1. art and entertainment
2. movies and tv
3. television

May 2015
GRUPO TELEVISA:
VALUE WITH A PATH TO OUTPERFORMANCE
Grupo Televisa (NYSE:TV)
Current Price: $36.50
Market Cap: $21 billion
1-Year Target Price: $45 - 57 (24% - 55% upside)
Sean P. Murphy
(617) 849-6587
[email protected]
Game Creek Capital
2
Disclaimer
The analyses and conclusions of Game Creek Capital, L.P., a Delaware limited partnership (“Game Creek”),
contained in this presentation are based on publicly available information. Game Creek recognizes that there
may be confidential information in the possession of Grupo Televisa (the “Company”) discussed in the
presentation that could lead the Company to disagree with Game Creek’s conclusions. This presentation and
the information contained herein is not a recommendation or solicitation to buy or sell any securities. As of the
date of this presentation, Game Creek’s client, Game Creek Fund, L.P., a Delaware limited partnership,
currently beneficially owns equity securities in the Company. The Company does not represent all of the
securities purchased, sold or recommended for the Company’s clients, including the Fund. The reader should
not assume that the Fund’s investment in the Company was or will be profitable.
The analyses provided may include certain statements, estimates and projections prepared with respect to,
among other things, the historical and anticipated operating performance of the Company, access to capital
markets and the values of assets and liabilities. Such statements, estimates, and projections reflect various
assumptions by Game Creek concerning anticipated results that are inherently subject to significant
economic, competitive, and other uncertainties and contingencies and have been included solely for
illustrative purposes. No representations, express or implied, are made as to the accuracy or completeness of
such statements, estimates or projections or with respect to any other materials herein. Actual results may
vary materially from the estimates and projected results contained herein. Accordingly, no party should
purchase or sell securities on the basis of the information contained in this presentation. Game Creek
expressly disclaims liability on account of any party’s reliance on the information contained herein with respect
to any such purchases or sales.
Game Creek manages clients that are in the business of trading – buying and selling – securities and financial
instruments. It is possible that there will be developments in the future that cause Game Creek to change its
position regarding the Company. Game Creek may buy, sell, cover or otherwise change the form of its
investment regarding the Company for any reason. Game Creek hereby disclaims any duty to provide any
updates or changes to the analyses contained herein, including, without limitation, the manner or type of any
Game Creek investment.
Game Creek Capital
3
Investment Thesis
•  Leading vertically integrated media company – best-in-class management team
•  US cable and content companies have been trying to achieve this for decades
•  Univision IPO is near-term catalyst to valuation realization
•  TV has 38% ownership stake and gets paid 12% royalty stream
•  Recent changes to foreign ownership rules in US allowing for greater ownership
•  Opportunities for substantial value creation across all Mexican segments
•  Cable
#1 Market Share (11% of Mexican HHs)
•  Satellite #1 Market Share (22% of Mexican HHs)
•  Content #1 Market Share (Highest Ratings, Most Viewed)
•  Holding company structure makes SOTP best valuation methodology
•  We view SOTP valuation of $45-57/share of 24-55% upside
Game Creek Capital
4
TV is a Highly Diversified Media / Telco Platform
Business Segment
Content
Univision
Licensing
Univision
Ownership
Content
(excl.
Univision)
Description
% of '14 EBITDA
Business Model Similar To:
- Royalty stream of 12%+ of Univision's TV revenue
- Royalty rate increases to 16%+ in 2018
- 38% economic ownership of Univision
- IPO expected 2H 2015
14%
Not
Consolidated
- 4 broadcast channels & 24 Pay TV networks
37%
- Produces 90,000 hours of content annually
Distribution
- Majority ownership in 6 cable operators
Telecom
26%
- ~3.4 mm TV subs (~11% of Mexican HHs)
14.5mm US subs 5.8mm US subs
12% of US HHs 5% of US HHs
- 58.7% ownership of Sky Mexico (DTV is partner)
Satellite (Sky)
27%
14.0mm US subs
12% of US HHs
- 6.6mm total subs (~22% of Mexican HHs)
Other (1)
1. Includes publishing, other, intersegment operations, and corporate expenses.
(3%)
20.4mm US subs
17% of US HHs
Game Creek Capital
5
TV is Undervalued Today
Distribution
Content
Business Segment
Current Valuation
$ Per Share
Univision
Licensing
15.68
Univision
Ownership
7.16
TV has 24% upside in our Base Case
SOTP valuation
•  Given the highly predictable nature of
Content
(excl.
Univision)
13.95
Telecom
9.88
Satellite (Sky)
5.13
Other (1)
(1.56)
Net Debt
Total
Current
% vs. Current
(5.13)
45.11
36.50
23.6%
1. Includes publishing, other, intersegment operations, and corporate expenses.
the cash flows, GCC is confident in
its $16 / share valuation of Univision’s
licensing business
•  This implies that the rest of the
business trades at 6.0x 2014
EBITDA (assuming Univision
equity value of $7 per share)
Game Creek Capital
6
TV has Underperformed its Peers
Content
110.0%
Satellite
97.3%
Cable
90.5%
S&P 500
54.9%
TV
53.9%
Mexico IPC
24.4%
Note:
Content peers include CBS, TWX, VIAB, FOXA, DIS, DISCA, SNI.
Cable peers include CMCS, CVC, TWC, LBTYA, RCI.
Satellite peers include DTV, DISH.
Game Creek Capital
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New Board Members – Implications?
Televisa has nominated three interesting Board members in the past month
•  Mike Fries – CEO of Liberty Global
•  We expect Mike Fries will help think about appropriate capital structures to
drive levered equity returns and minimize taxes
•  David Zaslav - CEO of Discovery
•  We expect David Zaslav will help TV explore content value maximization on
a global scale
•  Jon Feltheimer - CEO of Lionsgate
Game Creek Capital
8
Early Innings of Cable Roll-Up in Mexico
Cable in Mexico looks like the United States in the late 1980s
-  Televisa has grown its cable RGUs 60% over the last 2 years today reaching 11% of Mexican HHs
-  Last quarter, TV rolled out its first competitive triple-play offering in Mexico City
-  More than 70% of the population can afford double / triple play services (yet penetration is at ~50%)
-  Comcast’s stock is up 24x since 1988
US
1988
Pay TV Penetration
Mexico
2014
54%
US
2014
52%
84%
Avg. Monthly Cable Bill
$
14.52
$
14.87
$
64.41
Avg. Income Per Capita
$
1,790
$
859
$
4,420
US
2001
% of Population Using Internet
49%
Mexico
2014
49%
US
2014
87%
Game Creek Capital
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Univision Monetization
Univision represents ~50% of GCC’s Base Case Valuation
•  IPO or monetization event within 12 months
•  Book value is $1.9 billion versus our base case of $4.0 billion
•  2016 Incentive (Broadcast Spectrum) Auction could be worth $2bn+
•  Univision is the largest holder of 600 MHz Broadcast Spectrum in the US
•  13 duopolies (9 in top 20 markets) & channel-sharing opportunities in 6 other
markets (5 in top 20 markets)
•  Televisa has a path to control Univision with expected changes to FCC foreign
ownership regulations
Game Creek Capital
10
GCC has Identified Multiple Ways to Win
Distribution
Content
Business Segment
Upside Opportunity
$ Per Share
Univision
Licensing
17.96
14.6% Upside
Univision
Ownership
10.14
41.5% Upside
•  Near-term catalysts include (i) an expected
Content
(excl.
