22 de agosto de 2019
Pongalo, formerly known as Latin Everywhere, which runs three ad-supported video-on-demand (AVOD) services — NovelaClub, Pongalo TV and Moovimex- has been acquired by Vix. Specific dollar amounts were not disclosed, but the deal is estimated to be a low 8-figure cash and stock deal. Integrating Pongalo´s content, Vix plans to introduce an AVOD service later this year (Vix TV) with over 10,000 hours at launch.
“The opportunity for AVOD with Latino audiences is immense. Our new Vix TV AVOD service, along with Pongalo’s great existing services, will create a marketplace of Latino digital media brands, all sold under one roof by the same advertising sales team,” said Rafael Urbina, Chairman, and CEO at Vix.
“We believe that Vix’s enormous audience and powerful ad sales team combined with Pongalo’s massive catalog and global distribution footprint provide an unfair advantage as the combined company seeks to dominate the Latino AVOD space on two continents. With the recent consolidations of media companies and studios, the market now particularly rewards scale and profitability, and this transaction provides Pongalo with both. We’re thrilled to join the Vix family in what is a great outcome for Pongalo and its investors,” commented Richard Hull, founder, and CEO of Pongalo.
Pongalo will continue to serve as a key partner to Amazon for its expansions in Mexico and Latin America, and Pongalo’s team is expected to join VIX to become VIX’s Los Angeles presence. Pongalo is backed by the Canyon Creek Capital, the Carlyle Group’s Revolution Studios, Digital Bridge Holdings, and 500 Startups.