Mexico's Televisa shares slide after second-quarter loss

Shares in Mexican broadcaster Grupo Televisa fell on Friday morning, after the company reported a net loss in the second quarter dragged by weaker TelevisaUnivision results and higher taxes.

Shares of the world's largest producer of Spanish-language content dropped 4.5%, wiping off 1.3 billion pesos ($74.29 million) from the company's market capitalization.

The company posted on Friday a net loss of 497.4 million pesos, reflecting lower earnings from its Spanish-language media company TelevisaUnivision and tax expenses that reached 480.2 million pesos.

Shares of Grupo Televisa pared losses after falling as much as 6.8% in early trading, and were on track for their worst day in over a month.

($1 = 17.4998 Mexican pesos)