Grupo Salinas

Grupo Salinas is a corporate conglomerate formed in 2001 by several Mexican companies.[1][2] The group consists of:

  • TV Azteca - television and radio network
  • Grupo Elektra - products include finance, home appliances, consumer electronics, furniture, motorcycles, mobile phones, computers and extended warranties
  • Mazatlán F.C.- football club
  • Telecosmo internet service provider

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.

In 1950, Grupo Elektra 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.

In 1993, Grupo Elektra bought the Imevisión government television network and renamed it TV Azteca. TV Azteca created an initial public offering in 1997 on the Mexican and New York stock exchanges.[3] In 2012, Grupo Elektra, a wholly owned subsidiary of Grupo Salinas, acquired payday lender Advance America for an estimated $780 million USD.[4]

In 2003, Grupo Salinas purchased the telecommunications company Iusacell and the mobile phone company Unefón. Iusacell was sold to AT&T in 2014, and rebranded as AT&T Mexico. Unefón was also sold to AT&T Mexico.

In March 2019, Grupo Salinas made an investment of an undisclosed amount in One Web, a company developing and fielding a satellite internet constellation to deliver broadband internet services. The total raise was US$1.25 billion to help build out the operational system following a successful first launch of technology[5] that had been under development since 2015.[6]·[7] However, by March 2020 OneWeb found themselves in a cash crunch and was considering bankruptcy court protection during the coronavirus pandemic and market turmoil.[8][9]

SEC charges against TV Azteca
Main article: TV Azteca § Disputes and controversies

See also

References
  1. Grosse, Robert; Mesquita, Luiz F. (2007). Can Latin American Firms Compete?. Oxford University Press. pp. 388 ff. ISBN 9780191607943.
  2. Pitt, Martyn R.; Koufopoulos, Dimitrios (2012). Essentials of Strategic Management. SAGE. p. 284. ISBN 9781446290774.
  3. The New York Times, Offering Scheduled in Equity and Debt Offerings This Week, Monday, August 11, 1997
  4. Grupo Elektra to Acquire Advance America for $10.50 Per Share
  5. "OneWeb Raises Fresh $1.25 Billion for Internet System From Space". Bloomberg News. 18 March 2019. Retrieved 21 March 2020.
  6. Winkler, Rolfe (2015-01-14). "Greg Wyler's OneWeb Satellite-Internet Company Secures Funding". Wall Street Journal. Archived from the original on 2015-01-15. Retrieved 2015-01-15.
  7. de Selding, Peter B. (15 January 2015). "Virgin, Qualcomm Invest in OneWeb Satellite Internet Venture". SpaceNews. Retrieved 16 January 2015.
  8. "SoftBank's OneWeb Is Said to Mull Bankruptcy as Cash Dwindles". Bloomberg Law News. 19 March 2020. Retrieved 20 March 2020.
  9. https://www.msn.com/en-us/finance/companies/softbank-e2-80-99s-oneweb-to-consider-bankruptcy-as-cash-dwindles/ar-BB11qHHB
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