While the Zócalo Bombings unfolded, a second group of gunmen broke into the Televisa building in San Ángel, Mexico City. Televisa was formed in 1967 as a merger of Mexico's top television companies, quickly dominating the industry with its charismatic characters and high production quality. Amongst its productions, the most popular by far was El Chavo del 8, a daily-life sitcom that premiered in early 1968, directed and led by Roberto Gómez Bolaños, popularly known as "Chespirito", who also acted as the series' protagonist "el Chavo". That year, El Chavo del 8 was all the rage across Mexico and Latin American, a titanic cultural phenomenon in its own right.

The terrorists revealed themselves and took the studios by force in the afternoon. They forced the crew to turn on the cameras and broadcast live to all of Mexico, delivering a chilling speech that denounced the apostate West and the godless East, revealing themselves as members of the Children of God, which was also responsible for the Zócalo Bombings.

The leader of the gunmen then mentioned that being a family man himself, and not wanting to bother regular programming, the show would continue. El Chavo del 8's actors were forced at gunpoint to play out the next programmed episode, their fear palpable as they followed the script, with the world watching live. On the background gunfire began to be heard, as Mexican police and soldiers began a gunfight for the studios. As the scene reached its climax, the fighters executed the cast on-air, one by one, their gunfire ringing through the silent, horrified households of Mexico and beyond. Last was Gómez Bolaños himself, forced to do his iconic silly dance atop the corpses of his coworkers, with "the Elephant Never Forgets" playing in the background, finally shot by the terror cell commander with a pistol. A final speech followed, declaring Mexico to be a “land of murderers, ruled by murderers, watched by murderers”, directly referencing the Tlatelolco Massacre. Moments later the building was demolished with explosives, killing the terrorists, all remaining hostages, and dozens of responding police officers.

Televisa's tragedy was the first instance of globally televised terrorism, and though neither as deadly as the Zócalo Bombings nor as brutal as the following Siege of the Olympic Village, it was the one that had the greatest psychological effect, particularly in Mexico. The bloody scene was recorded, copied and distributed across the globe as the first snuff film, and eventually, uploaded to the early internet.