Mexico seals reform to end telecom monopolies

Mexico’s Congress on Tuesday overwhelming passed the final version of a far-reaching telecommunication reform bill designed to boost competition in Mexico’s phone and television industry, which is now controlled by the world’s richest man, Carlos Slim, and fellow billionaire Emilio Azcárraga Jean.

The new law was approved almost unanimously, with 108 votes in favor and three against. It gives the Federal Institute of Telecommunications, a new regulatory autonomous body formed by seven regulators, the power to revoke operating licenses for monopolistic practices and to stop companies from controlling more than 50 percent of market share.

The new law will also allow foreign participation in television companies to increase from 49 to 100 percent; in radio, foreign stakes will be allowed to increase from zero to 49 percent.

Source: Forbes