MEXICO CITY – One of Mexico’s largest television networks has entered voluntary bankruptcy proceedings after company shareholders gave their approval Thursday for the financial restructuring process.
TV Azteca, owned by prominent Mexican businessman Ricardo Salinas Pliego, cited several reasons for seeking bankruptcy protection, including a recent settlement of almost $2 billion in overdue taxes paid to Mexican tax authorities, challenging negotiations with overseas lenders, COVID-19 pandemic effects, and government licensing fees from 2018.
The broadcasting giant also referenced major shifts occurring throughout the television sector, particularly changes affecting advertising revenue streams. TV Azteca ranks among Mexico’s top-rated television networks.
Company CEO Rafael Rodriguez explained the decision in an official statement: “This is a last‑resort tool aimed at preserving the value of the company, ensuring the continuity of its operations, and facilitating the orderly fulfillment of its obligations without interrupting its functioning.”
The network’s stock has been halted from trading on Mexico’s stock market since 2023 after the company missed deadlines for submitting required financial reports.
Owner Salinas, known for his conservative political views, has engaged in public disputes with Mexico’s left-leaning President Claudia Sheinbaum and her administration throughout the past year during an ongoing conflict regarding his unpaid taxes. President Sheinbaum has repeatedly labeled Salinas as someone who avoids paying taxes, while he has characterized the government’s actions as extortion.
The current administration had issued warnings about potentially confiscating company property and canceling broadcasting permits if Salinas refused to settle his tax obligations. President Sheinbaum has launched an intensive campaign to boost tax collections to support her expanded social welfare initiatives.
In January, Salinas’ business empire Grupo Salinas announced it would pay 32 billion Mexican pesos (equivalent to $1.86 billion) to resolve two decades of tax disagreements with Mexican officials. Previously, President Sheinbaum had stated his businesses owed more than $4 billion in back taxes.
