InterMedia Partners is creating a new Spanish language media company – Hemisphere Media Group in a deal valued at about $400 million.
The newly formed company will be the result of a merger of InterMedia Partners’ Hispanic network holdings, which include Cine Latino, Spanish-language cable network WAPA America and broadcaster WAPA TV, with the publicly traded shell corporation Azteca Acquisition Corp. (not associated with Mexico’s Azteca broadcasting group.)
Former Telemundo COO Alan Sokol will be the CEO.
According to Multichannel News, the deal is expected to close by April 6. InterMedia will own 73% of Hemisphere and Azteca shareholders will hold the remaining 27%.
Azteca will contribute $100 million in cash assets to the deal. The InterMedia assets are valued at about $300 million.
