TelevisaUnivision's Q2 2025 Earnings Call: Key Contradictions on CapEx, Broadband Strategy, and Sky Integration

Stabilization and Growth in Cable Subscribers:
- Grupo Televisa's strategy to focus on attracting and retaining value customers resulted in stabilizing its internet subscriber base, potentially growing it sequentially in the coming quarters.
- The company lost approximately 53,000 video subscribers in the second quarter, a decrease from the previous quarter, due to the focus on value customers and retention strategies.

Efficiency and Synergies in Izzi and Sky Integration:
- The integration between Izzi and Sky contributed to expanding the consolidated operating segment income margin by 80 basis points in the first half of the year to 38.1%.
- The benefits were driven by a year-on-year OpEx reduction of around 7% and synergies from the integration.

Free Cash Flow Generation and Debt Reduction:
- The company generated around MXN 3.6 billion in free cash flow in the first half of the year, allowing them to prepay a MXN 2.65 billion bank loan.
- This was attributed to a disciplined capital expenditure deployment approach and successful negotiations with suppliers for favorable terms.

ViX Subscriber Growth and Cost Savings:
- ViX subscribers surpassed 10 million, indicating double-digit year-on-year growth.
- The company's efficiency plan to reduce operating expenses at TelevisaUnivision by over $400 million in 2025 resulted in around 13% year-on-year decline in operating expenses in the first half of the year.

Digital Revenue Enhancement and Content Monetization:
- TelevisaUnivision is enhancing its digital sales, with a focus on selling advertising on ViX, which has become a $1 billion revenue business.
- This is being driven by the appointment of a new head of sales from Tiktok and the unification of content officer positions to improve windowing and monetization of content.