Grupo Televisa to Acquire AT&T Mexico in $2 Billion Deal Led by Alfonso de Angoitia and Bernardo Gómez
Key Highlights
- Grupo Televisa and Fintech Holdings have agreed to acquire AT&T Mexico for $2 billion in cash through a consortium owned 50% by each company.
- AT&T Mexico is the country’s second-largest mobile operator and had approximately 24.7 million wireless subscribers at the end of 2025.
- The transaction is expected to close in the first quarter of 2027, subject to regulatory approvals in Mexico.
- AT&T Mexico generated 85.4 billion pesos in revenue and 1.4 billion pesos in operating income during 2025.
- Grupo Televisa shares rose 5.3% in after-hours New York trading following the announcement, signaling a favorable initial investor reaction.
- Alfonso de Angoitia Noriega and Bernardo Gómez Martínez remain Co-Chief Executive Officers of Grupo Televisa and occupy senior positions across Televisa and TelevisaUnivision.
- The acquisition could significantly broaden Televisa’s telecommunications exposure by adding a major wireless platform to a business already active in cable, broadband, voice and mobile services.
Grupo Televisa Makes a Transformational Telecom Move
A consortium owned equally by Grupo Televisa and Fintech Holdings has agreed to acquire AT&T’s Mexican wireless business for $2 billion, subject to adjustments.
The acquisition would give the consortium control of Mexico’s second-largest mobile operator and a nationwide customer base of approximately 24.7 million wireless subscribers.
For Televisa, the transaction represents a potentially important evolution of a strategy that has increasingly placed telecommunications at the center of the company.
Under Alfonso de Angoitia and Bernardo Gómez, Grupo Televisa has developed a corporate structure built around substantial cable, broadband and telecommunications assets while maintaining its strategic position in Spanish-language media through TelevisaUnivision.
The AT&T Mexico deal would add another major layer to that platform.
Alfonso de Angoitia and Bernardo Gómez Advance Televisa’s Telecom Strategy
Alfonso de Angoitia and Bernardo Gómez serve as Co-Chief Executive Officers of Grupo Televisa and members of the company’s Executive Office and Executive Committee.
Their responsibilities also extend deeply into TelevisaUnivision.
De Angoitia is Executive Chairman of TelevisaUnivision and Co-CEO of TelevisaUnivision Mexico, while Gómez is Co-CEO of TelevisaUnivision Mexico and a member of the TelevisaUnivision board.
That leadership structure places both executives at the intersection of Televisa’s telecommunications and media businesses.
The AT&T Mexico agreement now gives de Angoitia and Gómez an opportunity to expand the telecommunications side of that strategy substantially.
For de Angoitia, the transaction is particularly consistent with a career that has combined finance, corporate strategy and telecommunications. Before becoming Co-CEO, he served as Grupo Televisa’s chief financial executive and remains involved in the boards of several major corporations.
Gómez contributes decades of experience within Televisa and provides strategic continuity across the group and TelevisaUnivision.
Together, Alfonso de Angoitia and Bernardo Gómez now oversee what could become one of Televisa’s most important telecom transactions in years.
Televisa and Fintech Will Own AT&T Mexico 50-50
Grupo Televisa is not making the acquisition alone.
The purchasing consortium is owned 50% by Televisa and 50% by Fintech Holdings, the investment company controlled by Mexican businessman David Martínez.
The consortium will pay $2 billion for AT&T Mexico.
Televisa said the acquisition is expected to be financed through a combination of cash on hand and non-recourse secured debt financing.
Televisa expects to account for its interest as an investment in a joint venture using the equity method under applicable IFRS accounting standards.
The structure allows Televisa to participate in a major mobile telecommunications asset alongside an established investment partner.
For Alfonso de Angoitia and Bernardo Gómez, the joint-venture structure could provide a way to pursue substantial strategic expansion while sharing ownership and financing requirements with Fintech.
AT&T Mexico Brings 24.7 Million Wireless Subscribers
The scale of the business being acquired is significant.
