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Mexico's Televisa close to launching sports and gaming spin-off

Reuters
·1-min read
The logo of broadcaster Televisa is seen outside its headquarters in Mexico City

MEXICO CITY (Reuters) - Mexico's Grupo Televisa is set to launch the spin-off of its sports, gaming and some editorial operations in February, to focus in its core business, documents published by the country's main stock exchange on Thursday showed.

The new entity, Aguilas, shares the popular name for Televisa's Mexican soccer club. It will start trading with the ticker symbol AGUILAS.CPOs on Feb. 20.

Grupo Televisa, Mexico's largest broadcaster, announced in 2022 it would spin-off its sports and gaming operations to consolidate itself as a telecoms and cable company.

The new company will offer 340.6 billion shares, the stock exchange said.

Mexican conglomerate Alfa has also moved to simplify its structure and cut debt by spinning off its telecommunications subsidiary last year.

(Reporting by Valentine Hilaire; Editing by Richard Chang)