HEMISPHERE MEDIA GROUP, INC. (NASDAQ:HMTV) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

As part of a series of measures to reduce Hemisphere Media Group, Inc.’s (the “Company”) costs in light of the extraordinary business challenges occasioned by the current national health crisis, on April 15, 2020, each of the Company’s named executive officers agreed by irrevocable waiver, effective as of the filing date of this Current Report on Form 8-K through the end of the current fiscal quarter, to effect a temporary reduction in the base salaries otherwise payable under their respective employment agreements. Mr. Sokol, the Company’s President and Chief Executive Officer has agreed to forgo receipt of 25% of his base salary. Mr. Fischer, the Company’s Chief Financial Officer, and Mr. Tolston, the Company’s Executive Vice President, Chief Legal Officer and Corporate Secretary will each forego receipt of 15% of the base salary that would otherwise be payable under their respective employment agreements. The salary waivers will not modify other rights under the applicable employment agreements determined by reference to the officer’s base salary; such provisions will continue to be applied based on the stated base salary payable under the applicable agreement. The Company is also effecting reductions in base salary among a group of its employees earning in excess of $150,000 per year.

Additionally, non-employee directors of the Company’s board of directors (the “Board”) (other than the Company’s Vice Chairman, Mr. McNamara, who receives no director compensation for his service on the Board) have voluntarily agreed by irrevocable waiver to effect a temporary reduction in the cash retainer portion of their director compensation. Effective May 21, 2020, following the election of the Board’s Class I directors, the Company’s non-employee directors have agreed to waive their cash retainer for the first quarter of the Board fiscal year.

Further action will be determined, if necessary, at or before the end of the current fiscal quarter.

About HEMISPHERE MEDIA GROUP, INC. (NASDAQ:HMTV)

Hemisphere Media Group, Inc. is the United States Spanish-language media company. The Company serves the United States Hispanic and Latin American markets. It operates through Hemisphere segment. It owns and operates the Spanish language networks and content production platform, including movie and telenovela channels, over two Hispanic entertainment genres and the cable television networks. The Company’s networks include Cine Latino, Inc. (Cinelatino), Televicentro of Puerto Rico, LLC (WAPA), WAPA America, Inc. (WAPA America), HMTV Pasiones US, LLC and HMTV Pasiones LatAm, LLC (collectively, Pasiones), HMTV Centroamerica TV, LLC (Centroamerica TV) and HMTV TV Dominicana, LLC (Television Dominicana). WAPA is an independent broadcast television network. WAPA America is a Spanish-language cable television network. Cinelatino is the Spanish-language cable movie network. Pasiones focuses on the program genres among Hispanics, telenovelas.