Ownership is king, or in this case Queen.
The recent launch of the Latino Media Network (LMN), made history as the largest media company launched by U.S. Latinas. Activist/entrepreneurs Stephanie Valencia and Jess Morales Rocketto executed the biggest capital raise for a Latina-owned & operated startup in the U.S with over $80M in capital raised from a diverse set of investors. The news also included the announcement of the signing of a major deal with TelevisaUnivision to acquire radio assets in 10 cities.
With the acquisition of the Latino radio stations from TelevisaUnivision, LMN will soon own radio stations in the top ten media markets in the U.S., including Miami, Houston, Los Angeles, Chicago, Las Vegas, New York, Fresno, Chicago, McAllen, San Antonio and Dallas. Together these markets comprise a third of the U.S. Latino population.
“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 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.”
LMN’s mission is to be a company owned by Latinos for Latinos. The company aims to help Latinos make sense of the world and their place in it by inspiring, informing and celebrating Latinos through an audio-focused multimedia network. The network will embrace cultural pride by telling Latino stories, addressing community concerns and exposing opportunities and resources.
“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 Eva Longoria. “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.”
This dynamic duo, whose impressive backgrounds include fighting for workers and women of color at civil society and political organizations. Valencia is an author and the founder of Equis and has held leadership roles in tech, philanthropy and government. Rocketto, a native of Norwalk, California, is Chief of Moonshots at Equis and a social entrepreneur and civil society leader.
Together, Valencia and Rocketto have assembled an impressive list of Board members, investors and advisors which include:
Maria Elena Salinas: Award-winning journalist and author, including co-anchor of Univision’s evening news for more than 30 years. Principal MES Multi-Media LLC.
Eva Longoria: Director, Actor, Activist, Philanthropist and Businesswoman. CEO and Founder, UnbeliEVAble Entertainment and Founder, Casa del Sol Tequila.
Dr. Eduardo Padrón: President Emeritus, Miami Dade College; Strategic Corporate Advisor; Board, Urban Institute. Recipient of the Presidential Medal of Freedom.
Al Cardenas: Board member Coral Gables Trust Co., Investor and Treasurer, American Business Immigration Coalition; former longtime Chair of the Republican Party of Florida, and former Chair of the American Conservative Union.
Maria Contreras Sweet: Co-Founder Pro-America Bank; former US Administrator of the Small Business Administration; former Secretary of Business and Transportation for the State of California.
Monica Lozano: Former publisher and CEO of La Opinión and CEO of its parent company, ImpreMedia, LLC. Currently on the board of Walt Disney Corporation, Apple, Inc. and Target Corporation.
Henry R. Muñoz III: An American activist, business leader, designer & philanthropist. He has launched national movements including Momento Latino, TheDream.US and Latino Victory to support the Latino community through awareness, college funding and electoral support.
Luis Ubiñas: Investor, advisor, and corporate board member. Former President Ford Foundation, Senior Partner McKinsey and Company. Current corporate director at AT&T, Chairman, Statue of Liberty-Ellis Island Foundation.
Tom Castro: Founder and CEO of El Dorado Capital: radio entrepreneur, investor, and corporate director. Has bought and sold over 50 radio stations serving the Latino community. Currently on the boards of Nielsen and Cumulus Media. Former Director of Time Warner.
Juleyka Lantigua: Founder/CEO, LWC Studios: Peabody-nominated audio creator, former NPR, Atlantic Media, and Random House.
Tom Chavez: Hi-tech entrepreneur, author and co-founder of super{set}, a startup studio that builds and funds software companies.
Christy Haubegger: Founder, Latina magazine and current Executive Vice President, Chief Enterprise Inclusion Officer and Head of Marketing & Communications, at WarnerMedia.
Alicia Bassuk: Founder of Ubica Leadership Strategies, advising senior executives including public, private and nonprofit sectors, and championship sports franchises globally. Bassuk is a partner and investor in several ventures, including Kinzie Capital Partners and Core Innovation Capital.
Jess Morales Rocketto: Chief of Moonshot Strategies at Equis. Co-Founder of Families Belong Together, Poderistas, and Supermajority. Formerly National Domestic Workers Alliance, Hillary for America, Obama for America.
Stephanie Valencia: Co-Founder and President at Equis. Co-founder of Poderistas, Latino Talent Initiative, The Latina Collective, and Latinos44. Formerly Google, Obama White House, United States Congress.
Gibson, Dunn & Crutcher LLP, Sidley Austin LLP, Fletcher Heald, and Herrera Arellano all advised on the deal.
The transition of the stations will happen The deal will be complete 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.