Vertice takes 50% of Powwow Media Partners
Company working on American versions of Spanish formatsMADRID -- Spanish content powerhouse Vertice 360 announced Friday it has acquired 50% of American production house Powwow Media Partners, giving it a strategic foothold in the Latin American and U.S. Spanish-speaking markets.
Powwow partners Daniel Gutman, Marcela Campos and Leopoldo Lavazza will head the minority shareholders that comprise 50% in the joint venture, 360Powwow.
With offices in Miami, Los Angeles and Buenos Aires, Powwow holds local rights for international formats like "Survivor," "Who Wants to be a Millionaire?" and "Temptation Island."
360Powwow has already started working on a slate with a handful of projects, including an American version of Spanish formats like "The Anthill," "Eva's Fishbowl," novellas and other entertainment programming.
The move marks the second tactical move since Vertice president Jose Maria Irisarri said in March the company would expand through the acquisition of companies. Vertice aims to grow revenues to €240 million ($310.8 million) by 2012.
The deal comes two months after Vertice announced the acquisition of production and post-production company Lavinia, with offices in Barcelona, Madrid and Brussels.
Vertice took 92.2% of Lavinia shares and Lavinia 15% of the new merged company.
The Vertice-Lavinia merger will boost annual sales from $142.45 million in 2009 to $246 million this year, according to local reports.