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Hemisphere Media to Be Acquired by Portfolio Investment of Searchlight Capital and to Sell Pantaya Unit to TelevisaUnivision

Paul, Weiss is advising Hemisphere Media Group, Inc., a leading U.S. media company targeting U.S. Hispanic and Latin American markets, in its acquisition by Gato Investments LP, a portfolio investment of Searchlight Capital Partners, L.P. Hemisphere will be acquired for $7.00 per share in cash, which represents a premium of approximately 86% over its closing share price, and a premium of approximately 63% over the 30-day volume-weighted average share price for the period ended May 6.

Paul, Weiss is also advising Hemisphere in its concurrent, separate agreement to sell Pantaya, the leading Spanish language streaming platform in the U.S., to TelevisaUnivision in exchange for cash plus certain Puerto Rican radio assets currently owned by TelevisaUnivision. Hemisphere contemplates using the net cash proceeds from this transaction to prepay Hemisphere’s outstanding senior secured term loans.

The agreement with Searchlight includes a 30-day “go-shop” period expiring on June 7, during which Hemisphere may actively solicit and consider alternative acquisition proposals. The deal, announced on May 9, is expected to close in the third quarter of 2022, pending customary closing conditions and regulatory approvals.

The Paul, Weiss team includes corporate partners Jeffrey Marell and Suhan Shim and counsel John Godfrey, Jason Tyler and Patricia Vaz de Almeida; executive compensation partner Lawrence Witdorchic and counsel Meghan Fox; intellectual property partner Claudine Meredith-Goujon; tax partner Robert Holo; litigation partner Andrew Gordon and counsel Steven Herzog; and real estate partner Peter Fisch

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