Children were among those killed in the train crash, the mayor said.

told reporters early Tuesday. “There has to be a deep investigation, and whoever is responsible has to be held responsible.”

In the meantime, she said, Line 12 would remain closed as the authorities investigate the cause of the accident. Mexico City Metro advised people to avoid the area.

Ms. Sheinbaum did not rule out the possibility of further incidents on the damaged train line, and said that the avenue that runs below the line would be shut down during an investigation.

Marcelo Ebrard, Mexico’s foreign minister, called the crash a “terrible tragedy” in a Twitter post late Monday. “Of course, the causes should be investigated and the responsibilities for it defined.”

Mr. Ebard was mayor of Mexico City from 2006 to 2012, when the new line was constructed, and accusations of poor construction and planning emerged almost as soon as it was opened. The line was closed briefly in 2013 for repairs.

Hundreds of police officers and firefighters cordoned off the scene on Tuesday morning as relatives and friends of people believed to have been on the train gathered outside the security perimeter to seek information.

Mayor Sheinbaum said that at least one person trapped in a car in the mountain of rubble had been pulled out alive and taken to the hospital.

Mexican rescue personnel removing a victim’s body from the train wreck.
Credit…Marco Ugarte/Associated Press

Hours after the collapse, rescue workers were still scrambling early Tuesday to free people trapped inside the tangle of crushed metal and collapsed concrete, which was all that still stood at the site where the train overpass had crumbled.

Dozens searched carefully among the debris, some using metal ladders to climb through the windows of the train cars to pull people to safety. A number of people were taken from the scene on stretchers as the police, emergency workers and some volunteers worked through the night. The rescues had been halted briefly around midnight as the train dangled precariously, but were restarted after it was secured.

A tearful mother, identified only as Elísabet, told the television channel Azteca Noticias that she was searching for her 13 year-old son, who had been out with others in the city center and was on the metro, about to come home. “I spoke five minutes ago with him,” she said between sobs. “He said that he was about to arrive.” She begged the authorities to “give me back my son.”

After the crash, dozens of relatives crowded around the crash site, voicing their frustration to local reporters about not being able to get closer and help get their loved ones out of the debris.

Immediately after the crash, a video showed members of the community, many wearing masks because of the coronavirus pandemic, assisting the injured. Three men could be seen carrying another young man away from the site of the wreckage. Another man hobbled from the scene, bracing himself on another man’s arm.

Others handed out water and baby wipes to help clean the faces of those who had rushed into help.

Shortly before 2 a.m., the Brigada de Rescate Topos Tlaltelolco said that at least five people remained trapped and that search and rescue workers were using a 200-ton crane to assist their efforts. But a short time later, government’s civil protection authorities indicated that there were no longer people trapped in the rubble.

Images from the scene showed the crane lifting one of the subway cars slightly from the collapsed roadway below to allow emergency workers to continue searching for anyone who was injured or trapped.

Speaking from the scene, Mayor Claudia Sheinbaum said that one person had been pulled from a car trapped on the roadway below the collapsed rail line. At least 70 injured people had been taken to the hospital.

Concerns about the structural integrity of the stretch of tracks where Monday’s accident occurred had been raised since a strong earthquake struck Mexico in 2017.
Credit…Pedro Pardo/Agence France-Presse — Getty Images

The subway system in Mexico City, the country’s sprawling capital, handles more than four million passengers a day and is the second-largest in the Americas, after New York City’s. And when it was inaugurated in 1969, decorated with Aztec artifacts and Maya-style friezes, it was the pride of a nation.

But in recent years it has become a symbol of urban decay.

There was concern over the integrity of the elevated tracks and support columns on the stretch of tracks where Monday’s accident occurred after a powerful earthquake hit Mexico in September 2017.

The elevated infrastructure on the subway line — known as Line 12, or the Golden Line — was damaged, El Universal newspaper reported.

