ViX is pulling its weight. While TelevisaUnivision posted a 4% drop in overall revenue in Q2, its streaming platform continues to be the growth engine. ViX surpassed 10 million global subscribers, up from 7 million at the end of 2023, fueled by live sports like the CONCACAF Gold Cup and FIFA Club World Cup. The company also launched six new microdramas designed for vertical video, with 40 planned by year-end.
ViX’s expansion wasn’t just content-driven. TelevisaUnivision struck a multi-region deal with Disney that bundled its U.S. networks into Hulu + Live TV and offered ViX alongside Disney+ in Mexico. These partnerships aim to drive reach, particularly in Latin America, where bundling strategies are becoming more common.
But the rest of the business struggled. Total revenue dropped to $1.2 billion. Revenue in Mexico fell 14% to $394 million, while the U.S. business grew 2% to $816 million. Advertising revenue declined 5%, including an 11% drop in Mexico and a 2% decline in the U.S. Live sports helped stabilize U.S. linear ratings, but Mexico continues to face market-specific pressure and foreign exchange drag.
Subscription and licensing revenue held steady at $443 million but increased 2% on a constant currency basis. The U.S. saw 9% growth, helped by ViX premium, while Mexico dropped 23% due to distribution partner renewal timing. Adjusted for FX and renewals, Mexico’s subscription revenue would have shown growth.
On the cost side, the company is staying disciplined. Operating expenses decreased by 9% to $812 million, contributing to a 10% increase in adjusted operating profit to $398 million. Cash flow from operations jumped to $272 million from $88 million a year ago. TelevisaUnivision ended the quarter with $585 million in cash.
Daniel Alegre’s cost-cutting strategy is taking hold. Since stepping in as CEO last fall, he’s overseen layoffs and leadership changes. Net income surged to $96.2 million, up from $14.1 million last year. The company also refinanced $1.5 billion in debt, bringing its leverage ratio down to 5.5 times.
ViX is clearly helping stabilize the business, especially in the U.S., but TelevisaUnivision’s heavy exposure to Mexico remains a risk. Heading into the second half of 2025, all eyes will be on whether streaming can do more than just offset declines elsewhere.
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