MAERKER SALMON Denise 4
4 · GRUPO TELEVISA, S.A.B. · Filed Apr 24, 2026
Research Summary
AI-generated summary of this filing
Grupo Televisa (TV) Director Denise Maerker Exercises Options, Sells Shares
What Happened
Denise Maerker, a director of Grupo Televisa (TV), exercised in‑the‑money derivatives on March 27, 2026 to acquire 565,084 Certificados de Participación Ordinarios (CPOs) at an exercise cost of $0.09 per CPO (total exercise cost ≈ $50,858, converted from MXN). On the same day she sold 565,084 CPOs in the open market at a volume‑weighted average price of $0.58 per CPO for gross proceeds of ≈ $327,749. After subtracting the exercise cost, the approximate net cash realized was $276,891. Several zero‑price derivative disposition entries in the filing reflect the mechanics of the exercise and settlement.
Key Details
- Transaction date: March 27, 2026 (reported on Form 4 filed April 24, 2026). The filing was submitted later than the typical 2‑business‑day window.
- Exercise: 565,084 CPOs acquired at $0.09 each (exercise cost ≈ $50,858; MXN→USD rate used: 18.0240 per F2).
- Sale: 565,084 CPOs sold in open market at VWAP $0.58 (gross proceeds ≈ $327,749). Actual MXN sale prices ranged 10.3200 to 10.4400 pesos per CPO (per F3).
- Net cash realized (sale proceeds minus exercise cost): ≈ $276,891.
- Shares owned after transaction: Not specified in the filing excerpt provided.
- Footnotes of note: F1 explains each CPO represents multiple underlying share series of Grupo Televisa; F2 is the MXN→USD conversion rate used; F3 notes VWAP and the range of actual MXN prices and offers to provide per‑price quantities on request.
- Timeliness: Filing date (Apr 24, 2026) is later than the transaction date (Mar 27, 2026), meaning the Form 4 appears to have been filed late.
Context
This was an exercise of derivatives followed by an immediate sale — commonly a cashless exercise where exercised shares are sold to cover costs/taxes and to realize cash. The zero-dollar derivative disposition lines in the Form 4 reflect settlement mechanics (shares withheld or surrendered) rather than separate market sales. These kinds of transactions document insider liquidity but do not, by themselves, explain the director’s motives.
Insider Transaction Report
- Exercise of In-Money
CPOs
[F1][F2]2026-03-27$0.09/sh+565,084$50,858→ 565,084 total - Sale
CPOs
[F1][F2][F3]2026-03-27$0.58/sh−565,084$327,749→ 0 total - Exercise of In-Money
CPOs held in Long Term Retention Plan
[F1][F2]2026-03-27−139,026→ 0 totalExercise: $0.09From: 2023-04-10Exp: 2026-04-10→ CPOs (139,026 underlying) - Exercise of In-Money
CPOs held in Long Term Retention Plan
[F1][F2]2026-03-27−94,286→ 0 totalExercise: $0.09From: 2024-04-10Exp: 2027-04-10→ CPOs (94,286 underlying) - Exercise of In-Money
CPOs held in Long Term Retention Plan
[F1][F2]2026-03-27−97,142→ 0 totalExercise: $0.09From: 2025-04-10Exp: 2028-04-10→ CPOs (97,142 underlying) - Exercise of In-Money
CPOs held in Long Term Retention Plan
[F1][F2]2026-03-27−140,580→ 0 totalExercise: $0.09From: 2024-04-10Exp: 2027-04-10→ CPOs (140,580 underlying) - Exercise of In-Money
CPOs held in Long Term Retention Plan
[F1][F2]2026-03-27−94,050→ 0 totalExercise: $0.09From: 2025-04-10Exp: 2028-04-10→ CPOs (94,050 underlying)
Footnotes (3)
- [F1]Each Certificado de Participacion Ordinarios ("CPO") represents twenty-five Series "A" Shares, twenty-two Series "B" Shares, thirty-five Series "L" Shares and thirty-five Series "D" Shares of Grupo Televisa, S.A.B.
- [F2]Reflects conversion from Mexican pesos into US dollars based on the currency conversion rate of 18.0240 Mexican pesos per US dollar as of March 27, 2026.
- [F3]Price is the volume weighted average selling price of all sales by the reporting person on the transaction date. Actual prices ranged from 10.3200 Mexican pesos to 10.4400 Mexican pesos. The reporting person hereby undertakes to provide upon request of the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price.