MEXICO CITY — Grupo Televisa is making a strategic move into the telecommunications sector with a new joint venture aimed at acquiring AT&T Mexico. The deal, formed in partnership with Fintech Holdings, targets a company that boasts approximately 24.7 million mobile subscribers as of the close of 2025.

The consortium plans to finance the acquisition through a combination of available cash and non-recourse debt guaranteed by the consortium itself.

A Significant Market Play for AT&T Mexico

AT&T Mexico currently provides mobile telephony, internet, and value-added services under concessions granted by the Ministry of Infrastructure, Communications and Transport (SICT).

As of December 31, 2025, the company reported consolidated revenues of 85.4 billion pesos and an operating profit of 1.4 billion pesos. With its 24.7 million mobile subscribers, AT&T Mexico stands as the second-largest mobile operator in the country.

Accounting and Structure of the Deal

Grupo Televisa intends to recognize its stake in AT&T Mexico as an investment in associates and joint ventures. Under International Financial Reporting Standards (IFRS), the investment will be reflected in Televisa’s financial statements using the equity method, rather than directly consolidating all revenues and expenses of AT&T Mexico into its primary operations.

The consortium will be split equally between Televisa and Fintech Holdings. The announcement specified that there will be no changes to the AT&T Mexico commercial brand or its current service offerings following the agreement.

The transaction remains subject to the necessary regulatory approvals. Until then, AT&T Mexico will continue its normal operations, with the formal closing of the deal projected for the first quarter of 2027.