墨西哥电视 2025年年度报告和过渡报告

FORM20-F Securities registered or to be registered pursuant to Section12(b)of the Act: Sharesand thirty-five Series“D” Shares Securities registered or to be registered pursuant to Section12(g)of the Act:None. Table of Contents Securities for which there is a reporting obligation pursuant to Section15(d)of the Act:None. The number of outstanding shares of each of the issuer’s classes of capitalor common stock as of December 31, 2024 was:111,620,184,139Series“A” Shares48,742,370,225Series“B” Shares77,544,621,681Series“L” Shares77,544,621,681Series“D” Shares Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act. ☒Yes☐No If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant toSection13 or 15(d)of the Securities Exchange Act of 1934. ☐Yes☒No Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of theSecurities Exchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant was required tofile such reports), and (2)has been subject to such filing requirements for the past 90days. ☒Yes☐No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12months (or for suchshorter period that the registrant was required to submit such files). ☒Yes☐No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or anemerging growth company. See definition of “large accelerated filer,” “accelerated filer,” and “emerging growth company” inRule12b-2 of the Exchange Act. (Check one): If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check markif the registrant has elected not to use the extended transition period for complying with any new or revised financialaccounting standards†provided pursuant to Section13(a)of the Exchange Act.☐ † The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting StandardsBoard to its Accounting Standards Codification after April5, 2012. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of theeffectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒Yes☐NoIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐Yes☒NoIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive- based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to§240.10D-1(b) ☐Yes☒No Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in thisfiling: If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item theregistrant has elected to follow. ☐Item17☐Item18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of theExchange Act).☐Yes☒No Forward-Looking Statements and Risk Factors Summary2PartI4Item 1.Identity of Directors, Senior Management and Advisers4Item 2.Offer Statistics and Expected Timetable4Item 3.Key Information4Selected Financial Data4Dividends7Exchange Rate Information7Risk Factors7Item 4.Information on the Company29History and Development of the Company29Capital Expenditures30Business Overview30Item 5.Operating and Financial Review and Prospects62TelevisaUnivision Transaction62Spin - off of Certain Businesses of Our Other Businesses Segment63Preparation of Financial Statements63Results of Operations64Item 6.Directors, Senior Management and Employees89Item 7.Major Stockholders and Related Party Transactions104The Major Stockholders105Related Party Transactions105Item 8.Financial Information107Item 9.The Offer and Listing107Trading on the Mexican Stock Exchange107Item 10.Additional Information110Mexican Securities Market Law110Bylaws111Taxation122Item 11.Quantitative and Qualitative Disclosures About Market Risk128Item 12.Description of Securities Other than Equity Securities132Global Depositary Shares132PartII133Item 13.Defaults, Dividend Arrearages and Delinquencies133Item 14.Material Modifications to the Rights of Security Holders and Use of Proceeds133Item 15.Controls and Procedures133Evaluation of Disclosure