Hemisphere Media Group, Inc. (OTCBB: HMTVA, HMTVW)
("Hemisphere") today announced the completion of a series of
mergers in which it became the new parent company of Cine Latino,
Inc. (“Cinelatino”), InterMedia Español Holdings, LLC (“WAPA”) --
which includes WAPA America and WAPA TV -- and Azteca Acquisition
Corporation (“Azteca”) following the receipt of stockholder
approval at Azteca’s Special Meeting of Stockholders and
warrantholder approval at Azteca’s Special Meeting of
Warrantholders held today.
Alan J. Sokol, CEO of Hemisphere, said, “Hemisphere represents
the only pure-play Hispanic TV/cable network business, and is
strongly positioned to benefit from the tremendous growth of the
Hispanic market. We look forward to the continued development of
these premier Spanish-language assets.”
Hemisphere includes:
- Cinelatino, the #1 U.S.
Spanish-language cable movie network, with approximately 12 million
subscribers across the U.S., Latin America and Canada. Cinelatino
boasts the largest library of current Spanish-language box office
hits and critical favorites;
- WAPA America, the leading U.S.
Spanish-language cable network targeting Puerto Ricans and other
Caribbean Hispanics living in the U.S, with over 5 million
subscribers; and
- WAPA TV, the #1 broadcast television
network and content producer in Puerto Rico, with state-of-the-art
facilities that produce over 60 hours per week of top-rated news
and entertainment programming.
Effective tomorrow, April 5, shares of Hemisphere Class A
common stock and warrants to purchase Class A common stock will
trade on the Over-the-Counter Bulletin Board quotation system
("OTCBB") under the symbols "HMTVA” and “HMTVW,” respectively.
Hemisphere has applied to list its shares of Class A common stock
on The Nasdaq Stock Market ("NASDAQ"). NASDAQ has
informed Hemisphere it has not yet satisfied the requisite round
lot holder requirement necessary for listing on NASDAQ, but
Hemisphere believes it will be able to satisfy the round lot holder
requirement promptly following the closing.
About Hemisphere Media Group, Inc.
Hemisphere Media Group (OTCBB: HMTVA, HMTVW) is the only
publicly traded pure-play U.S. Spanish-language media company
targeting the high growth Hispanic TV/cable networks business.
Hemisphere owns and operates: Cinelatino, the leading
Spanish-language movie channel available in more than 12 million
homes in the U.S., Latin America and Canada; WAPA Television,
Puerto Rico’s leading broadcast station with the highest primetime
and full day ratings in Puerto Rico; and WAPA America, the leading
cable network targeting Puerto Ricans and other Caribbean Hispanics
living in the U.S., with over 5 million U.S. subscribers. More
information is available at www.hemispheretv.com.
About InterMedia Partners
Founded in 1988 by Leo Hindery Jr., InterMedia Partners, LP, the
controlling shareholder of Hemisphere, is premised on the
philosophy that by bringing extensive operating experience to media
private equity, the fund could drive superior returns. Over the
course of its seven funds, InterMedia has invested in cable
television, broadcast television, print, programming, and broadband
opportunities. InterMedia’s Senior Partners have over 50 years of
operating experience and, by making control investments, they are
able to bring that knowledge base to bear on the acquired
assets.
About InterMedia Español Holdings, LLC
WAPA Television, founded in 1954, is Puerto Rico’s leading
broadcast station with the highest primetime and full day ratings
in Puerto Rico. Headquartered in San Juan, WAPA Television is a
full-power, independent station (Ch. 4) with island-wide coverage.
WAPA Television produces the most local entertainment programming
on the Island, and is Puerto Rico’s news leader, offering over 30
hours per week of local news coverage produced by the largest and
most-trusted news network on the island. WAPA America, the
station's U.S. cable network arm, features WAPA Television's news
and entertainment programming and is available in over 5 million
U.S. homes, with carriage on all major cable, satellite and telco
providers. For more information, visit www.wapa.tv, the leading
broadband news and entertainment site for Puerto Ricans.
About Cine Latino, Inc.
Cinelatino is the leading Spanish-language movie channel, with
over 12 million subscribers on major cable, satellite and telco
providers in the United States, Latin America and Canada.
Cinelatino offers the largest selection of contemporary
Spanish-language blockbusters and critically-acclaimed titles from
Mexico, Latin America, Spain and the Caribbean. Cinelatino is
jointly-owned by Cinema Aeropuerto, S.A. de C.V., an indirect,
wholly-owned subsidiary of Grupo MVS, S.A. de C.V., InterMedia
Partners and James McNamara.
About Grupo MVS, S.A. de C.V.
Grupo MVS, S.A. de C.V. (“MVS”), the parent of Cinema
Aeropuerto, S.A. de C.V., Hemisphere’s shareholder, was founded in
1976, and is one of the largest media and telecommunications
conglomerates in Mexico, with a presence in television, radio and
publishing. Through its subsidiaries, MVS operates several cable
channels in Mexico and throughout Latin America. In 2008, MVS
partnered with DISH Network to create DISH Mexico, a satellite
television service in Mexico, with currently over 1.8 million
subscribers.
About Azteca Acquisition Corporation
Azteca Acquisition Corporation was a special purpose acquisition
company which raised approximately $100 million in its initial
public offering in July 2011. Founded by Gabriel Brener and the
team at Brener International Group, Azteca Acquisition Corporation
was formed for the purpose of effecting a merger, capital stock
exchange, asset acquisition, stock purchase, reorganization or
similar business combination with one or more businesses. It
currently has no operating businesses.
Caution Concerning Forward-Looking Statements
This press release may contain certain statements about
Hemisphere, Cinelatino, WAPA and Azteca that are “forward-looking
statements” within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995. The forward-looking statements
contained in this report may include statements about the
anticipated benefits of the Transaction, the anticipated standalone
or combined financial results of Hemisphere, Cinelatino, WAPA and
Azteca and all other statements in this report other than
historical facts. Without limitation, any statements preceded or
followed by or that include the words “targets,” “plans,”
“believes,” “expects,” “intends,” “will,” “likely,” “may,”
“anticipates,” “estimates,” “projects,” “should,” “would,”
“expect,” “positioned,” “strategy,” “future,” or words, phrases or
terms of similar substance or the negative thereof, are
forward-looking statements. These statements are based on the
current expectations of the management of Hemisphere, Azteca,
Cinelatino and WAPA and (as the case may be) and are subject to
uncertainty and changes in circumstance and involve risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied in such forward-looking statements.
In addition, these statements are based on a number of assumptions
that are subject to change. Such risks, uncertainties and
assumptions include: (1) risks relating to any unforeseen
liabilities of Hemisphere, Cinelatino, WAPA and Azteca, (2) future
capital expenditures, expenses, revenues, earnings, synergies,
economic performance, indebtedness, financial condition, losses and
future prospects, businesses and management strategies and the
expansion and growth of the operations of Hemisphere, Cinelatino,
WAPA and Azteca; (3) Hemisphere’s ability to successfully integrate
Cinelatino and WAPA and achieve anticipated synergies; (4) the risk
that disruptions from the transaction will harm Cinelatino’s and
WAPA’s businesses; and (5) Hemisphere’s, Azteca’s, Cinelatino’s,
WAPA’s plans, objectives, expectations and intentions generally.
Forward-looking statements included herein are made as of the date
hereof, and none of Hemisphere, Cinelatino, WAPA or Azteca
undertakes any obligation to update publicly such statements to
reflect subsequent events or circumstances.