Hemisphere Media Acquires Remaining 75% Stake Of Pantaya From Lionsgate For About $124 Mln

(RTTNews) - Hemisphere Media Group Inc. (HMTV) said that it has acquired the remaining 75% stake of Pantaya, U.S. Hispanic Subscription Video-on-Demand Service, from Lionsgate for about $124 million in cash.

Pantaya was launched in August, 2017 through a joint venture formed between Hemisphere and Lionsgate.

The company estimates that Pantaya's subscriber base will grow to 2.5-3.0 million by the end of 2025.

The acquisition is being funded through cash on hand, as well as about $50 million add-on to the Company's Term Loan B on the same terms as the existing term loan.

Separately, the company has put in place a $30 million corporate revolving credit facility, which will be undrawn at the time of closing the acquisition. The new committed facility will be used for general corporate purposes.