Azcárraga Jean Reshapes Televisa Holding, Backs Ollamani

Mexican businessman Emilio Azcárraga Jean has agreed to sell a minority stake in Grupo Televisa, reducing his direct exposure to the media conglomerate while retaining overall control, as he shifts greater focus toward Ollamani, the sports and entertainment company spun off from Televisa.

Grupo Televisa said this week that Azcárraga Jean reached an agreement to sell 26,332,332,804 Series A shares to co-CEOs Bernardo Gómez Martínez and Alfonso de Angoitia Noriega. The transaction represents approximately 8% of Televisa’s total Series A shares, based on the company’s 2024 filing with the US Securities and Exchange Commission, which reported about 111.62 billion Series A shares outstanding.

“Grupo Televisa announces that Messrs. Emilio Azcárraga Jean, Bernardo Gómez Martínez and Alfonso de Angoitia Noriega notified the Company that they entered into an agreement under which Messrs. Gómez and de Angoitia agreed to purchase from Mr. Azcárraga, in equal parts, a minority portion of the Company’s shares consisting of 26,332,332,804 Series A shares,” the company said in a statement to investors.

The transaction is subject to approval by Mexico’s antitrust authority, which must review compliance with conditions applicable to this type of transaction. Gómez and de Angoitia serve as Televisa’s co-chief executive officers and are members of its executive committee. Azcárraga Jean has not held a seat on the company’s board since October 2024.

Azcárraga stepped aside as chairman of the board in 2024 after requesting a leave of absence amid the FIFA corruption investigation led by the US Department of Justice, related to alleged bribes for broadcasting rights to the 2018, 2022, 2026, and 2030 FIFA World Cups.

Analysts and market observers have described the share sale as an internal rebalancing rather than a full exit. Business journalist Nayeli Meza said the move does not signal a loss of control. “Azcárraga is not leaving; he is simply sharing more of the table. It is an internal rearrangement,” she said. “It is important to understand that he is selling a minority portion. He does not leave Televisa, does not lose control, and remains a shareholder.”

The sale follows a broader reorganization of Azcárraga Jean’s business interests. On Jan. 2, 2026, he increased his stake in Ollamani by acquiring 25,016,930 participation certificates, strengthening his control of the company, which owns assets including Club América and the Estadio Banorte, formerly known as Estadio Azteca.

Ollamani recently announced a strategic alliance with General Atlantic to form Grupo Águilas, in which Ollamani holds a 51% stake and General Atlantic 49%. The partnership aims to expand Club América and modernize the stadium ahead of the 2026 FIFA World Cup.

These changes come as Grupo Televisa faces financial pressure. In December 2025, Fitch Ratings downgraded the company’s credit rating to BB+, citing high leverage and declining subscriber numbers at its Sky satellite television unit. Televisa has also been reported to be in talks to acquire AT&T’s Mexican operations, a move analysts estimate could create a telecommunications group with roughly 44 million fixed and mobile access points.

Despite the downgrade, Fitch Ratings expects Televisa to maintain solid liquidity in the coming years. With cash reserves of MX$37.9 billion as of late 2025, the company is well-positioned to cover its MX$4.3 billion in short-term debt obligations. Total debt, excluding certain lease liabilities, stands at approximately MX$90 billion and is structured with staggered maturities that mitigate near-term refinancing risk.

Televisa’s financial position is further supported by an untapped US$500 million credit facility and its demonstrated ability to access both domestic and international capital markets, providing flexibility to manage long-term bank and bond obligations.

Despite the share sale, Televisa said Azcárraga Jean remains the company’s controlling shareholder, with ownership structured through a combination of direct holdings, trusts, and affiliated entities.