Grupo Televisa and Fintech Holdings have agreed to buy AT&T’s Mexican wireless business for $2 billion, a deal that would give the broadcaster a much larger position in the country’s telecom market.
The transaction is expected to close in the first quarter of 2027, subject to regulatory approvals. Until then, AT&T Mexico remains under AT&T’s ownership.
The strategic case is clear: Televisa already sells broadband and pay-TV services. Adding a mobile operator could let it combine home internet, television, and wireless plans.
The harder question is whether a bigger footprint can help it compete with América Móvil’s Telcel, which has a stronger network position.
A major change in scale
AT&T Mexico had about 24.7 million mobile subscribers at the end of 2025, according to Televisa’s announcement.
The unit reported 85.4 billion pesos in revenue and 1.4 billion pesos in operating income that year.
Televisa says the acquisition would raise its share of Mexico’s fixed and wireless subscribers from 8% to 19%, according to a Scotiabank analysis cited in the original reporting.
That would give the company a much larger customer base and a national mobile network to pair with its existing services.
The deal is structured as a consortium owned 50% by Televisa and 50% by Fintech Holdings, the investment firm led by David Martínez.
The buyers plan to use available cash and secured, non-recourse debt financing. The announced $2 billion price is subject to adjustments and additional contractual or contingent benefits.
The case for combining TV, broadband, and mobile
Televisa’s opportunity is to sell a more complete connectivity package. A customer could potentially buy home broadband, television, and mobile service from one provider.
Bundles can help companies retain customers and give them more ways to compete on price and convenience.
That strategy depends on execution. Televisa will need to integrate a large wireless operation, invest in network capacity, and make its combined offers attractive to consumers.
A larger subscriber base alone does not guarantee better service or lower customer churn.
The company has tried to enter telecom before. Its earlier attempt, between 2012 and 2014, did not establish a lasting position in a market where Telcel held a strong advantage.
The new deal gives Televisa a much bigger starting point, but the competitive challenge remains.
América Móvil remains the benchmark
AT&T Mexico is the country’s second-largest mobile operator, but América Móvil’s Telcel remains the market leader.
Scotiabank’s analysis, as reported by Reuters, says Telcel operates roughly twice as many connectivity towers and has a stronger 5G network across Mexico.
That makes investment a central part of the deal’s logic. Scotiabank argued that the purchase price could leave the new owners with more room to direct capital toward network spending.
But the scale and timing of that investment will matter: competing with Telcel requires more than a larger customer list.
A potential direct-to-cell partnership, including with providers such as Starlink, is one route raised in the reporting. It remains a possibility, not an announced plan.
Why AT&T is selling
For AT&T, the sale supports a tighter focus on its U.S. fiber and 5G businesses. The company says the transaction aligns with its strategy to concentrate investment in advanced connectivity in the United States.
AT&T’s exit also follows Telefónica’s sale of its Mexican Movistar business to a U.S.-led consortium.
Together, the transactions point to a reshaping of the country’s telecom ownership, with new investors taking on assets previously held by international operators.
The next test is regulatory approval and investment
The acquisition still needs Mexican regulatory approval. Authorities will assess the transaction before it can close, and the deal’s competitive implications will depend on the conditions attached and how the new owners operate the business.
If approved, Televisa and Fintech will inherit a sizeable mobile operation and the opportunity to build a broader connectivity business.
They will also inherit the cost of competing in a market where Telcel has a substantial network lead.
The $2 billion purchase changes Televisa’s position on paper. Whether it changes the balance of Mexico’s telecom market will depend on what the buyers do after closing: invest in coverage, improve the customer offer, and make the combined services work.
