Hemisphere Media Group has acquired the remaining 75 percent stake it did not already own of the U.S. Hispanic SVOD service Pantaya for approximately $124 million in cash from Lionsgate.
Pantaya was launched in August 2017 through a joint venture between Hemisphere and Lionsgate. The service now has approximately 900,000 paying subscribers and estimates that count will grow to 2.5 million to 3 million by the end of 2025.
Prior to the transaction, Hemisphere owned 25 percent of Pantaya, and as a result of the deal, will have full 100 percent ownership.
“In a very short period of time, Pantaya has become the destination for U.S. Hispanics seeking premium Spanish-language movies and series,” said Hemisphere’s CEO, Alan Sokol. “Pantaya offers access to blockbuster movies, original, exclusive series and other premium, world-class content unavailable anywhere else. Pantaya’s success to date affirms the tremendous appetite of our audience for our unique content offering. Hemisphere plans to increase investment in content, expanding the output of series and movies, with the goal of accelerating subscriber growth and becoming a ‘must have’ entertainment option for the large and growing U.S. Hispanic audience.”
Pantaya’s CEO, Paul Presburger, added, “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. In the past year alone, Pantaya has increased its subscription base by 40 percent, and we believe we have significant runway for additional expansion ahead.”