Hemisphere Media Group Repurchases 2.8 Million Shares from Luxor Capital Group
Hemisphere Media Group, Inc. (NASDAQ:HMTV) ("Hemisphere" or the
"Company"), the only publicly traded pure-play U.S. media company
targeting the high growth Spanish-language television and cable networks
business in the U.S. and Latin America, announced today that it has
entered into an agreement with Luxor Capital Group, LP ("Luxor"), a New
York based investment manager, to repurchase 2.8 million shares of
Hemisphere's Class A common stock at $10.50 per share for $29.4 million,
effective June 8, 2016.
Alan Sokol, President and Chief Executive Officer of Hemisphere, said,
"We believe that our current stock price does not reflect the intrinsic
value of our business and the strong execution against the long-term
growth plan we have in place. This transaction provides an opportunity
to maximize shareholder returns and represents an attractive use of our
strong balance sheet."
The transaction was funded from existing cash balances and repurchased
shares were placed into treasury to be used for general corporate
purposes. In addition, Luxor has agreed to a lock-up of six months with
respect to its remaining shares of Hemisphere stock.
About Hemisphere Media Group, Inc.
Hemisphere Media Group, Inc. (NASDAQ:HMTV) is the only publicly traded
pure-play U.S. media company targeting the high growth Spanish-language
television and cable networks business in the U.S. and Latin America.
Headquartered in Miami, Florida, Hemisphere owns and operates five
leading U.S. Hispanic cable networks, two Latin American cable networks,
and the leading broadcast television network in Puerto Rico.
Hemisphere's networks consist of:
Cinelatino, the leading Spanish-language movie channel with over 16
million subscribers across the U.S., Latin America and Canada,
including 4.5 million subscribers in the U.S. and 12.3 million
subscribers in Latin America, featuring the largest selection of
contemporary Spanish-language blockbusters and critically-acclaimed
titles from Mexico, Latin America, Spain and the Caribbean.
WAPA, Puerto Rico's leading broadcast television network with the
highest primetime and full day ratings in Puerto Rico. Founded in
1954, WAPA produces more than 75 hours per week of top-rated news and
WAPA America, the leading cable network targeting Puerto Ricans and
other Caribbean Hispanics living in the U.S., featuring the
highly-rated news and entertainment programming produced by WAPA. WAPA
America is distributed in the U.S. to 5.2 million subscribers.
Pasiones, dedicated to showcasing the most popular telenovelas and
drama series, distributed in the U.S. and Latin America. Pasiones has
4.4 million subscribers in the U.S. and 10.6 million subscribers in
Centroamerica TV, the leading network targeting Central Americans
living in the U.S., the third-largest U.S. Hispanic group, featuring
the most popular news, entertainment and soccer programming from
Central America. Centroamerica TV is distributed in the U.S. to 4.0
Television Dominicana, the leading network targeting Dominicans living
in the U.S., featuring the most popular news, entertainment and
baseball programming from the Dominican Republic. Television
Dominicana is distributed in the U.S. to 3.0 million subscribers.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160608006519/en/
Sloane & Company
Erica Bartsch, 212-446-1875
Source: Hemisphere Media Group, Inc.
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