Univision)
18.01
29.1% Upside
Telecom
11.36
15.0% Upside
Satellite (Sky)
Other (1)
There is additional 31%+ upside, for
total upside of 55%+, associated with
identifiable, near-term catalysts
5.73
11.6% Upside
2015 Univision IPO and (ii) increased revenue
growth and margin expansion in the Telecom
business
•  Medium-term catalysts include (i) continued
consolidation to create a national cable
operator and eventual spin of the business
and (ii) “investor-like” allocation of capital by
management
(1.56)
•  Long-term catalysts of monetizing spectrum at
Net Debt
Total
Current
% vs. Current
(5.13)
56.51
36.50
54.8%
1. Includes publishing, other, intersegment operations, and corporate expenses.
Univision and potentially gaining control
Game Creek Capital
FULL PRESENTATION
11
Game Creek Capital
Table of Contents
A.  Summary
B.  Unmatched Set of Assets
1.  Univision
2.  Telecom
3.  Sky
4.  Content
C.  Management & Capital Structure
D.  Valuation & Risks
E.  Appendix
12
Game Creek Capital
SUMMARY
13
Game Creek Capital
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Investment Overview
We believe Televisa offers investors an opportunity to own world class assets run by smart
managers at a discounted valuation. Televisa’s unique set of media & telecom assets are in
the early innings of benefitting from long term secular tailwinds. We see a 1-year price target
of $45.11 (24% upside) and believe Televisa has a multi-year runway in your portfolio
Bull Case
+55% ($56.51)
Current Price
$36.50
Base Case
+24% ($45.11)
Bear Case
-17% ($30.13)
Game Creek Capital
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Investment Thesis
Televisa (“TV”) is the most vertically integrated media company in the world and is currently being underappreciated by
the market. As a market leader in both content and distribution, Televisa has already accomplished what large US media
peers (Comcast, AT&T, etc.) are trying to do today, without the same regulatory restrictions
• 
Strong Competitive Positioning:
•  Unmatched Set of Media / Telco Assets. Unique set of assets has resulted in a media / telco platform with revenue diversification and
market leading positions in industries with high barriers to entry.
•  Content Value is Increasing. The premium placed on content will persist. Content has high barriers to entry, promotes customer
loyalty, is difficult to regulate, and is becoming a brand differentiator for large media / telco / tech companies given the proliferation of
distribution channels. TV is the largest producer of content in Mexico and in the US for Hispanics. (TV produces 90,000 hours of
content per year versus only 75,000 hours in the Warner Brothers library)
•  Shareholder-Friendly Management Team. Management is incentivized alongside shareholders and has shown a focus on creating
shareholder value, capital allocation and prudent balance sheet management.
• 
Medium-Term Macro Tailwinds:
•  Increase in US Hispanic Consumer Spend. Exposure to rapidly growing Hispanic community in the US (18% of US population).
Univision is currently ranked as the No. 3 Broadcast Network in the US regardless of language.
•  TV owns 38% of Univision and collects a sizable royalty stream from Univision
•  Regulatory Reform Provides Opportunity in Mexico and US. Regulatory reform in Mexico has minimal negative impact on TV’s Pay-TV
business and provides upside opportunity for TV’s telecom companies. Regulatory reform in the US has given TV a path to own more
Univision equity.
•  Cable Roll-Up Strategy in Mexico. Televisa is in the same position the US cable companies were in 1988 – as Pay-TV and broadband
penetration increases in Mexico, Televisa will stand to be the clear beneficiary.
Current valuation provides compelling risk / reward proposition. We view TV as being a long-term compounder fueled by strong
secular tailwinds, a superior set of assets, and identifiable catalysts.
•  TV trades with a 24% upside to fair value today with multiple ways to unlock value.
•  Bull case valuation with 55%+ upside can be achieved through identifiable catalysts including (i) Univision IPO, (ii) continued roll-up of
the Mexican cable industry, and (iii) Univision spectrum sale.
•  TV has traded at a discount to US peers largely due to regulatory concerns and complexity which will disappear in time.
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TV is Undervalued Today – GCC Base Case
Content
Business Segment
Current Valuation
$ Per Share
Total ($mm)
Univision
Licensing
15.68
9,013.7
Univision
Ownership
7.16
4,117.2
Content
(excl. Univision)
13.95
8,022.6
TV trades with 24% upside in
our Base Case sum of the
parts valuation
•  This SOTP is intended to be a
status quo analysis of what the
business is worth today and does
not include any of GCC’s
anticipated catalysts
•  Given the highly predictable nature
9.88
5,682.4
Satellite (Sky)
5.13
2,952.4
(1)
(1.56)
(899.3)
Net Debt
(5.13)
(2,949.7)
Total
45.11
25,939.2
Current
% Difference vs. Current
36.50
23.6%
20,987.5
23.6%
Distribution
Telecom
Other
1. Includes publishing, other, intersegment operations, and corporate expenses.
of the cash flows, GCC is confident
in its $16 / share valuation of UVN’s
licensing business.
•  This implies that the rest of the
business trades at 6.0x 2014
EBITDA (assuming Univision
equity value of $7 per share).
Game Creek Capital
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What Wall Street has been Missing
1.  TV is no longer just a “Mexican advertising” or content company
•  We believe that there are still investors and sell-side analysts that focus too much on quarterly advertising
despite (i) TV’s diversification away from being a “content only” company and (ii) TV’s unique ability to manage
content margins “overnight” if need be
• 
“We continue to view Televisa primarily as a content company” – Sell Side Analyst 4/27/15
•  As recently as 2005, the Mexican content business was almost 75% of revenues – today it is only 38% excluding
Univision (and only 32% advertising)
•  We value the Mexican advertising business as only 26% of our Base Case Value – versus 51% for Univision and
33% for Telecom & Sky (1)
2.  TV’s broadcast networks in Mexico and Univision’s networks in the US are not susceptible to the shift of
advertising dollars from television to digital that US language networks have been experiencing
•  91% of Univision’s audience views content live every night (by far the highest of any network in the US)
•  ~70% of Univision’s audience is unduplicated
•  Only 49% of the Mexican population is using the internet
•  TV has 70% market share in broadcast TV in Mexico making it difficult to displace them or stop advertising with
them. It would also be difficult for anyone to offer an OTT solution that does not include TV’s content.
