Grupo Salinas is a corporate conglomerate formed in 2001 by several Mexican companies. The group consists of: *

TV Azteca TV Azteca, S.A.B. de C.V. is a Mexican multimedia conglomerate owned by Grupo Salinas. It is the second-largest mass media company in Mexico after Televisa. It primarily competes with Televisa as well as some local operators. It owns two national ...

- television and radio network *

Grupo Elektra Grupo Elektra is a Mexican financial and retailing corporation established by Hugo Salinas Price. The company has operations in Latin America and is the largest non-bank provider of cash advance services in the United States. It is listed on th ...

- products include finance, home appliances, consumer electronics, furniture, motorcycles, mobile phones, computers and extended warranties *

Mazatlán F.C. Mazatlán Futbol Club is a Mexican professional football team based in Mazatlán, Sinaloa currently playing in Liga MX. The club was established in June 2020 after the Monarcas Morelia franchise announced that it would be moving to the city of ...

- football club * Telecosmo - internet service provider *

Italika Italika is a motorcycle brand and manufacturer in Mexico, with 400,000 motorcycles sold in 2014. In 2010, Italika made up 55% of the Mexican motorcycle market; in 2011 it reached a 63% market share, largely owing to low initial cost. Italika sold ...

- motorcycle manufacturer Each of the Grupo Salinas companies operates independently, with its own management and board of directors.

History

Company history begins with a store called "Salinas y Rocha" founded in 1906 in

Monterrey Monterrey ( , ) is the capital and largest city of the northeastern state of Nuevo León, Mexico, and the third largest city in Mexico behind Guadalajara and Mexico City. Located at the foothills of the Sierra Madre Oriental, the city is anchor ...

. In 1950,

began as a radio factory. Two years later, the company began manufacturing television sets and increased its workforce to 70 employees. Elektra began selling products directly to consumers in 1954. In 1957, Elektra retail stores incorporated credit programs. By 1968, Elektra had 12 stores in the region and by 1987, 59 stores. Elektra Group became a publicly traded company listed on the

Bolsa Mexicana de Valores The Mexican Stock Exchange ( es, Bolsa Mexicana de Valores), commonly known as Mexican Bolsa, Mexbol, or BMV, is one of two stock exchanges in Mexico, the other being BIVA - Bolsa Institucional de Valores. It is the second largest stock exchang ...

, the Mexican Stock Exchange. In 1993, Grupo Elektra bought the

Imevisión The Instituto Mexicano de la Televisión (''Mexican Television Institute''), known commercially as Imevisión after 1985, was a state broadcaster and federal government agency of Mexico. At its height, Imevisión programmed two national networks ...

government television network and renamed it

. TV Azteca created an

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment ...

in 1997 on the Mexican and New York stock exchanges. In 2012,

, a wholly owned

subsidiary A subsidiary, subsidiary company or daughter company is a company owned or controlled by another company, which is called the parent company or holding company. Two or more subsidiaries that either belong to the same parent company or having a s ...

of Grupo Salinas, acquired

payday lender A payday loan (also called a payday advance, salary loan, payroll loan, small dollar loan, short term, or cash advance loan) is a short-term unsecured loan, often characterized by high interest rates. The term "payday" in payday loan refers to ...

Advance America for an estimated $780 million

USD The United States dollar (symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the official ...

. In 2003, Grupo Salinas purchased the telecommunications company Iusacell and the mobile phone company

Unefón Unefon is a Mexican mobile telecommunications brand used by AT&T Mexico, a subsidiary of AT&T Inc., used for prepaid products. The company was partially owned by Grupo Salinas and Mexican media group Televisa, and its network was CDMA only, us ...

. Iusacell was sold to AT&T in 2014, and rebranded as

AT&T Mexico AT&T Mexico (formerly known as Iusacell and Nextel Mexico), also known as AT&T Mexico Wireless and AT&T Mexico Mobility, is a Mexican mobile telephone operator and subsidiary of AT&T. AT&T Mexico is headquartered in Mexico City. Its mobile networ ...

. Unefón was also sold to AT&T Mexico. In March 2019, Grupo Salinas made an investment of an undisclosed amount in

One Web OneWeb (legally Network Access Associates Ltd) is a communications company that aims to build broadband satellite Internet services. The company is headquartered in London, and has offices in Virginia, US and a satellite manufacturing facility ...

, a company developing and fielding a

satellite internet constellation A satellite internet constellation is a constellation of artificial satellites providing satellite internet service. In particular, the term has come to refer to a new generation of very large constellations (sometimes referred to as a megacon ...

to deliver broadband internet services. The total raise was to help build out the operational system following a successful first launch of technology that had been under

development Development or developing may refer to: Arts *Development hell, when a project is stuck in development *Filmmaking, development phase, including finance and budgeting *Development (music), the process thematic material is reshaped * Photograph ...

since 2015.· However, by March 2020 OneWeb found themselves in a cash crunch and was considering bankruptcy court protection during the

coronavirus pandemic The COVID-19 pandemic, also known as the coronavirus pandemic, is an ongoing global pandemic of coronavirus disease 2019 (COVID-19) caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). The novel virus was first identified ...

and market turmoil.https://www.msn.com/en-us/finance/companies/softbank-e2-80-99s-oneweb-to-consider-bankruptcy-as-cash-dwindles/ar-BB11qHHB
/ref>

SEC charges against TV Azteca

References

{{Grupo Salinas Conglomerate companies of Mexico Companies based in Monterrey Companies based in Nuevo León

History

SEC charges against TV Azteca

See also

References