Slim moves into Mexican advertising market with CIE
America Movil, the telecom giant controlled by Mexican tycoon Carlos Slim, announced a deal that will boost his access to Mexico's advertising market even as local regulators block Slim from offering pay television services.
Slim's America Movil generates hefty advertising revenue from its dominant TV business outside of Mexico but it has been denied access to the local broadcast market because of competition concerns.
The deal with Mexican entertainment company CIE will give Slim an advertising unit valued at $131.6 million, CIE said. Neither company disclosed the terms of the deal.