MIAMI — Two Latina entrepreneurs — backed by a slew of investors — have negotiated a $60 million deal with TelevisaUnivision to buy 18 Spanish-language radio stations across 10 U.S. cities, including Miami’s Radio Mambi, a fixture of South Florida’s conservative Cuban community.
The massive buy is the first for the newly created Latino Media Network, a Latina-owned and operated media company that has raised close to $80 million, a figure the group says amounts to the largest capital raised by a Latina-led startup in U.S. history.
“With minority media on the decline, now is the time to be investing in more resources to create content for Latinos by Latinos,” said co-founder Stephanie Valencia, chair of LMN’s board.
