America Movil SAB and Grupo Televisa SAB were ordered by Mexico’s government to share their infrastructure with competitors in a bid to cut the market share of the nation’s dominant phone and media companies.
Efforts by Citigroup Inc. senior executives to tighten controls in Mexico were rebuffed by managers there for at least five years before the U.S. bank found the local unit had suffered a $400 million loan fraud last month, four people with direct knowledge of the matter said.
When Enrique Pena Nieto ran for president in 2012, opponents nicknamed him the Televisa candidate for what they described as favorable coverage from Mexico’s largest broadcaster. Now as president he’s pushing for more competition that will hurt Grupo Televisa SAB’s revenue growth.
Grupo Televisa SA Chief Executive Officer Emilio Azcarraga said the world’s biggest Spanish- language broadcaster is making its $1.6 billion bet on wireless to expand faster than it can in its traditional media business.
Mexican billionaires Carlos Slim and Emilio Azcarraga, who typically go head-to-head for phone customers and TV viewers, are taking their rivalry to the soccer field this week in their country’s championship game.
Grupo Televisa SA, the largest Spanish-language broadcaster, is interested in entering the Mexican wireless market, Chief Executive Officer Emilio Azcarraga said in comments to reporters in Mexico City today.
Emerging-market stocks rose to a two-week high as better-than-estimated U.S. data bolstered optimism about global growth. Turkey’s benchmark equity index jumped as BlackRock Inc. said it’s buying the nation’s shares.