In June 2025, Fox Corporation announced the acquisition of Caliente TV, a sports-focused platform and Pay TV channel in Mexico owned by bookmaker Caliente—granting itself direct access to rights for UEFA Champions League, Ligue 1, and select Liga MX matches (Tijuana, Querétaro…). Launched in September 2023 with free access, Caliente TV transitioned to paid tiers in February 2025 (MXN 115/month, around USD 6), consolidating itself as a premium sports content offering. By integrating Caliente’s paid service into Fox’s AVOD platform TUBI and the rest of its ecosystem—including syndication via Amazon Prime Video and a possible integration into the upcoming US-based Fox One if it were to be launched in Mexico —Fox Corp Fox is deepening competition with Disney, Max and ViX, (TelevisaUnivision) in sports in Mexico. A move that should force other Pay-TV providers (like Sky-Izi) to revisit their bundle offerings to compete and prevent a decline in subscribers. Indeed, over the past decade, TV network revenues in Latin America have shrunk significantly, driven by Pay TV’s decline and a slow rebound in TV advertising post-pandemic. How has the structure of TV revenues evolved, and what are the projections going forward? Which groups are leading—and how valuable is a Pay TV channel to the consumer in 2025 in Latin America? In 2024, Latin American TV networks’ revenues fell below USD $10 billion According to Dataxis, TV network revenues in Latin America dropped below USD $10B in 2024, and are projected to decline at a compound annual rate of -4.1%, to USD $8.6B by 2029. We see a structural decline across all revenue sources (advertising, Pay TV affiliates, public funding), from USD $12.2B in 2019 to a projected USD $8.6B in 2029 (−30%) with a projected 45% drop in affiliates between 2024 and 2029. Pay TV networks affiliate revenues are generated by the distribution of Pay TV channels on operators' platforms. Studios like Disney and Warner are reallocating budgets toward direct-to-consumer (DTC) streaming, abandoning linear carriage deals—explaining part of the affiliate revenue crash. The shift away from cable and satellite toward OTT and digital-first consumption is accelerating. The advertising market shows inertia, still playing a stabilizing role, especially in the Free-To-Air segment. TV public funding remains stagnant in the region (~ USD $0.2B), confirming minimal state intervention with declining investments in countries like Argentina after the presidential election of Javier Milei. Globo still leads the TV market, while US players revisit their content distribution strategies regionally Grupo Globo still leads the ranking of TV groups in Latin America, despite Brazil’s declining Pay TV market due to its massive reach and advertising strength. The group lost almost 30% of its TV revenues (affiliates and advertising) after 2019. More specifically, Globosat, the group's pay TV service entity...
