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Financial Risk Management (Tables) | 12 Months Ended
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Dec. 31, 2024
Financial Risk Management |
Schedule of foreign currency position of monetary items | The foreign currency position of monetary items of the Group at December 31, 2024, was as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Foreign | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Currency | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amounts | ​ | Year-End | ​ | ​ | ​
​ |  | (Thousands) |  | Exchange Rate |  | Mexican Pesos
Assets: |  |  |  | ​ |  |  | ​ |
U.S. dollars |  | 1,318,668 |  | Ps. | 20.8691 |  | Ps. | 27,519,414
Euros |  | 32,919 |  | ​ | 21.6510 |  | ​ | 712,729
Swiss francs |  | 219 |  | ​ | 23.0485 |  | ​ | 5,048
Other currencies |  | — |  | ​ | — |  | ​ | 15
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities: |  | ​ |  | ​ | ​ |  | ​ | ​
U.S. dollars (1) |  | 3,942,186 |  | Ps. | 20.8691 |  | Ps. | 82,269,874
Euros | ​ | 3,626 | ​ | ​ | 21.6510 | ​ | ​ | 78,507
Swiss francs |  | 41 |  | ​ | 23.0485 |  | ​ | 945
Other currencies |  | — |  | ​ | — |  | ​ | 80
​ The foreign currency position of monetary items of the Group at December 31, 2023, was as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Foreign | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Currency | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amounts | ​ | Year-End | ​ | ​ | ​
​ |  | (Thousands) |  | Exchange Rate |  | Mexican Pesos
Assets: |  |  |  | ​ |  |  | ​ |
U.S. dollars |  | 1,367,231 |  | Ps. | 16.9325 |  | Ps. | 23,150,639
Euros |  | 31,976 |  | ​ | 18.7219 |  | ​ | 598,651
Swiss francs |  | 1,891 |  | ​ | 20.1657 |  | ​ | 38,133
Other currencies |  | — |  | ​ | — |  | ​ | 3,383
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities: |  | ​ |  | ​ | ​ |  | ​ | ​
U.S. dollars (1) |  | 3,996,913 |  | Ps. | 16.9325 |  | Ps. | 67,677,729
Euros |  | 18,087 | ​ | ​ | 18.7219 | ​ | ​ | 338,623
Swiss francs |  | 142 |  | ​ | 20.1657 |  | ​ | 2,864
Other currencies |  | — |  | ​ | — |  | ​ | 854
​
(1) | As of December 31, 2024 and 2023, monetary liabilities include U.S.$2,108.7 million (Ps.44,005,755) and U.S.$2,539.5 million (Ps.43,000,795), respectively, related to long-term debt designated as a hedging instrument of the Group’s investments in TelevisaUnivision and Open-Ended Fund (see Note 14).
Schedule of foreign currency of monetary items with net position | The Group is subject to the risk of foreign currency exchange rate fluctuations, resulting primarily from the net monetary position in U.S. dollars and U.S. dollar equivalent amounts of the Group’s Mexican operations, as follows (in millions of U.S. dollars): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
​ |  | 2024 |  | 2023
U.S. dollar-denominated and U.S. dollar-equivalent monetary assets, primarily cash and cash equivalents, and non-current investments in financial instruments (1) |  | U.S.$ | 1,352.0 |  | U.S.$ | 1,398.5
U.S. dollar-denominated and U.S. dollar-equivalent monetary liabilities, primarily trade accounts payable, Senior debt securities, lease liabilities, and other liabilities (2) (3) |  | ​ | (3,942.2) |  | ​ | (4,010.2)
Net liability position |  | U.S.$ | (2,590.2) |  | U.S.$ | (2,611.7)
​
(1) | As of December 31, 2024 and 2023, this line includes U.S. dollar equivalent amounts of U.S.$33.4 million and U.S.$36.0 million, respectively, related to other foreign currencies, primarily Euros.
(2) | As of December 31, 2024 and 2023, this line includes U.S. dollar equivalent amounts of U.S.$0.1 million and U.S.$20.1 million, respectively, related to other foreign currencies, primarily Euros.
(3) | As of December 31, 2024 and 2023, monetary liabilities include U.S.$2,108.7 million (Ps.44,005,755) and U.S.$2,539.5 million (Ps.43,000,795), respectively, related to long-term debt designated as a hedging instrument of the Group’s investments in TelevisaUnivision and the investment in Open-Ended Fund (see Note 14).
