We are advising the special committee of Hemisphere’s board on the transaction

Davis Polk is advising the special committee of the board of directors of Hemisphere Media Group, Inc. in connection with its acquisition for $7.00 per share in cash by a subsidiary of Gato Investments LP, a portfolio investment of Searchlight Capital Partners, L.P. Concurrently, Hemisphere entered into a separate agreement to sell Pantaya, the leading Spanish language streaming platform in the United States, to TelevisaUnivision in exchange for cash plus certain Puerto Rican radio assets including WKAQ AM and KQ105 FM currently owned by TelevisaUnivision.

The merger is expected to close in the third quarter of 2022, subject to the satisfaction of customary closing conditions, including approval by Hemisphere stockholders, receipt of certain regulatory approvals and the consummation of the TelevisaUnivision transaction, which is subject to customary closing conditions.

Headquartered in Miami, Florida, Hemisphere owns and operates five leading U.S. Hispanic cable networks, two Latin American cable networks, the leading broadcast television network in Puerto Rico, the leading Spanish-language subscription streaming service in the United States, a Spanish-language content distribution company and has an ownership interest in a leading broadcast television network in Colombia. As the leading Spanish-language media and content company in the world, TelevisaUnivision features the largest library of owned content and industry-leading production capabilities that power its streaming, digital and linear television offerings, as well as its radio platforms. Searchlight is a global private investment firm with over $10 billion in assets under management and offices in New York, London and Toronto. Searchlight seeks to invest in businesses where its long-term capital and strategic support accelerate value creation for all stakeholders.

The Davis Polk corporate team includes partners Oliver Smith and Darren M. Schweiger and associate Malik M. Khalil. Partner Jennifer S. Conway and associate Chloe Wang are providing executive compensation advice. All members of the Davis Polk team are based in the New York office.