<SEC-DOCUMENT>0000895345-14-000276.txt : 20141219
<SEC-HEADER>0000895345-14-000276.hdr.sgml : 20141219
<ACCEPTANCE-DATETIME>20141014125304
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000895345-14-000276
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20141014

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GRUPO TELEVISA, S.A.B.
		CENTRAL INDEX KEY:			0000912892
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEVISION BROADCASTING STATIONS [4833]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		AV VASCO DE QUIROGA 2000
		STREET 2:		COLONIA SANTA FE
		CITY:			MEXICO, D.F.
		STATE:			O5
		ZIP:			01210
		BUSINESS PHONE:		(5255) 52612000

	MAIL ADDRESS:	
		STREET 1:		AV VASCO DE QUIROGA 2000
		STREET 2:		COLONIA SANTA FE
		CITY:			MEXICO, D.F.
		STATE:			O5
		ZIP:			01210

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GRUPO TELEVISA S A
		DATE OF NAME CHANGE:	19931202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GRUPO TELEVISA S A DE CV
		DATE OF NAME CHANGE:	19931001
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Grupo Televisa, S.A.B.</font></font></div>

<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Form 20-F for the Fiscal Year Ended December 31, 2013, as Amended</font></div>

<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Filed April 29, 2014</font></div>

<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold">File No. 001-12610</font></div>
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<div style="LINE-HEIGHT: 13.7pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Dear Mr. Spirgel:</font></div>

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<div style="LINE-HEIGHT: 13.7pt; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This letter sets forth the response of Grupo Televisa, S.A.B. (the &#8220;Company&#8221; or &#8220;Televisa&#8221;) to the comment letter, dated September 30, 2014, of the staff of the Division of Corporation Finance (the &#8220;Staff&#8221;) relating to the Company&#8217;s Annual Report on Form 20-F for the year ended December 31, 2013, as amended (the &#8220;2013 Form 20-F&#8221;), that was filed with the United States Securities and Exchange Commission (the &#8220;SEC&#8221;) on April 29, 2014 and the response letters submitted to the SEC by the Company on August 22, 2014 and September 15, 2014.</font></div>

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<div style="LINE-HEIGHT: 13.7pt; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In order to facilitate your review, we have repeated each comment in its entirety in italics in the original numbered sequence.&#160;&#160;Page references in the responses below are to the 2013 Form 20-F.</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Television, pages 52 and 54</font></font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">&#160;</font><font style="FONT-STYLE: italic; DISPLAY: inline">Please tell us how you are accounting for the television and cable concessions assets that could revert to the Mexican government upon the expiration, revocation or termination of the concessions. Refer to your basis in the accounting literature including IFRIC 12. In addition, please tell us the residual value of the television and cable concessions assets as of December 31, 2013 and where such assets are classified in your consolidated statements of financial position.</font></font></div>
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<div style="LINE-HEIGHT: 13.7pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Response:</font></font></div>

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<div style="LINE-HEIGHT: 13.7pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>We respectfully submit that our television and cable concessions are recognized at acquisition cost or, if acquired through business combinations, at fair value on the date of acquisition, and classified as intangible assets with indefinite useful lives (based on the IAS 38 model), as mentioned in Notes 2 (k) and 12 to our annual consolidated financial statements.</font></div>

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<div style="LINE-HEIGHT: 13.7pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>We also respectfully submit that the residual value of television and cable concessions acquired by us amounted to an aggregate of Ps.553.5 million and Ps.2,250.9 million, respectively, as of December 31, 2013, representing 0.3% and 1.2%, respectively,&#160;&#160;of our total consolidated assets as of that date.</font></div>

