TLEVISA CPO heads into today's earnings release with short sellers showing little conviction and the borrow market at its most relaxed in months.
The lending picture is the standout. Borrow availability has expanded dramatically — running near 1,902% of outstanding short interest, well above the 52-week low of 209%. That means roughly 19 shares remain available to borrow for every one already lent out. Shorts have been quietly covering too: utilization dropped sharply from around 19% in mid-June to just 5% now, a move that suggests active positioning unwind rather than passive drift. Cost to borrow has risen about 11% over the past week to 3.4%, and has quadrupled versus a month ago — but at that absolute level, borrowing remains inexpensive and the spike is unlikely to discourage new short positions on its own.
The bull and bear debate on Televisa is structural rather than near-term. Bears point to a business in slow retreat: traditional broadcast revenue eroding under digital competition, the pay-TV subscriber base shrinking, and advertising budgets migrating to streaming platforms. The last two earnings prints produced muted reactions — a 0.3% gain over one day in April, followed by a 2.6% decline in the prior quarter's five-day window. That history frames a stock where the market has consistently reacted with indifference or mild disappointment. Bulls, meanwhile, anchor their case on the ongoing Televisa-Univision streaming venture, where content monetisation at scale could eventually offset broadcast weakness. The stock has recovered modestly — up roughly 3.5% on the month to MXN 9.84 — though it dipped 0.3% in Thursday's session ahead of the print.
Insider activity adds a faint cautionary note. Directors sold shares in May, with the most recent disclosed trades reflecting MXN-denominated sales near current price levels, all carrying low significance scores. Net insider activity over the past 90 days has been modestly positive in share terms but modest in dollar value, making it hard to read as a meaningful directional signal either way.
Today's print is less about whether Televisa is growing and more about whether the Televisa-Univision venture is generating the kind of subscriber and revenue momentum that can credibly replace what traditional broadcasting continues to lose.
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