MIAMI, Sept. 13,
2022 /PRNewswire/ -- Gato Investments LP ("Gato"), a
portfolio investment of Searchlight Capital Partners, L.P.
("Searchlight"), and Hemisphere Media Group, Inc. ("Hemisphere" or
the "Company"), a leading pure-play U.S. media company targeting
the high growth U.S. Hispanic and Latin American markets with
prominent broadcast, cable television and digital content
platforms, today announced the completion of Gato's acquisition of
Hemisphere. The transaction was previously announced on
May 9, 2022, and approved by
Hemisphere's stockholders at the Special Meeting of Stockholders
held on September 8, 2022.
Subject to the terms of the definitive merger agreement,
Hemisphere stockholders will receive $7.00 per share of Class A Common Stock or Class
B Common Stock. Hemisphere's common stock has ceased trading and
will be delisted from the Nasdaq stock market.
Forward-Looking
Statements
This communication includes forward-looking statements within
the meaning of the "safe harbor" provisions of Section 27A of the
Securities Act of 1933, as amended, and Section 21 E of the
Securities Exchange Act of 1934, as amended, including statements
about the potential benefits of the proposed acquisition,
anticipated growth rates, the Company's plans, objectives,
expectations, and the anticipated timing of the closing of the
proposed transaction. When used in this communication, the words
"believes," "estimates," "plans," "expects," "should," "could,"
"outlook," "potential," "forecast," "target" and "anticipates" and
similar expressions as they relate to the Company or its management
are intended to identify forward-looking statements.
Forward-looking statements are based on a number of assumptions
about future events and are subject to various risks, uncertainties
and other factors that may cause actual results to differ
materially from the views, beliefs, projections and estimates
expressed in such statements. These risks, uncertainties and other
factors include, but are not limited to, those discussed under
"Risk Factors" in the Company's Annual Report on Form 10-K for the
fiscal year ended December 31, 2021,
filed with the SEC on March 16, 2022.
Readers are cautioned not to place undue reliance on
forward-looking statements made by or on behalf of the Company.
Each such statement speaks only as of the day it was made. The
Company undertakes no obligation to update or to revise any
forward-looking statements. The factors described above cannot be
controlled by the Company.
About Hemisphere Media Group,
Inc.
Hemisphere Media Group, Inc. (HMTV) is a pure-play U.S. media
company targeting the high-growth U.S. Hispanic and Latin American
markets with leading television, streaming and digital content
platforms. Headquartered in Miami,
Florida, Hemisphere owns and operates five leading U.S.
Hispanic cable networks, two Latin American cable networks, the
leading broadcast television network in Puerto Rico, the leading Spanish-language
subscription streaming service in the U.S., a Spanish-language
content distribution company and has an ownership interest in a
leading broadcast television network in Colombia.
About Searchlight
Searchlight is a global private investment firm with over
$10 billion in assets under
management and offices in New
York, London and
Toronto. Searchlight seeks to
invest in businesses where its long-term capital and strategic
support accelerate value creation for all stakeholders. For more
information, please visit www.searchlightcap.com.
Contacts:
Edelman
Smithfield for Hemisphere Media Group
Ashley Firlan
917-640-4196
Ashley.Firlan@edelmansmithfield.com
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SOURCE Hemisphere Media Group, Inc.