By Anthony Harrup


MEXICO CITY--Mexican cable and telecommunications company Grupo Televisa has agreed to buy AT&T's stake in its satellite television business Sky Mexico, with which Televisa will own 100% of the unit.

In a filing Wednesday with the Mexican stock exchange, Televisa said it will pay for the stake in 2027 and 2028.

Televisa said Sky Mexico Chief Executive Luis Malvido will step down on April 15 after two years in the position, and be replaced by Francisco Valim, who will also remain as chief executive of cable unit izzi.

In his extended role, Valim will be responsible for generating synergies and efficiencies for Televisa, the company added. Sky accounted for around 24% of Televisa's sales last year, and the cable unit for about 66%.

Televisa has around a 59% stake in Sky Mexico, which operates in Mexico, Central America and the Dominican Republic, and AT&T owns around 41% through DirecTV.

Terms of the stake acquisition weren't disclosed.


Write to Anthony Harrup at anthony.harrup@wsj.com


(END) Dow Jones Newswires

04-03-24 1721ET