• 
Carlos Slim’s companies stopped advertising with TV years ago due to the competitive nature of the two companies. However,
with the increased competition in telecom, Grupo Carco is now advertising again with TV in order to go head-to-head with AT&T
3.  Telecom capex levels are inline with US cable capex levels during historical investment phases.
Management is correctly planning ahead to take advantage of a long term secular tailwind
4.  Sell-side analyst projections (i) underestimate Univision’s value, (ii) don’t contemplate the future earnings potentials
of Telecom or Sky (medium-term projected margins are too low in Telecom and ARPUs too low in Sky), and (iii)
don’t contemplate the future value of TV’s content library
1. Adds up to more than 100% because it excludes Other, Corporate Expenses, and Net Debt.
Game Creek Capital
18
Company Snapshot
Company Overview
Financial Highlights
•  Headquartered in Mexico City, Televisa (“TV”) is the
largest media company in the Spanish-speaking world
•  TV is a vertically-integrated media / telco company with
significant content and distribution businesses:
•  Content (44% of Revenue):
• 
• 
4 Broadcast Networks
• 
24 Pay-TV Brands
• 
Royalties & 38% Ownership of Univision
Distribution & Other (56% of Revenue):
• 
Sky (satellite TV)
• 
6 cable companies
27-Apr-15
36.50
575.0
20,988
Net Debt (MXN in mm)
MXN:USD
Net Debt (USD in mm)
39,261
15.40
2,549
Enterprise Value (USD in mm)
23,537
Short Interest (mm)
(1)
Income Statement
Revenue
% growth
2.9
2010
2011
2012
2013
2014
57,857
10.5%
62,582
8.2%
69,291
10.7%
73,791
6.5%
80,118
8.6%
COGS
Gross Profit
% of Revenue
(26,295) (28,133) (29,826) (29,756) (31,346)
31,562 34,449 39,465 44,035 48,773
54.6%
55.0%
57.0%
59.7%
60.9%
Opex
EBITDA
% of Revenue
(9,400) (10,220) (12,201) (15,367) (17,971)
22,162 24,229 27,264 28,668 30,802
38.3%
38.7%
39.3%
38.9%
38.4%
D&A
Other Expense
EBIT
% of Revenue
(6,579)
0
15,583
26.9%
Net Income
% growth
Market Data
Stock Price (USD)
Shares Outstanding (mm)
Market Cap (USD in mm)
(MXN in millions)
(7,362)
(593)
16,274
26.0%
7,683
6,666
27.9% (13.2%)
(8,474)
(650)
18,140
26.2%
(9,846) (11,563)
(83) (5,282)
18,738 13,957
25.4%
17.4%
8,761
7,748
5,387
31.4% (11.6%) (30.5%)
Cash Flow
EBITDA
Capex
EBITDA - Capex
% of Revenue
22,162
(11,306)
10,856
18.8%
Leverage
Debt
Cash
Net Debt
Net Debt / EBITDA
47,049 55,965 52,991 60,056 80,998
(31,389) (21,699) (24,381) (20,415) (34,518)
15,659 34,266 28,611 39,641 46,480
0.7x
1.4x
1.0x
1.4x
1.5x
1. Currently 1 USD = 15.4 MXN.
24,229 27,264 28,668 30,802
(9,669) (11,428) (14,871) (17,004)
14,560 15,836 13,797 13,798
23.3%
22.9%
18.7%
17.2%
Game Creek Capital
UNMATCHED SET OF ASSETS
19
Game Creek Capital
20
TV is a Highly Diversified Media / Telco Platform
TV is the most vertically integrated media company in the world with leading content and distribution businesses. No other media
company has a comparable breadth of businesses and diversification of revenue streams.
Business Segment
Distribution
Content
Univision
Licensing
Description
% of 2014 Revenue
% of 2014 EBITDA
- Licensing royalty stream of 12%+ of UVN's audiovisual revenue
- Leading Spanish-language media company in the US
- #4 network in the US regardless of language
- Retrans revenue expected to 2x in 4 years, reducing reliance on ad revenue
5%
14%
Not Consolidated
Not Consolidated
Univision
Ownership
- 38% economic ownership of UVN (8% direct, 30% through converts)
- Leading Spanish-language media company in the US
- #4 network in the US regardless of language
Content
(excl. Univision)
- Operates 4 broadcast channels in Mexico
- Produces and distributes 24 Pay-TV networks in Mexico and globally
- Produced more than 93,000 hours of content in 2013
38%
37%
- Majority ownership in 6 cable operators
- 6.9mm Total RGUs (including 3.4mm Video RGUs or 11% of Mexican HHs)
- Offers television programming, high speed internet, and IP telephony
26%
26%
22%
27%
Telecom
Satellite (Sky)
Other
(1)
- 58.7% ownership of Sky Mexico (partner is Direct TV)
- 6.6mm subs (21.6% of Mexican HHs)
- Mexico's leading direct-to-home satellite television system
- Also operates in Central America and the Dominican Republic
- Publishing is the largest piece of Other Revenue
- Also includes gaming, soccer teams, Azteca stadium and radio businesses
1. Includes publishing, other, intersegment operations, and corporate expenses.
Business Model Similar To:
14.5mm US subs 5.8mm US subs
12% of US HHs 5% of US HHs
14.0mm US subs
12% of US HHs
9%
(3%)
20.4mm US subs
17% of US HHs
Game Creek Capital
1. UNIVISION
21
Game Creek Capital
22
1. Univision
Univision represents ~50% of GCC’s Base Case Valuation
• 
• 
We expect Univision’s valuation to become clear upon its imminent IPO / sale
There are additional sources of “hidden value” as we believe no one has been focused on Univision’s spectrum value or 2016 political proceeds
Univision Overview & Valuation Catalysts
• 
Univision is the leading media company serving the 54mm Hispanic
Royalty Stream
• 
population (17% of US population) in America with #1 market share in each
of its businesses
• 
Univision Network: one of the top five broadcast networks in the US
regardless of language; reaches 94% of US Hispanic TV households
• 
whereby TV gets paid ~12%+ of Univision’s revenue
• 
The royalty rate is set to increase to ~16%+ in 2018
• 
Licensing revenue to Televisa is nearly 100% margin as there are
no incremental costs to Televisa
Other assets include: (i) Unimas (broadcast network reaching 88% of
US Hispanic TV HHs), (ii) Univision Cable Networks, (iii) 61 Owned
• 
advertising assets
Univision is 62% owned by a private equity consortium of Haim Saban,
Madison Dearborn, Providence, TPG, and Thomas H. Lee
• 
Ownership Stake
The PE owners acquired Univision in March 2007. Today, the
investment is approaching the end of its investment horizon and we
• 
believe an exit (IPO or M&A) is imminent:
• 
We forecast a 6-year revenue CAGR of 7% (almost 2x its US peers)
Univision’s Royalty Stream
is valued at $15-16 per share
and/or Operated TV stations and 67 radio stations, and (iv) digital and
• 
Televisa has a perpetual licensing agreement with Univision
Televisa effectively owns 38% of Univision through an equity stake
and convertible debt making Televisa the entity with the largest
