Alan Sokol, CEO of Hemisphere
Hemisphere Media Group, Inc. announced this Thursday that Hemisphere Media Holdings, LLC, its indirect wholly-owned subsidiary, has entered into a definitive agreement to acquire three Spanish-language cable television networks from Media World, LLC, a company fully owned by Imagina US, for approximately US$102.2 million in cash, subject to certain post-closing adjustments. The networks are Pasiones, Centroamérica TV and TV Dominicana.The acquisition is structured as an asset purchase and is expected to be funded with cash on hand. The transaction is expected to close in the first quarter of 2014.This transaction will strengthen and expand Hemisphere’s portfolio with the addition of three market-leading and highly complementary cable networks which target distinct and underserved audiences and build on the Company’s commitment to provide unique programming focused on the U.S. Hispanic market. “We are thrilled to be bringing Pasiones, Centroamérica TV and TV Dominicana to our world-class portfolio. These networks target valuable, growing and underserved segments of the Hispanic audience. With this acquisition, Hemisphere will own five leading U.S. Hispanic cable networks, two Latin American cable networks, and WAPA-TV, the #1 network in Puerto Rico, expanding our leadership position in Hispanic television. We believe that we can add significant value to these channels through improved programming, marketing and distribution efforts, and these networks will expand our commercial inventory and cross-selling opportunities in the U.S. and augment our Latin American offerings,” stated Alan Sokol, CEO of Hemisphere.Together, these assets present significant long-range opportunities for Hemisphere, and are expected to have generated approximately US$12.2 million of EBITDA in 2013, resulting in an effective purchase price multiple of 8.4 times.
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