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Market Overview

Hemisphere Media Acquires Video-on-Demand Service Pantaya For $124M

Hemisphere Media Acquires Video-on-Demand Service Pantaya For $124M
  • U.S. Hispanic and Latin American market-focused media company Hemisphere Media Group Inc (NASDAQ: HMTVacquired the remaining 75% stake of U.S. Hispanic Subscription Video-on-Demand Service Pantaya for $124 million in cash from Lionsgate, gaining full ownership of Pantaya.
  • Pantaya launched in August 2017 via Hemisphere, and Lionsgate joint venture has 0.9 million paying subscribers. The monthly paid subscription service starts from $5.99. The service is accessible through its website, app, and distribution partners like Apple Inc (NASDAQ: AAPL), Amazon.Com Inc (NASDAQ: AMZN), Alphabet Inc's (NASDAQ: GOOGL) (NASDAQ: GOOG) Google, and Roku Inc (NASDAQ: ROKU).
  • Hemisphere plans to boost content investment aiming towards a higher U.S. Hispanic subscriber base as per CEO Alan Sokol.
  • Pantaya, Lionsgate, and STARZPLAY (the international premium subscription service of STARZ) will uphold a strategic content relationship encompassing Spanish-language motion picture and television co-productions along with Pantaya's continued licensing of Spanish-language content from Lionsgate.
  • The acquisition will be financed by cash on hand and a $50 million term loan. The company has also arranged for a $30 million corporate revolving credit facility.
  • Hemisphere held $134.5 million in cash and cash equivalents as of Dec. 31, 2020.
  • Price action: HMTV shares traded higher by 8.76% at $12.67 on the last check Thursday.

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Posted-In: video-on-demandM&A News Small Cap Tech Media

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