Hemisphere Media Group Inc. (Nasdaq: HMTV) is buying three Spanish-language cable television networks for $102.2 million.
The stations include: Pasiones, a channel that broadcasts telenovelas; Centroamerica TV, which airs news, entertainment programming and soccer; and TV Dominicana, a network targeted at Dominicans living in the U.S. and broadcasting news and sports from the Dominican Republic. Media World LLC, a subsidiary of Imagina US, a content and service provider in the Hispanic media market, is selling the channels.
Miami-based Hemisphere plans to improve programming, marketing and distribution to expand the channels. The buyer is making the acquisition through wholly owned subsidiary Hemisphere Media Holdings LLC. Hemisphere already owns Wapa Television, a Puerto Rico-based broadcasting station, and Cine Latino Inc., a Spanish-language movie channel.
Hemisphere was created in January when InterMedia Partners LP merged its Spanish-language media properties with some of private equity firm Brener International LLC’s media holdings.
Paul Weiss Rifkind Wharton & Garrison LLP served as Hemisphere’s legal counsel. Rothschild acted as Media World’s financial adviser, while Kirkland & Ellis LLP provided legal advice.