Spain’s PRISA Group is acquiring a 12% stake in V-Me Media Inc., operator of what is said to be the fourth largest Hispanic television network in the US. The move is to have both domestic and international implications.
V-Me is a 24/7 network available on local broadcast television, as a basic cable channel, on the two big satellite MVPDs and over telco programming MVPDs. It reaches 70% of the US Hispanic market and expects to make it to 80% by year’s end.
PRISA CEO Juan Luis Cebrian remarked, “This transaction represents a great step for the Group’s overall strategy. PRISA has studied all the existing opportunities, and we have considered that V-Me is the right partner because of its market knowledge, its distribution platform, the quality of its contents and the profile of its audience, which has a great potential.”
V-Me welcomed its new partner. “PRISA is the perfect partner for V-me,” said V-Me President/CEO Carmen DiRienzo. “The unique offer of contents of PRISA, together with our ability of creation and distribution, offers great opportunities to develop new programs and channels for both the domestic and the international market, and for the expansion and brand development through PRISA assets in radio, publishing and audiovisual production.”
The price of the investment was not disclosed. The deal allows for the possibility of PRISA increasing its stake in the future.