Hemisphere Media Group Inc., a pure-play media company targeting the U.S. Hispanic and Latin American markets, has agreed to go private in an acquisition by a subsidiary of Gato Investments LP, a portfolio investment of Searchlight Capital Partners. Simultaneously, Hemisphere has agreed to sell Spanish-steaming platform Pantaya to TelevisaUnivision in exchange for cash and certain Puerto Rican radio assets.

The transactions, announced May 9, are expected to close in the third quarter of 2022. Hemisphere Media, which is based in Coral Gables, Florida, was represented by Paul, Weiss, Rifkind, Wharton & Garrison. Davis, Polk & Wardwell advised the Special Committee of Hemisphere. Gato and Searchlight were represented by Covington & Burling and Latham & Watkins, respectfully. TelevisaUnivision was advised by Hogan Lovells.