Manuel Abud, president and Chief Executive Officer of Azteca America, will remain at the helm of the network
TV Azteca announced that in line with the company’s firm strategic purpose, it has sold Azteca America to HC2 Network Inc., a subsidiary of HC2 Holdings, Inc. (“HC2”) (NYSE: HCHC), a diversified holding company based in New York City.
“Last year, we announced the reinvention of TV Azteca that centers our strategic purpose on solid core operations in Mexico and on maximizing our profitability abroad. As a global industry leader in the production and distribution of world-class Spanish-language content, we doubled down on our commitment to deliver the most relevant, high-quality content to audiences outside of Mexico, in particular, in the United States. This transaction is a natural progression to our new value-driven vision and we look forward to partnering with HC2 Network and Azteca America on future content collaborations,” said Benjamin Salinas, Chief Executive Officer of TV Azteca.
Through this transaction, HC2 Network acquired Azteca America, some rights on part of its programming inventory, marketing, advertising sales, assets finance, and operations. The transaction also includes a seven-year programming and services agreement that will allow HC2 Network to have access, under certain rules, to TV Azteca’s library and programming in Mexico, including top entertainment shows, talk shows, reality programs, network and local news, as well as telenovelas and other scripted series.
“Our licensing agreement with TV Azteca will enable our larger broadcast network to bring compelling Spanish-language programming to even more of the large, growing and underserved Spanish-speaking population in the U.S.,” said Philip Falcone, HC2’s Chairman, president, and Chief Executive Officer.
Manuel Abud, president and Chief Executive Officer of Azteca America, who will remain at the helm of the network, said, “I would like to acknowledge Benjamín Salinas and the entire TV Azteca team in Mexico for their support over the past few years. We look forward to collaborating on stellar content initiatives in the future.”
“This new path forward will place us in an advantageous position to leverage our strengths and our expertise to meet the ever-changing demands of the marketplace and further solidify Azteca America as an industry leader in premium Spanish-language content,” added Abud.
Manuel Abud named president and Chief Executive Officer of Azteca America
