UPDATE 1-Televisa’s ViX Browser Platform Will Be Profitable By End of 2023 -executive

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MEXICO CITY, Oct 28 (Reuters) – Grupo Televisa, Mexico’s biggest broadcaster, expects its ViX streaming service to be profitable by the end of 2023, chief executive Alfonso de Angoitia said on Friday.

TelevisaUnivision, a joint venture with US broadcaster Univision, launched Spanish-language streaming service ViX earlier this year, which will compete with established rivals like Netflix Inc and Amazon.com Inc’s Prime Video.

De Angoitia said about 50% of subscribers to ViX+, the paid version of the platform, came from the advertising version of the service through the app shared by the two. He declined to give detailed subscriber numbers, saying it was too early to draw conclusions.

The company on Thursday posted a net profit of 1.118 billion pesos ($55.6 million), a 47% increase from a year earlier. The company’s revenue edged up 3.6 percent to 19.252 billion pesos from the year-ago period.

Shares of Televisa rose more than 2% on Friday morning.

Televisa plans to create a sports and gaming spinoff from some of its businesses, including its Club America soccer team, the iconic Azteca stadium in Mexico City, and gaming operations. These businesses accounted for approximately 7.4% of revenue. consolidated business and about 3.4% of earnings before interest, taxes, depreciation and amortization (EBITDA), executives said.

Upgrading the Azteca Stadium ahead of the next World Cup would require substantial capital expenditure, a financial responsibility that would fall on the new spinoff. (Reporting by Cassandra Garrison; editing by Jonathan Oatis)

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