Wade Davis: Thank you, Cesar. As to consolidation of the cable industry in Mexico. And I mean, you know we tried very hard to do that. We — but on the table, a very attractive offer, a stock-for-stock deal, which would, I believe, be great for both the Grupo Televisa shareholders and the other shareholders. So, we tried very hard. However, we could not complete that transaction. And you may expand…
Francisco Valim: Yes. So, this market, as you know, a four-player market doesn’t last very long. Some of our competitors are already facing financial challenges. So, we think that there will be a consolidation. When is a question that we would also would like to be able to answer. But conceptually, I think this will happen sooner rather than later, given some of the constraints that we have already seen. And some of the players are deploying fiber networks like crazy would not be equivalent growth to be able to pay back for those investments. So, we see a challenging market for whoever wants to be in that market. And then our strategy is like we have described just recently today is that we’re going to be preserved cash and keep on focusing on our largest asset, which is our 6.3 million customers, high level, were the best clients in the country.
And we think we can work with them and grow just not only the subscriber base but also very strategically and very focused our network. And so, I think that’s the strategy moving forward and consolidation will happen in H1.
Wade Davis: And as to your second question, we, look, our single-minded focus in everything that we’ve been doing we formed this joint venture and the transformative merger that created a fundamentally new and differentiated company is focused on maximizing shareholder value. So, when you think about whether or not the timing of raising incremental capital, the right time for us to maximize shareholder value from an equity raise standpoint will be once we’ve actually delivered direct-to-consumer profitability, which is right around the corner, as we’ve said a number of times. Pretty much every media company in the industry has talked about direct-to-consumer profitability. One only Netflix to date has delivered that. When we deliver profitability within the next nine months.
That will — as Alfonso has said, represent the fastest ramp of profitability of any major streaming service in the history of the industry, and that will be a very material in fashion point into of the company. We have plenty of cash and liquidity on hand at the moment as we reported. A couple of days ago, we have just under $300 million of cash on hand. We have $900 million of equity from our AR facility. And so, there’s plenty of cash for us to be patient around what the right timing is for tapping the equity markets. When we do that, it will be focused on accelerating the deleveraging of the business. Obviously, as we turn streaming to profitability next year, the organic deleveraging of the business is going to start and accelerate moving forward.
But at the right time, I think I’ve kind of outlined the parameters that go into that, we’ll look at raising equity to accelerate the deleveraging of the business.
Cesar Medina : And for the intention of Televisa to participate on those transactions?
Alfonso de Angoitia : We’re not considering at this point, putting more money into Televisa Univision. Of course, as Wade was describing, let’s wait and see, but that’s what — I mean, we’re not considering that at this time.
Francisco Valim: I mean units going to be really expensive. I think the only thing you’re going to need to think about. We already own 44%. So, we’re, of course, the largest shareholder, and we feel great about our investment at Televisa Univision.
Operator: The next question comes from Carlos Legarreta with Itau. Please go ahead.
Carlos Legarreta : I have two questions on my side. The first one on Cable. Please disclose a number of unique subscribers in the business after the base cleanup. And if possible, can you disclose the household penetration between your legacy and new territories group? And secondly, sorry, if I may, just as a follow-up. So, from what I got from your comments is that Televisa is not considering a larger stake in Televisa Univision in order to consolidate it, right?
