UPDATE 2-Media giant Televisa's shares jump in 'good start' ahead of World Cup, US midterms

Analysts at New Street Research praised a "good start to the year". 2026 CAPEX AT AROUND 20% * Televisa expects capital expenditures in the low twenty-percent ‌range of revenues this year as it continues to upgrade its telecommunications network, executives told ‌analysts in a call. * This is expected to come down to 15% toward the second half of 2027, they added, as the ramp up finishes next year.

Mexican media ​giant Televisa's shares jumped 4% in early trading ​on Wednesday after it posted first ‌quarter results ​that beat expectations, boosted by a growing telecommunications business and despite less demand for satellite TV. The performance of the top Spanish-language broadcaster provides a ‌positive start to the year following three consecutive years of net losses. Analysts at New Street Research praised a "good start to the year".

2026 CAPEX AT AROUND 20% * Televisa expects capital expenditures in the low twenty-percent ‌range of revenues this year as it continues to upgrade its telecommunications network, executives told ‌analysts in a call.

* This is expected to come down to 15% toward the second half of 2027, they added, as the ramp up finishes next year. WORLD CUP AND MIDTERMS

* "We are well-positioned to capitalize on record political advertising spent ahead ⁠of the ​November midterm election," added co-CEO ⁠Alfonso de Angoitia in the call. * In Mexico, he noted, Televisa is well-placed "to continue monetizing the FIFA World Cup ⁠momentum, with sales to date exceeding the prior 2022 World Cup cycle."

* Televisa will broadcast around a third of ​FIFA World Cup matches on open TV and the remainder on its ViX Premium streaming service, ⁠through its joint company with U.S. Spanish-language network Univision. PREPARED FOR M&A

* "We're prepared for potential M&A opportunities in the Mexican telecommunication sector," ⁠de ​Angoitia told analysts. * Reports emerged last year that Televisa's Izzi unit could be a leading candidate to buy AT&T's Mexico unit, though this was not confirmed by either company.

* Analysts estimated ⁠a bid could land between $3 billion to $4 billion and bring Televisa some 24 million subscribers, equivalent to ⁠around 17% of ⁠Mexico's market share, though it would require significant investments in Mexico's spectrum. * Televisa is expanding its telecoms operations as it looks to offset falling demand for ‌satellite TV. ($1 = ‌17.4838 Mexican pesos)