Foreign investment in radio and television broadcasting is allowed up to 49% equity, subject to a requirement of reciprocity.
"ARTICLE 2.- For the purposes of this Law, it shall be understood as: [...]
II.- Foreign investment:
a) The participation of foreign investors, in any proportion, in the capital stock of Mexican companies;
b) That carried out by Mexican companies with a majority of foreign capital; and
c) The participation of foreign investors in the activities and acts contemplated by this Law.
III.- Foreign investor: to the natural or legal person of a nationality other than Mexican and foreign entities without legal personality;
[...]
ARTICLE 3.- For the purposes of this Law, that made by foreigners in the country with the condition of Permanent Resident stay is equated to Mexican investment, except for that carried out in the activities contemplated in Titles One and Two of this Law.
ARTICLE 4.- Foreign investment may participate in any proportion in the capital stock of Mexican companies, acquire fixed assets, enter new fields of economic activity or manufacture new product lines, open and operate establishments, and expand or relocate existing ones, except for the provisions of this Law.
The rules on the participation of foreign investment in the activities of the financial sector contemplated in this Law shall be applied without prejudice to what is established in the specific laws for those activities.
For purposes of determining the percentage of foreign investment in economic activities subject to maximum participation limits, foreign indirect investment will not be counted, is carried out in such activities through Mexican companies with a majority of Mexican capital, provided that the latter are not controlled by foreign investment.
[...]
ARTICLE 7.- In the economic activities and companies mentioned below, foreign investment may participate in the following percentages: [...]
III.- Up to 49% in: [...]
x) Broadcasting. Within this maximum of foreign investment, the reciprocity that exists in the country in which the investor or economic agent that ultimately controls it, directly or indirectly, is constituted, and [...]
The limits for the participation of foreign investment indicated in this article may not be exceeded directly, or through trusts, agreements, social or statutory agreements, schemes of pyramiding, or any other mechanism that grants control or a participation greater than that established, except for the provisions of Title Five of this Law.[...]" (Foreign Investment Law (27 December 1993), last amended on 15 June 2018, Articles 2, 3, 4 and 7 [google translation])
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"Article 1. This Law is of public order and its purpose is to regulate the use, exploitation and exploitation of the radioelectric spectrum, public telecommunications networks, access to active and passive infrastructure, orbital resources, satellite communication, provision of public telecommunications and broadcasting services of general interest,
[...]
Article 66. A single concession will be required to provide all types of public telecommunications and broadcasting services.
[...]
Article 71. The sole concession referred to in this Law will only be granted to individuals or legal entities of Mexican nationality.
The participation of foreign investment in concession companies will be allowed under the terms of the Constitution and the Foreign Investment Law.
[...]
Article 77. The concessions referred to in this chapter [Chapter III - Concessions on the Radioelectric Spectrum and Orbital Resources] will only be granted to individuals or legal entities of Mexican nationality.
The participation of foreign investment in concession companies will be allowed under the terms of the Decree and the Foreign Investment Law.
When a concession is requested to provide broadcasting services that involves the participation of foreign investment, the prior and favorable opinion of the National Foreign Investment Commission will be required, which will verify compliance with the foreign investment limits established by the Decree and the Law of Foreign investment. Said opinion must be presented by the interested party to the Institute.[...]" (Broadcasting and Telecommunications Law (14 July 2014), last amended on 20 May 2021, Articles 1, 66, 71 and 77 [google translation])
Foreign Investment Law (27 December 1993), last amended on 15 June 2018, Articles 2, 3, 4 and 7
Broadcasting and Telecommunications Law (14 July 2014), last amended on 20 May 2021, Articles 1, 66, 71 and 77
[<a href="http://www.diputados.gob.mx/LeyesBiblio/pdf/44_150618.pdf">Law</a>],[<a href="https://www.diputados.gob.mx/LeyesBiblio/pdf/LFTR.pdf">Law</a>]