| Investments in Associates and Joint Ventures |
10. | Investments in Associates and Joint Ventures |
At December 31, 2025 and 2024, the Group had the following investments in associates and joint ventures accounted for by the equity method: | | | | | | | | | | | | | Ownership as of | | | | | | | | | December 31, | | | | | | | | | 2025 | | 2024 | | 2025 | | 2024 | Associates: | | | | | | | | | | | TelevisaUnivision and subsidiaries | | 43.2 | % | 43.0 | % | Ps. | 40,694,190 | | Ps. | 43,220,986 | Other | | | | | | | 45,698 | | | 63,658 | Joint ventures: | | | | | | | | | | | Grupo de Telecomunicaciones de Alta Capacidad, S.A.P.I. de C.V. and subsidiaries (collectively “GTAC”) (1) | | 33.3 | % | 33.3 | % | | 956,508 | | | 952,721 | Periódico Digital Sendero, S.A.P.I. de C.V. and subsidiary (collectively, “PDS”) (2) | | 50.0 | % | 50.0 | % | | 203,694 | | | 199,332 | | | | | | | Ps. | 41,900,090 | | Ps. | 44,436,697 |
| (1) | GTAC was granted a 20-year contract for the lease of a pair of dark fiber wires held by the Mexican Federal Electricity Commission and a concession to operate a public telecommunications network in Mexico with an expiration date in 2030. GTAC is a joint venture in which a subsidiary of the Company, a subsidiary of Grupo de Telecomunicaciones Mexicanas, S.A. de C.V. and a subsidiary of Megacable, S.A. de C.V., have an equal equity participation of 33.3%. A subsidiary of the Company entered into long-term loans to provide financing to GTAC for an aggregate principal amount of Ps.1,614,040, with an annual interest of the Mexican Interbank Interest Rate (“Tasa de Interés Interbancaria de Equilibrio” or “TIIE”) plus 200 basis points computed on a monthly basis and payable on an annual basis or at dates agreed by the parties. Under the terms of these long-term loans, principal amounts can be prepaid at dates agreed by the parties before their maturities between 2026 and 2034. During the years ended December 31, 2025 and 2024, GTAC paid principal and interest to the Group in connection with these long-term loans in the aggregate principal amount of Ps.184,495 and Ps.183,031, respectively. The net investment in GTAC as of December 31, 2025 and 2024, included amounts receivable in connection with these long-term loans to GTAC in the aggregate amount of Ps.1,030,233 and Ps.1,024,371, respectively. These amounts receivable are in substance a part of the Group’s net investment in this investee (see Note 15). |
| (2) | The Group accounts for its investment in PDS under the equity method, due to its 50% interest in this joint venture. As of December 31, 2025 and 2024, the Group’s investment in PDS included intangible assets and goodwill in the aggregate amount of Ps.113,837. |
TelevisaUnivision The Group accounts for its investment in common stock of TelevisaUnivision, the parent company of Univision Communications Inc. (“Univision”), under the equity method due to the Group’s ability to exercise significant influence, as defined under IFRS Accounting Standards, over TelevisaUnivision operations. The Group has the ability to exercise significant influence over the operating and financial policies of TelevisaUnivision because (i) it owned 9,291,000 and 9,290,999 Class A Common Stock shares of TelevisaUnivision as of December 31, 2025 and 2024, respectively, and 750,000 Series B Preferred Stock shares of TelevisaUnivision as of December 31, 2025 and 2024, respectively, representing 43.2% and 43.0% of the outstanding common and preferred shares of TelevisaUnivision on an as-converted basis (excluding unvested and/or unsettled stock, restricted stock units and options of TelevisaUnivision), respectively, and 42.9% and 44.0% of the outstanding voting common shares of TelevisaUnivision, respectively; and (ii) it has designated three members of the Board of Directors of TelevisaUnivision, one of which serves as the Chairman. The Chairman does not presently have a tie-breaking vote or other similar power in connection with any decisions of the Board. The governing documents of TelevisaUnivision provide for an 11-member Board of Directors; however, the Board of Directors currently consists of nine members, and the Group has the right to appoint two additional members. The Series B Preferred Stock shares of TelevisaUnivision, with an annual preferred dividend of 5.5% payable on a quarterly basis, are entitled or permitted to vote on any matter required or permitted to be voted upon by the stockholders of TelevisaUnivision. The investment in Series B Preferred Stock shares of TelevisaUnivision has been classified by the Group as investments in associates and joint ventures because this investment has in substance potential voting rights and gives access to the returns associated with an ownership in TelevisaUnivision. In connection with this investment, the Group received from TelevisaUnivision a preferred dividend in cash in the aggregate amount of U.S.