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GRUPO TELEVISA, S.A.B.·4

Apr 24, 6:57 PM ET

MAERKER SALMON Denise 4

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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.