Mexico City – A Mexican court has denied billionaire Carlos Slim’s bid to enter the television market, according to Reuters. 

Slim, who controls virtually all of Mexico’s mobile and home phone lines, has been pushing for years to get control of sectors of the country’s broadcasting, which are currently controlled by giants Televisa and TV Azteca, said Reuters.

The Reuters report said that Slim’s phone company Telmex will have to reapply from scratch for a TV licence, pushing the decision back for months and possibly years.

Mexicans overpay billions for phone and internet services that are dominated by Slim, the world’s richest man, according to a report earlier this year from the Organisation for Economic Co-Operation and Development, said Reuters, adding that Telmex has rejected the findings of the report.