So I've been looking at Grupo Televisa (TV) lately and there's actually some interesting stuff happening here. Benchmark came out with a Buy rating back in February, setting a $10 price target, and honestly their thesis makes sense when you dig into it.

The company's Q4 2025 numbers came in pretty much as expected - nothing spectacular but stable. What's got analysts more excited is the forward picture. Benchmark sees 2026 shaping up differently, mainly because of Mexico's economic tailwinds. We're talking strong peso, solid export growth especially to the US, and the whole nearshoring thing actually working out. Manufacturing costs are competitive, logistics are solid, and suddenly Mexico looks a lot more attractive to investors than it did a couple years ago.

But here's the real story - the AT&T Mexico acquisition. Televisa's been negotiating to grab AT&T's Mexican telecom unit, and by the time this deal closes, they'd be combining 24 million mobile customers with their existing 20 million fixed-line base through Izzi. That's massive consolidation. Sources close to the government confirmed talks are happening, though obviously these things can fall through.

What's underrated here is Televisa's whole ecosystem. They've got their fingers in everything - cable, broadband through Izzi, satellite TV through Sky, and they own a huge chunk of TelevisaUnivision which distributes content globally. Mexican channels have always had strong international reach, and combining that with a bigger telecom footprint could actually create something pretty interesting.

The peso stability and export momentum are real catalysts. As Mexico becomes more central to supply chains, companies looking to diversify away from China need places like this. Whether the AT&T deal goes through or not, that underlying trend is solid.

Still, there's a lot of moving pieces here and execution matters. Worth keeping on the radar though, especially if you're thinking about Mexico exposure.