Lupin Pharmaceuticals, Inc. Issues Voluntarily Nationwide Recall of Metformin Hydrochloride Extended-Release Tablets, 500mg and 1000mg Due to the Detection of N-Nitrosodimethylamine (NDMA) Impurity

PR Newswire

BALTIMORE, July 8, 2020 /PRNewswire/ —  Lupin Pharmaceuticals Inc. is voluntarily recalling all batches of Metformin Hydrochloride Extended-Release Tablets USP, 500mg and 1000mg to the consumer level. As part of the ongoing assessment and continuation of the dialog with the FDA, additional analysis revealed that certain tested batches were above the Acceptable Daily Intake Limit for the impurity N-Nitrosodimethylamine (NDMA). Out of an abundance of caution, the company is recalling all batches of Metformin Hydrochloride Extended-Release Tablets USP, 500mg and 1000mg in the US. To date, Lupin Pharmaceuticals Inc. has not received any reports of adverse events related to this recall.

Risk Statement: NDMA is classified as a probable human carcinogen (a substance that could cause cancer) based on results from laboratory tests. NDMA is a known environmental contaminant and found in water and foods, including meats, dairy products and vegetables.

Metformin Hydrochloride Extended-Release Tablets USP is a prescription oral medication indicated as an adjunct to diet and exercise to improve blood glucose control in adults with type 2 diabetes mellitus. Metformin Hydrochloride Extended-Release Tablets USP, 500mg and 1000mg is packaged in 60, 90 and 100 count bottles and was distributed nationwide in the US to wholesalers, distributors, drug chain, mail order pharmacies and supermarkets. The recalled NDC’s are included in the table below:

Product

Strengths

 NDC

Distribution Dates

Metformin

Hydrochloride
Extended-Release
Tablets
USP

500mg

68180-338-01

11/21/2018 – 05/27/2020

1000mg

68180-339-09

500mg

68180-336-07

11/05/2018 – 05/22/2020

1000mg

68180-337-07

Lupin Pharmaceuticals Inc. is notifying its wholesalers, distributors, drug chain, mail order pharmacies and supermarkets by phone and through recall notification and is arranging for the return of all the recalled product NDC’s. 

Patients taking Metformin Hydrochloride Extended-Release Tablets, USP 500 mg and 1000mg, are advised to continue taking their medication and contact their pharmacist, physician, or medical provider for advice regarding an alternative treatment. According to the U.S. Food & Drug Administration, it could be dangerous for patients with this serious condition to stop taking their metformin without first talking to their health care professionals. Please visit the agency’s website for more information at https://www.fda.gov/drugs/drug-safety-and-availability/fda-updates-and-press-announcements-ndma-metformin.

Wholesalers, distributors, and retailers that have Metformin Hydrochloride Extended-Release Tablets USP, 500mg and 1000mg that are being recalled should discontinue distribution of the recalled product NDC’s immediately and return it to Inmar Rx Solutions, Inc., 635 Vine St, Winston Salem, NC 27101. Tel: (855) 532-1856.

Consumers, wholesalers, distributors, and retailers with questions regarding this recall should contact Inmar Rx Solutions, Inc. at (855) 532-1856 Monday – Friday 09:00 am to 05:00 pm EST. For reimbursement, please have the recalled NDC’s returned to Inmar Rx Solutions, Inc.; the NDC number can be found on the top of the bottle label.

Adverse reactions or quality problems experienced with the use of this product may be reported to the FDA’s MedWatch Adverse Event Reporting program either online, by regular mail or by fax.

This recall is being conducted with the knowledge of the U.S. Food and Drug Administration.

About Lupin Pharmaceuticals

Lupin Pharmaceuticals, Inc. is the U.S. based wholly owned subsidiary of Lupin Limited and is the 3rd largest pharmaceutical company in the U.S. based on total prescriptions. Together, all Lupin-owned entities combine to make up the 8th largest generic pharmaceutical company in the world by revenue size. Lupin Pharmaceuticals, Inc. is dedicated to delivering high-quality medications across many treatment areas. Lupin Pharmaceuticals Inc.’s branded pharmaceuticals division, is the provider of products designed to help prevent and manage women’s health conditions with serious health consequences.

© 2020 Lupin Pharmaceuticals, Inc. All rights reserved.

Company Contact:

Arvind Bothra

Email: arvindbothra@lupin.com 

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SOURCE Lupin Pharmaceuticals, Inc.

Tencent Music Entertainment Exclusively Presents “Global Goal: Unite for Our Future” Special in China

PR Newswire

SHENZHEN, China, July 8, 2020 /PRNewswire/ — Today, Tencent Music Entertainment (TME) (NYSE:TME) announced it will be the exclusive strategic partner in China of Global Goal: Unite for Our Future—The Concert, a globally televised and digitally streamed special that will highlight the disproportionate impact COVID-19 has on marginalized communities and support equal access to COVID-19 care. The program will stream on QQ Music, Kugou Music, Kuwo Music and WeSing at 12 p.m., July 8 via TME live.

The Concert will feature performances from Chloe x Halle, Christine and the Queens, Coldplay, J Balvin, Jennifer Hudson, Justin Bieber & Quavo, J’Nai Bridges with Gustavo Dudamel, Los Angeles Philharmonic & YOLA (Youth Orchestra Los Angeles), Miley Cyrus, Shakira, Usher and Yemi Alade.

The Global Goal: Unite for our Future campaign was launched last month under the patronage of European Commission President Ursula von der Leyen. The campaign focuses on addressing the pandemic’s impact on the most vulnerable, and seeks to build back communities and economies with freedom and justice for all. Calling on individuals to take action, and asking governments, corporate leaders and philanthropists to make their commitments toward the fair distribution of COVID-19 tests, treatments, and vaccines, Global Goal: Unite for our Future aims to strengthen healthcare systems so no one is left behind in this pandemic.

About Tencent Music Entertainment

Tencent Music Entertainment Group (NYSE: TME) is the leading online music entertainment platform in China, operating the country’s highly popular and innovative music apps: QQ Music, Kugou Music, Kuwo Music and WeSing. TME’s mission is to use technology to elevate the role of music in people’s lives by enabling them to create, enjoy, share and interact with music. TME’s platform comprises online music, online karaoke and music-centric live streaming services, enabling music fans to discover, listen, sing, watch, perform and socialize around music.

For more information, please visit https://www.tencentmusic.com/.


Media Contact: 

Edmond Lococo, ICR Inc.
Phone: +86-138 1079 1408
Email: TME.PR@icrinc.com  

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SOURCE Tencent Music Entertainment Group

Angion Initiates Phase 2 Clinical Trial of ANG-3777 in Patients with Acute Lung Injury Associated with COVID-19 Pneumonia

SAN FRANCISCO, July 08, 2020 (GLOBE NEWSWIRE) — Angion Biomedica Corp. (Angion), a late-stage biopharmaceutical company focused on the discovery, development, and commercialization of novel small molecule therapeutics to address acute organ injuries and fibrotic diseases,  announced it has initiated in Brazil a randomized, placebo-controlled Phase 2 proof-of-concept trial of ANG-3777 plus standard of care in patients with acute lung injury associated with COVID-19 pneumonia.

“Given the potential of ANG-3777 to broadly address acute organ injury, we believe it is important to investigate its ability to mitigate or prevent acute lung injury in patients who have been hospitalized with COVID-19 pneumonia,” commented John Neylan, M.D., Angion’s Senior Vice President and Chief Medical Officer. “We are commencing this study in Brazil, which continues to be tremendously impacted by COVID-19 and where we are conducting another clinical trial of ANG-3777 in patients with acute kidney injury involving cardiopulmonary bypass surgery.” 

The Phase 2 trial is a multicenter, prospective, randomized, double-blind, placebo-controlled trial to assess safety and efficacy of ANG-3777 in patients hospitalized with confirmed COVID-19 pneumonia. The primary endpoint of the trial is the proportion of patients alive, without the need for mechanical ventilation and free of the need for renal replacement therapy (on an ongoing basis) at day 28. Angion expects to enroll approximately 100 patients in the trial. Patients will be randomized at a ratio of one-to-one to receive four intravenous doses of 2.0 mg/kg of ANG-3777 plus standard of care versus placebo plus standard of care. This ANG-3777 dosing regimen was previously approved for investigational use in Brazil, allowing for a quicker initiation of this trial for a population in need. If the Phase 2 trial is successful in patients with acute lung injury associated with COVID-19 pneumonia, we intend to submit an investigational new drug application (IND) in the United States

“While anti-viral therapies are most welcome in our effort to help patients with COVID-19, front-line physicians need additional tools to address the acute lung injury often seen in these patients,” commented Gregory P. Downey, MD, a pulmonologist at National Jewish Health in Denver, Colorado and a member of Angion’s Scientific Advisory Board. “I’m hopeful data from this trial will show ANG-3777 can be another tool to help address the needs of patients impacted by this pandemic.”

