The telecommunications market in Mexico could be facing one of its most relevant movements in years. Grupo Televisa prepares the ground to acquire AT&T México, in an operation that It not only seeks to add users, but also redefine its position in the country’s connectivity..

According to a report from Expansion, The company confirmed in its call with investors that it is ready to explore mergers and acquisitions in telecommunicationswith AT&T Mexico as one of the main objectives. The possible operation is valued at more than $2 billion and would place Televisa at the center of a market reconfiguration.

The intention goes beyond growing customers. The purchase would involve adding spectrum, infrastructure and presence direct in a segment dominated by Telcel. In other words, Televisa would stop being a complementary player and become a direct competitor.

At the moment, The company already participates in the sector with fixed internet services and as a virtual mobile operator. However, this acquisition would represent its definitive leap into the large-scale mobile business.

The financial muscle behind the move

Televisa has strengthened its financial position in recent months. According to the report, The company settled $207 million in debt and seeks to approve a capital increase of up to 7.2 billion pesos, resources that could be used for the purchase.

Additionally, according to GBM, the company expects its capital investment to represent around 20% of its revenue in 2026, as part of a network modernization and expansion strategy.

Recent results also accompany this moment. According to Reuters, Televisa reported a net profit of 1,030 million pesos in the first quarter of 2026more than triple that of the previous year, despite a slight drop in income. This performance improves their room for maneuver to bet on acquisitions.

Even so, the challenge is that an operation of this size could put pressure on its finances, which is why analysts consider a possible capital raise or even the entry of partners key.

A strategy that involves sacrifices

The ambition to grow in telecommunications has already had concrete effects. In another report from Reutersit is pointed out that Televisa decided to cancel the payment of dividends in 2026 pprecisely to focus on opportunities within the sector.

The measure caused a 7.5% drop in its shares at that time. But it makes the company’s priority clear: invest today to compete tomorrow. In parallel, The CEO reported that the company will continue to use its cash flow to strengthen its balance sheet while evaluating these opportunities, without guaranteeing that any will come to fruition.

AT&T Mexico, an asset at stake

The possible sale of AT&T Mexico does not come out of nowhere. The Country reported in 2025 that The American company was analyzing its departure from the country after more than a decade without managing to consolidate itself against the dominance of Telcel.

AT&T arrived in Mexico in 2014 and accumulated investments of more than 10,000 million dollarsbut never managed to snatch market leadership. His eventual departure would open the door for a local actor like Televisa to take that space.

It would not be the first interaction between both companies. In 2024, Televisa acquired 100% of Sky México after purchasing the stake that belonged to AT&T, consolidating a previous relationship between the two groups.

Televisa has already given signs of this strategy. He tried to merge Izzi with Megacable in the past and created TelevisaUnivision to compete in streaming. Now, the next step points to moving terrain.

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