InterMedia, Azteca Form Hemisphere Media Group
Deal valued at $400 million
By Mike Farrell, Multichannel News -- Broadcasting & Cable, 1/23/2013 3:36:54 PM
InterMedia Partners VII, headed by cable legend Leo J. Hindery, Jr., will essentially roll its Hispanic networks holdings -- Spanish-language movie network Cinelatino and InterMedia Espanol Holdings (which includes Spanish-language cable network WAPA America and broadcaster WAPA TV) -- with publicly traded shell corporation Azteca Acquisition Corp. The combination will create Hemisphere Media Group, a Miami-based publicly traded pure-play Spanish language media company. Hemisphere will be headed by InterMedia Partner and former Telemundo chief operating officer Alan Sokol as CEO. After the deal is closed, expected by April 6, InterMedia will own 73% of Hemisphere with Azteca shareholders holding the remaining 27%.
"The combination of these two companies creates a powerful new presence in Hispanic media," Sokol said in a statement.
Azteca, a special purpose acquisition corporation, is contributing its $100 million in cash assets to the deal. The InterMedia assets are valued at about $300 million.
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