A group of Latinos including prominent Democrats have agreed to purchase 18 radio stations in 10 major cities for $60 million.
TelevisaUnivision owns the AM and FM stations included in the deal. Latino Media Network is the new media group that purchased the stations.
Los Angeles, New York City and Houston are home to the 18 stations. According to the group, most stations broadcast music and entertainment programming.
According to NBC News, Radio Mambi in Miami is one of the stations. Radio Mambi is a Spanish-language talk radio station AM that broadcasts in Spanish. This was until about a decade ago.
According to the group, the radio stations that they intend to buy will reach one third of Latinos in America, or about 20 million people.
Latino Media Network was founded and is headed by Stephanie Valencia, an ex-staffer in the Obama administration who heads Equis Research, which is a Latino research and polling firm. Jess Morales Rocketto also works at Equis, and is a veteran of both Barack Obama's campaigns and Hillary Clinton's.
The purchase still needs approval by the Federal Communications Commission. All are not Democrats.
According to the group's news release, Latino Media Network raised $80 million capital. According to the group, it is one of the largest capital raises by a Latino-owned startup.
The money comes with a loan from Lakestar Finance LLC (an investment company associated liberal billionaire George Soros).
Rocketto stated in a statement that he believes in radio's power and reach and said that it is still a major source of media for many in his community. Rocketto said, "We aim to create relevant radio content and other audio platforms with content our community can trust" and added that they hope to continue.
Rocketto stated that Latino Media Network will continue to provide the information and news that the community needs.
This purchase is being made amid growing concern about disinformation targeting Latinos, especially those who speak Spanish.
This follows the recent launch of a satellite radio conservative network in Spanish.
Former Univision anchor Maria Elena Salinas, actor and activist Eva Longoria, former president of Miami College Eduardo Padron, former Cabinet member Maria Contreras Sweet from the Obama administration and former publisher and CEO La Opinion Monica Lozano are among the investors. Al Cardenas of American Conservative Union, who was a prominent critic of President Donald Trump's policies, is also included in the group.
Henry Munoz III (founder of Latino Victory, and Democrats activist); investor and entrepreneur Luis Ubinas, Juleyka Lantigua; Tom Castro, investor and entrepreneur; Tom Chavez; Tom Chavez; high-tech entrepreneur Tom Chavez; Christy Haubeggar (founder of Latina magazine; vice president at Warner Media); and Alicia Bassuk (founder of Ubica Leadership).
A one-year transition agreement is required as part of the purchase agreement. It is expected to be concluded in late 2023.
Latino Media Network stated that it will be hiring senior management in the second half of this year, and plans to keep existing TelevisaUnivision employees at the stations.
Salem Media Group, which focuses exclusively on Christian broadcasting, won the agreement to purchase LMN.
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