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AMOV - America Movil SAB De CV News Story

$14.77 -0.0  -0.1%

Last Trade - 14/05/21

Large Cap
Market Cap £34.74bn
Enterprise Value £59.15bn
Revenue £36.26bn
Position in Universe 256th / 6846

UPDATE 1-America Movil says AT&T-Time Warner deal will not change Latam market

Wed 18th July, 2018 5:56pm
(Adds comments from executives)
    By Julia Love and Sheky Espejo
    MEXICO CITY, July 18 (Reuters) - The CEO of America Movil
 AMXL.MX , Latin America's largest telecommunications company by
subscriber numbers, said on Wednesday that AT&T Inc's  T.N 
acquisition of Time Warner will do little to change the telecoms
landscape in the region.
    U.S. telecoms company AT&T closed its deal to buy media
company Time Warner for $85 billion last month. 
    "I don't think it's going to affect the market in Latin
America," America Movil Chief Executive Daniel Hajj said on a
call discussing the company's second-quarter results.
    "There's going to be more production of content, and
everybody is going to have access to all of the content."
    America Movil, which is controlled by the family of Mexican
billionaire Carlos Slim, reported on Tuesday a 94-percent drop
in net profit due to currency-related swings.*:nL1N1UD1XQ
    But data revenue rose and the company added 1.1 million
lucrative post-pay customers during the quarter, suggesting the
fundamentals of the business are strong.  
    On Brazil, one of America Movil's most important markets,
Hajj said the company is still evaluating whether to make a bid
for Cemig Telecom, a unit of Brazilian utility Companhia
Energetica de Minas Gerais  CMIG4.SA .
    "(If) the price looks good for us, then I think we are going
to do it," Hajj said. "And if not, then we are going to step
    The company also said it will focus more in the coming
months on Chile, where its market share has been slipping.
    Hajj added that America Movil may challenge Chilean
resolutions on telecoms, including a recent Supreme Court
decision on spectrum, in international arbitration.
    The resolutions "create a lot of uncertainty for the future
development and our future investments," he said. 
    In Mexico, America Movil is recovering from a landmark
telecoms reform intended to lessen its dominance, but the
regulatory landscape for the company appears to be improving.
    Hajj said he expects the administration of president-elect
Andres Manuel Lopez Obrador, who takes office on Dec. 1, to
focus on improving coverage in rural areas. 
    He added that he was hopeful that the company will soon
obtain a license in Mexico to offer television, a service it has
long been blocked from.

 (Reporting by Julia Love and Sheky Espejo)
 ((, @byJuliaLove; 52 (55)
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