Latino-targeting online entertainment and communication services provider Mio.tv, based in New York, has acquired Spanish social network Wamba for approximately €4 million euros (approximately $5.2 million) with earn-outs according to various Spanish and Latin-American media.
"Through the Wamba acquisition we are obtaining more Latin users. The loyal and solid community of 8.4 million users of Wamba.com will be added to Mio.TV. It will offer Mio.TV new business development opportunities in Spain and Mexico", Manuel García-Durán, MioTV´s Chairman and CEO, told the Spanish-newswire Agency Europa Press.
Mio.tv’s aim now is to reach more than 50 million Latinos in Europe and the Americas with its video, games and social networking facilities—a goal given an instant boost by Wamba’s 8.4 million users, mainly in Spain and Mexico. Mio.tv aims to become the default bilingual online portal for the millions of latinos on the web, offering a slew of online video channels, gaming, social networks and communication services.
Mio.TV was founded in New York by Spanish entrepreneur Manuel García-Durán, a former executive of Telefonica Media and Antena 3. Mio.TV has offices in New York and Los Angeles. It plans to open offices in Madrid, Miami and Mexico. Wamba.com, the acquired Spanish-social network will be integrated into Mio.tv´s operational structure.
Investors in Mio.Tv are Manuel García-Durán, Broadmoore Capital Partners and Vianet Capital. The capital of the company is $10 million and it expects to have a sales volume of $5 million during the first year of operation.