Later that month, some local residents told El Universal that they feared that the damaged infrastructure might collapse. The newspaper reported at the time that a column between the Olivos and Nopalera stations had suffered structural damage. It also reported that engineers were to conduct an ultrasound survey of the reinforcing steel in 300 columns along Line 12’s elevated portion.

It was not immediately clear what work had been done to address the safety concerns. But there has been a broad decline of the system in recent years.

The Golden Line, where Monday’s accident occurred, was opened in 2012 and is the newest in the system. Yet from the outset, it has been beset by problems.

Trains running over elevated parts of the track had to slow down for fear they may derail. And just 17 months after the $2 billion line was inaugurated, the city suspended service on a large part of it.

Service was later restored, but concerns about the system as a whole have grown.

Last month, one of the capital’s 12 subway lines shut down after a track fire. And in January, a fire ripped through the metro’s downtown headquarters, killing a police officer and sending 30 others to hospital with smoke inhalation. Six subway lines were temporarily knocked offline.

Opposition parties blamed a lack of maintenance for the inferno, and the conservative National Action Party filed a criminal complaint against Mayor Claudia Sheinbaum and the head of the Mexico City subway.

In March 2020, one person was killed and at least 41 others were injured when two subway trains collided in Mexico City. Ms. Sheinbaum said at the time that one of the trains had apparently backed into the other. Video of the wreckage showed that the force of the collision had left one of the trains stuck on top of the other, according to Reuters.

The next month at the Misterios station, a railway coupler — a mechanism used for joining train cars — fractured en route to its destination. Although that incident resulted in no deaths, workers asked for more safety measures, El Universal reported.

Another derailment in 2018 sent shock waves through a suburb of Mexico City. A train carrying cargo ran off the tracks, and one of its cars crashed into a house, killing five people.

The most recent serious accident occurred in 2015, when a collision between two trains left 12 people dead. In 1975, another train collision at the Viaducto station killed 31 people and left more than 70 injured, according to El Universal.

An eight-second video that captured the moment of collapse showed moderate traffic flowing on either side of the suspended bridge when suddenly it cracked and buckled in a burst of concrete and sparks, falling between the lanes of cars.

Another video taken a few minutes later showed a handful of police officers and volunteers using construction ladders set up against the side of the train to help people down — including several who were hobbling and nearly unable to walk.

Emergency workers moving an injured person on a stretcher.
Credit…Pedro Pardo/Agence France-Presse — Getty Images

The crash was so sudden, witnesses said, that there was hardly time to scream.

One moment, passengers were zipping along an elevated stretch of track on Mexico City’s Golden Line, and then the ground fell out from beneath them.

“It happened really suddenly,” one woman told the Mexican newspaper El Universal. “I fell into everyone else. Everyone fell into everyone.”

Surveillance footage showed the moment the overpass collapsed directly onto the street, sending the train plunging to the ground in a cloud of dust and debris.

“I heard an explosion — we thought it was a stationary gas tank,” one resident, Eduardo García, told Univision Noticias, a Spanish-language media outlet, adding that he had been playing soccer at the time. Mr. García said he had immediately begun running, before seeing several ambulances.

Enrique Bonilla, 57, who was on the train at the time of the crash, told the television network Televisa that he had felt a sudden movement and heard a loud sound as the bridge was collapsing. He said that people had fallen on top of one another, and that he had vomited. Mr. Bonilla was able to grab onto a pole and, afterward, to escape through a broken window, he said, sitting on the ground after the crash.

It was all over in seconds, Mr. Bonilla added. “Thank god I came out alive.”

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Coinbase Could Lead a Crypto Charge Into Public Markets

The answer, in short, is as big as a financier can dream. This week, a blank-check firm that raised $500 million in its I.P.O. got $4 billion in additional funding from private investors to merge with Grab in a deal worth $40 billion. That’s a difference of nearly 8,000 percent between the cash in the SPAC and the value of the company that will take over its listing. It’s the largest ratio on record, according to data from SPAC Research.

