Accounting Policies (Tables)
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12 Months Ended |
Dec. 31, 2024 |
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| Material Accounting Policies |
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| Schedule of interests in direct and indirect subsidiaries |
At December 31, 2024 and 2023, the main direct and indirect subsidiaries of the Company were as follows: | | | | | | | | | Company’s | | | | | Ownership | | Business | Subsidiaries | | Interest (1) | | Segment | | | 2024 | | 2023 | | | Empresas Cablevisión, S.A.B. de C.V. and subsidiaries (collectively, “Empresas Cablevisión”) (3) | | 51.5 | % | 51.2 | % | Cable | Subsidiaries engaged in the Cablemás business (collectively, “Cablemás”) (3) | | 100 | % | 100 | % | Cable | Televisión Internacional, S.A. de C.V. and subsidiaries (collectively, “TVI”) (3) | | 100 | % | 100 | % | Cable | Cablestar, S.A. de C.V. and subsidiaries (collectively, “Bestel”) (3) | | 66.4 | % | 66.2 | % | Cable | Arretis, S.A.P.I. de C.V. and subsidiaries (collectively, “Cablecom”) (3) | | 100 | % | 100 | % | Cable | Subsidiaries engaged in the Telecable business (collectively, “Telecable”) (3) | | 100 | % | 100 | % | Cable | Corporativo Vasco de Quiroga, S.A. de C.V. (“CVQ”) and subsidiaries (3) | | 100 | % | 100 | % | Cable and Sky | Innova Holdings, S. de R.L. de C.V. (“Innova Holdings”) and Innova, S. de R.L. de C.V. (“Innova”) and subsidiaries (collectively, “Sky”) (3) (4) | | 100 | % | 58.7 | % | Sky | Controladora de Juegos y Sorteos de México, S.A. de C.V. and subsidiaries (2) | | — | | 100 | % | | Editorial Televisa, S.A. de C.V. and subsidiaries (2) | | — | | 100 | % | | Grupo Distribuidoras Intermex, S.A. de C.V. and subsidiaries (2) | | — | | 100 | % | | Grupo Telesistema, S.A. de C.V. (“Grupo Telesistema”) and subsidiaries (5) | | — | | 100 | % | |
| (1) | Percentage of equity interest directly or indirectly held by the Company as of December 31, 2024 and 2023. |
| (2) | See Note 26 for a description of each of the Group’s reportable business segments. Most of the operations of the Group’s former Other Businesses segment were discontinued following the spin-off of these businesses by the Company on January 31, 2024, to create a new controlling entity of the spun-off businesses listed in the Mexican Stock Exchange (see Notes 3 and 28). |
| (3) | CVQ is a direct subsidiary of the Company and the parent company of Empresas Cablevisión, Cablemás, TVI, Bestel, Cablecom, Telecable, and Sky. Cablestar, S.A. de C.V. is an indirect majority-owned subsidiary of Empresas Cablevisión. In September 2024, Arretis, S.A.P.I. de C.V. was merged into Televisión Internacional, S.A. de C.V., which became the surviving entity resulting from this merger, and the parent company of the Cablecom subsidiaries. |
| (4) | Innova is an indirect subsidiary of the Company, CVQ and Sky DTH, S.A. de C.V. (“Sky DTH”), and a direct wholly-owned subsidiary of Innova Holdings. Sky is a satellite television provider in Mexico, Central America and the Dominican Republic. Through May 2024, the Company held a 58.7% interest of Innova’s equity and designated a majority of the members of Innova’s Board of Directors, and the non-controlling interests had certain governance and veto rights in Innova, including the right to block certain transactions between the companies in the Group and Sky. These veto rights were protective in nature and did not affect decisions about relevant business activities of Innova. In June 2024, the Company acquired the remaining 41.3% non-controlling interest in the Sky segment held by AT&T, by which the Company became an indirect owner of 100% of the capital stock of Innova Holdings and Innova (see Notes 3 and 19). |
| (5) | Grupo Telesistema is a direct subsidiary of the Company. As of December 31, 2024 and 2023, Grupo Telesistema and its subsidiaries, together with the Company, owned most of the Group’s corporate assets, including the Group’s aggregate investment in common and preferred shares of TelevisaUnivision (see Notes 3, 10 and 26). |
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| Schedule of expiration dates of the Group's concessions and permits |
At December 31, 2024, the expiration dates of the Group’s concessions and permits were as follows: | | | Segments | | Expiration Dates | Cable | | Various from 2026 to 2059 | Sky | | Various from 2025 to 2056 | Corporate assets: | | | Broadcasting concessions (1) | | In 2042 and 2052 |
