Fernandez Fernandez Jose Luis 4

What Happened
Jose Luis Fernandez Fernandez (Director) exercised in‑the‑money derivatives on May 4, 2026, resulting in the acquisition of 277,500 certificated securities (CPOs) at an effective USD price of $0.09 each for a total of $24,975. On the same day, 44,500 CPOs were sold in an open‑market/ trust sale at an average price of $0.57 each for $25,365. The filing also shows a corresponding derivative disposition of 277,500 units (recorded at $0.00) related to the exercise/settlement of the derivative instrument.

Key Details

• Transaction date: 2026-05-04; Form 4 filed 2026-05-06 (appears timely).
• Acquired by exercise: 277,500 CPOs @ $0.09 = $24,975 (USD).
• Sold (open market/trust): 44,500 CPOs @ $0.57 = $25,365 (USD).
• Derivative disposition entry: 277,500 units recorded at $0.00 (reflects exercise/settlement).
• Shares owned after transaction: Not specified in this Form 4.
• Notable footnotes:
  • F1: Each CPO represents multiple underlying series shares of Grupo Televisa.
  • F2: USD amounts reflect conversion from MXN using rate 17.5161 MXN/USD (Apr 30, 2026).
  • F3: The sale price is an average from trust sales made on behalf of multiple similarly situated persons.
  • F4: At vesting the trust administering the directors’ Stock Purchase Plan will sell a portion of CPOs to pay the Ps.1.60 per CPO price and deliver the remainder to the reporting person.

Context
This appears to be a cashless or partially cashless option exercise: the trust sold a portion of the CPOs to cover the exercise price (and likely related costs), with remaining CPOs delivered to the director. The dollar amounts involved are modest (roughly $25k each for the acquisition and the sale). Such exercises followed by trust sales are common for covering exercise costs or tax withholding and do not, by themselves, indicate the insider’s market view.