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Hemisphere Media Group has bought Lionsgate’s 75 percent stake in U.S. Hispanic subscription video-on-demand service Pantaya for $124 million in cash.
Hemisphere is taking full control of Pantaya and its 900,000 subscribers after until now holding a 25 percent stake. The Spanish-language SVOD service launched in summer 2017 as a joint venture between Hemisphere and Lionsgate.
The debut came as content companies looked to capture the burgeoning U.S. Hispanic market as it grows in size and spending power. Pantaya targets Spanish-speaking and bilingual Hispanic viewers with movies, TV series and other original content.
“As a result of our focus on exclusive premium content, our knowledge of the Hispanic consumer, and the breadth of our offering, Pantaya is now the industry’s leading video-on-demand streaming service for Spanish-speaking and bilingual consumers. Pantaya’s accessible price point, user friendly interface and wide selection of the best Spanish-language content has led to significant growth,” Pantaya CEO Paul Presburger said in a statement.
It’s understood Lionsgate agreed to sell its controlling stake in Pantaya to put its focus and investment behind Starz as it continues to expand into the global streaming space. At the same time, Lionsgate will continue with a strategic content relationship between Starzplay, Starz’s international streaming platform, Hemisphere and Pantaya.
“We’re very proud to have helped build Pantaya into the leading premium Spanish-language platform in the U.S., and Hemisphere is the right owner to continue their growth and success,” Lionsgate COO Brian Goldsmith added in his own statement.