Wade Davis: Well, ViX is an integral part of the business. There won’t be a there won’t be a Televisa Univision without ViX just like there won’t be a Televisa without the linear business. They — as we’ve always said, our strategy is designed around the two platforms, programming them for what they are good at and delivering a comprehensive programming solution that’s relevant to the broadest possible consumer market. ViX long term is, as I said, going to continue to be an engine of growth on Televisa Univision earnings call, I highlighted that as we are in our core business, we believe that ViX will be delivering best-in-class operating margins for streaming. We will hit those best-in-class operating margins on a two year to three-year ramp following turn to profitability in the second half of next year.
I guess there was the last part of question, I mean we don’t think of this as a niche market, right? This is $8 trillion GDP on a global basis. There’s never been a company in the history of Spanish language media that’s been able to touch the Spanish language consumer on a global basis. As it relates to whether or not ViX would be an M&A target, I think the real question is that if anybody has aspirations for to be overall international media leadership. There is no way to truly accomplish that without leadership against the global Spanish language audience, which, as we’ve said before, represents the second most widely spoken language in the world. And we are over 60% market share in the U.S. Hispanic audience, which is the largest Spanish-speaking market in the world.
And a similar level of market share in the country of Mexico, which is the most popular Spanish speaking market in the world. So, if anybody has aspirations to be a truly global media company, they can’t do so without thinking about the Spanish language market. And the asset that we have is replicatable.
Operator: The next question comes from Vitor Tomita with Goldman Sachs. Please go ahead.
Vitor Tomita : Hello. Good morning, and thanks for taking my question. Two questions from our side. First one, if you could give us some color on the percentage of your cable base that might still be benefit from temporary customer acquisition discounts following recent churn and cleanups. And second question would just be a quick clarification on the previous response to Fred. You mentioned in the previous response that cable results should improve starting in 2024. Does that mean you still anticipate some pressure in the fourth quarter of ’23? Thank you.
Unidentified Company Representative: Yes. We think there will be still some pressure on the third quarter because we are just starting to implement the adjustments. We just finalized the head count reduction and we still have a few things that we need to implement. And then after that, we are anticipating it to be, like I said, in the 40% range EBITDA, and we expect that to be revenue to grow low single digits for the next two years, three years. So, we see a sequential improvement at this — for the foreseeable future.
Operator: The next question comes from Cesar Medina with Morgan Stanley. Please go ahead.
Cesar Medina : Thanks for taking my call. This is a great start or communicating the plan, the turnaround, but I had two questions. The first one is, you mentioned the potential for market consolidation in Mexico. Can you expand a little bit on that? I don’t know if there is a room for revising some of the talks that you had that the firm had a while ago with Mega cable [ph]. That’s the first question. And then the second, this is more a joint question to wait and to Alfonso. If you look at the capital structure of the joint venture, how do you see the path for raising capital? And what would be the position that Televisa will take into that strategy for capital basis? Thank you.
