In one of the largest capital raises for a Latina-owned startup in the U.S., entrepreneurs Jess Morales Rocketto and Stephanie Valencia have raised $80 million to launch a new Hispanic media company called the Latino Media Network.
"It's pretty audacious for people like us to be doing something this big," Morales Rocketto said in an interview. "Steph and I have been raising money for a long time, but this is orders of magnitude bigger than what we've ever done."With the capital, the duo has acquired 18 Hispanic radio stations across 10 markets from TelevisaUnivision.
Most of the acquired stations are primarily Spanish-language and a few are bilingual. Some of the AM stations are talk radio, while others are sports broadcasting affiliates of major pro sports teams. Most of the FM stations are music-focused for now. Lakestar Finance, an investment entity affiliated with the Soros Fund Management, is leading the investment, and other individuals, including Hollywood actress and entrepreneur Eva Longoria, are also investing.
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