Televisa is the largest media company in the Spanish-speaking world based on its market capitalization and a major participant in the international entertainment business. It operates four broadcast channels in Mexico, produces and distributes 16 pay-TV brands for distribution in Mexico and the rest of the world, and exports its programs and formats to the U.S. through Univision and to other television networks in over 50 countries. Televisa is also a major participant in Mexico's telecommunications industry. It has a controlling interest in Sky, Mexico's leading direct-to-home satellite television system and in several cable and telecommunications companies: Cablevision, Cablemas, TVI, and Bestel. Through its cable investments, Televisa offers video, voice, and broadband services. In addition, Televisa has a 50 percent equity stake in Grupo Iusacell S.A. de C.V., Mexico's third largest mobile telecom provider. Televisa also has interests in magazine publishing and distribution, radio production and broadcasting, professional sports and live entertainment, feature-film production and distribution, the operation of a horizontal internet portal, and gaming. In the United States, Televisa has equity and debentures that, upon conversion and subject to any necessary approvals of the FCC, would represent 38% on a fully diluted basis of the equity capital in Univision Communications Inc. ("Univision"). Univision is the leading media company serving the Hispanic market.