May 5 – Mexican entertainment giant Grupo Televisa is spinning off its betting and football interests into a new business entity that will be separated from its traditional broadcast business.
Televisa’s business interests have grown beyond TV and now include gaming and lottery platforms alongside its portfolio of football interests that the iconic Estadio Azteca in Mexico City as well as publishing, magazine publications, and a media rights distribution team.
Televisa shareholders approved the decision to split off the assets which will be rehoused in a newy company that will be listed on the Mexican Stock Exchange (BMV) with a projected timeline to complete this in the first half of 2023.
“Management believes that this plan will allow both the Company and the new entity to focus on their respective business models and growth opportunities, thus enhancing their ability to generate better access to capital, financing sources, and investors aligned with each business,” said a Televisa statement.
The new business will have the same shareholding structure as Grupo Televisa.
Televisa dominates the Mexican gaming business with 18 PlayCity Casinos in the country which include 7,000 gaming machines, and has invested $20 million in property to expand. Televisa also has online gaming platforms alongside management of the daily and weekly draws of the ‘Sorteos del Trébol’ football lottery.
Televisa reported group revenue of $4.1 billion in 2022 of which gambling revenue made up $407 million, a 42% increase on the previous year’s $243 million revenue.
The gambling and betting business is still in its infancy in Mexico and Televisa is already the country’s major player, and intends to keep it that way.
The new market listing is expected to provide the company with more access to finance and investors with similar business interests.
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