FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * Cinema Aeropuerto, S.A. de C.V.   2. Issuer Name and Ticker or Trading Symbol HEMISPHERE MEDIA GROUP, INC. [HMTV] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director __X__ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) BLVD. MANUEL AVILA, CAMACHO 147, CHAPULTEPEC MORALES 3. Date of Earliest Transaction (Month/Day/Year) 12/15/2014 (Street) CIUDAD DE MEXICO, D.F., O5 11510 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Class A Common Stock 12/15/2014   C   2,972,582 A (1) 2,972,582 D   Class A Common Stock 12/15/2014   S   2,972,582 D $ 12.78 (2) 0 D

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Class B Common Stock

(3)

12/15/2014

C

2,972,582 (1)

(3)

(3)

Class A Common Stock

2,972,582

(3)

2,996,999

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Cinema Aeropuerto, S.A. de C.V. BLVD. MANUEL AVILA, CAMACHO 147 CHAPULTEPEC MORALES CIUDAD DE MEXICO, D.F., O5 11510		X

Signatures

/s/ Joaquin Vargas Guajardo		12/16/2014
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	The Class A Common Stock was acquired following the conversion of Class B Common Stock held by the reporting person into shares of Class A Common Stock on a one-for-one basis. As reported on a Form 3 on April 4, 2013, the reporting person holds warrants that may be exercised for 211,046 Shares of Class A Common Stock at an exercise price of $12.00 per share.
(2)	The Class A Common Stock was transferred by the reporting person to a third party in connection with a reduction in the capital stock of the reporting person.
(3)	The Class B Common Stock is convertible into the issuer's Class A Common Stock at any time on a 1-for-1 basis with no exercise price and no expiration date.

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