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MEXICO CITY, Oct 22 (Reuters) - Mexico’s Grupo Televisa swung to a quarterly profit from a year-ago loss, boosted by recent acquisitions in pay TV, though the company’s advertising revenue fell.
The broadcaster and Spanish-language content provider on Thursday said net profit in the July to September period was 6.546 billion pesos ($387 million). That compared to a loss in the same period last year caused by a writedown on the sale of its stake in wireless business Iusacell.
Advertising revenue in the third-quarter fell 9 percent, dragging down results in its largest business, content.
Those declining revenues have been a key concern for investors, helping to drive Televisa shares about 25 percent lower since its last quarterly report in July.
Overall revenue rose 12.2 percent to 22.256 billion pesos, driven by new cable businesses it bought in the past year, Cablecom and Telecable.
Last year, as part of a sweeping reform in telecoms and broadcasting, Televisa was declared dominant in the free-to-air TV market, forcing it to allow pay TV rivals to show its free content, among other measures.
The company’s pay TV business just avoided being hit with further measures, as the regulator in Mexico decided it did not have market power in the sector, despite its market share of more than 60 percent.
$1 = 16.933 pesos at end September Reporting by Christine Murray; Editing by Christian Plumb