A new media firm, focused on the U.S. Latino market, was recently launched by social entrepreneurs Stephanie Valencia and Jess Morales Rocketto, who themselves are backed by several Latino luminaries.

Latino Media Network (LMN), a media company focused on content creation, talent incubation, and distribution across multiple platforms, announced its arrival in the North American market.

Thanks to one of the largest capital raisings for a Latino-owned and operated startup in the U.S., with more than $80 million in capital raised from a diverse set of investors, LMN becomes a media company serving the Latino community.

From LMN, they point out:

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.

Agreement With TelevisaUnivision

Seeking to coincide with its launch, LMN announced the agreement reached with TelevisaUnivision to acquire 18 radio stations in 10 cities, to reach almost a third of the U.S. Latino population, in a $60 million cash deal.

This deal is one of the largest single station acquisitions by a Latino-owned and operated company in history.

“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,” said LMN Founder Stephanie Valencia.

Deal stations are a combined set of AM and FM dials in the largest U.S. markets, including 8 of the top 10 cities reaching 33% of Hispanics, such as Los Angeles, New York, Miami, Houston, Chicago, Dallas, San Antonio, McAllen, Fresno and Las Vegas. These stations primarily offer sports, entertainment, and music programming.

The stations' transition will occur following FCC approval and through a one-year agreement between TelevisaUnivision and LMN, which is expected to conclude in the fourth quarter of 2023.

LMN has also secured equity investments from leading Latino investors and debt financing for the acquisition of Lakestar Finance LLC, an investment entity affiliated with Soros Fund Management LLC.

Board Member List

Reactions

“This is such an exciting day for the media landscape. 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,” said the famous actress Eva Longoria, part of the group of investors of this firm.

“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,” noted LMN Founder Jess Morales Rocketto.

“Latino journalism is essential because it is critical that we tell our own stories and provide a platform for diverse Latino voices. I am proud to be involved with Stephanie and Jess on such a unique project dedicated to informing and empowering our community and focusing on issues that matter to them,” said board member Maria Elena Salinas. 

“In an era of ever growing media consolidation Latino media ownership is essential. It is groundbreaking for a Latina startup to raise this much capital to ensure that these local radio stations continue to serve their communities,” highlighted board member Mónica Lozano.