The US company Hemisphere Media Group announced Colombian FTA TV channel Canal 1 has extended its concession license for 10 years, without an additional payment required. The measure means that the channel’s concession will expire on April 30th, 2037, and it can be renewed for an additional 20-year period.
‘In just two years, Canal 1 has experienced an unprecedented audience growth and has established itself as a formidable competitor for the other two main broadcasting networks in Colombia (Caracol and RCN), which have a more that 20 years advantage in the market’, said Alan Sokol, Hemisphere Media Group’s President.
In partnership with the main news and entertainment producers in Colombia, Hemisphere acquired Canal 1’s concession license in 2016, one of the three national TV broadcast licenses in the country. Hemisphere has 40% shares of Plural Comunicaciones, owner company of Canal 1, together with CM & Television, NTC Television and RTI Television. Each one owns 20% shares.