Searchlight Captial

InterMedia Partners and Hemisphere Media Announce the Transaction to Provide Liquidity to Limited Partners of InterMedia Partners VII, L.P. Has Been Completed

NEW YORK InterMedia Partners, VII, L.P. ("InterMedia") and Hemisphere Media Group, Inc. (NASDAQ:HMTV) ("Hemisphere") today announced that InterMedia has completed its previously announced transaction to provide liquidity options to its limited partners with respect to InterMedia's stake in Hemisphere.

InterMedia's limited partners have received: (1) an in-kind distribution of 8,807,037 Hemisphere Class A shares (not including 419,383 shares subject to forfeiture and retained by InterMedia pending vesting or forfeiture to Hemisphere in accordance with their terms) and warrants to purchase 326,187 Hemisphere Class A shares; and (2) a cash payment from a newly formed entity, managed by an affiliate of InterMedia and funded by an affiliate of Searchlight Capital Partners, L.P. ("SCP"), for the sale of 16,494,671 Hemisphere Class B shares (including 749,758 shares subject to forfeiture) and warrants to purchase 583,145 Hemisphere Class A shares. InterMedia's general partner has received an in-kind distribution of 680,952 Hemisphere Class B shares (including 30,952 shares subject to forfeiture) and warrants to purchase 24,074 Hemisphere Class A shares.

Hemisphere CEO and President Alan Sokol stated "We are pleased that InterMedia was able to smoothly transition its ownership in our company and also pleased to see the support of the InterMedia limited partners that elected to become direct owners of Hemisphere. We believe the company will benefit from the increased float in the stock and look forward to the addition of the two new Searchlight representatives to our board and the added industry knowledge they will bring to Hemisphere."

The terms of the stockholders agreement entered into in connection with the transaction can be found on Form 8-K filed with the Securities and Exchange Commission ("SEC") on September 7, 2016. As part of closing of the transaction, certain modifications to the stockholders agreement were made pursuant to an amendment, which was filed on Form 8-K with the SEC this morning.

About Hemisphere Media Group, Inc.
Hemisphere Media Group, Inc. (NASDAQ:HMTV) is the only publicly traded pure-play U.S. media company targeting the high growth Spanish-language television and cable networks business in the U.S. and Latin America. Headquartered in Miami, Florida, Hemisphere owns and operates five leading U.S. Hispanic cable networks, two Latin American cable networks, and the leading broadcast television network in Puerto Rico. Hemisphere's networks consist of:

  • Cinelatino, the leading Spanish-language movie channel with over 17 million subscribers across the U.S., Latin America and Canada, including 4.5 million subscribers in the U.S. and 13 million subscribers in Latin America, featuring the largest selection of contemporary Spanish-language blockbusters and critically-acclaimed titles from Mexico, Latin America, Spain and the Caribbean.
  • WAPA, Puerto Rico's leading broadcast television network with the highest primetime and full day ratings in Puerto Rico. Founded in 1954, WAPA produces more than 75 hours per week of top-rated news and entertainment programming.
  • WAPA America, the leading cable network targeting Puerto Ricans and other Caribbean Hispanics living in the U.S., featuring the highly-rated news and entertainment programming produced by WAPA. WAPA America is distributed in the U.S. to 5.2 million subscribers.
  • Pasiones, dedicated to showcasing the most popular telenovelas and drama series, distributed in the U.S. and Latin America. Pasiones has 4.5 million subscribers in the U.S. and 10.8 million subscribers in Latin America.
  • Centroamerica TV, the leading network targeting Central Americans living in the U.S., the third-largest U.S. Hispanic group, featuring the most popular news, entertainment and soccer programming from Central America. Centroamerica TV is distributed in the U.S. to 4 million subscribers.
  • Television Dominicana, the leading network targeting Dominicans living in the U.S., featuring the most popular news, entertainment and baseball programming from the Dominican Republic. Television Dominicana is distributed in the U.S. to 3.1 million subscribers.

Searchlight Capital Partners UK, LLP is registered with the Financial Conduct Authority (FCA)
for its activities in the UK and EU.