Before diving into the key lessons for the media market, it is essential to review the hard data from TelevisaUnivision’s financial core. The following income statement for the full year 2025 provides the necessary context for understanding the shifts in advertising, subscription, and licensing revenues across both the U.S. and Mexico.
1. TelevisaUnivision: The U.S. Ad Market Continues Relatively Soft…
Overall, the U.S. advertising market has evolved at a relatively low growth rate. In fact, TelevisaUnvision’s U.S advertising revenue declined by 9% to US$ 1.6 billion. After accounting for seasonal factors, such as strong 2024 political advertising due to the presidential election, the decline in 2025 ad revenues was of 2%. Rene Alegria, CEO of TelevisaUnivision, stated during yesterday’s earnings call that the ad market is continuing in a soft state in the first quarter of 2026. U.S. tariff uncertainty and immigration policy, which affect the consumption patterns of parts of the U.S. Hispanic population, are the main factors curbing the expansion of advertising investment.
Another interesting fact is that, based on 2025 revenues, TelevisaUnivision is predominantly a U.S. company, with approximately two-thirds of its 2025 revenues generated in the U.S. and a third in Mexico.
Looking at 2025 revenues, it can be stated that TelevisaUnivision is predominantly a U.S. company with approximately two-thirds of 2025 revenues realized in the U.S. and a third in Mexico.
2. TelevisaUnivision: Linear TV Continues to Lose Ground
3. D2C Business Grows to 25% of Overall Business
4. Sports are the Exception in a Somewhat Muted Overall Advertising Climate
Advertising in major sports events, including the Super Bowl, the Winter Olympics, and the upcoming 2026 Soccer World Cup Sports is a major growth driver for media companies and tech platforms in 2026. However, in the U.S., these events are not part of TelevisaUnivision’s portfolio. Although TelevisaUnivision does have the 2026 Soccer World Cup broadcast rights in Mexico. During the earnings call, TelevisaUnivision executives said that the absence of major-event broadcast rights has put pressure on key sports-driven ad categories, including QSR, CPG, and Telecommunications. However, they noted that they are making progress in beauty and pharma.
The absence of major-event broadcast rights at TelevisaUnivision has put pressure on key sports-driven ad categories, including QSR, CPG, and Telecommunications. However, progress is being made in beauty and pharma.
Counterprogramming in the months leading up to the World Cup will play an important role, Televisa Univision executives asserted during the conference call. In fact, Televisa Univision owns the rights to many soccer friendlies as teams prepare for the 2026 Soccer World Cup. Other soccer-related broadcast rights include the Concacaf Gold Cup and the European qualifiers. CEO Rene Alegria stated during the earnings call that the Domenica Montero telenovela has performed well in terms of audience, even amid the headwinds of the Super Bowl and Winter Olympics.
5. Broadcasters’ Privilege Paid D2C Service with Premium Content
Televisa Univision’s programming policy often favors VIX premium subscription programs, as more premium content is offered on Vix than on open, free-to-air linear TV channels, reflecting a trend across the broader U.S. broadcast and streaming landscape. As an example, in Mexico, where VIX is the exclusive destination for Soccer World Cup matches, all 104 Soccer World Cup games will be broadcast on VIX, while a smaller number of matches will be available on linear TV.
6. Major Sports Leagues Need Hispanic Media to Gain Audiences…
By and large, the major U.S. sports leagues (NFL, MLB, NBA, and NHL) have older, whiter audiences than the U.S. population as a whole. To expand their audience and make it more diverse, it makes sense for them to sign broadcast deals with Hispanic media properties. In this context, TelevisaUnivision’s CEO, Daniel Alegre, mentioned during the call that 70% of MLB game viewers on Univision were exposed to the MLB for the first time.
