MEXICO CITY (AP) -- Telecommunications giant America Movil has signed an agreement to broadcast the 2014 Winter Olympics on Mexico's state-owned cultural channel.
The agreement on the Winter Games in Sochi, Russia, puts America Movil owner billionaire Carlos Slim a step closer to expanding his empire into broadcast television in his home country.
Mexico's television market is controlled by Televisa, the world's largest Spanish language broadcaster. In the past, Televisa had the rights to broadcast the Olympics Mexico.
Slim spokesman Arturo Elias Ayub said Wednesday that the agreement with Channel 22 follows Mexican law.
He says Slim paid about $100 million to acquire the broadcast rights across all media platforms for the Winter Games as well as the 2016 Summer Olympics for Latin America, with the exception of Brazil.