Grupo Salinas
Mexican corporate conglomerate with businesses in retail, consumer finance, television, telecommunications, and mobility.
Last updated August 21, 2026
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Overview
Grupo Salinas is a Mexican corporate conglomerate established in 2001 to bring together several businesses associated with the Salinas corporate group. Its principal operating companies have included TV Azteca, Grupo Elektra, Telecosmo, and Italika. The businesses operate with separate management structures and boards, while sharing a broader corporate association under the Grupo Salinas identity. The group’s historical roots reach back to Salinas y Rocha, a Monterrey store founded in 1906 by Benjamín Ricardo Salinas Westrup and Joel Rocha. Grupo Elektra developed from this retail tradition. It began in 1950 as a manufacturer of radios, expanded into television production in the early 1950s, and moved into direct consumer sales in 1954. Retail credit became part of its commercial model in 1957. The business expanded from a regional chain into a national retailer and was listed on the Mexican Stock Exchange in 1993. Television became another major pillar of the group in the 1990s. In 1993, Grupo Elektra acquired the Mexican government television network Imevisión and relaunched it as TV Azteca. TV Azteca subsequently completed a public offering in 1997 on the Mexican and New York stock exchanges. The network became a significant competitor in Mexican broadcast television and broadened Grupo Salinas’s exposure beyond retail and finance. The group also expanded into telecommunications. In 2003, it acquired Iusacell and the mobile operator Unefón. These telecommunications assets were later sold to AT&T in 2014 and became part of the AT&T Mexico business, ending Grupo Salinas’s direct ownership of those operations. Grupo Elektra’s financial-services expansion included the 2012 acquisition of Advance America, a United States payday-lending company. The transaction was reported at an estimated value of approximately US$780 million. In 2019, Grupo Salinas invested an undisclosed amount in OneWeb, a satellite-internet venture. The investment formed part of OneWeb’s US$1.25 billion financing intended to support construction and deployment of its broadband satellite constellation. Through its associated companies, Grupo Salinas has operated across consumer retail, lending and financial services, broadcasting, telecommunications, satellite connectivity investment, and motorcycle manufacturing and distribution. The group’s structure is therefore best understood as a portfolio of independently managed companies rather than as a single consumer-facing product brand. Its public profile has also been affected by regulatory and legal issues involving TV Azteca, including proceedings referenced in connection with the United States Securities and Exchange Commission.
History
Grupo Salinas’s origins are connected to Salinas y Rocha, a Monterrey retail business established in 1906 by Benjamín Ricardo Salinas Westrup and Joel Rocha. The company formed part of the commercial foundation from which later Salinas-affiliated businesses developed. Grupo Elektra began in 1950 as a radio-manufacturing operation. It expanded into television-set production two years later and had grown to approximately 70 employees at that stage. In 1954, the company began selling products directly to consumers. Its retail model later incorporated credit programs in 1957, linking merchandise sales with consumer financing. Elektra expanded from a regional chain of 12 stores in 1968 to 59 stores by 1987. The company became publicly listed on the Bolsa Mexicana de Valores in 1993. Also in 1993, Grupo Elektra acquired Imevisión, the Mexican government television network. The network was renamed TV Azteca and became the group’s principal broadcasting business. TV Azteca later undertook an initial public offering in 1997 on both the Mexican and New York stock exchanges. The acquisition marked a major shift from a primarily retail and finance-oriented business into national media. The corporate conglomerate known as Grupo Salinas was formed in 2001. Its portfolio brought together companies operating in different industries, including TV Azteca, Grupo Elektra, Telecosmo, and Italika. These companies retained their own management and boards, making the group a coordinating corporate umbrella rather than a unified operating company. Telecommunications became an important part of the portfolio when Grupo Salinas acquired Iusacell and Unefón in 2003. Iusacell was a telecommunications company, while Unefón operated as a mobile-phone business. Both assets were sold to AT&T in 2014 and subsequently became associated with AT&T Mexico. The group continued to broaden its financial-services footprint. In 2012, Grupo Elektra acquired Advance America, a United States payday lender, in a transaction reported at an estimated value of US$780 million. The acquisition extended the group’s consumer-finance activities into the United States. In March 2019, Grupo Salinas invested an undisclosed amount in OneWeb, which was developing a satellite constellation intended to provide broadband internet access. OneWeb’s financing round raised US$1.25 billion to support the construction and deployment of its operating system after earlier technological development and launch work. Grupo Salinas has consequently developed as a diversified Mexican conglomerate with activities spanning retail, consumer lending, broadcasting, telecommunications, motorcycles, and investments in connectivity infrastructure. Its history also includes regulatory and legal scrutiny related to TV Azteca. The available reference material mentions SEC charges but does not provide sufficient detail to summarize the allegations or their resolution reliably.