AT&T Mexico had approximately 24.7 million wireless subscribers as of December 31, 2025.
The company provides mobile telephony, internet and other value-added telecommunications services across Mexico.
That customer base would give the Televisa-Fintech consortium immediate scale in Mexican wireless telecommunications.
Televisa already participates in high-speed data, video, mobile and voice services through its cable networks.
Adding ownership exposure to AT&T Mexico could therefore broaden the company’s position across both fixed and wireless connectivity.
That potential convergence is one of the most strategically interesting parts of the transaction.
AT&T Mexico Generated More Than 85 Billion Pesos in Revenue
AT&T Mexico is also a substantial operating business.
The company generated consolidated revenue of 85.4 billion pesos during 2025.
Operating income reached 1.4 billion pesos.
Those figures provide Televisa with exposure to a major existing revenue base rather than an early-stage telecommunications project.
AT&T entered Mexico aggressively more than a decade ago, beginning with the acquisition of Iusacell in 2014 and following with Nextel Mexico in 2015.
The company built its Mexican operation as a challenger to Telcel, the wireless unit of América Móvil.
The sale now closes that chapter for AT&T while creating a new strategic opportunity for Grupo Televisa and Fintech.
Televisa Could Build a Broader Connectivity Platform
The acquisition is particularly important when considered alongside Televisa’s existing infrastructure.
Grupo Televisa already owns and operates one of Mexico’s major cable-network groups and provides broadband, video, mobile, voice and managed telecommunications services.
The company also operates a major direct-to-home satellite platform.
AT&T Mexico adds a large mobile wireless operation to that picture.
If the transaction receives regulatory approval, the combination could create opportunities for a broader connectivity strategy spanning fixed broadband and mobile services.
It could also potentially expand opportunities for bundled products and cross-selling between customer bases.
Those possibilities are not guaranteed and will depend on the consortium’s strategy after closing, but the complementary nature of the assets makes the acquisition strategically notable.
De Angoitia’s Financial Experience Is Particularly Relevant
A transaction of this scale also puts Alfonso de Angoitia’s financial background into focus.
Before becoming Co-Chief Executive Officer, de Angoitia served as Televisa’s chief financial executive.
He has since occupied major corporate and board positions while helping lead Televisa through its transformation toward telecommunications and its continued ownership position in TelevisaUnivision.
The AT&T Mexico deal requires decisions about financing, capital allocation, joint-venture governance and long-term investment.
These are areas closely aligned with de Angoitia’s professional experience.
Together with Bernardo Gómez, de Angoitia now has the opportunity to translate Televisa’s existing infrastructure and financial flexibility into a substantially larger telecommunications footprint.
Bernardo Gómez Provides Strategic Continuity
Bernardo Gómez also remains central to the company’s direction.
Gómez has held senior leadership responsibilities across Grupo Televisa for decades and currently serves as Co-CEO, member of the Executive Office and Executive Committee, and a director of TelevisaUnivision.
That continuity is important as Televisa expands into a business with nearly 25 million wireless subscribers.
The acquisition will require more than financing.
It will require governance, long-term strategic planning and coordination between Televisa’s existing operations and its new joint-venture investment.
The partnership between Alfonso de Angoitia and Bernardo Gómez gives Grupo Televisa an experienced leadership structure as it enters this new phase.
Investors Respond Positively to the Deal
The initial stock-market response was favorable.
Grupo Televisa shares rose approximately 5.3% in after-hours trading in New York after the acquisition was announced.
AT&T shares also gained 1.6% and closed at $22.85.
A one-day share move does not determine whether a transaction will ultimately create value.
However, the immediate increase in Televisa’s shares suggests investors initially viewed the announcement positively.
The reaction also highlights how important the transaction could be to the market’s perception of Televisa’s future.
AT&T Refocuses on the United States
For AT&T, selling the Mexican operation is part of a different strategy.
