GARCIA NARANJO ALVAREZ Guillermo 4

What Happened

• Guillermo Garcia Naranjo Alvarez, a director of Grupo Televisa, exercised in‑the‑money derivatives and completed a related sale on May 4, 2026. He acquired 277,500 CPOs at an effective cost of $0.09 each (total $24,975). On the same date, 44,500 CPOs were sold in the open market at an average price of $0.57 each for proceeds of $25,365. The filing also reports 277,500 CPOs marked as disposed in connection with the derivative exercise (no cash value shown), consistent with a trust-administered transaction to cover exercise price/tax obligations.

Key Details

• Transaction date: May 4, 2026; Form 4 filed May 6, 2026 (timely filing).
• Purchases: 277,500 CPOs acquired @ $0.09 = $24,975 (exercise of derivative).
• Sales: 44,500 CPOs sold @ $0.57 = $25,365 (open market sale); 277,500 CPOs listed as disposed @ $0.00 in connection with the exercise.
• Shares owned after transaction: not specified in the reported data.
• Notable footnotes:
  • F1: These are CPOs (Certificados de Participación Ordinarios); each CPO represents multiple underlying Mexican share classes.
  • F2: USD amounts reflect conversion from Mexican pesos at Ps.17.5161/USD (Apr 30, 2026).
  • F3–F4: The sale prices are average prices from sales effected by the trust administering the Stock Purchase Plan for Directors; the trust sold a portion of CPOs to pay the exercise price (cashless-style transaction) and delivered the remainder to the reporting person.
• Filing timeliness: Filed within the normal Form 4 window (no late filing indicated).

Context

• This appears to be a cashless/settlement-style option exercise where the trust sold a portion of the exercised CPOs to cover the exercise price and/or tax withholding, while the reporting person received the remainder. Such transactions are routine for option exercises and tax withholding and do not by themselves indicate the insider’s view of the company.