Vice President of Mexico's Televisa Media Giant Shot, Killed

Businessman Adolfo Lagos, vice president of mass media giant Televisa and CEO of its telecoms division Izzi, died Sunday after coming under attack by a group of armed men on a highway in central Mexico, near the capital.

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The assault took place on the road to the ancient Teotihuacan pyramids in the State of Mexico, where he was shot as he was biking down the highway. The attackers allegedly opened fire on Lagos after they emerged from the bushes to steal his bicycle, according to El Universal newspaper.

The attorney general's office for the State of Mexico, which surrounds the capital, said it was investigating the homicide.

Lagos was shortly transported to a local hospital in Villa de las Flores, Coacalco, where he was pronounced dead.

Grupo Televisa, meanwhile, has already confirmed the death of the executive and issued a tweet extending condolences to his family.

"Grupo Televisa profoundly laments the death of Izzi Director Adolfo Lagos Espinosa that took place in the State of Mexico. Our condolences to his wife, daughters and family members," the company wrote on Twitter.

Prior to arriving at Televisa, Lagos held senior positions at Bancomer, Serfin – now Santander Mexico – and Banco Santander in Spain.

The death of Lagos, a well-known former banker, is a fresh pain for Televisa, which is struggling with declining ad sales and tough competition from the widespread move to online video.

The company's longtime chief executive will step down next year, the company said last month, and Televisa has also faced U.S. allegations that it was among media companies that paid bribes to secure television rights for soccer matches.

The testimony came during the first trial to emerge from the U.S. investigation of bribery surrounding FIFA, soccer's world governing body.