MEXICO CITY, (Reuters) – Grupo Televisa Mexico, Mexico’s biggest broadcaster reported a 77.3% decline in its third quarter net profit compared to the previous year.

Third quarter net profits of 760.6 millions pesos (36.8million) were posted by the company, compared to 3.350 billion pesos for the same period in last year. This was below the target of the Barclays (933,000,000 pesos) Estimated by LON

Televisa’s revenues increased 9.1% to 26.12 billion pesos from 23.933 billion in the previous year. This was more than the Barclays forecast of 24.5 trillion pesos.

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 https://www.reuters.com/business/media-telecom/televisa-univision-venture-aims-global-spanish-streaming-service-2021-04-14, in which Televisa would be the largest shareholder. Televisa Univision will create a global streaming service that combines content from both.

The tie-up was approved by Mexico’s telecom regulator IFT last month. Televisa stated that the transaction should close by this year.

In September, Televisa said the sale of its 40% stake in Ocesa Entertainment to U.S. firm Live Nation would move forward https://www.reuters.com/article/ocesa-livenation/refile-update-1-live-nation-resumes-stalled-acquisition-of-mexican-entertainment-firm-ocesa-idUSL1N2QF0XD?enowpopup, a move that would support Televisa’s deleveraging efforts, according to S&P Global (NYSE:) Ratings.

($1= 20.642 pesos at end-September)