Hemisphere Media to acquire concession license for Canal Uno in Colombia
Hemisphere Media Group announced that in partnership with leading Colombian content producers, Radio Television Interamericana, Compania de Medios de Informacion and NTC Nacional de Television y Communicaciones , it will acquire the concession license for Canal Uno in Colombia. Canal Uno is one of only three national broadcast television licenses in Colombia. The cost of the concession is approximately $35M payable in Colombian Pesos over a two-year period. The partnership is expected to begin operating the network on May 1, 2017. "This is an exciting and rare opportunity to access one of Latin America's largest economies and a very robust and attractive television advertising market," said Alan Sokol, President and Chief Executive Officer of Hemisphere Media Group. "We have a proven track record of taking underperforming networks and making them best-in-class, including taking WAPA from #3 to #1 in Puerto Rico in only 2 years, and maintaining WAPA's leadership position for 8 consecutive years. By capitalizing on our proven expertise and unique content offering, Canal Uno's national broadcast coverage, and the content, expertise and infrastructure of our partners, we are in an excellent position to strengthen Canal Uno's offering and meaningfully grow its market share. We are excited to bring Colombians a new and differentiated content offering, which we are confident they will find compelling. We believe that this is a terrific use of capital and will translate into strong returns for our shareholders over the long-term."