Grupo Televisa, S.A. is a media company and a participant in the international entertainment industry. The Company operates broadcast channels in Mexico and complements its network coverage through affiliated stations throughout the country. During the year ended December 31, 2008, its broadcast television channels had an average sign-on to sign-off audience share of 72.3%. It produces pay television channels with national and international feeds, which reach subscribers throughout Latin America, the United States, Canada, Europe and Asia Pacific. It exports its programs and formats to television networks worldwide. In 2008, it exported 64,803 hours of programming to approximately 60 countries. As of May 2009, it owned 58.3% of the capital stock and 49% of the voting stock of Cablemas. Cablemas operates in 49 cities.