U.S. Markets close in 4 hrs 32 mins
  • S&P 500

    4,164.35
    +1.06 (+0.03%)
     
  • Dow 30

    34,264.50
    -63.29 (-0.18%)
     
  • Nasdaq

    13,471.61
    +92.56 (+0.69%)
     
  • Russell 2000

    2,240.67
    +13.55 (+0.61%)
     
  • Crude Oil

    65.85
    -0.42 (-0.63%)
     
  • Gold

    1,868.10
    +0.50 (+0.03%)
     
  • Silver

    28.30
    +0.02 (+0.07%)
     
  • EUR/USD

    1.2212
    +0.0055 (+0.4518%)
     
  • 10-Yr Bond

    1.6450
    +0.0050 (+0.30%)
     
  • Vix

    19.47
    -0.25 (-1.27%)
     
  • GBP/USD

    1.4192
    +0.0054 (+0.3846%)
     
  • USD/JPY

    108.9370
    -0.2630 (-0.2408%)
     
  • BTC-USD

    43,761.42
    -395.15 (-0.89%)
     
  • CMC Crypto 200

    1,219.23
    -33.92 (-2.71%)
     
  • FTSE 100

    7,040.55
    +7.70 (+0.11%)
     
  • Nikkei 225

    28,406.84
    +582.01 (+2.09%)
     

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

  • Oops!
    Something went wrong.
    Please try again later.
Anusuya Lahiri
·1 min read
  • Oops!
    Something went wrong.
    Please try again later.
  • U.S. Hispanic and Latin American market-focused media company Hemisphere Media Group Inc (NASDAQ: HMTV) acquired 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.

See more from Benzinga

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.