Usage Note
Televisor specifically means the physical television set (the appliance), whereas televisión refers to the medium or broadcast. This distinction mirrors English 'TV set' vs 'television'. The colloquial shortening is la tele. In Spain you might hear poner el televisor ('to turn the TV on'); in Latin America prender el televisor is more common for the same action.
Examples
"Compraron un televisor nuevo para el salón."
Natural Translation
They bought a new television set for the living room.

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