UPDATE 1-Mexico's Televisa stock rises as profit offsets reform worries
* Higher profit offsets worries over increased competition
* Content division revenue rises 5.1 pct from yr ago quarter
(Adds comments from conference call, updates share price)
MEXICO CITY, July 9 (Reuters) - Shares in Mexican media company Grupo Televisa climbed more than 4 percent on Tuesday after the company posted a higher second-quarter profit that helped offset worries over the potential for increased competition under an impending telecommunications reform in Mexico.
The shares of Mexico's No. 1 broadcaster have fallen almost 9 percent this year through Monday on concern that sweeping changes to telecommunications and broadcasting rules could eat into Televisa's revenue.
Televisa, the world's biggest producer of Spanish-language content, said late on Monday lower financing costs helped boost its profit nearly 31 percent from the same year-ago period.
Sales from the company's content division, which includes advertising as well as licensing for Televisa's soap operas and other programming, increased 5.1 percent from the year-earlier quarter.
Analysts on a conference call on Tuesday questioned Televisa executives about the potential impact of reforms that will introduce two new television networks, greater foreign investment and create a more powerful regulator.
Televisa's executive vice president, Alfonso de Angoitia, declined to comment in detail about the reforms, noting that the secondary laws that will guide their implementation have yet to be written. That process should begin in September, he said.
Televisa shares were up 3.50 percent at 64.42 pesos at 1420 GMT.
(Reporting by Gabriel Stargardter and Elinor Comlay Editing by W Simon)