The clinical rationale for this Phase 2 clinical trial of ANG-3777 in patients with acute lung injury associated with COVID-19 pneumonia is rooted in the compelling activity ANG-3777 has shown in several preclinical in vivo models of acute lung injury such as radiation-induced lung injury, chlorine (Cl2)-induced acute lung injury, bleomycin-induced pulmonary edema, TGFβ1-induced mortality and lung fibrosis, lipopolysaccharide (LPS)-induced shock, and lung ischemia-reperfusion injury.

Following the completion of a Phase 2 clinical trial of ANG-3777, Angion is currently conducting a Phase 3 registration trial of ANG-3777 to improve kidney function and reduce the severity of transplant-associated acute kidney injury, also known as delayed graft function, in patients showing evidence of early kidney dysfunction and in a Phase 2 clinical trial for the treatment of acute kidney injury associated with cardiac surgery involving cardiopulmonary bypass.

Additional details on the Phase 2 clinical trial can be found at ClinicalTrials.gov (NCT #04459676)

About ANG-3777

ANG-3777 is a small molecule designed to mimic the biological activity of hepatocyte growth factor (HGF), which activates the c-Met cascade of pathways involved in tissue repair and organ repair. ANG-3777 has a substantially longer half-life than HGF and we believe ANG-3777 has the potential to be a first-in-class therapeutic addressing acute organ injury. The ongoing clinical trials of ANG-3777 include a placebo-controlled Phase 3 registration trial in transplant-associated acute kidney injury, also known as delayed graft function, a Phase 2 proof-of-concept trial for the treatment of acute kidney injury associated with cardiac surgery involving cardiopulmonary bypass surgery, and a Phase 2 proof-of-concept trial in patients with acute lung injury associated with COVID-19 pneumonia.

About Angion Biomedica Corp.

Angion Biomedica Corp. is a late-stage biopharmaceutical company focused on the discovery, development, and commercialization of novel small molecule therapeutics to address acute organ injuries and fibrotic diseases. Angion’s lead product candidate, ANG-3777, is a small molecule designed to mimic the biological activity of hepatocyte growth factor (HGF), which activates the HGF/c-Met pathway, which has a central role in tissue repair and organ recovery. ANG-3777 is currently in clinical trials investigating its impact on acute organ injury, including two forms of acute kidney injury and in acute lung injury. Angion is also developing ANG-3070, an orally-bioavailable small molecule, as a potential treatment for fibrotic diseases using a precision-medicine approach. For further information, please visit www.angion.com.

Investor Contact

Daniel Ferry
LifeSci Advisors
daniel@lifesciadvisors.com 
617-430-7576

Media Contact

Cherilyn Cecchini, M.D.
LifeSci Communications
ccecchini@lifescicomms.com 
646-876-5196

60% Are Willing to Risk Their Health To Vote In Person In November

PR Newswire

MOUNTAIN VIEW, Calif., July 8, 2020 /PRNewswire/ — Sacrificing one’s health to vote in the November election: 60% are willing to risk their health to vote in person, according to the latest healthinsurance.com consumer pulse survey. 63% of Americans don’t think healthcare should be a political issue. Yet when asked what the most important issue is to them in the 2020 election, 50% said economy and 50% said healthcare.

Beyond the 2020 election, the survey explored COVID-19’s impact on healthcare, health insurance, medical costs, technology, and the economic landscape.

Medical costs were a top concern for the majority of respondents:

  • 92% think prescription drug prices in the U.S. are too high
  • 93% think medical costs in the U.S. are too high
  • 56% have avoided medical treatment because of cost
  • 64% think they pay too much for health insurance
  • 93% think prices for medical procedures should be as transparent as prices of food in the supermarket

COVID-19 also remained a prominent worry for many respondents. Two-thirds reported feeling less confident in the quality of healthcare in the United States in light of COVID-19. 1 in 4 has or knows someone who has tested positive for COVID-19. Yet, testing is an issue, with one-third of respondents reporting having a hard time or knowing someone who had a hard time getting tested for COVID-19. Lastly, 63% reported being worried over the cost of COVID-19 treatment.

The recent spike in COVID-19 cases has 74% thinking the U.S. needs another “pause” to contain the spread. Another 88% said they would comply if the country has to shut down again to contain COVID-19.

With 89% saying they are taking every precaution possible to prevent getting COVID-19, 62% say they have witnessed guidelines not being followed while out in public places.  For cities or towns that have partially opened:

  • 40% have been to a restaurant or bar
  • 37% have been to a beauty/hair salon or barber shop
  • 60% have been to a retail store or mall
  • 14% have been to a gym

When asked about masks, 85% think they prevent the spread of COVID-19 with 77% saying everyone should be required to wear one. In fact, 73% think there should be a fine for not wearing a mask, and 41% think the fine should be more than $100.

Traveling anywhere is out of the question for most. 53% reported not being comfortable returning to the office just yet, and 67% say they wouldn’t travel for work or to see family members or friends.

Working from home has 47% finding it impossible to find a way to completely unplug from the office. For the majority, that’s a trade-off they are willing to make: 81% said they want to work from home full-time after COVID-19 passes – and 43% would even take a pay cut to do so.

Healthcare technology continues to be on the rise now more than ever:

  • Before the COVID-19 pandemic, 20% had used telemedicine.
  • During the pandemic, 43% have used telemedicine.
  • After the pandemic, 60% say they will continue to use telemedicine.
  • 56% say their doctors are offering virtual visits and 3 in 10 say their insurance companies have been in touch about telemedicine.

Telemedicine isn’t just for humans, though. 49% said they would use telemedicine for their fur babies. The survey also asked pet owners how COVID-19 is impacting their pets; 37% will stop allowing people to pet their dog over COVID-19 fears, while 17% are afraid their pet is going to get COVID-19.

COVID-19 is leaving many thinking about their insurance options, too. 56% say they have a life insurance policy, but COVID-19 has caused 31% of respondents to think about buying one. 20% has lost or knows someone that has lost their health insurance during COVID-19. 54% say they don’t know what their health insurance options are should they lose their health insurance – a decrease from the 68% that didn’t know their options in May. While many may be thinking about getting a new job, 49% are reluctant to switch jobs right now because they want to keep their health benefits.

View the full survey results here:

https://www.healthinsurance.com/learning-center/article/politics-economy-and-healthcare-during-covid-19

METHODOLOGY:
The above results were gathered through an online poll of more than 1,100 Americans between the ages of 18-64. The poll was conducted from July 3, 2020 to July 6, 2020, gleaning representative samples from each state based on population.

ABOUT HEALTHINSURANCE.COM:
Healthinsurance.com combines the nation’s leading health insurance carriers and advanced technology to offer a suite of private insurance solutions and Medicare plan options. In just a few clicks, our website provides consumers the ability to access powerful online comparison tools and educational resources that enable efficient self-guided navigation of available health insurance and Medicare options. For more information, visit www.healthinsurance.com.