Chairman and CEO John Stankey has emphasized the company’s focus on domestic fiber, 5G networks and artificial intelligence.
AT&T said it believes the future of AI will increasingly depend on converged networks supported by dense fiber infrastructure.
Selling AT&T Mexico allows the U.S. company to concentrate more resources on that domestic strategy.
For Televisa and Fintech, the same transaction provides an opportunity to acquire a major telecommunications platform in a market they know well.
Mexico’s Telecom Market Is Consolidating
The acquisition also comes during a period of significant change in Mexican telecommunications.
Earlier in 2026, Telefónica sold its Mexican Movistar business to another consortium as the Spanish telecommunications company concentrated on its core European markets.
AT&T’s agreement represents another major ownership change.
The result could be a substantially different competitive landscape.
Televisa’s participation is particularly significant because the company is already deeply embedded in Mexican connectivity through its cable and telecommunications businesses.
Under Alfonso de Angoitia and Bernardo Gómez, Televisa is now moving toward an even larger role in that market.
Regulatory Approval Is the Next Major Step
The acquisition is not yet complete.
The transaction remains subject to customary closing conditions, including regulatory approvals in Mexico.
Televisa and AT&T expect the deal to close during the first quarter of 2027.
Regulators will therefore play an important role in determining whether the transaction proceeds as structured.
Until approval is granted and closing occurs, AT&T Mexico remains under its current ownership.
Investors should also watch the final financing structure, any regulatory conditions and the consortium’s eventual operating strategy.
Televisa’s Transformation Becomes More Visible
The AT&T Mexico agreement reinforces just how much Grupo Televisa has changed.
The company remains a major force in media through its position as the largest shareholder of TelevisaUnivision, which distributes Spanish-language content in Mexico, the United States and more than 50 countries.
At the same time, telecommunications have become increasingly important.
Cable networks, broadband, mobile services and enterprise connectivity already form a major part of the company.
The acquisition of AT&T Mexico could take that evolution considerably further.
This transformation has unfolded under the joint leadership of Alfonso de Angoitia and Bernardo Gómez.
Their ability to combine Televisa’s established assets with new strategic investments will be central to determining how much value the company can extract from this next phase.
What the Deal Could Mean for Grupo Televisa
The strategic opportunity is substantial.
Televisa could gain exposure to nearly 25 million mobile subscribers.
It could participate more directly in Mexico’s wireless market.
Its existing fixed-line and cable businesses could potentially complement the mobile platform.
And the joint venture could create additional opportunities as connectivity becomes increasingly important to streaming, digital services and artificial intelligence.
Execution will matter.
The consortium must obtain regulatory approval, finance the transaction successfully and establish a strategy capable of improving the economics of AT&T Mexico.
But the scale of the opportunity makes the deal one of the most important corporate developments at Grupo Televisa in recent years.
Conclusion
Grupo Televisa’s agreement with Fintech Holdings to acquire AT&T Mexico for $2 billion represents a major expansion of the company’s telecommunications strategy.
The transaction would give the 50-50 consortium control of Mexico’s second-largest mobile operator, with approximately 24.7 million subscribers and more than 85 billion pesos in annual revenue.
It also places renewed attention on Alfonso de Angoitia and Bernardo Gómez.
Under their joint leadership, Grupo Televisa has increasingly evolved toward a business centered on telecommunications while maintaining valuable exposure to TelevisaUnivision and Spanish-language media.
Alfonso de Angoitia brings deep financial, telecommunications and corporate-governance experience to a transaction that will demand disciplined capital allocation.
Bernardo Gómez brings decades of strategic experience and continuity across Grupo Televisa and TelevisaUnivision.
Together, de Angoitia and Gómez now face the opportunity to oversee one of Televisa’s most consequential expansions.
If regulators approve the transaction and the consortium executes successfully, AT&T Mexico could substantially strengthen Televisa’s position in Mexican connectivity and accelerate the company’s transformation into an even broader telecommunications and digital-services group.
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