Mexican media mogul Emilio Azcárraga Jean will step down as CEO of Grupo Televisa after 20 years, the company said on Thursday. Alfonso de Angoitia and Bernardo Gomez will take over as co-chief executives, Televisa said in a statement. These changes will take effect on January 1, 2018.
Azcárraga Jean will continue to lead the long term strategy of the firm as Executive Chairman of the Board. In addition, he will continue to have direct responsibility for Televisa’s soccer business, including the America soccer team, as well as for Fundación Televisa.
The news was first reported by The Wall Street Journal. The article mentioned the broadcaster “grapples with sagging advertising sales and growing competition to lure young viewers”. In Q217, Televisa’s net sales decreased 1.5% year-on-year as a result of the fall in the Content segment (-8.2%) and particularly in advertising sales (-9.8%).
“Our industry is undergoing a massive transformation, presenting us with big challenges, but even bigger opportunities. For over two decades, and through some critical business moments, Bernardo and Alfonso have been driven and passionate executives who have outgrown their current roles at the company. Their new leadership roles will allow me to focus on the company’s long-term strategy,” Azcárraga said in the statement.
Gomez joined the company in 1998 and De Angoitia in 1999. Currently, both are executive vice presidents of Grupo Televisa.
Among the most successful transformational steps taken by the Company and led by Gomez and De Angoitia were the renegotiation of the programming license agreement with Univision, which now provides Televisa with a very relevant stream of dollar denominated revenue; the acquisition and consolidation of four cable operations; and the diversification of Televisa beyond its traditional broadcast advertising business into telecommunication services, which now account for over 50% of consolidated revenues.