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<div style="LINE-HEIGHT: 13.7pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Our accounting treatment for concessions as intangible assets with indefinite useful lives considers that no reversion effect is expected upon the expiration of the concessions, and thus, no residual value is determined, based on the following:</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">All of our television and cable concessions may be renewed upon expiration of their original terms.&#160;&#160;&#160;Historically, renewal of these types of concessions have been contingent upon the timely filing of the proper paperwork for renewal, upon complying with the terms of the concessions and the laws and regulations governing such concessions, and upon agreeing to any new terms and conditions set forth in the renewal period.</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Except for an immaterial concession for a UHF Channel for pay-TV reported in the 2013 Form 20-F, historically, we have renewed our operating television and cable concessions upon expiration and generally all conditions necessary to obtain renewal have been satisfied.&#160;&#160;Up until December 31, 2013, the cost to renew the concessions has been de minimis. We have held many of our television concessions for more than 60 years.</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We see no foreseeable limit to the period over which the assets are expected to generate net cash inflows for us.&#160;&#160;Our business, industry and products have a track record of stability.</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We are committed to continue to invest for the long term to extend the period over which the television and cable concessions are expected to continue to provide economic benefits.&#160;&#160;We do not expect to change our business plans in the foreseeable future in this regard.</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the Mexican government did not control or regulate the price of the services &#8211; in that regard, prices were determined by us based on market conditions; and</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the Mexican government did not control any significant residual interest in the infrastructure at the expiration of the concession.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Please describe the expected consequences of the IFT resolutions determining that you together with other entities with concessions to provide broadcast television, including some of your subsidiaries, constitute "preponderant economic agents in the broadcasting sector in Mexico&#8221; and additionally, Grupo Carso, S.A.B. de C.V. and Grupo Financiero Inbursa, S.A.B. de C.V., along with other entities, constitute preponderant economic agents in the telecommunications sector in Mexico. Describe what your available options are</font>.</font></div>
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<div style="LINE-HEIGHT: 13.7pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Response:</font></font></div>

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<div style="LINE-HEIGHT: 13.7pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>We did not include discussions of the expected consequences of the IFT resolutions in Operating and Financial Review and Prospects. However, we did include the expected consequences that the IFT&#8217;s March 6, 2014 decision determining that we, together with other entities with concessions to provide broadcast television, are preponderant economic agents in the broadcasting sector in Mexico, might have for the Company on page 13 of Risk Factor section in the 2013 Form 20-F under the heading &#8220;&#8212; <font style="FONT-STYLE: italic; DISPLAY: inline">Risk Factors Related to Mexico &#8212; The Reform and Addition of Various Provisions of the Mexican Constitution Related to Telecommunications, the Legislation and Secondary Legislation to be Enacted, and Other Recent Actions of IFT May Significantly and Adversely Affect the Business, Results of Operations and Financial Results of Some of Our Business Segments</font>&#8221;.</font></div>

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<div style="LINE-HEIGHT: 13.7pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Separately, on page 33 of the Business section in the 2013 Form 20-F under the heading &#8220;<font style="FONT-STYLE: italic; DISPLAY: inline">&#8212; Business Overview &#8212; Business Strategy &#8212; Expanding our Business in the Mexican Telecommunications Markets by Taking Advantage of the Telecom Reform and Implementing Legislation</font>&#8221;, we describe IFT&#8217;s determination that Grupo Carso, S.A.B de C.V., Grupo Financiero Inbursa, S.A.B. de C.V., and other entities are preponderant economic agents in the telecommunications market and the related measures imposed on such entities.&#160; We further discuss the opportunities and options for us as a result of such measures, which include, among others, a more competitive environment.</font></div>

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<div style="LINE-HEIGHT: 13.7pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>In our next Form 20-F, and thereafter as applicable, we will include similar discussions of these matters in the Operating and Financial Review and Prospects section and/or provide an appropriate cross-reference in that section to such discussions appearing elsewhere in the Form 20-F.</font></div>

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<div style="LINE-HEIGHT: 13.7pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The Company respectfully requests that all future correspondence from the SEC be directed to Joaqu&#237;n Balc&#225;rcel, General Counsel of the Company, at jbalcarcel@televisa.com.mx and/or at (525) (55) 261-2433 and Salvi Rafael Folch Viadero, Chief Financial Officer of the Company, at sfolch@televisa.com.mx and/or (525) (55) 261-2580.</font></div>

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<div style="LINE-HEIGHT: 13.7pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>In addition, should you or any member of the Staff have any questions regarding our responses, or need additional information, please do not hesitate call me at (212) 859-8535, Stuart Gelfond at (212) 859-8272 or Joshua Wechsler at (212) 859-8689 at Fried, Frank, Harris, Shriver &amp; Jacobson LLP.</font></div>

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<div><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;Sincerely,</font></div>

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<div><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;/s/ Kenneth I. Rosh</font></div>

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<td width="18%"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;Kenneth I. Rosh</font></td>
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<td width="97%"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Kathryn Jacobson, Securities and Exchange Commission</font></td>
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<td width="97%"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Dean Suehiro, Securities and Exchange Commission</font></td>
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<td width="97%"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Emily Drazan, Securities and Exchange Commission</font></td>
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<td width="97%"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Robert S. Littlepage, Securities and Exchange Commission</font></td>
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<td width="97%"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Joaqu&#237;n Balc&#225;rcel, Grupo Televisa, S.A.B.</font></td>
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<td width="97%"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Salvi Rafael Folch Viadero, Grupo Televisa, S.A.B.</font></td>
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