MIAMI, Aug. 15, 2018 /PRNewswire/ -- Hemisphere
Media Group, Inc. (NASDAQ: HMTV) ("Hemisphere" or the "Company"),
announced today that its Board of Directors has authorized the
Company to repurchase its Class A common stock in the open market
for an aggregate purchase price of up to $25
million. This stock repurchase program is designed to return
value to Hemisphere stockholders, and the Company anticipates
utilizing this repurchase program opportunistically from time to
time as deemed appropriate. It complements the company's existing
$25 million repurchase program.
"This new authorization highlights the Board and management
team's continued confidence in our unique portfolio and business
outlook, our strong cash flow generation and our focus on returning
capital to shareholders," said Alan
Sokol, Chief Executive Officer of Hemisphere. "Our capital
allocation priorities have not changed, and we will continue to
evaluate attractive M&A opportunities and invest in our
business to capitalize on our growth initiatives. We remain
committed to strategically deploying capital where we believe we
can create long-term value for our shareholders."
The new repurchase program may be implemented through open
market repurchases or privately negotiated transactions, at
management's discretion, based on market and business conditions,
applicable contractual and legal requirements and other factors.
There is no guarantee as to the exact number of shares that will be
repurchased under the plan. The new stock repurchase program does
not obligate Hemisphere to acquire any specific amount of common
stock and the Plan may be suspended or discontinued at any time in
the Company's sole discretion.
Forward-Looking Statements
Statements in this press release and oral statements made from
time to time by representatives of Hemisphere may contain certain
statements about Hemisphere and its consolidated subsidiaries that
are "forward-looking statements" within the meaning of the U.S.
Private Securities Litigation Reform Act of 1995. These include,
but are not limited to, the effects of Hurricane Maria in the short
and long-term on Hemisphere's business and the advertising market
in Puerto Rico as well as
Hemisphere's customers, employees, third-party vendors and
suppliers, the effect on retransmission and subscriber fees that
Hemisphere receives, short and long-term migration shifts in
Puerto Rico, Hemisphere's ability
to timely and fully recover proceeds under our insurance policies,
Hemisphere's ability to close the acquisition of Snap TV,
Hemisphere's ability to successfully integrate the acquired assets
and achieve anticipated synergies, statements relating to
Hemisphere's future financial and operating results (including
growth and earnings), plans, objectives, expectations and
intentions and other statements that are not historical facts.
These statements are based on the current expectations of the
management of Hemisphere and are subject to uncertainty and changes
in circumstance, which may cause actual results to differ
materially from those expressed or implied in such forward-looking
statements. Without limitation, any statements preceded or followed
by or that include the words "targets," "plans," "believes,"
"expects," "intends," "will," "likely," "may," "anticipates,"
"estimates," "projects," "should," "would," "expect," "positioned,"
"strategy," "future," or words, phrases or terms of similar
substance or the negative thereof, are forward-looking statements.
In addition, these statements are based on a number of assumptions
that are subject to change. Factors that could cause actual results
to differ materially from those expressed or implied by the
forward-looking statements are discussed under the headings "Risk
Factors" and "Forward-Looking Statements" in Hemisphere's most
recent Annual Report on Form 10-K, filed with the Securities and
Exchange Commission ("SEC"), as they may be updated in any future
reports filed with the SEC. If one or more of these factors
materialize, or if any underlying assumptions prove incorrect,
Hemisphere's actual results, performance, or achievements may vary
materially from any future results, performance or achievements
expressed or implied by these forward-looking statements.
Forward-looking statements included herein are made as of the date
hereof, and Hemisphere undertakes no obligation to update publicly
such statements to reflect subsequent events or circumstances.
About Hemisphere Media Group, Inc.: Hemisphere Media
Group, Inc. (HMTV) is the only publicly traded pure-play U.S. media
company targeting the high growth U.S. Hispanic and Latin American
markets with leading broadcast and cable television and digital
content platforms. Headquartered in Miami, Florida, Hemisphere owns and operates
five leading U.S. Hispanic cable networks, two Latin American cable
networks, and the leading broadcast television network in
Puerto Rico, and has ownership
interests in Canal 1, the #3 national broadcast television network
in Colombia, Pantaya, a
Spanish-language OTT service in the U.S., and other digital
assets.
Investor Relations Contact
Edelman Financial
Communications for Hemisphere Media Group
Danielle O'Brien
646.277.1289
Danielle.obrien@edelman.com
Media Contacts
Hemisphere Media Group
Katie Melenbrink
646.705.2874
kmelenbrink@hemispheretv.com
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SOURCE Hemisphere Media Group, Inc.