Univision has publicly stated that an IPO is likely within 12-18
economic interest in Univision
months
• 
In time, it would make sense for TV and Univision to consolidate but
• 
Refinanced its two nearest term maturities in early 2015
• 
Ended its management agreements with the PE owners and
it’s unlikely until (i) Univision’s net debt is lower and (ii) the US
technical assistance agreement with TV
foreign ownership rules for media companies are more clear
• 
David Zaslov left the Board of Univision and has been
nominated to join the Board of Televisa
Univision Ownership Stake
is valued at $7-8 per share
Game Creek Capital
23
Valuation of Royalty Stream from Univision
Univision’s Royalty Stream is worth $15-16 or 35% of GCC’s Base Case Valuation
(Numbers in millions, unless otherwise stated)
2014A
2,454.6
10.6%
77.8
154.8
99.0%
2,297.7
2,609.4
11.91% 11.91%
273.7
310.8
2015E
2,577.3
5.0%
178.0
15.0%
2,755.4
11.91%
328.2
2016E
2,783.5
8.0%
204.7
15.0%
2,988.2
11.91%
355.9
2017E
3,061.9
10.0%
225.2
10.0%
3,287.1
11.91%
391.5
2018E
3,306.8
8.0%
247.7
10.0%
3,554.5
16.22%
576.5
2019E
3,472.2
5.0%
272.5
10.0%
3,744.6
16.22%
607.4
2020E
3,645.8
5.0%
292.9
7.5%
3,938.7
16.22%
638.9
Total TV & Interactive Revenue (USD)
Amount Greater Than 2010 Revenues ($1.65bn) (USD)
Incremental Royalty Rate
Incremental Royalties (USD)
2,297.7
647.7
2.00%
13.0
2,609.4
959.4
2.00%
19.2
2,755.4
1,105.4
2.00%
22.1
2,988.2
1,338.2
2.00%
26.8
3,287.1
1,637.1
2.00%
32.7
3,554.5
1,904.5
2.00%
38.1
3,744.6
2,094.6
2.00%
41.9
3,938.7
2,288.7
2.00%
45.8
Formula Calculation
Forecasting Error
% of Formula Calculation
Total Royalties (USD)
% growth
286.6
(13.4)
(4.7%)
273.2
330.0
(16.0)
(4.8%)
314.0
14.9%
350.3
(16.9)
(4.8%)
333.3
6.2%
382.7
(18.5)
(4.8%)
364.1
9.2%
424.2
(20.5)
(4.8%)
403.7
10.9%
614.6
(29.7)
(4.8%)
584.9
44.9%
649.3
(31.4)
(4.8%)
617.9
5.6%
684.6
(33.1)
(4.8%)
651.5
5.4%
Tax Rate
26.7%
28.6%
30.0%
30.0%
30.0%
30.0%
30.0%
30.0%
Licensing Cash Flow to TV (USD)
200.2
224.2
233.3
254.9
282.6
409.4
432.5
456.0
Univision TV Revenue (USD)
% growth
Univision Interactive Revenue (USD)
% growth
Total TV & Interactive Revenue (USD)
Royalty Rate
Base Royalties (USD)
2013A
2,219.9
Base Case
8.00%
4.00%
11,857.3
Discount Rate
Long Term Growth Rate
Terminal Value (USD)
Cash Flows for DCF (USD)
Present Value of Cash Flows (USD) - Base Case
Per Share (USD) - Base Case
Bear Case / Upside Case
233.3
9,013.7
15.68
12.35 / 17.96
254.9
282.6
409.4
432.5
12,313.3
CAGR
'13-'18
8%
26%
9%
16%
15%
Game Creek Capital
24
Valuation of Univision Ownership Stake
Televisa’s Ownership Stake of Univision is worth $7-8 or 16% of GCC’s Base Case Valuation
• 
Our base case is conservative and implies a 6.6% IRR and 1.7x MoM for the PE investors
(Numbers in millions, unless otherwise stated)
Total Univision Revenue (USD)
% growth
Univision EBITDA (USD)
EBITDA Margin
2016 EBITDA
Forward EV / EBITDA Multiple
EV (USD)
Less: Net Debt (USD)
Equity Value (USD)
TV Ownership
Equity Value to TV (USD) - Base Case
Per Share (USD) - Base Case
Bear Case / Upside Case
2013A
2,627.4
1,120.4
42.6%
Base Case
1,487.8
13.5x
20,085.8
(9,251.0)
10,834.8
38%
4,117.2
7.16
5.69 / 8.64
2014A
2,911.4
10.8%
1,253.8
43.1%
2015E
3,057.0
5.0%
1,347.1
44.1%
2016E
3,301.5
8.0%
1,487.8
45.1%
Game Creek Capital
25
Add’l Upside Catalyst #1: Spectrum Auction
We value Univision’s excess spectrum at $2bn-$2.5bn or an additional $1.50 per share for Televisa
- 
Univision is the largest holder of broadcast spectrum in the 600 MHz band and has duopolies and channel sharing opportunities in 14 of the Top
20 US Markets
-  Duopolies and channel sharing opportunities enable Univision to stay in business with no downside to current operations or financial outlook
while being able to monetize its valuable excess spectrum assets
- 
The FCC’s Incentive Auction is set for 2016 and, following the recent record-breaking AWS-3 Auction, the demand and valuation potential for
spectrum-constrained major US cities is high (potentially higher than the FCC released Greenhill valuations below)
Market
DMA Rank
TV HHs
# of Stations By Power Level
Class A
Full Power
Total
# of Stations To Be Sold
Class A
Full Power
Total
Max
Class A
Median
Full Power
Max
Median
Multiple Station Univision / Unimas Markets
New York
1
7,384,340
Los Angeles
2
5,613,460
Chicago
3
3,484,800
Dallas
5
2,588,020
San Francisco
6
2,502,030
Houston
10
2,215,650
Phoenix
12
1,812,040
Miami
16
1,621,130
Sacramento
20
1,387,710
San Antonio
36
881,050
Fresno
55
576,820
Tucson
71
438,440
Bakersfield
127
221,740
Total
37,904,010
1
1
3
2
2
2
2
2
1
2
2
2
2
2
1
3
2
2
2
2
2
2
2
2
2
2
2
2
1
1
2
1
1
1
1
1
1
1
1
1
1
-
2
1
1
1
1
1
1
1
1
1
1
1
1
360
370
120
58
92
38
22
76
55
22
17
15
28
280
310
100
50
70
36
10
70
43
20
16
11
15
490
570
130
67
140
52
36
80
130
35
30
38
80
Channel Sharing Opportunities with Entravision
Boston
7
2,433,040
Washington DC
8
2,412,250
Tampa
14
1,827,510
Denver
17
1,574,610
Orlando
18
1,490,380
Albuquerque
47
690,740
Total
10,428,530
-
2
2
2
2
2
2
2
2
2
2
2
2
-
1
1
1
1
1
1
1
1
1
1
1
1
77
98
43
22
67
6
77
67
39
10
44
5
140
140
71
33
85
9
410
340
120
53
110
45
223
78
94
29
26
20
31
UVN Value
93
130
60
28
68
5
UVN Value Assuming 50%
Total Spectrum Value to UVN
Greenhill Valuation
Max
Median
980
570
130
67
140
52
22
80
130
35
30
38
28
2,302
820
340
120
53
110
45
10
78
94
29
26
20
15
1,760
140
140
71
33
85
9
478
239
2,541
93
130
60
28
68
5
384
192
1,952
Game Creek Capital
26
Add’l Upside Catalyst #2: 2016 Political
Hispanics are the fastest growing population in the US
• 
The Hispanic population is expected to almost double over the next
2012 Presidential Race
• 
blacks and whites) making Hispanics 10% of the US electorate
35 years while the Non-Hispanic population grows at a 0.3% CAGR
Hispanics
Non-Hispanics
Total
2015E
56,755
264,615
321,370
2050E
105,551
292,778
398,329
% of Total:
Hispanics
Non-Hispanics
Total
18%
82%
100%
26%
74%
100%
Growth
86%
11%
24%
48% of Hispanic eligible voters turned out in 2012 (versus 65% for
• 
Hispanics tend to vote 63% Democrat and 27% Republican
• 
Obama’s campaign aimed ~10% of its money towards attracting
Hispanic voters in key states while Romney spent just ~4%
• 
“After six months of mulling over November’s election results, many
Republicans remain convinced that the party’s only path to future
victory is to improve the GOP’s appeal to Hispanic voters.”
