FOLCH VIADERO Salvi Rafael 4

What Happened
Salvi Rafael Folch Viadero, a director of Grupo Televisa, exercised in‑the‑money derivative rights to receive 277,500 Certificados de Participación Ordinarios (CPOs) and reported an acquisition cost of $0.09 per CPO (total ~$24,975). On the same day he (or the trust acting on his behalf) sold 44,500 CPOs in an open market/private sale at an average price of $0.57 per CPO (total ~$25,365). The filing also shows a derivative disposition for 277,500 CPOs at $0.00, reflecting settlement of the derivative instrument rather than cash proceeds.

Key Details

• Transaction date: May 4, 2026; Form 4 filed May 6, 2026 (two days later, appears timely).
• Exercise: 277,500 CPOs acquired at $0.09 each; reported value $24,975 (USD).
• Sale: 44,500 CPOs sold at an average $0.57 each; reported proceeds $25,365 (USD).
• Derivative disposition: 277,500 CPOs reported disposed at $0.00 — reflects settlement of the exercised derivative.
• Shares owned after transaction: Not disclosed in the filing.
• Notable footnotes: F1 explains each CPO represents multiple underlying share classes; F2 shows MXN→USD conversion used; F3/F4 indicate the trust administering the director stock plan sold a portion of CPOs to cover the exercise cost (cashless-like transaction) and delivered the remainder to the reporting person.

Context
This was an option/derivative exercise with a partial sale by the trust to cover the exercise price—common for director stock plans. The exercise constitutes a purchase of shares (acquisition), while the simultaneous sale of some CPOs is a routine monetization to cover costs or taxes rather than a standalone bearish signal. All values are reported in USD using the provided MXN conversion.