Spanish-language media company Entravision Communications Corp. (NYSE: EVC) has acquired digital advertising services firm Pulpo Media, it was announced Thursday.
The transaction, which will be funded from Entravision's cash on hand, includes an initial payment of about $15 million and up to $3 million in contingent earn-out payments based on performance benchmarks, according to a news release.
Pulpo Media is an online advertising platform targeting Hispanics across all acculturation levels and digital devices.
"The addition of Pulpo Media is a strategic and highly complementary acquisition that will further strengthen our existing digital businesses," Walter F. Ulloa, chairman and CEO of Entravision, said in the release.
Pulpo's capabilities "are a significant enhancement to our big data analytics and modeling capabilities for the Latino market," he added.
Justin Kuykendall, president and founder of Pulpo Media, said the acquisition "is a tremendous opportunity for Pulpo and its clients, as Entravision's resources and reach allow us to continue to expand and enhance our solution set in both the United States and Latin America."
Pulpo Media is headquartered in Berkeley, Calif., and has offices in Spain, Mexico and Argentina.
Entravision is the largest affiliate group of the Univision television network and Univision's UniMas network.
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