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March 20, 2014 AT 3:23 AM
A senior lawmaker said Wednesday that Mexico will send legislation to Congress this week to flesh out a reform that seeks to curb the power of telecoms mogul Carlos Slim and the country's top broadcaster, Televisa. Slim and Televisa have dominated their industries in Mexico for years, and one aim of the shake-up is to cut their share of the market to below 50 percent. Slim became one of the world's richest men after taking control of Mexico's former state telephone monopoly at the start of the 1990s. Today he controls around 80 percent of the local fixed-line business and about 70 percent of the mobile sector.