MEXICO CITY: TelevisaUnivision said on Monday (May 9) it has reached an agreement with a subsidiary of Hemisphere Media Group Inc to acquire Pantaya, a streaming platform in the United States for Spanish language movies and series, in exchange for cash and radio assets.
The amount of the deal was undisclosed, but the firm said in a statement it will trade Puerto Rican radio stations such as WKAQ AM and KQ105 FM.
TelevisaUnivision is a new venture by Mexico's biggest broadcaster, Televisa, and US broadcaster Univision.
The deal is expected to close in the second half of 2022 and is subject to customary closing conditions, including regulatory approvals in the United States, the firm said.
"The acquisition of Pantaya, which includes renowned content titles such as 'Senorita 89' and 'A La Mala,' is an exciting opportunity to build upon our strategic growth plan," TelevisaUnivision's president and chief transformation officer, Pierluigi Gazzolo said in the statement.
Reuters reported in January that Mexican broadcast Grupo Televisa and Univision are preparing to launch what would be the biggest Spanish-language streaming platform in the first half of 2022 after sealing a joint venture deal.