Emilio Azcárraga Jean has stepped down from his position as president of Grupo Televisa, having requested an immediate leave of absence, which was approved by the Board of Directors. This occurs amid the ongoing investigation by the U.S. Department of Justice into alleged bribes paid to FIFA officials. The company announced Azcárraga Jean's departure in its quarterly report, stating that cooperation with the investigation has been ongoing since August 30.
A witness in the investigation claimed that Televisa allegedly bribed FIFA officials to secure the broadcasting rights for World Cup football games. The Department of Justice states that Televisa inflated the price of its American depositary receipts to cover supposed bribes of $15 million in order to obtain the World Cup rights for the years 2018, 2022, 2026, and 2030.
Additionally, last year the company agreed to pay $95 million in a class-action lawsuit to withdraw from a bidding process. Regarding the impact of these investigations, the company indicated that it cannot foresee the outcomes or whether they will have a substantial impact. In terms of financial results, Grupo Televisa's revenue fell by 6.4% in the third quarter of this year, due to a 13.2% decrease in revenue from Sky, its largest cable and satellite television service in the country.
Emilio Azcárraga served as CEO of Televisa until 2017, subsequently maintaining his role as president. Grupo Televisa, in addition to its free-to-air television business, is a major provider of cable and satellite television services in Mexico. The company reiterated its cooperation with the ongoing investigation during the presentation of its quarterly report.