- Byron York, Washington Examiner May 2, 2013
Source: US Census Bureau
Increasingly Important Hispanic Vote & Univision Implications
• 
The Hispanic vote in the US is becoming increasingly important to win elections as proven by the outcome of the 2012 Presidential Race. We
expect campaign spending on the Hispanic population to meaningfully increase in 2016
• 
“From the beginning it was clear Hispanic voters would play a pivotal role this election (2012)… Yet neither party seems to have fully gotten
the message. Investment in Spanish-language advertising is a mere fraction of what it should be…One cannot help but feel that both
parties have a good deal of work to do if they hope to keep up with America’s fastest-growing population.” – Javier Palomarez, CEO of
USHCC
• 
“Come 2016, Latino voters may hold enough political clout to make or break any presidential hopeful.” – Maria Santana, CNN
• 
In 2012, Univision made $37.2mm of political revenue despite being the #1 way to reach Hispanic voters by TV or radio in the US.
• 
We expect 2016 political revenue to be magnitudes higher than 2012 given (i) the importance of the Hispanic voter in the US and (ii) a widely
expected record-setting presidential campaign with no incumbent
• 
Univision is well positioned with owned and operated stations in Florida, Washington DC, North Carolina, etc.
Game Creek Capital
2. TELECOM
27
Game Creek Capital
28
Telecom
TV’s Telecom business is worth $9-10 or 22% of GCC’s Base Case Valuation
Cable in Mexico looks like it did in the US in 1988 and provides a long runway of growth
-  Management has structured the cable business as one separate entity. We believe this provides optionality for a spin in the future
- 
Telecom Overview
• 
Televisa is a leader in the Mexican cable industry with 6.9mm RGUs
(including 3.4mm Video RGUs or 11% of Mexican HHs) across its six cable
companies
• 
Majority owner of Cablevision (51% ownership), Cablemas (100%),
Telecom Valuation
(Numbers in millions, unless otherwise stated)
2012A
2013A
2014A
Telecom Revenue (MXN) 15,570.4 17,138.8 20,937.3
% growth
10.1%
22.2%
2015E
24,706.0
18.0%
2016E
28,411.9
15.0%
9,635.3
39.0%
11,364.8
40.0%
TVI (50%), Cablecom (100%), Tele-cable (100%), and Bestel (85%)
• 
TV is consolidating the cable industry in Mexico
• 
The Company is expected to continue consolidating while being
Telecom EBITDA (MXN)
EBITDA Margin
5,812.8
37.3%
disciplined on valuation (e.g. Megacable is an asset of interest but not
at current trading levels)
• 
Significant margin expansion opportunity
• 
Post-acquisition, TV has shown it’s ability to achieve significant
2016 EBITDA (MXN)
EV / EBITDA Multiple
EV (MXN)
6,131.8
35.8%
BASE
11,364.8
10.0x
113,647.7
operating synergies through SG&A and procurement savings
• 
TV is able to control programming expense more than cable
companies in the US as TV’s content division provides the largest
amount of programming to the cable companies
• 
New low cost triple play offering, Izzi, is gaining market share
• 
In Q4 2014, TV rolled out a low cost triple play option for consumers
in Mexico City that has been very successful is gaining market share
from incumbent Telmex
• 
Izzi will be rolled out to the rest of TV’s cable footprint and will be
accretive to margins by adding additional products (voice / data) to
existing subscribers’ plans
TV Ownership
77.0%
EV to TV (MXN)
2015 FX Conversion (MXN:USD)
87,508.7
0.065
Value to TV (USD) - Base Case
Per Share (USD) - Base Case
Bear Case / Upside Case
5,682.4
9.88
5.86 / 11.36
7,882.9
37.7%
Game Creek Capital
29
Cable Opportunity – Mexico vs. US
Pay TV Industry in Mexico looks like the United States in the late 1980s
Since 1988, penetration in the US increased from 54% to 84% and the average monthly cable bill increased at a 6% CAGR which
was double the rate of GDP growth over the same period
-  More than 70% of the population can afford double / triple play services (yet penetration is at ~50%)
- 
US
1988
Pay TV Penetration
Mexico
2014
54%
US
2014
52%
84%
30% Add'l Penetration
Avg. Monthly Cable Bill
$
14.52
$
14.87
$
64.41
6% CAGR
Avg. Income Per Capita
$
1,790
$
859
$
4,420
3% CAGR
Cable (% of Monthly Income)
0.8%
1.7%
1.5%
Population (mm)
HHs (mm)
People / HH
244
92
2.7
122
31
4.0
304
118
2.6
US
2001
% of Population Using Internet
49%
Mexico
2014
49%
US
2014
87%
38% Add'l Penetration
Sources: TV Company materials, Leichtman Research Group, California Cable & Telecommunications Association, New York Times, FCC Media Bureau’s Annual Survey of Cable Rates,
Sentier Research, World Bank, Broadband Commission.
Game Creek Capital
30
Cable Capex Is Not a Bad Thing
• 
Spending capex equal to 35-45% of revenue is not unheard of:
• 
It seems high compared to levels in the US today (14%) but in the early 2000s, the US cable sector spent at levels similar to Televisa’s
current spending levels in order to upgrade their infrastructure for high speed broadband
• 
From 1996-2002, the US cable industry spent $65bn to build higher capacity hybrid networks of fiber optic and coaxial cable for broadband
networks
• 
• 
Similarly, from 1984-1992, the US cable industry spent more than $15bn on wiring the US
Televisa is in a position to deploy capital more efficiently than US peers in the early 2000s as TV benefits from learning from its US peers’
mistakes and utilizing best practices
• 
Televisa’s management team is investing wisely in the cable business – they are ROI-driven and are positioning themselves to be the biggest
beneficiary of a very strong secular tailwind as cable / broadband becomes as important as electricity
• 
We expect capex within Televisa’s telecom business to show signs of normalizing in 2017
2000
US Cable Industry ($ in mm)
2001
2002
2014
Televisa ($ in mm)
2014
2015E
Revenue (FX adjusted)
42,116
45,477
47,898
130,424
1,574
1,858
Capex
14,600
16,100
14,500
17,805
700
824
35%
35%
30%
14%
44%
44%
Capex (% of Revenue)
Sources: Televisa company materials, UBS, and Statista.
