LMN Closes on 18 TelevisaUnivision Radio Outlets for $60M
|RADIO ONLINE | Friday, May 19, 2023|
Latino Media Network, a new company founded by entrepreneurs Stephanie Valencia and Jess Morales Rocketto, has closed on its previously announced acquisition of 18 radio outlets in ten markets from TelevisaUnivision in an all cash transaction for $60 million. Included in the deal were 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.
The stations reportedly 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.
"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. "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."
"Our company, and these stations, are for our community," added LMN Founder Jess Morales Rocketto. "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."
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