| (1) | Broadcasting concessions that remained in the Group after the TelevisaUnivision Transaction closed on January 31, 2022, which include 23 concessions for the use of spectrum that comprise the Group’s 225 TV stations for the signals of TelevisaUnivision, for a term of 20 years, starting in January 2022 and ending in January 2042, and six concessions to provide digital broadcasting television services on such TV stations, for a term of 30 years, starting in January 2022 and ending in January 2052. In 2018, the Group paid an aggregate amount of Ps.5,753,349 in cash for the broadcasting concessions for the use of spectrum and recognized this payment as an intangible asset in its consolidated statement of financial position. This amount is being amortized over a period of 20 years beginning on January 1, 2022, by using the straight-line method (see Notes 3, 13, 20 and 26). |
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| Schedule of property, plant and equipment, estimated useful lives |
| | | | | Estimated | | | Useful Lives | Buildings | | 20-50 years | Networks and technical equipment | | 3-30 years | Satellite transponders | | 15 years | Furniture and fixtures | | 10-15 years | Transportation equipment | | 4-8 years | Computer equipment | | 3-6 years | Leasehold improvements | | 5-30 years |
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| Schedule of useful life of investment property |
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Useful Lives | Buildings | | 20-65 years |
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| Schedule of intangible assets, estimated useful lives |
| | | | | Estimated | | | Useful Lives | Trademarks with finite useful lives | | 4 years | Licenses | | 3-10 years | Subscriber lists | | 4-5 years | Payments for renewal of concessions | | 20 years | Other intangible assets | | 3-20 years |
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| Schedule of costs to obtain contracts with customers |
| | | | | | | | | | | | Cable | | Sky | | Total | Contract costs: | | | | | | | | | | At January 1, 2024 | | Ps. | 3,815,535 | | Ps. | 1,514,651 | | Ps. | 5,330,186 | Additions | | | 1,345,315 | | | 69,284 | | | 1,414,599 | Amortization | | | (1,258,992) | | | (421,504) | | | (1,680,496) | Impairment | | | — | | | (1,093,147) | | | (1,093,147) | Total contract costs at December 31, 2024 | | | 3,901,858 | | | 69,284 | | | 3,971,142 | Less: | | | | | | | | | | Current Contract Costs | | | 1,437,161 | | | 45,861 | | | 1,483,022 | Total non-current contract costs | | Ps. | 2,464,697 | | Ps. | 23,423 | | Ps. | 2,488,120 |
| | | | | | | | | | | | Cable | | Sky | | Total | Contract costs: | | | | | | | | | | At January 1, 2023 | | Ps. | 3,297,436 | | Ps. | 2,020,790 | | Ps. | 5,318,226 | Additions | | | 1,758,769 | | | 408,555 | | | 2,167,324 | Amount recognized in income | | | (1,240,670) | | | (914,694) | | | (2,155,364) | Total contract costs at December 31, 2023 | | | 3,815,535 | | | 1,514,651 | | | 5,330,186 | Less: | | | | | | | | | | Current Contract Costs | | | 1,295,696 | | | 715,816 | | | 2,011,512 | Total non-current contract costs | | Ps. | 2,519,839 | | Ps. | 798,835 | | Ps. | 3,318,674 |
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| Schedule of new or amended standards issued by IASB |
| | | | | | | | | Effective for Annual | | | | | Reporting | | | | | Periods Beginning | New or Amended IFRS Accounting Standard | | Title of the IFRS Accounting Standard | | On or After | Amendments to IAS 21 (1) | | Lack of Exchangeability | | January 1, 2025 | Annual Improvements (1) | | Annual Improvements to IFRS Accounting Standards – Volume 11 | | January 1, 2026 | Amendments to IFRS 9 and IFRS 7 (1) | | Amendments to the classification and Measurement of Financial Instruments | | January 1, 2026 | IFRS 18 | | Presentation and Disclosure in Financial Statements | | January 1, 2027 | IFRS 19 (1) | | Subsidiaries without Public Accountability: Disclosures | | January 1, 2027 (2) | Amendments to IFRS 10 and IAS 28 | | Sale or Contribution of Assets between an Investor and its Associate or Joint Venture | | Postponed | Amendments to IFRS 9 and IFRS 7 (1) | | Contracts Referencing Nature-dependent Electricity | | January 1, 2026 |
| (1) | This new or amended IFRS Accounting Standard is not expected to have a significant impact on the Group’s consolidated financial statements. |
| (2) | An entity may elect to apply this IFRS Accounting Standard for reporting periods beginning on or after this date. |
Amended IFRS Accounting Standard or Guidance | | Subject of Amendments | IFRS 1 First-time Adoption of International Financial Reporting Standards | | Hedge accounting by a first-time adopter | IFRS 7 Financial Instruments: Disclosures | | Gain or loss on derecognition | Guidance on implementing IFRS 7 Financial Instruments: Disclosures | | Introduction - Disclosure of deferred difference between fair value and transaction price - Credit risk disclosures | IFRS 9 Financial Instruments | | Derecognition of lease liabilities - Transaction price | IFRS 10 Consolidated Financial Statements | | Determination of a ‘de facto agent’ | IAS 7 Statement of Cash Flows | | Cost method |
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