The final approval of the Senate was given after more than a month of discussion in both houses.

The bill now needs to be approved by a majority of the state congresses.

The reform may challenge the empire of the world's richest man, Carlos Slim, whose America Movil company controls two-thirds of the phone market.

It is also likely to affect the interests of Latin America's biggest television network, Televisa, which has a 70% share of the audience.