MEXICO CITY, Feb 23 (Reuters) - Top Mexican broadcaster Televisa is seen posting an 11 percent fall in net profit during the fourth quarter of 2008, hit by higher tax reserves and a steep fall in the value of the peso currency.

According to the average forecast of six analysts surveyed by Reuters, Televisa (TLVACPO.MX)(TV.N) earned around 2.523 billion pesos ($183 million), down from 2.835 billion pesos a year earlier.

The peso fell about 21 percent against the dollar last year, with a large portion of the decline recorded in the last quarter, hit by the global financial crisis and a recession in the United States, Mexico's top trading partner.

The peso's decline hurt the company's financial costs, particularly those related to Televisa's dollar-denominated debt. Analysts also said the company had to set aside more money to meet tax payments.

The Mexican government began a new tax for corporations last year.

Televisa, the world's largest producer of Spanish-language television content, was seen bringing in 13.924 billion pesos in revenues during the quarter, a 12.23 percent increase from a year earlier.

Televisa continued to benefit from the consolidation of Cablemas, a cable company it bought last year, analysts said.

Earnings before interest, tax, depreciation and amortization, or EBITDA, are likely to grow 6.95 percent, according to the survey.

Televisa, whose tear-jerker soap operas have made it a staple in living rooms across the globe, plans to file its fourth-quarter results on Feb. 26 after market close.

Below is a table of analysts' expectations in nominal pesos: --------------------------------------------------------------

OCT-DEC OCT-DEC PERCENTAGE

2008 2007 CHANGE -------------------------------------------------------------- Revenue 13.924 bln 12.407 bln +12.23 pct EBITDA* 5.880 bln 5.498 bln + 6.95 pct EBITDA margin 42.23 pct 44.31 pct - 208 bps** Operating profit 4.616 bln 4.603 bln + 0.28 pct Operating margin 33.15 pct 37.10 pct - 395 bps Net profit 2.523 bln 2.835 bln -11.01 pct --------------------------------------------------------------

* EBITDA: Televisa does not disclose earnings before interest, tax depreciation and amortization. The figures were calculated by analysts.

** bps = basis points ($1 = 13.815 as of end December) (Reporting by Tomas Sarmiento, editing by Leslie Gevirtz)

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