For Alan Sokol, president and CEO of Hemisphere Media Group, Inc., the investment in Colombia’s Canal Uno Colombia —bid they won together with three other partners—, is “strategic and important because Colombia is a great market, with a population of 50 million, they are in our back yard, it is a great production center and the exchange rate between the peso and dollar is also favorable”.
He highlighted that although they applied for 20% of the channel, they are requesting Colombian authorities a 40% participation and are confident they will achieve it. The other participants hold the rest of the shares.
He said they are considering several projects, but until they take control over the operation on May 1st 2017, they can´t disclose anything.
“We are humble in how we see this business. We know it will be a challenge, because it is a market that has had two big competitors for a long time, but we think it is an opportunity for us to have participation and make the market grow. We are excited about developing this asset and feel we have the best partners in news and scripted content. We want to provide the market with fresh and different content
” he stated.