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HEMISPHERE MEDIA GROUP Hemisphere Media Group Announces First Quarter 2021 Financial Results Robust 16 % revenue growth First Quarter Net Income of $ 33.4 Million ; Adjusted EBITDA¹ Growth of 37 % Through transformational acquisition of Pantaya , Hemisphere is now the leader in Spanish - language streaming in the U.S. MIAMI , FL ( May 5 , 2021 ) — Hemisphere Media Group , Inc. ( NASDAQ : HMTV ) ( “ Hemisphere " or the " Company " ) , the only publicly traded pure - play U.S. media company targeting the high growth U.S. Hispanic and Latin American markets with leading streaming , broadcast and cable television platforms , today announced financial results for the first quarter ended March 31 , 2021 . President and Chief Executive Officer of Hemisphere , Alan Sokol , said , " We delivered yet another exceptional quarter . Following impressive results in the third and fourth quarters of 2020 , our momentum continued into the first quarter of 2021 as we posted a robust 16 % increase in net revenues , including a 35 % increase in advertising revenue . This strong revenue growth drove a 37 % increase in Adjusted EBITDA . " Our quarter was highlighted by our acquisition of the remaining 75 % stake in Pantaya , the leading U.S. Hispanic subscription streaming service . Since its launch in 2017 , Pantaya has redefined Spanish - language entertainment , and has cemented its position as the destination for U.S. Hispanics seeking premium , exclusive content unavailable anywhere else . As we reported last month , Pantaya has approximately 900,000 subscribers , and we are confident that we can grow to 2.5-3.0 million subscribers by the end of 2025. With its unparalleled offering of movies and series and exclusive output arrangements with many of the most important film distributors in Latin America , Pantaya is uniquely positioned for rapid growth . " In Puerto Rico , WAPA continues to deliver outstanding results . This was another historic quarter for WAPA , with the highest first quarter advertising revenue in WAPA's history . This ad revenue growth , together with our previously reported retransmission fee increases , helped drive our robust results this quarter . " We also experienced meaningful advertising revenue growth across our U.S. cable networks . And , while the distribution environment is challenging , we continue to secure new launches and expanded carriage , reflecting the power and value of our networks . We recently renewed our distribution agreement with Cox Communications for all of our networks , which includes expanded distribution for Pasiones , WAPA America and Centroamerica TV . " We are incredibly proud of our performance this quarter . We are well positioned to deliver great value for our shareholders , employees , audiences , and partners , especially with Pantaya under our control , which we believe will be a significant growth engine . " Financial Results for the Three Months Ended March 31 , 2021 Net revenues were $ 37.6 million for the three months ended March 31 , 2021 , an increase of 16 % , as compared to $ 32.4 million for the same period in 2020 , due to increases in all of our revenue streams . Advertising revenue increased $ 4.1 million , or 35 % , primarily due to growth in the Puerto Rico television advertising market , coupled with an increase in WAPA's share of the market , as well as an increase in advertising revenue at our U.S. cable networks . Subscriber revenue ( ² ) increased $ 0.1 million , or 1 % , due to contractual rate increases , offset by a decline in subscribers to our cable networks . Other revenue increased $ 1.0 million , driven primarily by the timing of the licensing of content .