As per the reports of Spanish and Latin-American media, Mio. tv, the largely Latino-intended online entertainment and communication services, has struck a nearly _4 million ($5.2 million) deal for the buyout of the Spanish social network - Wamba.

Talking about the deal to the Spanish-newswire EuropaPress, Mio. tv Chairman and CEO, Manuel Garcia-Duran - citing 8.4 million registered Wamba users - said that the acquisition of the social network will help the company expand its reach within the Latin-American community.

Manuel Garcia-Duran said that the Wamba acquisition will not only help Mio. tv "obtain more Latin users," it will also provide Mio. TV with "new business development opportunities in Spain and Mexico."

With its plans to offer various online video channels, gaming, social networks and communication services, the New York-based Mio. tv aims at becoming the default bilingual online portico for the innumerable Latinos. Mio. tv, which plans opening offices in Madrid, Miami and Mexico, will integrate Wamba into its operational structure.

While Wamba successfully raised _3 million from Morten Lund - who will retain 40% shares - in 2007, Mio. tv has a capital of $10 million, and its investors include Manuel Garcia-Duran, Broadmoore Capital Partners and Vianet Capital. The company is projecting a $5 million in sales volume during the first year of operation.