Describing itself as a media company focused on content creation, talent incubation, and distribution across multiple platforms, Latino Media Network launches with a $60 million deal, purchasing 18 radio stations in 10 markets from TelevisaUnivision.
After the deal closes, TelevisaUnivision will continue to operate the largest Spanish-language radio company with 39 stations in 12 top markets, including New York City, Los Angeles, Chicago and Dallas.
The 18 stations include in this $60 million deal are located in Los Angeles, New York, Miami, Houston, Chicago, Dallas, San Antonio, McAllen, Fresno, and Las Vegas.
The stations being sold are:
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Los Angeles – KTNQ-AM 1020
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New York – WADO-AM 1280
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Miami – WAQI-AM 710; WQBA-AM 1140
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Houston – KLAT-AM 1010
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Chicago – WRTO-AM 1200
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Dallas – KFLC-AM 1270; KFZO-FM 99.1
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San Antonio – KXTN-AM 1350
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McAllen – KGBT-AM 1530; KGBT-FM 98.5; KBTQ-FM 96.1
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Fresno – KOND-FM 107.5; KRDA-FM 92.1; KLLE-FM 107.9
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Las Vegas – KLSQ-AM 870; KISF-FM 103.5; KRGT-FM 99.3
Following FCC approval, the deal includes a one-year transition agreement between TelevisaUnivision and LMN, expected to conclude in Q4 2023. LMN will make an announcement about its senior management later this year, but intends to retain current TelevisaUnivision employees at the stations.
LMN was founded by Stephanie Valencia and Jess Morales Rocketto. Valencia is co-founder and President of Equis, an initiative reach and engage Latinos and, per the organization’s website, “invest in the leadership and infrastructure for long-term change and increased engagement. Rocketto is Chief of Moonshots at Equis.
LMN’s board members, investors, and advisers include El Dorado Capital CEO and radio investor Tom Castro, activist and Momento Latino founder Henry R. Munoz III, Univision news anchor Maria Elena Salinas, and, former La Opinion and ImpreMedia CEO Monica Lozano.
The new company reports it has raised more than $80 million in capital, “one of the largest capital raises of a Latina-owned and -operated startup in the U.S.” LMN states that its mission is to “help Latinos make sense of the world and their place in it by inspiring, informing, and celebrating Hispanics through an audio-focused multimedia network. The network will embrace cultural pride by telling Latino stories, addressing community concerns, and talking about opportunities for a better future.”
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