FORWARD-LOOKING STATEMENTS:
Healthinsurance.com LLC is part of the Benefytt Technologies family companies (NASDAQ: BFYT). This press release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements other than historical fact, and may include statements relating to goals, plans and projections regarding new markets, products, services, growth strategies, anticipated trends in our business and anticipated changes and developments in the United States health insurance system and laws. Forward-looking statements are based on our current assumptions, expectations and beliefs are generally identifiable by use of words “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue,” or similar expressions and involve significant risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by these statements. These risks and uncertainties include, among other things, our ability to maintain relationships and develop new relationships with health insurance carriers and distributors, our ability to retain our members, the demand for our products, the amount of commissions paid to us or changes in health insurance plan pricing practices, our ability to integrate our acquisitions, competition, changes and developments in the United States health insurance system and laws, and our ability to adapt to them, the ability to maintain and enhance our name recognition, difficulties arising from acquisitions or other strategic transactions, and our ability to build the necessary infrastructure and processes to maintain effective controls over financial reporting. These and other risk factors that could cause actual results to differ materially from those expressed or implied in our forward-looking statements are discussed in HIIQ’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) as well as other documents that may be filed by HIIQ from time to time with the Securities and Exchange Commission, which are available at www.sec.gov. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. You should not rely on any forward-looking statement as representing our views in the future. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

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SOURCE healthinsurance.com

Televisa Reports Second Quarter 2020 Results

PR Newswire

MEXICO CITY, July 7, 2020 /PRNewswire/ —


Consolidated

  • Revenues reached Ps.22.4 billion
  • Operating Segment Income (“OSI”) margin reached 35.8%
  • Standard & Poor´s and Fitch Ratings ratified Televisa’s BBB+ ratings
  • Strong demand for connectivity services due to social distancing policies
  • Other Businesses segment significantly impacted by the shut down of the economy


Cable

  • Record growth of 494 thousand Revenue Generating Units (“RGUs”)
  • New record in broadband RGUs net adds of 252 thousand for a single quarter
  • Strong top line growth of 10.7% and OSI growth of 4.1%
  • Launched izzi Móvil, a MVNO (Mobile Virtual Network Operator)


Sky

  • 72 thousand new broadband RGUs reaching over 500 thousand
  • 5th consecutive quarter of growth in video RGUs after adding 20 thousand
  • Revenues grew 3.1%, the fastest pace of growth in 13 quarters
  • OSI resumed growth, reaching Ps.2.3 billion


Content

  • Audience growth y-o-y of 18%[1] in our flagship network
  • Advertising revenue drop of 33.1% due to shut down of economy
  • Revenues were down 16.3% and OSI margin reached 30.9%
  • Savings from cost and expenses reduction program of Ps.462 million

Earnings Call Date and Time: Wednesday, July 8, 2020, at 10:00 A.M. ET.

Conference ID # is 8059865
From the U.S.: +1 (877) 850 2115                                                      From Mexico: 800 926 9157
International callers: +1 (478) 219 0648                                           Rebroadcast: +1 (404) 537-3406

The teleconference will be rebroadcast starting at 13:00 ET on July 8 through midnight on July 22.

1 Source: Nielsen. P4+, Monday to Sunday, 16:30 to 23:00

Consolidated Results

Grupo Televisa, S.A.B. (NYSE:TV; BMV: TLEVISA CPO; “Televisa” or “the Company”), today announced results for second-quarter 2020. The results have been prepared in accordance with International Financial Reporting Standards (“IFRS”).

The following table sets forth condensed consolidated statements of income for the quarters ended June 30, 2020 and 2019, in millions of Mexican pesos:



2Q’20



Margin



2Q’19



Margin



Change



%



%



%

Net sales

22,407.2

100.0

24,307.6

100.0

(7.8)

Net income

1,989.4

8.9

1,263.4

5.2

57.5

Net income attributable to stockholders of the Company

1,739.5

7.8

919.1

3.8

89.3

Segment net sales

24,131.2

100.0

25,339.5

100.0

(4.8)

Operating segment income (1)

8,636.3

35.8

9,856.4

38.9

(12.4)

(1)  The operating segment income margin is calculated as a percentage of segment net sales.

Net sales decreased by 7.8% to Ps.22,407.2 million in second-quarter 2020 compared with Ps.24,307.6 million in second-quarter 2019. This decrease was mainly attributable to a decline in Advertising sales and in Other Businesses. Operating segment income decreased by 12.4% to Ps.8,636.3 million with a margin of 35.8%, due to the decline in operating segment income of Content and Other Businesses segments.

Net income attributable to stockholders of the Company increased to Ps.1,739.5 million in second-quarter 2020 compared to Ps.919.1 million in second-quarter 2019.

The net increase of Ps.820.4 million reflected:

i.  a Ps.2,179.6 million decrease in finance expense, net; and
ii.  a Ps.94.4 million decrease in net income attributable to non-controlling interests.

These favorable variances were partially offset by:

i.  a Ps.1,251.4 million decrease in operating income before depreciation and amortization and other expense, net;
ii.  a Ps.154.9 million increase in depreciation and amortization;
iii.  a Ps.10.5 million increase in other expense, net;
iv.  a Ps.26.2 million decrease in share of income of associates and joint ventures, net; and v.  a Ps.10.6 million increase in income taxes.

Second-quarter Results by Business Segment

The following table presents second-quarter consolidated results ended June 30, 2020 and 2019, for each of our business segments. Consolidated results for second-quarter 2020 and 2019 are presented in millions of Mexican pesos.



Net Sales



2Q’20



%



2Q’19



%



Change



%

Cable

11,308.8

46.9

10,215.7

40.3

10.7

Sky

5,514.7

22.9

5,348.1

21.1

3.1

Content

6,740.6

27.9

8,050.0

31.8

(16.3)

Other Businesses

567.1

2.3

1,725.7

6.8

(67.1)


Segment Net Sales


24,131.2


100.0


25,339.5


100.0

(4.8)

Intersegment Operations1

(1,799.8)

(1,252.7)


Net Sales


22,331.4


24,086.8

(7.3)

Held-for-sale Operations 2

75.8

n/a

220.8

n/a

(65.7)


Net Sales


22,407.2


24,307.6


(7.8)

   



Operating Segment Income3



2Q’20



Margin



%



2Q’19



Margin



%



Change



%

Cable

4,656.5

41.2

4,473.7

43.8

4.1

Sky

2,321.4

42.1

2,305.6

43.1

0.7

Content

2,080.8

30.9

2,928.3

36.4

(28.9)

Other Businesses

(422.4)

(74.5)

148.8

8.6

n/a


Operating Segment Income            


8,636.3


35.8


9,856.4


38.9


(12.4)

Corporate Expenses

(366.0)

(1.5)

(439.2)

(1.7)

16.7

Depreciation and Amortization

(5,234.1)

(23.4)

(5,079.2)

(20.9)

(3.0)

Other Expense, net

(293.5)

(1.3)

(283.0)

(1.2)

(3.7)

Intersegment Operations

(19.9)

(0.1)

(16.7)

(0.1)

(19.2)

Held-for-sale Operations 2

(29.6)

n/a

71.7

n/a

n/a


Operating Income


2,693.2


12.0


4,110.0


16.9


(34.5)


1 For segment reporting purposes, intersegment operations are included in each of the segment operations.


2 The assets and related liabilities of the Radio business are classified as held for sale in the Company’s consolidated statement of financial position as of June 30 , 2020 and December 31, 2019. Accordingly, the net sales and the operating segment income associated with the Radio business, which was part of the Company’s Other Businesses segment, are presented separately as held-for-sale operations for the quarters ended June 30, 2020 and 2019. The sale of the Radio business was concluded on July 2nd, 2020.


3 Operating segment income is defined as operating income before depreciation and amortization, corporate expenses, and other expense, net.

Cable 

Total net additions for the quarter were approximately 494.1 thousand RGUs. Quarterly growth was mainly driven by record broadband net additions of 252.2 thousand and voice net additions of 214.5 thousand. Video net additions increased by 27.4 thousand. The following table sets forth the breakdown of RGUs per service type for our Cable segment as of June 30, 2020 and 2019.



RGUs



2Q’20 Net Adds



2Q’20



2Q’19

Video

27,420

4,335,478

4,387,007

Broadband

252,174

5,069,277

4,640,275

Voice

214,528

3,998,047

3,385,387


Total RGUs


494,122


13,402,802


12,412,669

Second-quarter sales increased by 10.7% to Ps.11,308.8 million compared with Ps.10,215.7 million in second-quarter 2019 driven by solid net additions in broadband and voice.

Second-quarter operating segment income increased by 4.1% to Ps.4,656.5 million compared with Ps.4,473.7 million in second-quarter 2019. Margin decreased by 260 basis points to 41.2% due to a number of reasons, such as strong growth in our lower-margin packages that are bundled with OTT services, promotions around fixed line portability, and promotions to drive a higher adoption of automatic recurring payments.

The following tables set forth the breakdown of revenues and operating segment income, excluding consolidation adjustments, for our MSO and enterprise operations for second-quarter 2020 and 2019.



MSO Operations
 (1)

Millions of Mexican pesos



2Q’20



2Q’19



Change %

Revenue

9,928.9

9,216.8

7.7

Operating Segment Income

4,174.3

4,059.8

2.8

Margin (%)

42.0

44.0

  



Enterprise Operations (1)
 

Millions of Mexican pesos



2Q’20



2Q’19



Change %

Revenue

1,789.0

1,412.8

26.6

Operating Segment Income

625.9

521.9

19.9

Margin (%)

35.0

36.9

  


(1)  These results do not include consolidation adjustments of Ps.409.1 million in revenues nor Ps.143.7 million in operating segment income for second quarter 2020, neither the consolidation adjustments of Ps.413.9 million in revenues nor Ps.108.0 million in operating segment income for second quarter 2019. Consolidation adjustments are considered in the consolidated results of the Cable segment.

