Mexican cable provider Megacable to invest $2 billion over 5 years

MEXICO CITY (Reuters) - Mexican pay TV, internet and telephone provider Megacable will invest $2 billion over the next five years to expand its network and grow to new cities, the company said in a release on Thursday.

With the investment, Megacable expects to double its income and core earnings, or EBITDA, between 2025 and 2026, it said.

Megacable has expanded to 11 cities so far this year and aims to hit 15 more by the end of the year, the company said, and hopes to double the number of residences it serves in the next five years.

Megacable said the investment will help it to "continue positioning itself" as one of the largest companies in Mexico and Latin America, though it lags behind competitors America Movil and broadcaster Televisa.

(Reporting by Kylie Madry; Editing by Christopher Cushing)