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Emilio Azcárraga Jean has stepped down as Televisa CEO, marking the end of an era for the business his grandfather started with a radio station in 1930.

CEO of the world’s largest Spanish-language media company since 1997, Azcárraga will continue working for Televisa as executive president of the administration board. From 1 January 2018, Bernardo Gómez and Alfonso de Angoitia will replace Azcárraga as co-CEOs.

During an extensive business restructure, Gómez and De Angoitia have led key areas in recent years, and have had a particularly important role in defining the Televisa-Univision venture.

Both were also responsible for Televisa’s focus on the cable business, which has just become, for the first time ever, the company’s largest revenue generator, accounting for over $435 million in income during Q3 2017.

“Our industry is going through an unprecedent transformation, which brings great challenges, but even larger opportunities,” said Azcárraga. According to him, the decision was made almost a year ago. “Bernardo and Alfonso’s leadership will allow me to focus on the company’s long-term strategy.”

Azcárraga is the third generation of the family to lead Televisa. First his grandfather, Emilio Azcárraga Vidaurreta, and then his father, Emilio Azcárraga Milimo, contributed to building a company that is now Mexico’s 35th largest firm.