Unlock the Editor’s Digest for free
Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
The chair of the world’s largest Spanish-language broadcaster Grupo Televisa stepped down on Thursday as the company faces a US investigation over activity related to Fifa football rights.
Televisa in August said it was being investigated by the US Department of Justice over its dealings with football’s governing body, Fifa, and that the outcome of the probe could have a material financial impact on the company.
It said Emilio Azcárraga, 56, who first took the helm of Televisa in the 1990s and is one of Latin America’s most powerful business leaders, would step down with immediate effect.
Televisa, best known for producing telenovela soap operas, is the largest media company in Latin America and the biggest shareholder in US Spanish-language broadcaster Univision. In 2023 it paid $95mn to settle a shareholder lawsuit alleging it bribed Fifa officials to win rights to show World Cup matches.
Azcárraga, whose grandfather founded the company, was chief executive for two decades until 2017 and served as chair until Thursday. It was not clear whether he would return after the probe’s conclusion. The company said it was co-operating with the recently disclosed investigation.
Shares in Televisa have been falling since their peak in 2015 and hit an all-time low this year, as its cable and content businesses face greater competition.
In its third-quarter results published on Thursday, it said revenues at its cable and satellite businesses fell 4 per cent and 13 per cent respectively. Overall revenue fell 6.4 per cent to 15.36bn pesos ($775mn).
Mexico’s media companies are grappling with the shift to digital streaming and tougher competition for ad revenues. Televisa’s largest competitor in the country, broadcast group TV Azteca, is also facing a lawsuit over alleged non-payment to some of its international creditors.
The 2021 deal to combine Televisa with US broadcaster Univision was aimed at grabbing market share among Latino audiences, particularly in the US, where its Vix streaming service aims to compete with giants such as Netflix.
After the deal, Televisa spun off several assets into a new company run by Azcárraga, including Mexico’s largest football team Club América and the iconic Azteca Stadium, which is being renovated ahead of the 2026 World Cup in North America.