Schedule of hypothetical changes in fair value or losses in earnings | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Difference between
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Fair Value and
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Carrying Amount
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Assuming a
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Difference between | ​ | Hypothetical
​ | ​ | ​ | ​ | ​ | ​ | ​ | Fair Value and | ​ | 10% Increase in
December 31, 2024 |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Assets: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Long-term loan and interest receivable from GTAC |  | Ps. | 1,024,371 | ​ | Ps. | 1,031,497 |  | Ps. | 7,126 |  | Ps. | 110,276
Open-Ended Fund | ​ | ​ | 784,769 | ​ | ​ | 784,769 | ​ | ​ | — | ​ | ​ | 78,477
Publicly traded equity instruments | ​ | ​ | 1,709,942 | ​ | ​ | 1,709,942 | ​ | ​ | — | ​ | ​ | 170,994
Derivative financial instruments (1) | ​ | ​ | 2,001,051 | ​ | ​ | 2,001,051 |  | ​ | — |  | ​ | 200,105
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities(2) (3): |  | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​
U.S. dollar-denominated debt: |  | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​
Senior Notes due 2025 |  | ​ | 4,579,474 | ​ | ​ | 4,577,917 |  | ​ | (1,557) |  | ​ | 456,235
Senior Notes due 2026 |  | ​ | 4,328,669 | ​ | ​ | 4,254,172 |  | ​ | (74,497) |  | ​ | 350,920
Senior Notes due 2032 |  | ​ | 6,260,730 | ​ | ​ | 6,838,345 |  | ​ | 577,615 |  | ​ | 1,261,450
Senior Notes due 2040 |  | ​ | 12,521,460 | ​ | ​ | 11,389,770 |  | ​ | (1,131,690) |  | ​ | 7,287
Senior Notes due 2045 |  | ​ | 16,499,319 | ​ | ​ | 11,969,101 |  | ​ | (4,530,218) |  | ​ | (3,333,308)
Senior Notes due 2046 |  | ​ | 18,355,876 | ​ | ​ | 15,480,061 |  | ​ | (2,875,815) |  | ​ | (1,327,809)
Senior Notes due 2049 | ​ | ​ | 13,792,972 | ​ | ​ | 10,280,454 | ​ | ​ | (3,512,518) | ​ | ​ | (2,484,473)
Peso-denominated debt: |  | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​
Notes due 2027 | ​ | ​ | 4,500,000 | ​ | ​ | 4,252,725 |  | ​ | (247,275) | ​ | ​ | 177,998
Senior Notes due 2037 |  | ​ | 4,500,000 | ​ | ​ | 3,186,405 |  | ​ | (1,313,595) | ​ | ​ | (994,955)
Senior Notes due 2043 |  | ​ | 6,225,690 | ​ | ​ | 3,608,472 |  | ​ | (2,617,218) | ​ | ​ | (2,256,371)
Long-term loans payable to Mexican banks |  | ​ | 12,650,000 | ​ | ​ | 12,777,242 |  | ​ | 127,242 | ​ | ​ | 1,404,966
Lease liabilities | ​ | ​ | 5,386,639 | ​ | ​ | 5,454,171 | ​ | ​ | 67,532 | ​ | ​ | 612,949
​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Difference between
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Fair Value and
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Carrying Amount
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Assuming a
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Difference between | ​ | Hypothetical
​ | ​ | ​ | ​ | ​ | ​ | ​ | Fair Value and | ​ | 10% Increase in
December 31, 2023 |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Assets: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Long-term loan and interest receivable from GTAC |  | Ps. | 948,549 | ​ | Ps. | 953,423 |  | Ps. | 4,874 |  | Ps. | 100,216
Open-Ended Fund |  | ​ | 674,451 | ​ | ​ | 674,451 |  | ​ | — |  | ​ | —
Publicly traded equity instruments | ​ | ​ | 1,912,150 | ​ | ​ | 1,912,150 |  | ​ | — |  | ​ | —
Derivative financial instruments (1) | ​ | ​ | 251,738 | ​ | ​ | 251,738 | ​ | ​ | — | ​ | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities(2) (3): |  | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​
U.S. dollar-denominated debt: |  | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​
Senior Notes due 2025 |  | ​ | 3,715,634 | ​ | ​ | 3,762,228 |  | ​ | 46,594 |  | ​ | 422,817
Senior Notes due 2026 |  | ​ | 3,512,139 | ​ | ​ | 3,465,533 |  | ​ | (46,606) |  | ​ | 299,947
Senior Notes due 2032 |  | ​ | 5,079,750 | ​ | ​ | 5,969,062 |  | ​ | 889,312 |  | ​ | 1,486,218
Senior Notes due 2040 |  | ​ | 10,159,500 | ​ | ​ | 10,701,611 |  | ​ | 542,111 |  | ​ | 1,612,272
Senior Notes due 2045 |  | ​ | 13,387,004 | ​ | ​ | 11,542,810 |  | ​ | (1,844,194) |  | ​ | (689,913)
Senior Notes due 2046 |  | ​ | 14,893,353 | ​ | ​ | 14,913,906 |  | ​ | 20,553 |  | ​ | 1,511,944
Senior Notes due 2049 | ​ | ​ | 11,191,163 | ​ | ​ | 10,035,228 | ​ | ​ | (1,155,935) | ​ | ​ | (152,412)
Peso-denominated debt: |  | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​
Notes due 2027 | ​ | ​ | 4,500,000 | ​ | ​ | 4,233,150 |  | ​ | (266,850) | ​ | ​ | 156,465
Senior Notes due 2037 |  | ​ | 4,500,000 | ​ | ​ | 4,026,060 |  | ​ | (473,940) | ​ | ​ | (71,334)
Senior Notes due 2043 |  | ​ | 6,225,690 | ​ | ​ | 4,064,130 |  | ​ | (2,161,560) | ​ | ​ | (1,755,147)
Long-term loans payable to Mexican banks |  | ​ | 12,650,000 | ​ | ​ | 12,789,686 |  | ​ | 139,686 | ​ | ​ | 1,418,655
Lease liabilities | ​ | ​ | 7,291,550 | ​ | ​ | 7,334,492 | ​ | ​ | 42,942 | ​ | ​ | 776,391
​
(1) | Given the nature and the tenor of these derivative financial instruments, an increase of 10% in interest and/or exchange rates would not be an accurate sensitivity analysis on the fair value of these financial instruments.
