Grupo Televisa is nearing a deal to acquire AT&T's Mexican unit.

As reported by El Economista last week, the Mexican media group is pushing to finalize a deal through its Izzi telecoms arm, with negotiations in its final stages.

It follows reports earlier over the summer that the US carrier was looking to sell its Mexican subsidiary, as the company has struggled to capture market share.

Financial terms of the potential deal were not reported, though Bloomberg previously reported in August that AT&T was aiming to generate $2 billion from the sale.

“Grupo Televisa and the Cerberus fund are indeed participating in a purchase agreement with AT&T,” said a source close to the government. “They have spoken with several companies, and talks with AT&T are ongoing; it may or may not go through, anything is possible these days,” said another source closely following the case.

The potential deal would combine AT&T Mexico's 24 million mobile customers with Televisa's existing 20 million fixed customers served by Izzi.

Televisa also owns Sky México, plus local cable companies and an infrastructure arm like Bestel, with more than 70,000 kilometers (43,496 miles) of fiber optic networks covering the entire country.

AT&T entered the market back in 2014 after acquiring Grupo Iusacell SA for $2.5bn, before snapping up the Mexican business of NII Holdings a year later for $1.9bn.

Ironically, Televisa had acquired a 50 percent stake in mobile operator Iusacell in 2012, before it was bought out by its co-owner Grupo Salinas, which then sold the entire unit to AT&T.

Despite AT&T's decade-long pursuit into the Mexican market, the carrier's market share in the country is around 18 percent, which is significantly behind Telcel, which commands around 64 percent.