New York investment company HC2 Holdings Inc. has acquired Azteca America, the Spanish-language television network based in Glendale, the company announced Thursday.
Azteca America was developed as the U.S. operation of TV Azteca, based in Mexico City. Financial terms of the transaction between TV Azteca and HC2 were not disclosed.
The sale includes a seven-year programming licensing and broadcast service agreement giving HC2 stations access to TV Azteca’s shows.
“We believe HC2 Network’s long-term investment and resources better position us, on a greater scale, to be an industry leader delivering best-in-class programming, productive value and marketing solutions t our audiences and partners alike,” Manuel Abud, Azteca America’s chief executive, said in a statement.
Locally, Azteca America owns KAZA-TV (Channel 54), also in Glendale.
In addition to the Azteca deal, HC2 Network has signed an acquisition agreement with Northstar Media to buy broadcast televisions stations. The Northstar transaction will result in HC2 Network acquiring 19 television stations.
The acquisition comes at a time of declining rates for Spanish-language media. Last week the Los Angeles Business Journal reported that Spanish-language stations have fallen out of the top five from this year’s list of both local radio and broadcast television outlets. One reason is the shift in preferences among younger listeners in Spanish-speaking communities for English-speaking media, the publication found.