(2) | The carrying amount of debt is stated in this table at its principal amount.
(3) | The fair value of the Senior Notes and Notes issued by the Group are within Level 1 of the fair value hierarchy as there are quoted market prices for such notes. The fair value of the lease liabilities is within Level 2 of the fair value hierarchy and has been estimated based on cash flows discounted using an estimated weighted average cost of capital. The fair value of held-to-maturity securities are within Level 1 of the fair value hierarchy and were based on market interest rates to the listed securities.
Schedule of contractual undiscounted cash flows | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Less Than 12 Months | ​ | 12-36 Months | ​ | 36-60 Months | ​ | Maturities | ​ | ​ | ​
​ | ​ | January 1, 2025 to | ​ | January 1, 2026 to | ​ | January 1, 2028 to | ​ | Subsequent to | ​ | ​ | ​
​ |  | December 31, 2025 |  | December 31, 2027 |  | December 31, 2029 |  | December 31, 2029 |  | Total
At December 31, 2024 |  | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Debt (1) | ​ | Ps. | 4,579,474 | ​ | Ps. | 11,478,669 | ​ | Ps. | 10,000,000 | ​ | Ps. | 78,156,047 | ​ | Ps. | 104,214,190
Lease liabilities | ​ |  | 1,242,957 | ​ |  | 2,387,918 | ​ |  | 865,556 | ​ |  | 890,208 | ​ |  | 5,386,639
Trade and other liabilities | ​ |  | 18,410,499 | ​ |  | 84,453 | ​ |  | 32,503 | ​ |  | 4,146,195 | ​ |  | 22,673,650
Interest on debt (2) | ​ |  | 5,428,409 | ​ |  | 12,561,501 | ​ |  | 10,787,915 | ​ |  | 58,559,426 | ​ |  | 87,337,251
Interest on lease liabilities | ​ |  | 462,912 | ​ |  | 618,152 | ​ |  | 378,067 | ​ |  | 252,519 | ​ |  | 1,711,650
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Less Than 12 Months | ​ | 12-36 Months | ​ | 36-60 Months | ​ | Maturities | ​ | ​ | ​
​ | ​ | January 1, 2024 to | ​ | January 1, 2025 to | ​ | January 1, 2027 to | ​ | Subsequent to | ​ | ​ | ​
​ |  | December 31, 2024 |  | December 31, 2026 |  | December 31, 2028 |  | December 31, 2028 |  | Total
At December 31, 2023 |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Debt (1) | ​ | Ps. | 10,000,000 | ​ | Ps. | 9,877,773 | ​ | Ps. | 4,500,000 | ​ | Ps. | 65,436,460 | ​ | Ps. | 89,814,233
Lease liabilities | ​ |  | 1,280,932 | ​ |  | 2,551,747 | ​ |  | 1,660,370 | ​ |  | 1,798,501 | ​ |  | 7,291,550
Trade and other liabilities | ​ |  | 20,436,012 | ​ |  | — | ​ |  | — | ​ |  | 2,604,527 | ​ |  | 23,040,539
Interest on debt (2) | ​ |  | 4,116,602 | ​ |  | 9,358,169 | ​ |  | 7,967,272 | ​ |  | 51,916,580 | ​ |  | 73,358,623
Interest on lease liabilities | ​ |  | 598,223 | ​ |  | 942,270 | ​ |  | 607,096 | ​ |  | 630,669 | ​ |  | 2,778,258
​
(1) | The amounts of debt are disclosed on a principal amount basis (see Note 14).
(2) | Interest to be paid in future years on outstanding debt as of December 31, 2024 and 2023, based on contractual interest rates and exchange rates as of that date.

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