NEW YORK, June 27, 2017 (GLOBE NEWSWIRE) -- HC2 Holdings, Inc. (NYSE:HCHC), a diversified holding company, announced today that a subsidiary of HC2 Holdings has agreed to enter into a series of transactions that, if approved by the Federal Communications Commission, will result in HC2 and its subsidiaries owning over 50% of shares of common stock of DTV America Corporation.

DTVA is an aggregator and operator of low power television (“LPTV”) licenses and stations across the United States. DTVA currently owns and operates 52 LPTV stations in more than 40 U.S. cities. DTVA’s distribution platform currently provides carriage for more than 30 television broadcast networks, including QVC, Accuweather, American Sports Network (Sinclair), GetTV (Sony), MyNet (Fox), Telemundo (NBC), CoziTV (NBC), NewsMax, Azteca, Estrella TV and Cheddar. Importantly, DTVA maintains a focus on technological innovation. DTVA exclusively adopted Internet Protocol (IP) as a transport to provide Broadcast-as-a-Service, making it the only adopter of all IP-transport to the home.

Philip Falcone, HC2’s Chairman, President and Chief Executive Officer, stated, “This investment is another meaningful addition to our dynamic and strategic portfolio of assets. DTVA is the largest broadcast distribution platform in the U.S., with valuable assets and substantial and growing market share among television households located in important geographies, and we believe is poised to capitalize on a number of compelling opportunities.”

Further details regarding these transactions will be provided in a filing with the Securities and Exchange Commission on Form 8-K. All of these transactions are subject to FCC approval and other customary closing conditions.

About HC2

HC2 Holdings, Inc. is a publicly traded (NYSE:HCHC) diversified holding company, which seeks opportunities to acquire and grow businesses that can generate long-term sustainable free cash flow and attractive returns in order to maximize value for all stakeholders. HC2 has a diverse array of operating subsidiaries across seven reportable segments, including Construction, Marine Services, Energy, Telecommunications, Life Sciences, Insurance and Other. HC2's largest operating subsidiaries include DBM Global Inc., a family of companies providing fully integrated structural and steel construction services, and Global Marine Systems Limited, a leading provider of engineering and underwater services on submarine cables. Founded in 1994, HC2 is headquartered in New York, New York. Learn more about HC2 and its portfolio companies at www.hc2.com.

About DTVA

DTV America Corporation (DTVA) was formed in May 2010 as an aggregator and operator of low power television (“LPTV”) licenses and stations across the U.S. DTVA currently owns and operates 52 LPTV stations in over 40 US cities today along with a portfolio of more than 400 LPTV licenses and Construction Permits.