A private equity firm hopes Wall Street will be simpatico with some leading Spanish-language media companies.
InterMedia Partners has transferred three of its Latin media holdings into a placeholder of a publicly traded company called Azteca Acquisition Corp. The move of Cinelatino, WAPA America and WAPA TV gives investors quick access to Wall Street and the ability to trade sell shares in the new company. The deal is valued at $400 million, and InterMedia will remain the primary owner of the new company, according to a release.
The company will be called Hemisphere Media Group and will have corporate headquarters in the Miami area. The merger of the Spanish-language cable movie network (Cinelatino), Spanish-language cable network targeting the U.S. Puerto Rican market (WAPA America), and the Puerto Rico broadcast network (WAPA TV) will not affect operations at the three businesses, a spokesman said.
Hemisphere will apply to be traded on the NASDAQ stock exchange. Alan Sokol, a senior InterMedia partner and former COO of Telemundo, will be CEO of the new company.