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Grupo Televisa finds weaknesses in internal controls over financial reporting

Grupo Televisa SAB identified material weaknesses in internal controls over financial reporting.

According to a Feb. 15 SEC filing, the company said if it fails to remediate the material weaknesses and achieve an effective system of internal controls, it may not be able to report financial results accurately. Also, the company said the trading price of securities could adversely be affected by a related negative market reaction.

The company, however, said none of the weaknesses resulted in improper activities or inaccuracies in or adjustments to previously filed financial statements.

Earlier this year, the company concluded that certain material weaknesses in the company's internal control over financial reporting existed as of Dec. 31, 2016. The company came to this conclusion after consultation with the audit committee of Grupo Televisa's board and after discussions with PricewaterhouseCoopers SC, the company's independent registered public accounting firm.