broadcasting revenues were up 21.6 percent to
$514 million, driven by ad gains from the World Cup and the Mexican presidential
elections, as well as higher ratings for its telenovelas and reality shows.

At the pay-TV networks, revenues were up 25 percent to $30.1
million, with higher revenues from channels sold to pay-television systems in
Mexico and to DirecTV Latin America’s basic package, an increase in sales of
TuTV, and higher advertising sales.

Programming exports were up just 1 percent to $47.1 million,
reflecting a $1.9 million increase in royalties paid to the company under the
Univision Program License Agreement in Puerto Rico. This was partially offset
by lower programming sales in Asia and Africa.

At Sky Mexico, revenues were up 22.1 percent to $166.5
million, with a 17.4-percent increase in subscribers to 1,389,800. Cable TV
revenues were up 41.1 percent to $44.1 million, reflecting a 17.6-percent
subscriber increase to 458,312.