InterMedia Partners is creating a new Spanish language media company – Hemisphere Media Group in a deal valued at about $400 million.
The newly formed company will be the result of a merger of InterMedia Partners’ Hispanic network holdings, which include Cine Latino, Spanish-language cable network WAPA America and broadcaster WAPA TV, with the publicly traded shell corporation Azteca Acquisition Corp. (not associated with Mexico’s Azteca broadcasting group.)
![Alan Sokol](https://www.mediamoves.com/wp-content/uploads/2013/01/Alan_Sokol-e1359098982158-216x300.jpeg)
Former Telemundo COO Alan Sokol will be the CEO.
According to Multichannel News, the deal is expected to close by April 6. InterMedia will own 73% of Hemisphere and Azteca shareholders will hold the remaining 27%.
Azteca will contribute $100 million in cash assets to the deal. The InterMedia assets are valued at about $300 million.