Televisa lower after having ‘turned the page’ on Megacable merger

Shares of Grupo Televisa (TV) are sharply lower on Friday after Mexico’s largest broadcaster suffered losses in the fourth quarter and executives confirmed they were no longer focused on reaching a deal with cable operator Megacable (MHSDF). Televisa reported a net loss of 13.75B pesos, which it attributed to losses related to TelevisaUnivison and its satellite TV unit. In a Friday morning call with investors, Televisa’s co-Chief Executive Alfonso de Angoitia said the company is now focused on executing its own business plan. "They (Megacable) were insisting on asking for terms and conditions that were not in the best interests of Televisa’s shareholders and more than that, they were not in line with corporate governance practices for public companies," Reuters quoted de Angoitia as having said. "We have turned the page and now we’re back to executing on our plan, which is looking great," he reportedly added. Shares of Grupo Televisa trading in New York are down 65c, or 11%, to $5.11 near the close of Friday trading. Reference Link