FCC Denies Listener Objection to $60 Million LMN Acquisition
|RADIO ONLINE | Tuesday, November 22, 2022|
An attempt by Miami listener Pedro Roig to stop the $60 million purchase of 18 radio stations from TelevisaUnivision has been denied by the FCC's Audio Division. Latino Media Network, a new company founded by entrepreneurs Stephanie Valencia and Jess Morales Rocketto, agreed to acquire the 18 outlets in ten markets in an all cash transaction for $60 million last June.
Included in the deal are stations in New York, Los Angeles, Chicago, Miami, Houston, Dallas, San Antonio, McAllen, Fresno and Las Vegas. Former Univision news anchor Maria Elena Salinas, actress Eva Longoria, El Dorado Capital CEO Tom Castro and podcast exec Juleyka Lantigua are among the company's board members.
Among Roig's objections was a LMA, which he claimed was non-standard. However, Commission said that LMA's are generally permissible, as long as they are consistent with the FCC's multiple ownership rules.
FCC Audio Burea Chief Albert Shuldiner wrote, "We have reviewed the Applications and find that Univision is qualified to assign, and LMN is qualified to hold, the licenses for the stations. We find that the objection fails to provide properly supported allegations of fact to make a prima facie case that grant of the applications would violate the Act or the Commission's rules, or that the proposed assignment is not in the public interest.
"Therefore, we deny the Objection and grant the applications. accordingly, It is ordered that the petition to deny filed by Dr. Pedro Roig on August 11, 2022, is dismissed as procedurally defective and alternatively denied on the merits as an informal objection."
The stations included in the deal are:
- Spanish News/Talk WADO (1280)/New York
- Spanish News/Talk KTNQ (1020)/Los Angeles
- Spanish Sports WRTO (TUDN 1200)/Chicago
- Spanish Sports KFLC (TUDN 1270) and Regional Mexican KFZO (99.1 Zona MX)/Dallas
- Spanish Sports KLAT (TUDN 1010)/Houston
- Spanish News/Talk WAQI (710) and Spanish Sports WQBA (TUDN 1140)/Miami
- Tejano KXTN (1350)/San Antonio
- Spanish CHR KGRT (Latino Mix 99.3), Regional Mexican KISF (Zona MX 103.5) and Spanish Sports KLSQ (TUDN 870)/Las Vegas
- Spanish AC KRDA (Amor 92.1), Spanish Oldies KOND (107.5 La Jefa) and Regional Mexican KLLE (107.9 Zona MX)/Fresno
- Spanish Sports KGBT (TUDN 1530), Spanish Oldies KBTQ (Recuerdo 96.1) and Regional Mexican KGBT (La Jefa 98.5)/McAllen-Brownsville
LMN says this deal is one of the largest single acquisition of stations by a Latino owned and operated company. Univision will retain stations not listed in the above markets, along with outlets in Austin, Phoenix, San Diego, San and Francisco. The company recently announced it would divest its radio properties in Puerto Rico.
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