Hemisphere Media Group to pick up WKAQ AM, KQ105 FM radio stations
Hemisphere Media Group Inc., current owners of WAPA TV (Ch. 4), will pick up two radio stations in Puerto Rico through an agreement with TelevisaUnivision Inc. the companies announced.
Through the deal, TelevisaUnivision entered into an agreement with HMTV DTC, LLC, an indirect wholly owned subsidiary of Hemisphere Media Group, Inc. to acquire Pantaya, LLC, a streaming platform in the U.S. for Spanish-language movies and series in exchange for cash and certain Puerto Rican radio assets including WKAQ AM and KQ105 FM.
“Pantaya will flourish under TelevisaUnivision’s ownership. Given the highly competitive multi-language SVOD streaming environment, Pantaya’s service is best positioned under an organization that can provide the resources and investment it needs to scale and grow,” said Alan Sokol, CEO of Hemisphere.
“In addition, Hemisphere’s acquisition of certain Univision Puerto Rican radio assets will be an ideal complement to WAPA, Puerto Rico’s leading broadcast network. Post-closing, we will continue to work closely with the TelevisaUnivision Uforia programming team who, with its deep music expertise, will continue to program the KQ105 FM station,” he said.
The transaction is expected to close in the second half of 2022 and is subject to customary closing conditions, including receipt of regulatory approvals in the United States. The financial terms of the deal were undisclosed.