$41.3 million (Ps.780,077), U.S.$41.3 million (Ps.777,838) and U.S.$41.3 million (Ps.716,905) for the years ended December 31, 2025, 2024 and 2023, respectively, which was accounted for in share of income or loss of associates in the Group’s consolidated statement of income or loss for those years. In November 2025, a subsidiary of the Company made a capital contribution in cash to TelevisaUnivision in the aggregate amount of U.S.$89.8 million (Ps.1,671,501), which was recognized as additional paid-in capital by TelevisaUnivision in accordance with an agreement entered into by the parties. This capital contribution was made by the Group in support of TelevisaUnivision’s strategy and financial profile, in conjunction with the relevance of TelevisaUnivision as a strategic Group asset with long-term growth potential. In connection with this capital contribution, the Group received one share of Class A Common Stock, at its par value, which was issued by TelevisaUnivision. As a result of the Group’s interest on this capital contribution, the Group recognized a share of loss in TelevisaUnivision in the amount of U.S.$51.0 million (Ps.949,699) for the year ended December 31, 2025. The Group also recognized a dilution gain or loss in its investment in capital stock of TelevisaUnivision for the years ended December 31, 2025, 2024 and 2023, resulting from a change in its share in TelevisaUnivision from 43.0% to 43.2%, from 43.7% to 43.0%, and from 44.4% to 43.7%, respectively, on an as-converted basis (excluding unvested and/or unsettled stock, restricted stock units and options of TelevisaUnivision). A roll forward of investments in associates and joint ventures for the years ended December 31, 2025 and 2024, is presented as follows: | | | | | | | | | 2025 | | 2024 | At January 1 | | Ps. | 44,436,697 | | Ps. | 43,427,638 | Share of loss of associates and joint ventures, net | | | (1,868,198) | | | (960,415) | Share of other comprehensive income (loss) of associates | | | 3,905,450 | | | (7,061,676) | Long-term loans granted to GTAC, net | | | 86,142 | | | 128,881 | Foreign currency translation adjustments | | | (6,227,452) | | | 8,946,557 | Capital contribution to TelevisaUnivision | | | 1,671,501 | | | — | GTAC payments of principal and interest | | | (184,495) | | | (183,031) | Dividends from PDS | | | (5,000) | | | (10,000) | Other | | | 85,445 | | | 148,743 | At December 31 | | Ps. | 41,900,090 | | Ps. | 44,436,697 |
IFRS Accounting Standards Summarized Financial Information of TelevisaUnivision IFRS Accounting Standards summarized financial information of TelevisaUnivision as of December 31, 2025 and 2024, respectively (amounts in thousands of U.S. dollars): | | | | | | | | | 2025 | | 2024 | Current assets (include cash and cash equivalents for U.S.$439,500 and U.S.$329,800, respectively) | | U.S.$ | 2,921,100 | | U.S.$ | 2,616,600 | Non-current assets | | | 13,440,900 | | | 13,160,000 | Total assets | | | 16,362,000 | | | 15,776,600 | Current liabilities (include debt and financial liabilities for U.S.$270,400 and U.S.$240,800, respectively) | | | 1,594,200 | | | 1,450,900 | Non-current liabilities (include debt and financial liabilities for U.S.$9,386,800 and U.S.$9,314,500 respectively) | | | 12,118,900 | | | 12,100,700 | Total liabilities | | | 13,713,100 | | | 13,551,600 | Total net assets | | U.S.$ | 2,648,900 | | U.S.$ | 2,225,000 |
The table below reconciles the summarized financial information of TelevisaUnivision to the carrying amount of the Group’s interest TelevisaUnivision as of December 31, 2025 and 2024, respectively (amounts in thousands of U.S. dollars): | | | | | | | | | | 2025 | | 2024 | | Ownership as of December 31 | | | 43.2 | % | | 43.0 | % | Group’s share of net assets | | U.S.$ | 1,143,371 | | U.S.$ | 955,705 | | Group’s share of net assets | | Ps. | 20,599,548 | | Ps. | 19,944,707 | | Goodwill and other indefinite-lived intangible assets | | | 6,582,267 | | | 7,624,454 | | Group’s investment in preferred shares | | | 13,512,375 | | | 15,651,825 | | Carrying amount of the Group´s interest in TelevisaUnivision | | Ps. | 40,694,190 | | Ps. | 43,220,986 | |