Second-quarter sales and operating segment income in our MSO operations increased by 7.7% and 2.8%, respectively. Second-quarter sales and operating segment income in our Enterprise operations increased by 26.6% and 19.9%, respectively.

On June 20th we launched izzi Móvil, an MVNO (Mobile Virtual Network Operation) that will use the network of Altan (Red Compartida project).

Sky   

During the quarter, Sky continued growing its broadband business after adding 72.0 thousand broadband RGUs reaching a total of 502.4 thousand broadband RGUs. In addition, Sky added 19.7 thousand video RGUs. This is the 5th consecutive quarter of video RGU net additions.

The following table sets forth the breakdown of RGUs per service type for Sky as of June 30, 2020 and 2019.



RGUs



2Q’20 Net Adds



2Q’20



2Q’19

Video

19,693

7,457,162

7,393,726

Broadband

72,017

502,429

238,361

Voice

(107)

945

1,329


Total RGUs


91,603


7,960,536


7,633,416

 Second-quarter sales increased by 3.1% to Ps.5,514.7 million compared with Ps.5,348.1 million in second-quarter 2019, mainly explained by the growth in broadband RGUs.

Second-quarter operating segment income increased by 0.7%, reaching Ps.2,321.4 million compared with Ps.2,305.6 million in second-quarter 2019. The margin was 42.1%.

Content      

Second-quarter sales decreased by 16.3% to Ps. 6,740.6 million compared with Ps.8,050.0 million in second-quarter 2019.

Millions of Mexican pesos



2Q’20



%



2Q’19



%



Change %

Advertising

2,922.2

43.3

4,370.3

54.3

(33.1)

Network Subscription

1,400.7

20.8

1,206.0

15.0

16.1

Licensing and Syndication

2,417.7

35.9

2,473.7

30.7

(2.3)


Net Sales


6,740.6


8,050.0


(16.3)

Advertising

Second-quarter Advertising sales decreased by 33.1% to Ps.2,922.2 million compared with Ps.4,370.3 million in second-quarter 2019. The decrease in sales is explained by a significant deterioration in the Mexican economy due to COVID-19 that resulted in a reduction of advertising budgets in many categories, such as Food and Beverage, Retail, Telecom, Travel, and Out-of-Home Entertainment.

Network Subscription

Second-quarter Network Subscription sales increased by 16.1% to Ps.1,400.7 million compared with Ps.1,206.0 million in second-quarter 2019. This growth is mainly related to the increase in the price we charge our affiliate distributors for our pay TV networks and to the favorable impact of the depreciation of the Mexican peso on our dollar-denominated revenues.

Licensing and Syndication 

Second-quarter Licensing and Syndication sales decreased by 2.3% to Ps.2,417.7 million from Ps.2,473.7 million in second-quarter 2019. We estimate that royalties from Univision reached U.S.$79.7 million in second-quarter 2020 compared to U.S.$99.6 million in second-quarter 2019. This decrease in royalties is mainly explained by the impact that COVID-19 had in advertising budgets in the US. The depreciation of the Mexican peso partially compensated the decrease in royalties.

Second-quarter operating segment income decreased by 28.9% to Ps.2,080.8 million compared with Ps.2,928.3 million in second-quarter 2019. This decrease is mainly explained by the drop in advertising sales. The margin was 30.9%.

Other Businesses

Second-quarter sales decreased by 67.1% to Ps.567.1 million compared with Ps.1,725.7 million in second-quarter 2019. The decrease is mainly explained by a decline in revenues in our soccer, gaming, publishing and film distribution businesses due to the measures triggered by the outbreak of COVID-19, which included the suspension of activities in some businesses of this segment, including gaming and sports.

Second-quarter operating segment loss was Ps.422.4 million compared with an income of Ps.148.8 million in second-quarter 2019.

Corporate Expense

Corporate expense decreased by Ps.73.2 million, or 16.7%, to Ps.366.0 million in second-quarter 2020, from Ps.439.2 million in second-quarter 2019. The decrease reflected primarily a lower share-based compensation expense.

Share-based compensation expense in second-quarter 2020 and 2019 amounted to Ps.193.9 million and Ps.251.8 million, respectively, and was accounted for as corporate expense. Share-based compensation expense is measured at fair value at the time the equity benefits are conditionally sold to officers and employees, and is recognized over the vesting period.

Other Expense, Net

Other expense, net, increased by Ps.10.5 million, or 3.7%, to Ps.293.5 million in second-quarter 2020, from Ps.283.0 million in second-quarter 2019. The favorable change in cash Other expense, net, reflected primarily a one-time cash reimbursement in connection to Imagina Media Audiovisual, S.L., a former associate of the Company, partially offset by higher non-recurring severance expenses, and higher expenses related to legal and financial advisory professional services.

The increase in non-cash Other expense, net, reflected primarily a higher loss on disposition of property and equipment.

The following table sets forth the breakdown of cash and non-cash other income (expense), net, stated in millions of Mexican pesos, for the three months ended June 30, 2020 and 2019.



Other income (expense), net



2Q’20



2Q’19

Cash

3.2

(257.6)

Non-cash

(296.7)

(25.4)


Total

(293.5)

(283.0)

Finance Expense, Net

The following table sets forth finance (expense) income, net, stated in millions of Mexican pesos for the quarters ended June 30, 2020 and 2019.



2Q’20



2Q’19



(Increase)



decrease

Interest expense

(2,885.1)

(2,576.3)

(308.8)

Interest income

451.8

349.0

102.8

Foreign exchange gain, net

2,351.2

325.0

2,026.2

Other finance expense, net

(6.8)

(366.2)

359.4


Finance expense, net


(88.9)


(2,268.5)


2,179.6

Finance expense, net, decreased by Ps.2,179.6 million, to Ps.88.9 million in second-quarter 2020 from Ps.2,268.5 million in second-quarter 2019.

This favorable change reflected primarily:

(i)  a Ps.2,026.2 million increase in foreign exchange gain, net, resulting primarily from the favorable effect of a 3.5% appreciation of the Mexican peso against the U.S. dollar in second-quarter 2020 compared with a 1.2% appreciation in second-quarter 2019, on a higher average net U.S. dollar liability position;

(ii)  a Ps.359.4 million decrease in other finance expense, net, resulting from a lower loss in fair value of our derivative contracts in second-quarter 2020; and

(iii)  a Ps.102.8 million increase in interest income explained primarily by a higher average amount of cash and cash equivalents in second-quarter 2020. 

These favorable variances were partially offset by a Ps.308.8 million increase in interest expense, primarily due to a higher average principal amount of debt in second-quarter 2020.

Share of Income of Associates and Joint Ventures, Net

Share of income of associates and joint ventures, net, decreased by Ps.26.2 million, or 16.0%, to Ps.137.6 million in second-quarter 2020 from Ps.163.8 million in second-quarter 2019. This decrease reflected mainly a lower share of the estimated income of Univision Holdings, Inc. (“UHI”), the controlling company of Univision Communications Inc., which was partially offset by a higher share of income of Ocesa Entretenimiento, S.A. de C.V. (“OCEN”), a live entertainment company in Mexico, Central America and Colombia, primarily in connection with a share of income related to the period in which we classified OCEN as a current asset held for sale.

Share of income of associates and joint ventures, net, for the second-quarter 2020, includes primarily our share of income of UHI and OCEN.

Income Taxes

Income taxes increased by Ps.10.6 million, or 1.4%, to Ps.752.5 million in second-quarter 2020 compared with Ps.741.9 million in second-quarter 2019. This increase reflected a higher income tax base, primarily in connection with the appreciation of the Mexican peso against the U.S. dollar in second-quarter 2020, which effect was offset by a lower effective income tax rate.

Net Income Attributable to Non-controlling Interests

Net income attributable to non-controlling interests decreased by Ps.94.4 million, or 27.4%, to Ps.249.9 million in second-quarter 2020, compared with Ps.344.3 million in second-quarter 2019. This decrease reflected primarily a lower portion of net income attributable to non-controlling interests in our Sky segment.

Capital Expenditures

During second-quarter 2020, we invested approximately U.S.$196.4 million in property, plant and equipment as capital expenditures. The following table sets forth the breakdown by segment of capital expenditures for second-quarter 2020 and 2019.


