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Mexico pay-television service giant Grupo Televisa is snatching phone customers from Carlos Slim Telefonos de Mexico
By Elizabeth Haggar for CEOWORLD Magazine Updated:October 19, 2009
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Grupo Televisa SA, (NYSE:TV) Mexico’s largest provider of pay-television service, is snatching phone customers from Carlos Slim’s Telefonos de Mexico SAB (NYSE:TMX).
Televisa’s cable business, luring customers with packages of TV, phone and high-speed Internet services, gained almost 25,000 phone lines last quarter from other carriers, government statistics show. Telmex, as Slim’s company is known, lost 75,000 lines, according to estimates from Michel Morin at Barclays Capital Inc. in New York.
Mexico’s government bars Telmex from offering TV, leaving the market for customers who want all three products in large metropolitan areas, such as Mexico City, to Televisa. The cable business has been its fastest-growing source of sales and profit, helping the largest Spanish-language broadcaster make up for slower growth in advertising sales during Mexico’s worst recession since the 1930s.
“The cable business now has become a focal point of future growth,” said Morin, who doesn’t own Televisa shares and estimates the stock will trade at 57 pesos ($4.35) within 12 months, implying a gain of 13 percent from the closing price on Oct. 16. “They should be able to expand their share of the voice market in Mexico.” He rates the shares “equal weight.” Bloomberg reported.
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