TelevisaUnivision reported third-quarter 2025 financial results showing resilience in the face of advertising softness, with a strong uptick in subscription revenue and continued momentum from its streaming platform, ViX. The Spanish-language media giant posted $1.3 billion in total revenue, down 3% year-over-year but up sequentially from the first and second quarters. Excluding political advertising, revenue declined just 1%, reflecting underlying stability in core operations.
Adjusted OIBDA increased 9% to $467 million, or 13% when excluding political advertising, driven by growing profitability in direct-to-consumer (DTC) streaming and ongoing cost-efficiency efforts launched at the end of 2024. Operating income was $265 million, a 37% decline from Q3 2024, but the company noted that when excluding the prior year’s gain from the sale of a non-core tower portfolio, operating income actually rose 3%.
CEO Daniel Alegre credited the results to the company’s strategic repositioning and digital acceleration. “Our history is one of purpose, progress, and partnership with an audience that continues to shape the future of this country and beyond. TelevisaUnivision stands as the Voice of all Hispanics around the world. Our third-quarter results demonstrate the disciplined execution of our reimagined content strategy and the continued momentum of ViX as a key growth engine,” he said. “Our leadership is further cemented by the audience we serve — wielding outsized influence in the U.S., unrivaled in Mexico, and driving cultural and commercial impact around the world.”
Advertising revenue fell 6% to $755 million, with the U.S. dropping 11% to $428 million — or 8% excluding political — due to weakness in linear media, which offset gains in DTC. In contrast, Mexico saw a 3% rise in advertising revenue to $327 million, supported by digital growth.
The company’s subscription and licensing business posted a 3% increase to $493 million. This was led by an 11% jump in the U.S. to $388 million, while Mexico fell 17% to $105 million, largely due to a distribution renewal cycle with a key partner. Excluding that one-time factor, Mexico’s subscription and licensing revenue would have increased 5%.
Cost discipline remained a clear priority. Operating expenses dropped 8% to $804 million, contributing to the margin gains. The company ended the quarter with $464 million in cash, up from $329.8 million at the end of 2024.
In a significant financial move, TelevisaUnivision refinanced $2.3 billion in debt during the quarter. The refinancing included the issuance of $1.5 billion in new Senior Secured Notes due 2032, the amendment of its $764 million Term Loan A facility, the extension of a $500 million Revolving Credit Facility, and the refinancing of a $400 million Accounts Receivable Facility. With these actions, the company effectively eliminated all material debt maturities through 2027. As of September 30, 2025, the company maintained a leverage ratio of 5.5x, consistent with the prior quarter.
Despite a year-over-year drop in net income to $90.5 million from $180.9 million in Q3 2024, the company showed strong progress on its operational strategy. For the nine months ended September 30, 2025, Adjusted OIBDA stood at $1.21 billion, up 8% year-over-year.
The company’s streaming service ViX was again highlighted as a growth driver, particularly its premium tier. While the report did not disclose subscriber counts, the financial uplift in both subscription and advertising categories underscored ViX's expanding commercial role.