Capital Expenditures

Millions of U.S.$



2Q’20



2Q’19

Cable

135.9

187.3

Sky

53.8

38.0

Content and Other Businesses

6.7

14.3


Total


196.4


239.6

For the full year 2020, we maintain our guidance in capital expenditures is in the range of U.S.$750 million to U.S.$800 million.

Debt, Lease Liabilities and Other Notes Payable

The following table sets forth our total consolidated debt, lease liabilities and other notes payable as of June 30, 2020 and December 31, 2019. Amounts are stated in millions of Mexican pesos.



June 30, 2020



December 31, 2019



Increase



(decrease)

 

Current portion of long-term debt

617.0

491.9

125.1

Long-term debt, net of current portion

153,204.7

120,444.7

32,760.0


Total debt 1


153,821.7


120,936.6


32,885.1

Current portion of lease liabilities

1,486.3

1,257.8

228.5

Long-term lease liabilities, net of current portion

8,593.0

8,105.8

487.2


Total lease liabilities


10,079.3


9,363.6


715.7

Current portion of other notes payable

1,324.1

(1,324.1)


Total other notes payable

1,324.1

(1,324.1)


Total debt, lease liabilities and other notes payable


163,901.0


131,624.3


32,276.7



1
 As of June 30, 2020 and December 31, 2019, total debt is presented net of finance costs in the amount of Ps.1,427.6 million and Ps.1,441.6 million, respectively.

As of June 30, 2020, our consolidated net debt position (total debt and lease liabilities, less cash and cash equivalents, temporary investments, and non-current investments in financial instruments) was Ps.109,037.5 million. As of June 30, 2020, the non-current investments in financial instruments amounted to an aggregate of Ps.9,381.7 million.

On June 19, 2020 Standard & Poor´s Global Ratings ratified the BBB+ ratings for the Company and on June 24, 2020 Fitch Ratings also ratified the BBB+ ratings for the Company.

Radiópolis

On July 2, 2020, we concluded the sale of our 50% equity stake in Sistema Radiópolis, S.A. de C.V. (“Radiópolis”) in the amount of Ps.1,248 million, of which Ps.713.4 million were paid in cash by the acquirer in the first half of 2020, and received the payment of a dividend from Radiópolis in the amount of Ps.285.6 million. As of June 30, 2020, the consolidated net assets of Radiópolis were presented as current assets and liabilities held for sale in our consolidated statement of financial position.

Shares Outstanding

As of June 30, 2020 and December 31, 2019, our shares outstanding amounted to 329,940.8 million and 337,244.3 million shares, respectively, and our CPO equivalents outstanding amounted to 2,820.0 million and 2,882.4 million CPO equivalents, respectively. Not all of our shares are in the form of CPOs. The number of CPO equivalents is calculated by dividing the number of shares outstanding by 117.

As of June 30, 2020 and December 31, 2019, the GDS (Global Depositary Shares) equivalents outstanding amounted to 564.0 million and 576.5 million GDS equivalents, respectively. The number of GDS equivalents is calculated by dividing the number of CPO equivalents by five.

Sustainability

During second quarter 2020, the Organization of American States extended its recognition to Televisa for implementing a social responsibility campaign due to the contingency derived from the COVID-19 outbreak.

In addition, the Company was selected as a constituent of the S&P/BMV Total Mexico ESG Index, recently launched by S&P Dow Jones and the Mexican Stock Exchange.

Furthermore, Televisa was nominated by the 2020 Latin American Sustainable Leaders Agenda (ALAS20) initiative as “Leading Company in Sustainability” and “Leading Company in Corporate Governance”.

COVID-19 Impact

The COVID-19 pandemic has affected our business, financial position and results of operations for the quarter ended June 30, 2020, and it is currently difficult to predict the degree of the impact on the third quarter and the remainder of 2020. 

We cannot guarantee that conditions in the bank lending, capital and other financial markets will not continue to deteriorate as a result of the pandemic, or that our access to capital and other sources of funding will not become constrained, which could adversely affect the availability and terms of future borrowings, renewals or refinancings. In addition, the deterioration of global economic conditions as a result of the pandemic may ultimately reduce the demand of our products across our segments as our clients and customers reduce or defer their spending.

While the pandemic has evolved and some parts of Mexico have started to resume activities partially, a significant part of the population is still implementing social distancing and shelter-in-place policies. As a result, during the quarter ended June 30, 2020, this has affected, and is still affecting the ability of our employees, suppliers and customers to conduct their functions and businesses in their typical manner. The Mexican Government has established a plan to reactivate economic activities in accordance with color-based phases determined on a weekly basis in every state of the country. To this date, most of the country’s states are on phase red or orange, meaning most of non-essential economic activities remain closed or, in the case of orange, open with strict limitations. Furthermore, federal and local governments have also established guidelines for businesses re-openings, which may be burdensome or expensive to implement.  Media and telecommunications are not included in the suspension as they are considered essential economic activities. We have continued operating our essential businesses uninterrupted to continue benefiting the country with connectivity, entertainment and information, while also promoting the “stay at home” policy whenever possible, in order to take safety and cautionary measures for our employees. To date, our “Stay at home with Televisa” campaign, which promotes serenity, entertainment and social cohesion among audiences and brands, has reached 46 million people.

As described above, our Content business faced a significant reduction in the demand for advertising during the quarter ended June 30, 2020 and may continue to be affected by the reduction in the level of economic activity in the jurisdictions in which our customers are located. We are partially dependent on the demand for advertising from consumer-focused companies, and the COVID-19 pandemic has caused, and could further cause, advertisers to reduce, postpone or, in a few cases, eliminate their advertisement spending on our platforms. We have recently re-started our production of new content following the requirements and health guidelines imposed by the Mexican Government.

In our Other Businesses segment, sporting and other entertainment events for which we have broadcast rights, or which we organize, promote and/or are located in venues we own, were suspended for most of the quarter ended June 30, 2020, but some of them have recently started to operate again. Moreover, during the quarter ended June 30, 2020, most of our non-essential businesses, including casinos, were closed. When local authorities start to approve the re-opening of these venues in the cities where we operate, rules will be enacted which may include capacity and operating hours restrictions; these may affect the results of our Other Businesses segment in the following months.  As of this date, just one of our casinos has re-started operations.

The magnitude of the impact on our business will depend on the duration and extent of the COVID-19 pandemic and the impact of federal, state, local and foreign governmental actions, including continued or future social distancing, and consumer behavior in response to the COVID-19 pandemic and such governmental actions. Due to the evolving and uncertain nature of this situation, we are not able to estimate the full extent of the impact of the COVID-19 pandemic, but it may continue affecting our business, financial position and results of operations over the near, medium or long-term.

Additional Information Available on Website

The information in this press release should be read in conjunction with the financial statements and footnotes contained in the Company’s Annual Report and on Form 20-F for the year ended December 31, 2019, which are available on the “Reports and Filings” section of our investor relations website at televisair.com.

About Televisa

Televisa is a leading media company in the Spanish-speaking world, an important cable operator in Mexico and an operator of a leading direct-to-home satellite pay television system in Mexico. Televisa distributes the content it produces through several broadcast channels in Mexico and in over 70 countries through 25 pay-tv brands, television networks, cable operators and over-the-top or “OTT” services. In the United States, Televisa’s audiovisual content is distributed through Univision Communications Inc. (“Univision”) the leading media company serving the Hispanic market. Univision broadcasts Televisa’s audiovisual content through multiple platforms in exchange for a royalty payment. In addition, Televisa has equity and warrants which upon their exercise would represent approximately 36% on a fully-diluted, as-converted basis of the equity capital in Univision Holdings, Inc., the controlling company of Univision. Televisa’s cable business offers integrated services, including video, high-speed data and voice services to residential and commercial customers as well as managed services to domestic and international carriers. Televisa owns a majority interest in Sky, a leading direct-to-home satellite pay television system and broadband provider in Mexico, operating also in the Dominican Republic and Central America. Televisa also has interests in magazine publishing and distribution, professional sports and live entertainment, feature- film production and distribution, and gaming.

Disclaimer

This press release contains forward-looking statements regarding the Company’s results and prospects. Actual results could differ materially from these statements. The forward-looking statements in this press release should be read in conjunction with the factors described in “Item 3. Key Information – Forward Looking Statements” in the Company’s Annual Report on Form 20 – F, which, among others, could cause actual results to differ materially from those contained in forward-looking statements made in this press release and in oral statements made by authorized officers of the Company. Statements contained in this release relating to the COVID-19 outbreak, the impact of which on our business performance and financial results remains inherently uncertain, are forward-looking statements.  Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. 

