Grupo Televisa is a Mexican telecommunications company operating primarily through its "Telecom" segment, which encompasses cable and satellite pay-TV services across Mexico. The cable business operates under the izzi brand, offering residential subscribers bundled packages of pay-TV, broadband, and voice services, increasingly including OTT platforms like Netflix and Disney+. izzi serves approximately 6.1 million subscribers across a network of 20 million homes passed. The satellite business operates under the Sky brand, offering DTH pay-TV across Mexico, Central America, and the Dominican Republic to approximately 3.5 million subscribers, differentiated by exclusive sports content. Televisa also provides enterprise connectivity and managed services under the Bestel brand via an owned fiber-optic network. Revenue is driven primarily by monthly residential subscription fees, with ARPU growth the key focus as management has shifted away from subscriber volume toward retaining higher-value, multi-product customers. Televisa is actively upgrading its cable network from HFC to FTTH, with roughly 9 million homes already upgraded and a target of approximately 75% of its footprint by end-2026. Sky is treated as a cash-generative but declining asset, as broadband and streaming expand across Mexico. Televisa also holds a ~44% equity stake in TelevisaUnivision, the leading Spanish-language media company globally, which operates linear TV networks and the ViX streaming platform across the U.S. and Mexico.