(MENAFN) America Movil, owned by Mexican billionaire Carlos Slim, has agreed to buy a unit of Mexico's entertainment firm CIE, Reuters reported.
The deal, if sealed, will force Slim's 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. Competition officials, however, denied the firm 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 USD131.65 million, CIE said.
The deal with CIE is slated for completion in the second quarter, subject to regulatory approvals.