(Please see attached tables for financial information and ratings data)

Contact Information

Investor Relations

www.televisair.com.mx 
Tel: (52 55) 5261 2445

Carlos Madrazo. VP, Head of Investor Relations / cmadrazov@televisa.com.mx 
Santiago Casado. Investor Relations Director. / scasado@televisa.com.mx

Media Relations:

Rubén Acosta / Tel: (52 55) 5224 6420 / racostamo@televisa.com.mx
Teresa Villa / Tel: (52 55) 4438 1205 / atvillas@televisa.com.mx


GRUPO TELEVISA, S.A.B.


CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION


AS OF JUNE 30, 2020 AND DECEMBER 31, 2019


(Millions of Mexican Pesos)

June 30,

December 31,

2020

2019


ASSETS

(Unaudited)

(Audited) 1

Current assets:

Cash and cash equivalents

Ps.

45,481.8

Ps.

27,452.3

Trade notes and accounts receivable, net

22,927.1

14,486.2

Other accounts and notes receivable, net

11,843.6

10,692.9

Derivative financial instruments

1,438.7

1.7

Due from related parties

769.9

814.4

Transmission rights and programming

6,259.0

6,479.3

Inventories

1,290.8

1,151.4

Contract costs

1,397.1

1,379.4

Assets held for sale

1,675.1

1,675.4

Other current assets

4,641.5

3,298.1

Total current assets

97,724.6

67,431.1

Non-current assets:

Derivative financial instruments

25.8

2.9

Transmission rights and programming

8,080.4

7,901.6

Investments in financial instruments

29,658.6

44,265.9

Investments in associates and joint ventures

6,453.9

9,762.4

Property, plant and equipment, net

82,897.0

83,329.2

Right-of-use assets

7,165.8

7,553.1

Intangible assets, net

42,949.3

43,329.0

Deferred income tax assets

31,840.1

24,185.1

Contract costs

2,642.5

2,311.8

Other assets

203.4

271.8

Total non-current assets

211,916.8

222,912.8

Total assets

Ps.

309,641.4

Ps.

290,343.9



1
Our 40% equity interest in OCEN in the amount of Ps.694.0 million as of December 31, 2019, was previously reported as part of current assets held for sale, and has been classified to investments in associates and joint ventures as of that date to conform with the presentation of this investment as of June 30, 2020.

  


GRUPO TELEVISA, S.A.B.


CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION


AS OF JUNE 30, 2020 AND DECEMBER 31, 2019


(Millions of Mexican Pesos)

June 30,

December 31,

2020

2019


LIABILITIES

(Unaudited)

(Audited)

Current liabilities:

Current portion of long-term debt

Ps.

617.0

Ps.

491.9

Interest payable

2,315.6

1,943.9

Current portion of lease liabilities

1,486.3

1,257.8

Current portion of other notes payable

1,324.1

Derivative financial instruments

568.8

Trade accounts payable and accrued expenses

26,453.8

20,909.7

Customer deposits and advances

13,333.7

5,779.8

Other advances related to the Radiopolis’ sale

713.4

Income taxes payable

1,718.6

2,470.2

Other taxes payable

4,292.8

3,448.0

Employee benefits

1,123.5

911.9

Due to related parties

433.9

644.2

Liabilities related to assets held for sale

374.6

432.8

Other current liabilities

2,449.6

2,202.9

Total current liabilities

55,312.8

42,386.0

Non-current liabilities:

Long-term debt, net of current portion

153,204.7

120,444.7

Lease liabilities, net of current portion

8,593.0

8,105.8

Derivative financial instruments

1,493.7

346.6

Income taxes payable

753.8

1,759.7

Deferred income tax liabilities

2,925.9

7,052.2

Post-employment benefits

1,531.9

1,468.1

Other long-term liabilities

3,101.8

3,376.6

Total non-current liabilities

171,604.8

142,553.7

Total liabilities

226,917.6

184,939.7


EQUITY

Capital stock

4,907.8

4,907.8

Additional paid-in-capital

15,889.8

15,889.8

20,797.6

20,797.6

Retained earnings:

Legal reserve

2,139.0

2,139.0

Unappropriated earnings

80,374.3

75,666.1

Net (loss) income for the period

(7,912.4)

4,626.1

74,600.9

82,431.2

Accumulated other comprehensive (loss) income, net

(14,805.2)

1,320.4

Shares repurchased

(13,904.3)

(14,018.8)

45,891.4

69,732.8

      Equity attributable to stockholders of the Company

66,689.0

90,530.4

Non-controlling interests

16,034.8

14,873.8

Total equity

82,723.8

105,404.2

Total liabilities and equity

Ps.

309,641.4

Ps.

290,343.9

   


GRUPO TELEVISA, S.A.B.


CONDENSED CONSOLIDATED STATEMENTS OF INCOME FOR THE 


THREE AND SIX MONTHS ENDED JUNE 30, 2020 AND 2019


(Millions of Mexican Pesos)

Three months ended June 30,

Six months ended June 30,

2020

2019

2020

2019

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

Net sales

Ps.

22,407.2

Ps.

24,307.6

Ps.

45,635.9

Ps.

47,702.8

Cost of sales

13,941.8

13,815.4

27,679.8

27,079.4

Selling expenses

2,538.4

2,782.6

5,256.4

5,546.9

Administrative expenses

2,940.3

3,316.6

6,571.3

7,024.2

Income before other expense

2,986.7

4,393.0

6,128.4

8,052.3

Other expense, net

(293.5)

(283.0}

(8.6)

(471.9)

Operating income

2,693.2

4,110.0

6,119.8

7,580.4

Finance expense

(2,891.9)

(2,942.5)

(11,663.5)

(5,652.1)

Finance income

2,803.0

674.0

2,867.0

1,109.5

Finance expense, net

(88.9)

(2,268.5)

(8,796.5)

(4,542.6)

Share of income (loss) of associates and joint

ventures, net

137.6

163.8

(5,211.0)

329.6

Income (loss) before income taxes

2,741.9

2,005.3

(7,887.7)

3,367.4

Income taxes (expense) benefits

(752.5)

(741.9)

973.4

(1,245.9)

Net income (loss)

Ps.

1,989.4

Ps.

1,263.4

Ps.

(6,914.3)

Ps.

2,121.5

Net income (loss) attributable to:

Stockholders of the Company

Ps.

1,739.5

Ps.

919.1

Ps.

(7,912.4)

Ps.

1,460.8

Non-controlling interests

249.9

344.3

998.1

660.7

Net income (loss)

Ps.

1,989.4

Ps.

1,263.4

Ps.

(6,914.3)

Ps.

2,121.5

Basic earnings (loss) per CPO attributable to

stockholders of the Company

Ps.

0.61

Ps.

0.32

Ps.

(2.78}

Ps.

0.51

 

 

Cision View original content:http://www.prnewswire.com/news-releases/televisa-reports-second-quarter-2020-results-301089740.html

SOURCE Grupo Televisa, S.A.B.

SHAREHOLDER ALERT: Rigrodsky & Long, P.A. Reminds Investors of CCL, CSPR and ASG of Upcoming Deadlines

WILMINGTON, Del., July 07, 2020 (GLOBE NEWSWIRE) — Rigrodsky & Long, P.A. reminds investors of upcoming deadlines involving securities fraud class action lawsuits commenced against the following companies:

Carnival Corporation (NYSE:

CCL

)

Class Period: January 28, 2020 – May 1, 2020
Lead Plaintiff Deadline: July 27, 2020

According to the Complaint, on May 1, 2020, The Wall Street Journal published an article titled “Cruise Ships Set Sail Knowing the Deadly Risk to Passengers and Crew,” which detailed how cruise ships, including Carnival ships, facilitated the spread of COVID-19 and provided new facts about early warning signs Carnival and its cruise lines possessed and the Company’s related COVID-19 disclosure failures.  The article also noted that testimony from an investigation in Australia revealed that Carnival and its cruise lines may have misled shore officials by concealing those exhibiting COVID-19 symptoms before docking.  On the same day, it was revealed that the Chair of the House Committee on Transportation and Infrastructure and Chair of the House Subcommittee on Coast Guard and Maritime Transportation had initiated a records request regarding the response of Carnival to Covid-19 or other infectious disease outbreaks aboard cruise ships.