Game Creek Capital
31
CMCSA Case Study –
Cable & Broadband Penetration Drives Value Creation
While there is no perfect case study given limited trading histories and different business mixes, we believe CMCSA is worth studying in
the context of long term value creation at Televisa
-  Televisa already has a similar strategy to CMCSA today – having both distribution and content under one roof
-  We view Televisa as being a long-term compounder fueled by strong secular tailwinds that will have a place in a portfolio
for years
Share Price
1988
2mm video subs
2002
22mm video subs; 3.3mm data subs
AT&T deal closed
2009
Began roll-out of high speed wireless
NBCU deal is announced
Game Creek Capital
32
Potential Long Term Value of TV’s Telecom
Under an Illustrative Long Term Scenario, TV’s Telecom business could be worth more than 3x today’s valuation (not including
acquisitions) by further penetrating the nascent PayTV and broadband markets in Mexico. We believe this is a realistic scenario as
the Mexican economy continues to mature and become more reliant on broadband and PayTV products. Our ARPU assumption is
extremely conservative at ~$36 / month for Triple Play versus ~$150+ / month in the US.
Long Term
Subs
Value
Total Subscribers (mm)
% growth
6.9
9.0
30%
ARPU
Current
(1)
ARPU (MXN)
% growth
240
550
129%
19,872
59,400
199%
7,949
40%
26,730
45%
EBITDA Multiple
EV (MXN in mm)
TV Ownership
EV to TV (MXN in mm)
FX Conversion (MXN:USD)
9.5x
75,514
77.0%
58,145
0.07
9.5x
253,935
77.0%
195,530
0.07
Value to TV (USD in mm)
Per Share (USD)
3,876
6.76
13,035
22.72
Revenue (MXN in mm)
% growth
Valuation
EBITDA (MXN in mm)
% margin
Assumptions
- Assumes industry Pay TV penetration
increases below that of the US and TV
maintains its market shares.
- Does not include any acquisitions.
- Assumes ARPU increases to
lowest tier Triple Play pricing currently
available at Izzi - ~$36 / month
- Assumes 500bps of margin
expansion as the new cable companies
are integrated and synergies realized.
1. Current valuation is meant to be illustrative and does not tie to 2014 actuals or base case projections as we are using
2014 ending subscribers as the base (versus average 2014 subscribers or our view of 2015/2016 subscribers).
Game Creek Capital
3. SKY
33
Game Creek Capital
34
Sky
TV’s stake in Sky is worth $5-6 or 11% of GCC’s Base Case Valuation
Sky has experienced tremendous subscriber growth (28% CAGR since 2009) as a result of its low-priced offering while maintaining industryleading high 40%s EBITDA margins
-  As the macro-economic conditions improve in Mexico, there will be an opportunity to reduce churn and upsell to the premium offering
- 
Sky Overview
• 
Mexico’s leading satellite television company with 6.6mm
subscribers (21.6% of Mexican HHs); also operates in Central
America and the Dominican Republic
• 
TV owns Sky in partnership with DirecTV (AT&T). TV is the majority
owner with 58.7% ownership
• 
Sky Valuation
(Numbers in millions, unless otherwise stated)
2012A
2013A
2014A
Sky Revenue (MXN)
14,465.4 16,098.3 17,498.6
% growth
11.3%
8.7%
Sky EBITDA (MXN)
EBITDA Margin
6,558.0
45.3%
7,340.5
45.6%
Our diligence has shown that TV has a strong relationship with
both DirecTV and AT&T. We believe that AT&T could be
interested in owning TV’s stake in Sky. Given quality and
2016 EBITDA (MXN)
Forward EV / EBITDA Multiple
BASE
9,681.9
8.0x
EV (MXN)
TV Ownership
EV to TV (MXN)
2015 FX Conversion (MXN:USD)
77,455.2
58.7%
45,466.2
0.065
future trajectory of the asset, our understanding is that TV is
not a seller at this time.
• 
Outlook: Mid-single digit revenue growth & expanding EBITDA /
FCF margins over near-to-medium term. Opportunity for ARPU
growth over medium-to-long term.
• 
6.6mm subscribers; 28% CAGR for subscribers since 2009 –
projecting mid-to-high single digit growth
• 
ARPU growth dependent on macro-economic improvement in
Mexico and higher per capita disposable income
• 
Lower capex as replacement satellite will be finished soon
Value to TV (USD) - Base Case
2,952.4
Per Share (USD) - Base Case
5.13
Bear Case / Upside Case
3.84 / 5.73
8,211.3
46.9%
2015E
18,986.0
8.5%
2016E
20,599.8
8.5%
8,923.4
47.0%
9,681.9
47.0%
Game Creek Capital
35
Potential Long Term Value of Sky
Under an Illustrative Long Term Scenario, Sky could be worth 80% more than today’s valuation by converting its subscriber base to
postpaid plans. We believe this is a realistic scenario as the Sky product is very cheap today (~$15/month), TV has never raised prices
and instead has acquired millions of entry-level subscribers that will look to upgrade as their HH income increases.
Long Term
ARPU
Subscribers
(1)
Current
4.4
67%
Value
2.6
35%
Postpaid Subscribers (mm)
% of Total Subs
2.2
33%
4.9
65%
Total Subscribers (mm)
% growth
6.6
7.5
14%
Prepaid ARPU (MXN)
% growth
123
150
22%
- Assumes no growth in current
postpaid plan pricing.
Postpaid ARPU (MXN)
% growth
450
450
0%
- Assumes reduced churn in prepaid
subscribers (as reflected through increased
price)
230
345
50%
18,216
31,050
70%
8,562
47%
15,525
50%
EBITDA Multiple
EV (MXN in mm)
TV Ownership
EV to TV (MXN in mm)
FX Conversion (MXN:USD)
7.5x
64,211
58.7%
37,692
0.07
7.5x
116,438
58.7%
68,349
0.07
Value to TV (USD in mm)
Per Share (USD)
2,513
4.38
Prepaid Subscribers (mm)
% of Total Subs
ARPU (MXN)
% growth
Revenue (MXN in mm)
% growth
Valuation
EBITDA (MXN in mm)
% margin
Assumptions
- Assumes moderate 14% total
subscriber growth.
- Assumes a portion of prepaid subscribers
convert to higher end postpaid plans
as Mexican HH income grows
- Improved margins as price increases
will drop to the bottom line
4,557
7.94
1. Current valuation is meant to be illustrative and does not tie to 2014 actuals or base case projections as we are using
2014 ending subscribers as the base (versus average 2014 subscribers or our view of 2015/2016 subscribers).
Game Creek Capital
4. CONTENT
36
Game Creek Capital
37
Content
Content is worth $13-14 or 31% of GCC’s Base Case Valuation
• 
• 
• 
Televisa’s content business should be viewed as a stable revenue business with highly manageable costs
Any macroeconomic benefit would be an upside to our valuation and should be viewed as a free call option on the Mexican economy
There is also upside associated with TV’s extensive library of content (produces 90,000 hours annually)
Content Overview
• 
TV has three streams of content revenue: advertising, licensing and
syndication, and network subscription
• 
Operates four broadcast networks (Channels 2, 4, 5, and 9) in Mexico
and through 258 affiliated stations
• 
• 
Sells additional advertising on its Pay-TV and Internet assets
• 
Syndicates programs to networks in 50 countries
• 
Produces and distributes 24 Pay-TV brands
Televisa was built on its content business but has diversified itself so that it
is not as dependent on macroeconomic factors. As recently as 2005, the
content business was almost 75% of revenues – today it is only 38%
excluding Univision.