The size of a SPAC is only loosely related to that of the target it seeks. Additional funding these companies arrange alongside a merger allows them to take on bigger targets, and the bigger the target, the less dilutive the SPAC sponsor’s stake in the combined entity, making it more attractive to other shareholders. So far this year, the value of announced SPAC mergers has been more than 800 percent larger, on average, than the cash in the SPACs; that’s up from roughly 600 percent last year and 400 percent in 2019.

  • More than 400 SPACs now seeking acquisitions are together sitting on $140 billion, so applying the current ratio implies a potential deal value of $1.3 trillion, roughly the value of all M.&A. deals in the U.S. last year. (Using Grab’s outsize ratio, it would be a whopping $11 trillion.)

Jon Kelly, a former Vanity Fair editor, plans to launch a new media company with an unusual business model, Ed Lee and DealBook’s Lauren Hirsch report for The Times. The venture has raised about $7 million from investors, including the private equity firm TPG. Notably, it will pay its yet-to-be-named writers a portion of the subscription fees they personally generate, creating a compromise between the dominant business models of old and new media companies.

Upstart media brands are betting on star power to drive subscriptions. Mr. Kelly’s new venture, which may be called Puck, the name of an American humor magazine of the late 1800s and early 1900s, plans to use its revenue-sharing model to attract big-name writers. The push to “monetize individuality” has attracted increasingly high-profile figures to new platforms: Substack offers lucrative contracts to select writers who use it to launch newsletters.

Established companies rely more on prestige, breadth and experience. The largest media companies lean on their brands to attract both talent and subscribers.

It gets murky in the middle. Digital media players like BuzzFeed, Vice, Vox Media and Group Nine rely more on ads than subscriptions, and they’ve stumbled as the pandemic has ravaged that industry. In an increasingly crowded, differentiated field, they’re trying to bulk up via mergers or go public to raise funds and satisfy early investors.

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Televisa will sell its content and media business to Univision.

More than a decade ago, Grupo Televisa of Mexico and Univision of the United States, giants in the world of Spanish-language media, set aside years of hostility to strike an alliance. Now, the two companies are deepening their bonds to better compete in the streaming era.

Televisa agreed on Tuesday to sell its media, content and production assets to Univision for $4.8 billion. The deal includes SoftBank and Google as financial backers.

It is the latest evolution in the ties between Televisa and Univision, whose relationship has been strained at times: They battled in court over Televisa’s attempt to end a 25-year contract with Univision to make telenovelas, crucial programming for the Spanish-language market, settling just before Televisa’s chairman was set to testify.

The two have grown closer in recent years, beginning with a licensing deal in 2010. Televisa, which produces much of the programming that airs on Univision, owns just over a third of the company.

Together, the two companies dominate the Spanish-language broadcast markets in the United States and Mexico. Their traditional business has held up, with Univision’s ratings rising last year, but executives said they believed that creating a dominant streaming service was the future.

There is room for growth: Executives of both companies estimate that just 10 percent of the 600 million viewers in the Spanish-language media market use an online video service, compared with 70 percent of the English-speaking population.

But competing with services like Netflix required much bigger scale, prompting the two companies to consolidate further. The new business, to be called Televisa-Univision, will have an enormous content library — Televisa produced 86,000 hours of programming last year — broadcast and pay-TV channels and stations and a movie studio. The new business will also control the two companies’ online video services, PrendeTV and Blim.

“We had to gain scale and unify the media rights to compete against the giants,” Bernardo Gómez Martínez, one of Televisa’s co-chief executives, said in an interview.

The executives said that beyond the sheer amount of resources Televisa-Univision will have, the new company also has an advantage that others like Netflix do not: a foundation in the Spanish-language market.

“Those companies are first and foremost English-language companies,” said Wade Davis, Univision’s chief executive. “At the core of it, their core offering is not Spanish language first.”

As part of the deal, Univision and Televisa are bringing in $1 billion in new investment to their venture. Among the investors are SoftBank’s Latin America Fund, Google and the investment firm Raine Group.

The transaction is expected to close by the end of the year, pending approval by regulators in the United States and Mexico and by Televisa’s shareholders.

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