HMTV - Spanish language broadcaster Hemisphere Media surges after agreeing to $7/share takeout
Hemisphere Media Group Inc. (NASDAQ:HMTV), a broadcaster targeting the U.S. Hispanic and Latin American markets, agreed to a sale to Searchlight Capital Partners for $7/share. Hemisphere skyrocketed 82% in premarket trading. Hemisphere Media (HMTV) is being sold to unit of Gato Investments LP, a portfolio investment of Searchlight Capital Partners, L.P, according to a statement. The $7/share price represents a premium of 86% over HMTV's Friday closing price. Concurrently with the Gato deal, Hemisphere (HMTV) entered into a separate agreement to sell Pantaya, the Spanish language streaming platform in the U.S. to TelevisaUnivision in exchange for cash plus certain Puerto Rican radio assets including WKAQ AM and KQ105 FM currently owned by TelevisaUnivision. The Hemisphere Media (HMTV) sale agreement includes a 30-day "go-shop" period where Hemisphere may actively solicit and consider alternative acquisition proposals. The deal is expected to close in Q3. Moelis & Company and PJT Partners LP are serving as financial advisors and Davis Polk & Wardwell LLP
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Spanish language broadcaster Hemisphere Media surges after agreeing to $7/share takeout