MEXICO CITY, Feb 28 (Reuters) - Shares of Mexico’s Grupo Televisa slipped on Tuesday following reports the broadcaster had been declared to have market power in pay television by the telecoms regulator, paving the way for tougher rules against it.
The company’s stock slipped 3.34 percent to 102.7 pesos per share after newspaper Reforma and the Wall Street Journal reported that the Federal Telecommunications Institute (IFT) voted to slap the label on the company.
The decision that Televisa has “substantial market power”, would be a reversal of a 2015 decision that was struck down by a Mexican tribunal in January.
A spokesman for Televisa did not immediately respond to a request for comment.
Televisa is Mexico’s largest pay television provider, accounting for some 60 percent of all subscribers, according to the latest IFT figures. Its satellite and cable businesses made up more than half its revenue in 2016. (Reporting By Alexandra Alper; editing by Grant McCool)