|End-of-day quote - 08/05|
Grupo Televisa B : Update on OCESA sale transaction (2)
|05/26/2020 | 12:52pm|
Update on OCESA sale transaction
Mexico City, May 26, 2020 - Grupo Televisa, S.A.B. ("Televisa" or the "Company"; NYSE:TV; BMV:TLEVISA CPO) announced today that the standstill agreement executed with Live Nation Entertainment, Inc. ("Live Nation"), Corporación Interamericana de Entretenimiento, S.A.B. de C.V. and OCESA Entretenimiento, S.A. de C.V., which was announced on May 5, 2020 has expired without reaching an agreement among the parties.
Live Nation has notified Televisa a unilateral termination of the stock purchase agreement (the "Termination Letter"). Televisa disagrees with such Termination Letter and reserves all of its rights in connection with Live Nation's prior allegations and any related actions, including in connection with the Termination Letter and will evaluate all remedies and actions available to it under the existing contracts and at law.
This press release contains forward-looking statements regarding the Company's results and prospects. Actual results could differ materially from these statements. The forward-looking statements in this press release should be read in conjunction with the factors described in "Item 3. Key Information - Forward Looking Statements" in the Company's Annual Report on Form 20 - F, which, among others, could cause actual results to differ materially from those contained in forward-looking statements made in this press release and in oral statements made by authorized officers of the Company. Statements contained in this release relating to the COVID-19 outbreak, the impact of which on our business performance and financial results remains inherently uncertain, are forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Televisa is a leading media company in the Spanish-speaking world, an important cable operator in Mexico and an operator of a leading direct-to-home satellite pay television system in Mexico. Televisa distributes the content it produces through several broadcast channels in Mexico and in over 70 countries through 25 pay-tv brands, television networks, cable operators and over-the-top or "OTT" services. In the United States, Televisa's audiovisual content is distributed through Univision Communications Inc. ("Univision") the leading media company serving the Hispanic market. Univision broadcasts Televisa's audiovisual content through multiple platforms in exchange for a royalty payment. In addition, Televisa has equity and warrants which upon their exercise would represent approximately 36% on a fully-diluted,as-converted basis of the equity capital in Univision Holdings, Inc., the controlling company of Univision. Televisa's cable business offers integrated services, including video, high-speed data and voice services to residential and commercial customers as well as managed services to domestic and international carriers. Televisa owns a majority interest in Sky, a leading direct-to-home satellite pay television system and broadband provider in Mexico, operating also in the Dominican Republic and Central America. Televisa also has interests in magazine publishing and distribution, professional sports and live entertainment, feature- film production and distribution, and gaming.
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Grupo Televisa, S.A.B.
Grupo Televisa SAB published this content on 26 May 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 May 2020 14:37:05 UTC