- Grupo Televisa (NYSE:TV) dropped 4.8% after a regulator reversed course on a 2015 ruling and decided that Televisa does have market power in pay television.
- That move sets up the prospect of tougher regulation. Last month, a Mexican tribunal threw out a ruling that said Televisa didn't have market power, forcing the Federal Telecommunications Institute to take up the matter again.
- The IFT now says Televisa, the country's largest pay TV provider with about 60% of all subscribers, has "substantial market power."
- The move brought Televisa off its highest point since last September (shares closed at $26.79 yesterday, and finished at $25.51 today).