InterMedia Partners LP is merging its Spanish-language media properties with a new company that is backed by Brener International LLC, a private equity firm based in Beverly Hills, Calif.
Spanish-language movie channel Cine Latino, which Intermedia acquired a 50 percent stake of in 2007 from Grupo MVS, will be folded into InterMedia Español Holdings LLC, and subsequently combined with Brener’s Azteca Acquisition Corp. in a deal valued at $400 million.
Intermedia Español owns Wapa America, a U.S. Spanish-language cable network, and Wapa TV, a broadcast television network in Puerto Rico.
Azteca is a special purpose acquisition company that raised roughly $100 million in its initial public offering in July 2011.
The new company will be based in Miami and do business as Hemisphere Media Group Inc. It will be a publicly traded U.S. Hispanic television network and content platform.
Deutsche Bank Securities Inc. and Maxim Group LLC are acting as capital markets and financial advisers to Azteca. Morgan Stanley & Co. LLC is InterMedia’s financial adviser. Greenberg Traurig LLP is Azteca’s legal counsel, while Paul Weiss Rifkind Wharton & Garrison LLP is InterMedia’s legal counsel.