(Bloomberg) -- David Martinez, the billionaire behind Fintech Advisory, has bought a 7.8% stake in the Mexican media conglomerate Grupo Televisa SAB, helping fuel a rebound in the US-traded shares from a record low.

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Martinez purchased the holding through Fintech LatAm Sarl, according to an SEC filing dated Sept. 13, which was only released last week.

The stake would make Fintech the third largest shareholder in the company, after Emilio Azcarraga Jean, who’s the grandson of the company’s founder, and mutual-fund company Dodge & Cox, according to Televisa’s most recent annual report. Azcarraga resigned earlier this month amid a probe into the company’s dealings in international soccer. Given Televisa’s current market value, the stake is worth about $104 million.

Televisa is Mexico’s largest broadcaster and a major shareholder in the biggest US Spanish-language TV network. The media company’s holdings include the nation’s biggest cable and satellite TV providers.

The securities Martinez acquired are not held with the purpose of effecting change or influencing the control of the issuer, according to the filing. US-traded shares in Televisa have risen about 40% since hitting a record low in early September.

Once a hot hedge fund trade that reached a market value of over $22 billion, Televisa’s stock has collapsed over the last decade as streaming services revolutionized TV and major shareholders like Bill Gates abandoned positions.

Martinez, 67, holds Mexican and UK citizenships. He has made a career out of distressed corporate plays and keeps a low profile, eschewing media interviews and public appearances.

Fintech is a major investor in Spain’s Banco de Sabadell SA and also the largest shareholder of Telecom Argentina SA with a 29% stake, according to the company’s website. Martinez sits on the board of Mexican giants Cemex SAB and Alfa SAB.

The businessman is no stranger to Televisa. Back in 2016, defaulted Mexican builder Empresas ICA SAB signed a $215 million convertible loan deal with Martinez. Four months after signing the loan, Televisa’s vice president for finance and risk Guadalupe Phillips left to lead ICA and deal with the restructuring. She still sits on Televisa’s board.

--With assistance from Daniel Cancel.