- 2019
Investment in OneWeb
[1]Grupo Salinas invested an undisclosed amount in OneWeb’s US$1.25 billion financing round.
- 2014
Iusacell and Unefón are sold to AT&T
[1]The group sold its telecommunications assets Iusacell and Unefón to AT&T.
- 2012
Advance America acquisition
[1]Grupo Elektra acquired United States payday lender Advance America in a transaction reported at an estimated US$780 million.
- 2003
Telecommunications acquisitions
[1]Grupo Salinas acquired Iusacell and Unefón.
- 2001
Grupo Salinas is formed
[1]The conglomerate was established by bringing several Mexican businesses under the Grupo Salinas umbrella.
- 1997
TV Azteca goes public
[1]TV Azteca completed an initial public offering on the Mexican and New York stock exchanges.
- 1993
Elektra is listed and Imevisión is acquired
[1]Grupo Elektra was listed on the Mexican Stock Exchange, while its acquisition of Imevisión created the TV Azteca network.
- 1957
Retail credit is introduced
[1]Elektra incorporated credit programs into its retail operations.
- 1954
Elektra enters direct consumer sales
[1]The company began selling its products directly to consumers.
- 1952
Elektra expands into television production
[1]Elektra added television-set manufacturing and expanded its workforce.
Products and positioning
A diversified Mexican business group combining mass-market retail, consumer finance, media, telecommunications, and mobility businesses.
Retail and consumer finance · 1950
Grupo Elektra
Grupo Elektra is the group’s retail and financial-services business. Its historical operations developed from radio and television manufacturing into direct-to-consumer retail. The company sells consumer goods and has used installment credit as a central part of its commercial model. It was listed on the Mexican Stock Exchange in 1993 and later expanded its financial-services activities through the acquisition of Advance America.
Broadcast television · 1993
TV Azteca
TV Azteca is a Mexican television network created after Grupo Elektra acquired the government-owned Imevisión network in 1993 and renamed it. The broadcaster became a major Grupo Salinas media asset and completed a public offering in 1997 on Mexican and New York exchanges.
Telecommunications · 2003
Iusacell and Unefón
Iusacell and Unefón were telecommunications businesses acquired by Grupo Salinas in 2003. The assets represented the group’s principal mobile and telecommunications expansion before being sold to AT&T in 2014.
Motorcycles and mobility
Italika
Italika is a motorcycle business included among the companies associated with Grupo Salinas. The available reference material identifies the company as part of the group but does not provide further reliable detail on its model range or operating history.
Telecommunications and connectivity
Telecosmo
Telecosmo is identified as one of the companies comprising Grupo Salinas. The supplied reference material does not provide sufficient detail to describe its specific products or market activities beyond its association with telecommunications and connectivity.
Controversies
Brand decisions
2019
Investment in OneWebStrategyBackground
Grupo Salinas sought exposure to satellite broadband infrastructure and next-generation connectivity.
Action taken
The group invested an undisclosed amount in OneWeb during its US$1.25 billion financing round.
Aftermath
The investment supported OneWeb’s planned satellite constellation and broadband-internet system, although the group’s specific continuing role is not detailed in the reference material.
OneWeb financing round. US$1.25 billion raised by OneWeb (March 2019)
2014
Sale of Iusacell and Unefón to AT&TM&ABackground
Grupo Salinas exited its direct telecommunications and mobile-phone holdings.
Action taken
The group sold Iusacell and Unefón to AT&T.
Aftermath
The assets became part of the AT&T Mexico business.
2012
Acquisition of Advance AmericaM&ABackground
Grupo Elektra pursued expansion of its consumer-finance activities into the United States.
Action taken
Grupo Elektra acquired payday lender Advance America.
Aftermath
The transaction expanded the group’s financial-services footprint beyond Mexico.
Reported estimated transaction value. Approximately US$780 million (2012)
2003
Acquisition of Iusacell and UnefónM&ABackground
Grupo Salinas sought to expand its portfolio into telecommunications and mobile services.
Action taken
The group acquired Iusacell and Unefón.
Aftermath
The telecommunications businesses were later sold to AT&T in 2014.
1993
Acquisition of ImevisiónM&ABackground
Grupo Elektra expanded from retail and finance into broadcasting by acquiring Mexico’s government television network, Imevisión.
Action taken
The network was acquired and relaunched under the TV Azteca name.
Aftermath
TV Azteca became a major media company within the Grupo Salinas portfolio and later completed a public offering.
Sources1 sources
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