BUSTOS OLIVARES Luis Alejandro 4

What Happened

• Luis Alejandro Bustos Olivares, Legal Vice President, General Counsel and director of Grupo Televisa (TV), exercised in‑the‑money derivatives on May 4, 2026 to acquire 277,500 Certificados de Participación Ordinarios (CPOs) for an aggregate reported cost of $24,975 (price shown $0.09 per CPO after USD conversion). On the same date a trust sold 44,500 CPOs in an open‑market transaction for an aggregate $25,365 (average price $0.57). The filing also records the derivative exercise mechanics (277,500 CPOs reported as disposed in connection with the exercise).

Key Details

• Transaction date: May 4, 2026; Form 4 filed May 6, 2026 (timely filing).
• Exercise (code X): 277,500 CPOs acquired at $0.09 each = $24,975 (USD amount reflects MXN→USD conversion per footnote).
• Sale (code S): 44,500 CPOs sold in the open market at an average $0.57 each = $25,365.
• The filing also shows 277,500 CPOs recorded as disposed in connection with the derivative exercise (reported at $0.00 in the table as part of the exercise mechanics).
• Shares owned after the transactions: not specified in this filing.
• Notable footnotes:
  • F1: Each CPO represents multiple underlying Televisa share series (lists Series A, B, L, D).
  • F2: USD amounts use a conversion rate of 17.5161 MXN/USD (Apr 30, 2026).
  • F3: Sale price is the average of multiple trust sales effected on behalf of several participants.
  • F4: A trust administering the Stock Purchase Plan for Directors will sell a portion of CPOs to pay the per‑CPO price (Ps.1.60) and deliver the remainder — i.e., a cashless exercise mechanism.
  • F5: Not applicable.

Context

• This was essentially an exercise of derivatives with a trust selling shares to cover the exercise price/withholdings (cashless exercise mechanics). The separate open‑market sale of 44,500 CPOs likely reflects trust sales connected to the plan rather than an independent personal sell order.
• CPOs represent bundles of multiple Televisa share classes (see F1), so reported CPO counts are not single ordinary shares.
• The transactions are routine insider activity tied to a stock plan and exercise; filings are factual records and do not by themselves indicate the insider’s view of the company.