IFRS Accounting Standards summarized financial information of TelevisaUnivision for the years ended December 31, 2025, 2024 and 2023 (amounts in thousands of U.S. dollars): | | | | | | | | | | | | 2025 | | 2024 | | 2023 | Revenue | | U.S.$ | 4,827,200 | | U.S.$ | 5,055,500 | | U.S.$ | 4,928,000 | Depreciation and amortization | | | 531,900 | | | 551,600 | | | 570,700 | Finance income | | | 26,400 | | | 212,200 | | | 100,300 | Finance expense | | | 863,500 | | | 791,600 | | | 752,400 | Loss from continuing operations | | | (183,700) | | | (62,500) | | | (513,000) | Income tax (benefit) expense | | | 38,700 | | | (31,400) | | | (129,200) | Net loss | | | (145,000) | | | (93,900) | | | (642,200) | Other comprehensive income (loss) | | | 469,300 | | | (883,900) | | | 535,400 | Total comprehensive income (loss) | | | 324,300 | | | (977,800) | | | (106,800) | Preferred dividends received from TelevisaUnivision | | | 41,250 | | | 41,250 | | | 41,250 |
The table below reconciles the summarized financial information of TelevisaUnivision to the carrying amount of the Group´s interest in TelevisaUnivision for the years ended December 31, 2025, 2024 and 2023 (amounts in thousands of U.S. dollars): | | | | | | | | | | | | 2025 | | 2024 | | 2023 | Net loss | | U.S.$ | (62,568) | | U.S.$ | (40,333) | | U.S.$ | (280,533) | Other comprehensive income (loss) | | | 202,569 | | | (379,662) | | | 233,880 | | | | | | | | | | | Net loss | | Ps. | (1,127,613) | | Ps. | (838,874) | | Ps. | (4,940,904) | Other comprehensive income (loss) | | | 3,905,473 | | | (7,061,645) | | | 4,278,446 | Purchase price allocation and other adjustments: | | | | | | | | | | Net income (loss) adjustments | | | 200,993 | | | (151,397) | | | 128,148 | Share of loss on capital contribution to TelevisaUnivision | | | (949,699) | | | — | | | — | Group’s interest in TelevisaUnivision: | | | | | | | | | | Net loss | | | (1,876,319) | | | (990,271) | | | (4,812,756) | Other comprehensive income (loss) | | | 3,905,473 | | | (7,061,645) | | | 4,278,446 |
Combined condensed balance sheet information related to the Group’s share in associates other than TelevisaUnivision as of December 31, 2025 and 2024, including adjustments made by the Group when using the equity method, such as fair value adjustments made at the time of acquisition, is set forth below: | | | | | | | | | 2025 | | 2024 | Current assets | | Ps. | 18,141 | | Ps. | 17,847 | Non-current assets | | | 39,774 | | | 43,983 | Total assets | | | 57,915 | | | 61,830 | Current liabilities | | | 14,515 | | | 13,849 | Non-current liabilities | | | 20,704 | | | 26,095 | Total liabilities | | | 35,219 | | | 39,944 | Net assets | | Ps. | 22,696 | | Ps. | 21,886 | Goodwill, purchase price allocation and other adjustments | | | 23,002 | | | 41,772 | Carrying amount of the Group’s interest in associates | | Ps. | 45,698 | | Ps. | 63,658 |
Combined condensed balance sheet information related to the Group’s share in joint ventures as of December 31, 2025 and 2024, including adjustments made by the Group when using the equity method, such as fair value adjustments made at the time of acquisition, is set forth below: | | | | | | | | | 2025 | | 2024 | Current assets | | Ps. | 178,732 | | Ps. | 175,520 | Non-current assets | | | 1,075,367 | | | 1,065,472 | Total assets | | | 1,254,099 | | | 1,240,992 | Current liabilities | | | 85,406 | | | 56,799 | Non-current liabilities | | | 1,152,561 | | | 1,170,348 | Total liabilities | | | 1,237,967 | | | 1,227,147 | Net assets | | Ps. | 16,132 | | Ps. | 13,845 | Goodwill, purchase price allocation and other adjustments | | | 113,837 | | | 113,837 | Long-term loans granted to GTAC, net | | | 1,030,233 | | | 1,024,371 | Carrying amount of the Group´s interest in joint ventures | | Ps. | 1,160,202 | | Ps. | 1,152,053 |
The Group recognized its share of comprehensive income of associates and joint ventures other than TelevisaUnivision for the years ended December 31, 2025, 2024 and 2023, as follows: | | | | | | | | | | | | 2025 | | 2024 | | 2023 | Share of income of associates and joint ventures, net | | Ps. | 8,121 | | Ps. | 29,856 | | Ps. | 9,223 | Share of other comprehensive income of associates and joint ventures: | | | | | | | | | | Other items of comprehensive (loss) income, net | | | (23) | | | (31) | | | 85 | | | | (23) | | | (31) | | | 85 | Share of comprehensive income of associates and joint ventures | | Ps. | 8,098 | | Ps. | 29,825 | | Ps. | 9,308 |
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