• 
Despite challenging macro-economic and regulatory factors in the
past, management has consistently shown its ability to grow
advertising revenue and cut costs quickly enough to maintain
mid-to-high 40% EBITDA margins
• 
Outlook: Low-single digit revenue growth & flat EBITDA margins in near-tomedium term. Opportunity for mid-single digit revenue growth and
expanding EBITDA margins as macroeconomic factors improve,
competition within Mexico intensifies under new regulations intended to
promote competition, and advertising as a percentage of GDP improves
from 0.48% to global average of 1.0%.
Content Valuation
(Numbers in millions, unless otherwise stated)
2012A
190.1
13.156
2,501.6
2013A
172.4
12.767
2,201.1
-12.0%
2014A
178.0
13.310
2,368.7
7.6%
2015E
161.5
15.400
2,487.1
5.0%
2016E
169.6
15.400
2,611.4
5.0%
23,935.9
24,864.5
3.9%
3,263.6
2.3%
30,329.2
2.4%
25,465.7
2.4%
2,854.4
-12.5%
30,688.8
1.2%
25,975.0
2.0%
2,997.1
5.0%
31,459.2
2.5%
26,754.3
3.0%
3,147.0
5.0%
32,512.7
3.3%
247.6
13.156
3,257.4
273.2
12.767
3,487.9
7.1%
314.0
13.310
4,179.3
19.8%
333.3
15.400
5,133.1
22.8%
364.1
15.400
5,607.9
9.2%
Total Content Revenue (Incl. Univision) (MXN)
% growth
32,884.1
33,817.1
2.8%
34,868.1
3.1%
36,592.3
4.9%
38,120.5
4.2%
Total Content EBITDA (Incl. Univision) (MXN)
EBITDA Margin
15,411.2
46.9%
15,566.0
46.0%
15,534.3
44.6%
16,930.3
46.3%
17,962.7
47.1%
Total Content EBITDA (Excl. Univision) (MXN)
EBITDA Margin
12,153.8
41.0%
12,078.1
39.8%
11,355.0
37.0%
11,797.2
37.5%
12,354.8
38.0%
Licensing Revenue (Excl. Univision) (USD)
FX Conversion (USD:MXN)
Licensing Revenue (Excl. Univision) (MXN)
% growth
Advertising Revenue (MXN)
% growth
Network Subscription Revenue (MXN)
% growth
Total Content Revenue (Excl. Univision) (MXN)
% growth
Univision Licensing Revenue (USD)
FX Conversion (USD:MXN)
Univision Licensing Revenue (MXN)
% growth
2016 EBITDA
Forward EV / EBITDA Multiple
EV (MXN)
2015 FX Conversion (MXN:USD)
Value to TV (USD)
Per Share (USD)
Bear Case / Upside Case
3,189.2
29,626.7
Base Case
12,354.8
10.0x
123,548.2
0.065
8,022.6
13.95
9.23 / 18.16
Game Creek Capital
MANAGEMENT & CAPITAL STRUCTURE
38
Game Creek Capital
39
Strong Management
• 
Disciplined Capital Allocation. We are confident that management puts valuation first and foremost when making
acquisition / divestiture decisions
•  While rolling up the cable industry is a focus for TV, we are confident that management will not overpay for acquisitions. It
is obvious that Megacable is a likely target for TV but at these valuations, we expect TV to wait
•  Given the opportunity to buy the remaining 50% or sell its 50% of Iusacell, management relied solely on valuation – they
were a buyer below a certain level (and already had a partnership agreement in place with Telefonica) but walked away
when they deemed the valuation to be too high
• 
Recent Board of Directors Nominations. TV recently nominated Mike Fries (CEO of Liberty Global), David Zaslav (CEO of
Discovery), and Jon Feltheimer (CEO of Lionsgate) to its BoD
•  We are excited by these new additions to the Board and think they highlight (i) the quality of TV’s business and team, (ii)
management’s openness to study other models, capital allocation policies, and partnership opportunities, and (iii) bring TV
slightly under the ever-growing John Malone media umbrella
•  We expect Mike Fries will help think about appropriate capital structures to drive levered equity returns and minimize taxes
•  We expect David Zaslav will help TV explore content value maximization on a global scale
• 
Good Operators. We appreciate management’s ability to manage costs while also investing for the future
•  When the macroeconomic indicators are weak in Mexico, management has shown the flexibility and foresight to
immediately cut costs within the content division. They are able to do this effectively as a result of producing content in
house (i.e. they are able to push a show that was originally slated for 2015 into 2016 or cancel it altogether)
•  Despite criticism of high capex in the cable business, management has not lost sight of the future potential of that business
and the need to build now in order to be the winner over the next few decades. TV wins customers today because of its
low cost offerings while investing in infrastructure in order to upgrade its customers to higher price point products in the
future
• 
Focused on Maximizing Shareholder Value. Management has shown they are students of the industry and study all global
media business models including John Malone, BSkyB, US Telcos, etc.
•  We believe management is currently open to exploring shareholder return opportunities. While we do not believe they’re
likely to be aggressive, we highlight their 38bn MXN cash balance and under-levered balance sheet (~1x Net Debt /
EBITDA). If they were to use their cash balance for a share repurchase, they could buyback 12% of shares
outstanding
Game Creek Capital
40
Holding Company Structure Offers Advantages
•  TV’s corporate structure reminds us of many of John Malone’s investment holdings (e.g. Liberty
entities) structured in a holding company format
Multiple ways to win across media: broadcast, content, telecom, satellite, mobile
•  Investments often made through convertible debt investments opportunely timed during business, capital market or
regulatory stress; emphasis on protecting downside and preserving upside
•  Opportunity to maximize leverage levels at subsidiaries and create greater tax shields / more efficient tax structure
•  Ability to upstream cash to parent for shareholder distributions and buybacks
• 
Televisa
Content
Cable &
Telecom
Sky
Other
Publishing
100% Ownership
77% WA Ownership
58.7% Ownership
100% Ownership
100% Ownership
Advertising
Consolidated
Unconsolidated
Network
Subscription
Licensing &
Syndication
Univision
Imagina
Ocesa
38% Ownership
14.5% Ownership
40% Ownership
Game Creek Capital
41
Ownership & Capital Structure
Capital Structure
• 
Ownership
TV has a very conservative capital structure with leverage of only
• 
1.2x and investment grade ratings
• 
TV is under-owned by US media & cable investors despite 50%+ of
its value being in US-based Univision
Management acknowledges their capital structure is inefficient –
they prioritize optionality but seem to be more open to exploring
• 
shareholder return options
consumer goods company
(MXN in millions)
Short Term Debt
Long Term Debt
Total Debt
Cash
Net Debt
EBITDA
Net Debt / EBITDA
Ratings
Interest Expense
Cost of Debt
Most TV holders are Latin American generalists and treat it as a
• 
3/31/2015
1,065
82,325
83,390
(44,129)
39,261
32,256
1.2x
Baa1 and BBB+
5,790
6.9%
The founder’s family trust is the single-largest shareholder with over
15% ownership
• 
Other notable holders include First Eagle (5%), Gates
Foundation (3%), GAMCO, Highfields, Oaktree, Citadel, Amici
Game Creek Capital
VALUATION
42
Game Creek Capital
43
TV is Undervalued Today
Content
Business Segment
Current Valuation
$ Per Share
Total ($mm)
Univision
Licensing
15.68
9,013.7
Univision
Ownership
7.16
4,117.2
Content
(excl. Univision)
13.95
8,022.6
TV trades with 24% upside in
our Base Case sum of the
parts valuation
•  This SOTP is intended to be a
status quo analysis of what the
business is worth today and does
not include any of GCC’s
anticipated catalysts
•  Given the highly predictable nature
9.88
5,682.4
Satellite (Sky)
5.13
2,952.4
(1)
(1.56)
(899.3)
Net Debt
(5.13)
(2,949.7)
Total
45.11
25,939.2
Current
% Difference vs. Current
36.50
23.6%
20,987.5
23.6%
Distribution
Telecom
Other
1. Includes publishing, other, intersegment operations, and corporate expenses.
of the cash flows, GCC is confident
in its $15.68 / share valuation of
UVN’s licensing business.
