Latino Media Network Launches, Buys 18 Stations
• Latino Media Network (LMN), a new media company focused on content creation, talent incubation, and distribution across multiple platforms announced its formation. LMN was founded by social entrepreneurs Stephanie Valencia and Jess Morales Rocketto and backed by several Latino luminaries, including actor, director, activist, philanthropist and businesswoman Eva Longoria and other notables.
To coincide with its launch, LMN announced it has signed a definitive agreement with TelevisaUnivision to purchase 18 radio stations in 10 cities in a $60 million all-cash deal — Los Angeles: KTNQ-AM 1020; New York: WADO-AM 1280; Miami: WAQI-AM 710 & WQBA-AM 1140; Houston: KLAT-AM 1010; Chicago: WRTO-AM 1200; Dallas: KFLC-AM 1270 & KFZO-FM 99.1; San Antonio: KXTN-AM 1350; McAllen: KGBT-AM 1530; KGBT-FM 98.5 & KBTQ-FM 96.1; Fresno: KOND-FM 107.5; KRDA-FM 92.1 & KLLE-FM 107.9; Las Vegas: KLSQ-AM 870; KISF-FM 103.5 & KRGT-FM 99.3.
The 18 stations are a combined set of AM and FM stations in 8 of the top 10 Latino markets, reaching 33% of U.S. Latinos. The deal is described as “one of the largest capital raises of a Latina-owned & operated start-up in the U.S with over $80 million in capital raised from a diverse set of investors. Latino Media Network will be a media company serving the Latino community, owned by Latinos for Latinos.”
LMN Founder Stephanie Valencia (left) said, “As Latinos drive population growth in the United States they continue to navigate the ocean of information on what is happening in the world and their place in it. With minority media on the decline, now is the time to be investing in more resources to create content for Latinos by Latinos. Through the unique combination of creative content and new and existing media platforms to serve our community, we can embrace cultural pride and collectively empower Latinos.” She added, “I want to thank TelevisaUnivision for the great work they have done building these stations in Latino communities and entrusting us to grow them moving forward.”
Co-Founder Jess Morales Rocketto (center) commented, “Our company, and these stations, are for our community. We believe in the power and reach of radio and it remains a main source of media for a significant number of our community. We hope to create relevant content for radio and other audio platforms with content that our community can trust and rely on. Latino Media Network is going to ensure that the Latino community continues to be served with the news and information that local communities deserve.”
“This is such an exciting day for the media landscape,” said Eva Longoria (right). “My mission is to tell and amplify all of our community’s stories so the world can see the joy, the power, and the heart of our community in ways that are still all too rare. Media can make a difference and real change in our world. I’m so proud to be a part of Latino Media Network as together we will ensure that our media includes narratives that uplift our voices.”
Transition of the stations will happen following FCC approval and a one-year transition agreement between TelevisaUnivision and Latino Media Network, which is expected to conclude in Q4 of 2023. LMN is in the process of recruiting outstanding talent and will make an announcement about the senior management team later this year. LMN intends to retain current TelevisaUnivision employees who work at the stations included in this acquisition. More information about LMN, including its board members, investors and advisors can be found at latinomedianetwork.com.
