The following is excerpted from the question-and-answer section of the transcript.

Question: Andrew Campbell - Credit Suisse - Analyst: Yes, good morning. My question is about Sky, and we saw some fairly significant margin deterioration in the quarter, and I was wondering if in light of the promotional activity you're doing that we should expect this level or lower of margins going forward. And you mentioned the Mi Sky packages. We've also seen in the paper some references to the [BTV] plans as well, another lower-end package. Can you give us an update on how that plan is going, if you intend to roll it out more nationally, and how that fits into the other product offerings that you have?

Answer By: Alfonso De Angoitia - Grupo Televisa - EVP

Question: Andrew Campbell - Credit Suisse - Analyst: Okay, thank you. And just to be clear, the World Cup charge that you had, will you continue to have a charge like that through, say, through second quarter of next year, due to the World Cup, or is it --?

Answer By: Alfonso De Angoitia - Grupo Televisa - EVP

Question: Andrew Campbell - Credit Suisse - Analyst: Okay. The next four quarters. Okay, thank you very much.

Answer By: Alfonso De Angoitia - Grupo Televisa - EVP

Question: Jessica Reif Cohen - Banc of America-Merrill Lynch - Analyst: Hi, it's Jessica Reif Cohen from Banc of America-Merrill Lynch. I have three questions. The first one is Liberty discussed last week at their analyst meeting the potential for spinning out DirecTV Latin America. Would that be of any interest to you?

Answer By: Alfonso De Angoitia - Grupo Televisa - EVP

Question: Jessica Reif Cohen - Banc of America-Merrill Lynch - Analyst: And a cable question. You mentioned that churn's coming down with the triple play. Can you tell us what the difference would be between churn for a triple-play sub versus the single service, or the magnitude?

Answer By: Alfonso De Angoitia - Grupo Televisa - EVP

Question: Jessica Reif Cohen - Banc of America-Merrill Lynch - Analyst: Okay, and Cablemas, just the penetration of new services or broadband telephony is so much lower than the other two companies. Is there anything -- I mean, is it -- is there any specific reason why, and do you see that as upside?

Answer By: Alfonso De Angoitia - Grupo Televisa - EVP

Question: Jessica Reif Cohen - Banc of America-Merrill Lynch - Analyst: Okay. And then, actually I had one other question. If Comcast is successful in getting NBC Universal, would you think of Telemundo any differently? Does that make a difference to you?

Answer By: Alfonso De Angoitia - Grupo Televisa - EVP

Question: Jessica Reif Cohen - Banc of America-Merrill Lynch - Analyst: Okay, thank you.

Question: Paul Steep - Scotia Capital - Analyst: Good morning, guys. I guess the first question would just be one on how you're thinking about investment and balancing off maybe the expansion of the cable business or wireless or I guess the question is, is it actually even an either/or at this point or are you looking to actually materially spend in both buckets over the next couple years, would be my first question.

Answer By: Alfonso De Angoitia - Grupo Televisa - EVP

Question: Paul Steep - Scotia Capital - Analyst: Okay. I guess the second one for me too would be just on the upfronts, what your expectations or thoughts are there in terms of early feedback you've had from the ad community? And then, the last one would be around pay TV. If we ex out FX and we think forward, the growth -- where's the bigger growth? Is the growth from Mexico in launching the new channels we've talked about today, or is it overall Latin America growth in terms of what you think comprises that business? Thank you.

Answer By: Jose Baston - Grupo Televisa - President, Television and Contents

Answer By: Alfonso De Angoitia - Grupo Televisa - EVP

Question: Tomas Lajous - UBS - Analyst: Good morning, gentlemen. Thank you. Thank you very much for the call. I have two questions. One is for Alfonso and one I think is for Pepe. The first one would be are you guidance and I guess you've said this before, but can you tell us a little bit about spectrum auctions in Mexico, what would be your interest and would Televisa be looking to join with someone and go into the voice business, or could this be another way to distribute your very valuable content? So, that would be the first question, and I'll wait for the other one.

Answer By: Alfonso De Angoitia - Grupo Televisa - EVP

Question: Tomas Lajous - UBS - Analyst: Thank you. And my other question I think is for Pepe. In terms of very encouraging rating in weekday primetime and Channel 2 leading the recovery, is there something you can tell us about what you're doing in terms of production that is helping Channel 2 and how this can extend to the rest of the franchise? Anything specific in [Telehio] or in (inaudible) that you can talk about in terms of the process of producing these new content for your business?

Answer By: Jose Baston - Grupo Televisa - President, Television and Contents

Question: Tomas Lajous - UBS - Analyst: Great. Thank you very much.

Question: Michel Morin - Barclays Capital - Analyst: I was wondering, first of all, on the cable side you had very good performance in adding new subscribers. I was wondering, is this mostly due to the Yo offering, and then have you seen an acceleration during the quarter? How were the trends during the quarter in terms of new subscriber additions, considering the improvement on a sequential basis? And then, can you actually quantify how significant the netbook sales are? Is this something that we should be specifically thinking about in terms of a potential margin impact down the road? Thank you.

Answer By: Alfonso De Angoitia - Grupo Televisa - EVP

Question: Gabriel Gonzalez - HSBC - Analyst: Yes, good morning. I was wondering if you could just shed some light on rumors concerning further acquisitions of cable assets in Mexico, specifically do you believe that Megacable could be an acquisition, considering regulatory issues, given that it's the largest single cable asset in Mexico? And also, with the consolidation of TVI and the potential purchase of a fourth cable asset, will Televisa attempt to amalgamate its cable companies under a unified brand, and will it find it possible to do so with four distinct assets under its wing? Thank you.

Answer By: Alfonso De Angoitia - Grupo Televisa - EVP

Question: Mauricio Inovas - Banc of America-Merrill Lynch - Analyst: Excuse me, thank you. Good morning. Just a question on -- back to the spectrum question, Alfonso, if you could clarify a little bit more, it looks like you would -- there's a possibility you could do a joint venture with someone, even if it's not present in the Mexican wireless market. The question is, would Televisa go by itself to run a wireless operation? And how do you think about investment returns on a venture like that? I know the rules are yet to come, and as well as the price. But can you quantify that the -- how much would a new network in Mexico cost, and whether we should think about this from an income and investment return standpoint for the business on a standalone basis, but also from the fact that it works as kind of a hedge and is having another arm in the -- having a wireless broadband helps protecting the overall broadband product that the Company has.

Answer By: Alfonso De Angoitia - Grupo Televisa - EVP

Question: Mauricio Inovas - Banc of America-Merrill Lynch - Analyst: Okay, thank you.

Answer By: Alfonso De Angoitia - Grupo Televisa - EVP