•  This implies that the rest of the
business trades at 6.0x 2014
EBITDA (assuming Univision
equity value of $7.16 per
share).
Game Creek Capital
44
TV has Traded at a Discount to Peers
Over the past 4 years, TV has underperformed its US media and telco peers due to regulatory reform in Mexico and
complexity of the business. GCC believes the regulatory reform in Mexico is an opportunity and has gotten
comfortable with TV’s consolidated and unconsolidated interests.
Content
110.0%
Satellite
97.3%
Cable
90.5%
S&P 500
54.9%
TV
53.9%
Mexico IPC
24.4%
Note:
Content peers include CBS, TWX, VIAB, FOXA, DIS, DISCA, SNI.
Cable peers include CMCS, CVC, TWC, LBTYA, RCI.
Satellite peers include DTV, DISH.
Game Creek Capital
45
GCC has Identified Multiple Ways to Win
Content
Business Segment
Current Valuation
$ Per Share
Upside Opportunity
$ Per Share
Univision
Licensing
15.68
17.96
14.6% Upside
Univision
Ownership
7.16
10.14
41.5% Upside
Upside Catalysts
Univision IPO in 2014 / 2015 will provide transparency into the
value of TV's 38% economic ownership. Includes additional
$1.50 per share in spectrum assets.
There is additional 31%+
upside, for total upside of
55%+, associated with
identifiable, near-term
catalysts
•  Near term catalysts include (i)
Distribution
Content
(excl. Univision)
Telecom
13.95
18.01
29.1% Upside
9.88
11.36
15.0% Upside
TV has been consolidating the Mexican cable sector since 2006.
GCC believes the company will continue to be a consolidator
going forward and will eventually look to spin off their cable
assets.
an expected 2015 Univision IPO
and (ii) increased revenue
growth and margin expansion in
the Telecom business
•  Medium term catalysts include
Satellite (Sky)
5.13
5.73
11.6% Upside
(1)
(1.56)
Net Debt
(5.13)
Total
45.11
56.51
Current
% Difference vs. Current
36.50
23.6%
36.50
54.8%
Other
1. Includes publishing, other, intersegment operations, and corporate expenses.
(i) continued consolidation to
create a national cable operator
and eventual spin of the
business and (ii) “investor-like”
allocation of capital by
management
•  Long-term catalysts of
monetizing spectrum at
Univision and potentially gaining
control
Game Creek Capital
46
Risks to Our Thesis / Bear Case
Business Segment
Distribution
Content
Univision
Licensing
Current Valuation
$ Per Share
Bear Case
$ Per Share
15.68
12.35
-21.2% Downside
Univision
Ownership
7.16
5.69
-20.6% Downside
Content
(excl. Univision)
13.95
9.08
-34.9% Downside
Telecom
9.88
5.86
-40.7% Downside
Satellite (Sky)
5.13
3.84
-25.1% Downside
(1)
(1.56)
Net Debt
(5.13)
Total
45.11
30.13
Current
% Difference vs. Current
36.50
23.6%
36.50
-17.5%
Other
1. Includes publishing, other, intersegment operations, and corporate expenses.
We have gotten comfortable with the risks and believe
there is significantly greater upside than downside
providing a comfortable margin of safety
• 
Mexican Regulatory Changes
•  We feel we understand the current regulatory environment and are
comfortable with TV being allowed to operate status quo. That said, we
recognize that in a developing economy starved for competition, there
could always be additional regulatory action taken against Televisa
•  We view TV’s “dominant” positions as:
•  Broadcast – it’s very difficult to regulate market share within
advertising (e.g. Google has ~80%+ of US desktop advertising but no
actions have been taken against them)
•  Cable / Satellite – under current regulations, the Mexican government
would need to prove that TV was anticompetitve and prove harm to
consumers. It’s very difficult to prove harm when prices aren’t raised
and TV is investing in infrastructure to connect the Mexican economy
• 
Mexican Macroeconomy
•  Our thesis in no way hinges on a thriving Mexican economy (in fact we
assume a status quo, slow growing economy in our base case) however, if
Mexico were to go into a recession it would impact our growth projections
as the population may no longer be able to afford basic connectivity given
low GDP
•  (Note: any improvement in the Mexican economy would provide
substantial upside to our model)
• 
On a consolidated basis, TV is very expensive relative to Latin American peers.
• 
(Note: we don’t believe Latin American peers are the right comp set.)
Game Creek Capital
APPENDIX
47
Game Creek Capital
Comparable Companies
Source: Morgan Stanley as of 4/28/15.
48
Game Creek Capital
49
Disclaimer
The analyses and conclusions of Game Creek Capital, L.P., a Delaware limited partnership (“Game Creek”),
contained in this presentation are based on publicly available information. Game Creek recognizes that there
may be confidential information in the possession of Grupo Televisa (the “Company”) discussed in the
presentation that could lead the Company to disagree with Game Creek’s conclusions. This presentation and
the information contained herein is not a recommendation or solicitation to buy or sell any securities. As of the
date of this presentation, Game Creek’s client, Game Creek Fund, L.P., a Delaware limited partnership,
currently beneficially owns equity securities in the Company. The Company does not represent all of the
securities purchased, sold or recommended for the Company’s clients, including the Fund. The reader should
not assume that the Fund’s investment in the Company was or will be profitable.
The analyses provided may include certain statements, estimates and projections prepared with respect to,
among other things, the historical and anticipated operating performance of the Company, access to capital
markets and the values of assets and liabilities. Such statements, estimates, and projections reflect various
assumptions by Game Creek concerning anticipated results that are inherently subject to significant
economic, competitive, and other uncertainties and contingencies and have been included solely for
illustrative purposes. No representations, express or implied, are made as to the accuracy or completeness of
such statements, estimates or projections or with respect to any other materials herein. Actual results may
vary materially from the estimates and projected results contained herein. Accordingly, no party should
purchase or sell securities on the basis of the information contained in this presentation. Game Creek
expressly disclaims liability on account of any party’s reliance on the information contained herein with respect
to any such purchases or sales.
Game Creek manages clients that are in the business of trading – buying and selling – securities and financial
instruments. It is possible that there will be developments in the future that cause Game Creek to change its
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updates or changes to the analyses contained herein, including, without limitation, the manner or type of any
Game Creek investment.