To learn more, visit: https://rl-legal.com/cases-carnival-corporation

Casper Sleep, Inc. (NYSE:

CSPR

)

Attention: All persons or entities that purchased the common stock of Casper Sleep in or traceable to the Company’s public offering conducted on or around February 7, 2020 (“IPO”)
Lead Plaintiff Deadline: August 18, 2020

According to the Complaint, on January 10, 2020, the Company filed its Registration Statement on Form S-l for the IPO, which, after several amendments, was declared effective by the SEC on February 5, 2020 (the “Registration Statement”).  On February 7, 2020, Casper filed its Prospectus on Form 424B4 with the SEC.  In the IPO, defendants sold 8.35 million shares of Casper common stock at $12 per share, generating over $100 million in gross proceeds.

Then, on April 21, 2020, Casper announced that it was taking significant actions to improve its cash position and business model, notwithstanding the fact that the Company had raised more than $100 million in gross offering proceeds from the IPO less than three months previously.  The Company stated that it was reducing the size of its global operations and sales team and completely winding down its European operations, leading to the loss of 21% of its entire corporate workforce globally. These drastic measures were necessitated by the Company’s ballooning losses and deteriorating cash position. The Company also stated that defendant Macfarlane, the Company’s CFO and COO, was resigning – an extraordinary move so soon after the IPO.

On May 12, 2020, Casper issued a release providing its financial results for the quarter ended March 31, 2020 – the same quarter during which defendants conducted the IPO.  The Company stated that it had suffered a net loss of $34.5 million, a 98% increase year over year, and an adjusted EBITDA loss of $22.9 million, a 60% increase year over year.  In addition, the Company stated that its gross margin had actually fallen during the quarter by 190 basis points.

To learn more, visit: https://rl-legal.com/cases-casper-sleep-inc

PlayAGS, Inc. (NYSE:

AGS

)

Class Period: August 2, 2018 – August 7, 2019
Lead Plaintiff Deadline: August 24, 2020

According to the Complaint, on August 7, 2019, PlayAGS reported a net loss of $7.6 million for second quarter 2019, which included a $3.5 million impairment to goodwill and $1.3 million impairment to intangible assets of the Company’s iGaming reporting unit, due to extended regulatory timelines which delayed revenues.

To learn more, visit: https://rl-legal.com/cases-playags-inc

If you would like to discuss any of these lawsuits and your rights cost and obligation free, please contact Seth D. Rigrodsky or Timothy J. MacFall toll-free at (888) 969-4242 or  by e-mail at info@rl-legal.com.

A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

Rigrodsky & Long, P.A., with offices in Delaware and New York, has recovered hundreds of millions of dollars on behalf of investors and achieved substantial corporate governance reforms in securities fraud and corporate class actions nationwide.

Attorney advertising.  Prior results do not guarantee a similar outcome.

CONTACT: 

Rigrodsky & Long, P.A.                                      
Seth D. Rigrodsky
Timothy J. MacFall
(888) 969-4242 (Toll Free)
(302) 295-5310
Fax: (302) 654-7530
info@rl-legal.com
https://rl-legal.com

FILING DEADLINE–Kuznicki Law PLLC Announces Class Actions on Behalf of Shareholders of ENPH, LOPE and PRA

CEDARHURST, N.Y., July 07, 2020 (GLOBE NEWSWIRE) — The securities litigation law firm of Kuznicki Law PLLC issues this alert to shareholders of the following publicly traded companies.

Grand Canyon Education, Inc. (LOPE)

Investors Affected: January 5, 2018 and January 27, 2020
Lead Plaintiff Motion Deadline: July 13, 2020
SECURITIES FRAUD
Shareholders may find more information at https://kclasslaw.com/cases/securities/nasdaqgs-lope/

Enphase Energy, Inc. (ENPH)

Investors Affected: February 26, 2019 and June 17, 2020
Lead Plaintiff Motion Deadline: August 17, 2020
SECURITIES FRAUD
Shareholders may find more information at https://kclasslaw.com/cases/securities/nasdaqgm-enph/ 

ProAssurance Corporation (PRA)

Investors Affected: April 26, 2019 and May 7, 2020
Lead Plaintiff Motion Deadline: August 17, 2020
SECURITIES FRAUD
Shareholders may find more information at https://kclasslaw.com/cases/securities/nyse-pra/ 

Shareholders who purchased shares in these companies during the dates listed are encouraged to contact us via the case links above, by calling toll-free at 1-833-835-1495 or by email (dk@kclasslaw.com).

If you wish to serve as lead plaintiff with the goal of overseeing the litigation to obtain a fair and just resolution, you must petition the Court on or before the deadlines provided above.

Kuznicki Law PLLC is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a Company lead to artificial inflation of the Company’s stock. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
Kuznicki Law PLLC
Daniel Kuznicki, Esq.
445 Central Avenue, Suite 344
Cedarhurst, NY 11516
Email: dk@kclasslaw.com
Phone: (347) 696-1134
Cell: (347) 690-0692
Fax: (347) 348-0967
https://kclasslaw.com

FILING DEADLINE–Kuznicki Law PLLC Announces Class Actions on Behalf of Shareholders of ELAN, FSCT, R and WFC

CEDARHURST, N.Y., July 07, 2020 (GLOBE NEWSWIRE) — The securities litigation law firm of Kuznicki Law PLLC issues this alert to shareholders of the following publicly traded companies.

Elanco Animal Health Incorporated (ELAN)

Investors Affected: January 10, 2020 – May 6, 2020
Lead Plaintiff Motion Deadline: July 20, 2020
SECURITIES FRAUD
Shareholders may find more information at https://kclasslaw.com/cases/securities/nyse-elan/     

Ryder System, Inc. (R)

Investors Affected: July 23, 2015 – February 13, 2020
Lead Plaintiff Motion Deadline: July 20, 2020
SECURITIES FRAUD
Shareholders may find more information at https://kclasslaw.com/cases/securities/nyse-r/      

Wells Fargo & Company (WFC)

Investors Affected: February 2, 2018 and March 10, 2020
Lead Plaintiff Motion Deadline: August 14, 2020
SECURITIES FRAUD
Shareholders may find more information at https://kclasslaw.com/cases/securities/nyse-wfc-2/   

Forescout Technologies, Inc. (FSCT)

Investors Affected: February 6, 2020 – May 15, 2020
Lead Plaintiff Motion Deadline: August 10, 2020
SECURITIES FRAUD
Shareholders may find more information at https://kclasslaw.com/cases/securities/nyse-fsct/

Shareholders who purchased shares in these companies during the dates listed are encouraged to contact us via the case links above, by calling toll-free at 1-833-835-1495 or by email (dk@kclasslaw.com).

If you wish to serve as lead plaintiff with the goal of overseeing the litigation to obtain a fair and just resolution, you must petition the Court on or before the deadlines provided above.

Kuznicki Law PLLC is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a Company lead to artificial inflation of the Company’s stock. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
Kuznicki Law PLLC
Daniel Kuznicki, Esq.
445 Central Avenue, Suite 344
Cedarhurst, NY 11516
Email: dk@kclasslaw.com
Phone: (347) 696-1134
Cell: (347) 690-0692
Fax: (347) 348-0967
https://kclasslaw.com

Pomerantz Law Firm Announces the Filing of a Class Action against The GEO Group, Inc. and Certain Officers – GEO

PR Newswire

NEW YORK, July 7, 2020 /PRNewswire/ — Pomerantz LLP announces that a class action lawsuit has been filed against The GEO Group, Inc. (“GEO Group” or the “Company”)(NYSE: GEO) and certain of its officers.   The class action, filed in the United States District Court for the Southern District of Florida, and indexed under 20-cv-81063, is on behalf of a class consisting of all persons and entities other than Defendants who purchased or otherwise acquired GEO Group securities between February 27, 2020, and June 16, 2020, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.

If you are a shareholder who purchased GEO Group securities during the class period, you have until September 7, 2020, to ask the Court to appoint you as Lead Plaintiff for the class.  A copy of the Complaint can be obtained at www.pomerantzlaw.com.   To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased. 


[Click here for information about joining the class action]

GEO Group is purportedly the first fully integrated equity real estate investment trust specializing in the design, financing, development, and operation of secure facilities, processing centers, and community reentry centers in the U.S., Australia, South Africa, and the United Kingdom.  GEO Group is also purportedly a leading provider of enhanced in-custody rehabilitation, post-release support, electronic monitoring, and community-based programs.  The Company’s worldwide operations include the ownership and/or management of, among other facilities, halfway houses in the U.S.

