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InterMedia Acquires 50% Interest in Spanish-language Movie Channel Cine Latino
August 6, 2007
InterMedia Partners, L.P., a New York-based private equity firm, announced today that it has acquired a 50% ownership interest in Cine Latino, the leading Spanish-language movie channel in the U.S., from MVS Television, a subsidiary of Mexico City’s Grupo MVS. MVS will retain the remaining 50%.
Cine Latino is a commercial-free television channel that offers the best known and most critically-acclaimed contemporary Spanish-language films. With more than 3 million cable and satellite subscribers, Cine Latino is the leading U.S. Spanish-language movie channel. Cine Latino also has over 2 million subscribers throughout Latin America, Canada and Australia.
“We are very excited to acquire an ownership position in Cine Latino and to have MVS as our partner”, said Alan Sokol of InterMedia Partners, LP. “Cine Latino is already widely recognized as the leading Spanish-language movie channel in the U.S. We and MVS have ambitious plans to expand Cine Latino’s content and reinforce Cine Latino’s position as the leading Spanish-language movie brand in the U.S.”
In making public the closing of the transaction, Ernesto Vargas, President of MVS Televisión, stated “We are very happy to announce our partnership with InterMedia. As a result of this association, we will be able to bring Cine Latino's signal to a wider audience. Not only will we promote Latin American filmmakers in non-Spanish speaking markets, but we’ll also provide Latin Americans living away from their countries a link to their motherlands and culture”.
GE Commercial Finance - Media, Communications & Entertainment provided senior secured financing to support the transaction.
Grupo MVS is a privately-held media and telecommunications services company based in Mexico City. Grupo MVS operates the largest MMDS pay television system in Mexico, and produces feature film, children programming and general interest networks that are broadcast in Mexico and abroad. Additionally, Grupo MVS provides broadband service for wireless and mobile voice and data transmission, covering Mexico’s largest metropolitan areas.
InterMedia Partners, LP is a private equity firm that invests in providers of media content to audiences otherwise underserved by the largest media companies. InterMedia serves the content needs of these diverse communities of interest across all platforms, including broadcast, publishing, broadband and direct marketing.
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