SCHEDULE: Dodge & Cox Boosts Televisa Stake to 13.6%

Investment adviser Dodge & Cox has reported a 13.6% beneficial ownership stake in Grupo Televisa, holding over 64 million shares as of September 30, 2025.

Summary

• Dodge & Cox, an investment adviser, reported beneficial ownership of 64,837,770 shares of GRUPO TELEVISA, S.A.B.
• This aggregate amount represents 13.6% of the class of CPOs and Global Depositary Shares.
• The beneficial ownership includes 3,145,400 CPOs and 64,208,690 Global Depositary Shares, as detailed in Item 4(a).
• Dodge & Cox holds sole voting power over 62,379,470 shares and sole dispositive power over 64,837,770 shares.
• Dodge & Cox International Stock Fund, a client, has an interest of 46,380,780 shares, which constitutes 9.7% of the class.
• The securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 5

Explanation: Neutral. This is a routine disclosure of beneficial ownership by an institutional investor, indicating a continued significant stake without expressing new sentiment or operational changes.

Positives

• A major institutional investor, Dodge & Cox, maintains a significant stake, indicating continued confidence in Grupo Televisa.
• Dodge & Cox International Stock Fund, a specific client, holds a substantial 9.7% of the class, highlighting a concentrated investment.

Industry Context

This filing indicates a continued significant institutional investment in Grupo Televisa, a major Mexican media company. Large passive stakes by investment advisers like Dodge & Cox are common and reflect long-term investment strategies rather than active management intervention. The disclosure provides transparency on the ownership structure of a key player in the Latin American media landscape.

Comparison to Industry Standards

• Dodge & Cox's 13.6% stake in Grupo Televisa is a substantial holding for an institutional investor in a publicly traded company.
• Such large passive stakes are typical for value-oriented funds that build significant positions over time.
• For instance, similar large institutional holdings can be observed in other major media conglomerates globally, where funds like BlackRock or Vanguard often hold significant, albeit passive, percentages.

Stakeholder Impact

• Shareholders: Provides transparency on a significant institutional holder, potentially signaling long-term confidence.
• Company Management: Awareness of a large, passive institutional investor on the shareholder register.

Key Dates

Keywords

Grupo Televisa, Dodge & Cox, SEC Filing, Schedule 13G, Beneficial Ownership, CPOs, Global Depositary Shares, Investment Adviser, Institutional Investor, Media Company, Mexico