Between late 2019 and early 2020, a novel strain of the coronavirus disease, commonly referred to as COVID-19, became an ongoing global pandemic, with the outbreak first identified in Wuhan, China, in December 2019.  The virus quickly spread to other countries, including the U.S., prompting state, federal, and private parties to enact various health and safety measures to halt the spread of the disease, which has since claimed hundreds of thousands of lives, with over one hundred thousand deaths in the U.S. alone.  To date, the State of Kansas (“Kansas“) has experienced at least 12,970 cases and 261 deaths related to COVID-19.

The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational, and compliance policies.  Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) GEO Group maintained woefully ineffective COVID-19 response procedures; (ii) those inadequate procedures subjected residents of the Company’s halfway houses to significant health risks;  (iii) accordingly, the Company was vulnerable to significant financial and/or reputational harm; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.

On June 17, 2020, during pre-market hours, The Intercept published an article entitled “GEO Group’s Blundering Response to the Pandemic Helped Spread Coronavirus in Halfway Houses.”  The article reported details of a significant COVID-19 outbreak at the Grossman Center, a halfway house in Leavenworth, Kansas, operated by GEO Group—which “was for weeks the hardest hit federal halfway house in the country” in terms of confirmed cases of COVID-19.  Citing interviews with residents of the Grossman Center, The Intercept characterized GEO Group’s response as “blundering” and reported, “that the virus spread not in spite of the facility’s efforts to contain it, but because of it.”  According to the article, the Grossman Center continued to keep its residents in overcrowded conditions without enforcing personal protective measures even as COVID-19 diagnoses at the facility increased.

On this news, GEO Group’s stock price fell $1.03 per share, or 7.8%, to close at $12.17 per share on June 17, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com

CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com

 

Cision View original content:http://www.prnewswire.com/news-releases/pomerantz-law-firm-announces-the-filing-of-a-class-action-against-the-geo-group-inc-and-certain-officers–geo-301089681.html

SOURCE Pomerantz LLP

Allstate Expands Personal Lines Market Position with Acquisition of National General

NORTHBROOK, Ill., July 07, 2020 (GLOBE NEWSWIRE) — The Allstate Corporation (NYSE: ALL) has agreed to acquire National General Holdings Corporation for approximately $4 billion in cash, or $34.50 per share. The transaction is expected to close in early 2021, subject to regulatory approvals and other customary closing conditions.

“Acquiring National General accelerates Allstate’s strategy to increase market share in personal property-liability and significantly expands our independent agent distribution,” said Tom Wilson, Chair, President and CEO. “The acquisition increases personal lines premiums by $4.0 billion and market share by over 1 percentage point to 10%. National General’s business and technology platforms will be utilized to further strengthen Allstate’s existing independent agent businesses. The transaction will be accretive to adjusted net income earnings per share and return on equity beginning in the first year.”

National General provides a wide range of property-liability products through independent agents with a significant presence in non-standard auto insurance. The company also has attractive Accident and Health and Lender-Placed Insurance businesses. Gross premiums written were $5.6 billion, which generated operating income of $319 million in 2019.

“National General’s operating expertise has enabled us to serve customers and independent agents well as we have grown both organically and through acquisition,” said Barry Karfunkel, Co-Chairman and CEO of the New York-based insurer. “We are excited about combining our team’s expertise and commitment with Allstate to become a top-five personal lines carrier for independent agents while offering a broader array of products. National General’s shareholders are also benefiting by unlocking the value created over the last decade.”

Transaction Details

National General shareholders will receive $32.00 per share in cash from Allstate, plus closing dividends expected to be $2.50 per share, providing $34.50 in total value per share. Allstate will fund the share purchase by deploying $2.2 billion in combined cash resources and, subject to market conditions, issuing $1.5 billion of new senior debt. Allstate expects to maintain its current share repurchase program.

National General’s board of directors has approved the transaction, which includes customary terms and conditions, including a breakup fee of $132.5 million. A voting agreement has also been signed with entities controlling 40% of National General’s common shares to vote for the transaction.

MSD Capital, which owns approximately 7.4% of National General’s outstanding common shares, also supports the transaction. “As proud shareholders since 2013, we support the decision of National General’s board of directors to move forward with this strategic transaction,” said John Phelan, Managing Partner and Co-Founder of MSD Capital, LP and MSD Partners, LP. Dan Bitar, a Managing Director of MSD Capital, added, “We believe the transaction is allowing National General’s employees, customers and shareholders to benefit from the significant franchise value created by the management team over the last decade.” 

Ardea Partners LP was the exclusive financial adviser to Allstate, and Willkie Farr & Gallagher LLP was the company’s legal adviser. J.P. Morgan Securities LLC was the exclusive financial adviser to National General, and Paul, Weiss, Rifkind, Wharton & Garrison LLP was National General’s legal counsel.

Webcast

Allstate will conduct a teleconference and webcast at 7:30 a.m. Central Time on Wednesday, July 8, to discuss the acquisition. The investor webcast can be accessed at www.allstateinvestors.com. A replay and downloadable audio file will be posted on the company’s website shortly after the event ends.

About Allstate

The Allstate Corporation (NYSE: ALL) protects people from life’s uncertainties with more than 153.7 million proprietary policies. Allstate offers a broad array of protection products through multiple brands and diverse distribution channels, including auto, home, life and other insurance. Allstate is widely known from the slogan “You’re in Good Hands with Allstate.”

Financial information, including material announcements about The Allstate Corporation, is routinely posted on www.allstateinvestors.com.

About National General 
National General, headquartered in New York City, is a specialty personal lines insurance holding company serving a wide range of customer segments through a network of approximately 42,300 independent agents for property-casualty products. National General traces its roots to 1939, has a financial strength rating of A- (excellent) from A.M. Best, and provides personal and commercial automobile, homeowners, umbrella, recreational vehicle, motorcycle, lender-placed, supplemental health and other niche insurance products. Auto insurance represents approximately 60% of premium with a significant presence in the non-standard auto market. Its property-casualty business was built through a combination of organic growth and opportunistic acquisitions. National General earns attractive margins and generated operating return on average equity in excess of 16% in 2019, with net income of $314 million, up 79% from the prior year. Gross premiums written in 2019 were $5.6 billion.

Additional Information and Where to Find It 
This press release may be deemed to be solicitation in respect of the transaction. In connection with the transaction, National General intends to file relevant materials with the SEC, including National General’s proxy statement on Schedule 14A. National General stockholders are urged to read all relevant documents filed with the SEC, including National General’s proxy statement when it is available, because they will contain important information about the transaction. Investors and security holders will be able to obtain the documents free of charge on the SEC’s website at www.sec.gov, and National General stockholders will receive information at an appropriate time on how to obtain documents free of charge from National General that are not currently available.

National General and its directors and executive officers may be deemed to be participants in the solicitation of proxies from the holders of National General common stock in respect of the transaction. Information about National General’s directors and executive officers is set forth in the proxy statement for National General’s 2020 Annual General Meeting of Shareholders, which was filed with the SEC on March 12, 2020. Investors may obtain additional information regarding the interest of such participants by reading the proxy statement regarding the transaction when it becomes available.

Forward-Looking Statements

This press release contains “forward-looking statements” that anticipate results based on estimates, assumptions and plans that are subject to uncertainty. These statements are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements do not relate strictly to historical or current facts and may be identified by their use of words like “plans,” “seeks,” “expects,” “will,” “should,” “anticipates,” “estimates,” “intends,” “believes,” “likely,” “targets” and other words with similar meanings. The management of Allstate or National General believe these statements are based on reasonable estimates, assumptions and plans. However, if the estimates, assumptions or plans underlying the forward-looking statements prove inaccurate or if other risks or uncertainties arise, actual results could differ materially from those communicated in these forward-looking statements. Factors that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements include, but are not limited to the “Risk Factors” section in the most recent Annual Report on Form 10-K for each of Allstate and National General. Forward-looking statements speak only as of the date on which they are made, and Allstate and National General assume no obligation to update or revise any forward-looking statement.

No Solicitation

This press release is not intended to and shall not constitute the solicitation of any vote of approval.

Contacts, Allstate:   
     
Greg Burns Mark Nogal  
Media Relations Investor Relations
(847) 402-5600 (847) 402-2800  
     
Contacts, National General:  
     
Jodi Swartz Cliff Gallant  
Media Relations Investor Relations
(833) 684-0492 (212) 380-9462