Televisa will spin off the soccer business and the Azteca StadiumMediotiempo

Mexico City /

The Mexican media giant Televisa announced Thursday that its board of directors approved a plan to separate its soccer operations and the iconic Azteca Stadium from its businessas well as the segments of raffles and the publication of magazines.

Grupo Televisa TLEVISACPO.MX, the world’s largest producer of audiovisual content in Spanish, added in its quarterly results report that the reorganization would give rise to a new company, which would be listed on the local stock market.

“This plan will allow both the company and the new company resulting from the spin-off, focus on their respective business models and growth opportunitiesbeing able to generate better conditions of access to capital, financing sources and investors,” he said.

The proposal, which still needs corporate authorizations and the approval of regulatory authorities, is expected to be implemented in the first half of next year.

Televisa, owned by magnate Emilio Azcárraga, reported a year-on-year increase of 47% to 1,118 million pesos (56 million dollars) in its profit third quarter, mainly driven by lower financial expenses.

Your total income grew 3.6% in the period to 19,252 million pesosthanks to an increase in sales from its cable television operations and in the other businesses segment, which includes the businesses to be spun off.

At the beginning of the year, Televisa completed a transaction with the American Univision to create TelevisaUnivision, a new firm that combines the contents of both broadcasters.

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