Female-Led Latino Media Network Launches With $60 Million Acquisition Of TelevisaUnivision Radio Stations - Forbes | Canada News Media
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Female-Led Latino Media Network Launches With $60 Million Acquisition Of TelevisaUnivision Radio Stations – Forbes

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Two Latina social entrepreneurs today officially launched the Latino Media Network (LMN), a new media content creation, talent incubation and distribution company, aimed at reaching the Hispanic market, initially focused on audio.

Stephanie Valencia and Jess Morales Rocketto raised $80 million – one of the largest capital raises of a Latina owned and operated startup in the U.S – from a diverse set of investors. They also tapped a series of high-profile entrepreneurs, media and celebrity advisors and board members to support the new venture, including actress Eva Longoria, news personality María Elena Salinas and Christy Haubegger, founder of Latina magazine and current WarnerMedia executive.

“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 co-founder Stephanie Valencia.

To coincide with its launch, the company also announced it signed a definitive agreement with TelevisaUnivision to purchase 18 radio stations in 8 of the top 10 Latino markets in a $60 million all cash deal. LMN has secured equity investments from leading Latino investors and debt financing for the acquisition from Lakestar Finance LLC, an investment entity affiliated with Soros Fund Management LLC.

The 18 AM and FM stations are WADO-AM (New York), KTNQ-AM (Los Angeles), WRTO-AM (Chicago), KFZO-FM and KFLC-AM (Dallas), KLAT-AM (Houston), WAQI-AM and WQBA-AM (Miami), KXTN-AM (San Antonio), KISF-FM, KLSQ-AM and KRGT-FM (Las Vegas), KGBT-FM, KBTQ-FM and KGBT-AM (McAllen), KLLE-FM, KOND-FM and KRDA-FM (Fresno).

“Our company, and these stations, are for our community,” said LMN co-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.”

Both companies agreed to a one year transition of the stations following FCC approval, with an expected conclusion in Q4 of 2023.

A TelevisaUnivision spokesperson issued a company statement acknowledging the agreement “to divest 18 of its non-core radio stations,” reaffirming that it’s not abandoning the radio business. “As of the closing of the transaction, TelevisaUnivision will still operate the largest Spanish-language radio footprint in the country by audience reach, with 39 stations across 12 top markets, such as New York City, Los Angeles, Chicago, Dallas, and Houston, and a network of 228 affiliate stations across 79 markets. Audio and music will continue to be a strategic priority through investments in core radio assets and Uforia, TelevisaUnivision’s audio brand which includes audio streaming, podcasts and live concert series.”

LMN says it plans to keep current TelevisaUnivision employees who work at the stations it is acquiring and that it is in the process of recruiting top talent for its senior management team, which will be announced later this year.

The new company’s board members, investors and advisors include:

  • Maria Elena Salinas: Award-winning journalist and author, former co-anchor of Univision’s evening news for more than 30 years. Principal of MES Mult-Media LLC.
  • Eva Longoria: Director, actor, activist and philanthropist. CEO and Founder, UnbeliEVAble Entertainment and Founder, Casa del Sol Tequila.
  • Dr. Eduardo Padron: 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 Chair of the Republican Party of Florida and former Chair of the American Conservative Union.
  • Maria Contreras Sweet: Co-founder of Pro-America Bank; former US Administrator of the Small Business Administration; former Secretary of Business and Transportation for the State of California.
  • Mónica Lozano: Former publisher and CEO of La Opinión and CEO of its parent company, ImpreMedia, LLC. Currently on corporate boards of Walt Disney
    DIS
    Corporation, Apple
    AAPL
    , Inc. and Target
    TGT
    Corporation.
  • Henry R. Muñoz III: Activist, business leader and philanthropist, who has launched national movements including Momento Latino, TheDream.US and Latino Victory, support the Latino community.
  • Luis Ubiñas: Investor and advisor. Former President Ford Foundation, Senior Partner McKinsey and Company. Current corporate director at AT&T
    T
    , Chairman, Statue of Liberty-Ellis Island Foundation.
  • Tom Castro: Founder and CEO El Dorado Capital and radio entrepreneur, investor, and corporate director. Has bought and sold over 50 radio stations serving the Latino community. 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 superset, a startup studio that builds and funds software companies.
  • Christy Haubegger: Founder, Latina magazine and current EVP, Chief Enterprise Inclusion Officer and Head of Marketing & Communications at WarnerMedia.
  • Alicia Bassuk: Founder of Ubica Leadership Strategies. 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.

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What to stream this weekend: ‘Civil War,’ Snow Patrol, ‘How to Die Alone,’ ‘Tulsa King’ and ‘Uglies’

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Hallmark launching a streaming service with two new original series, and Bill Skarsgård out for revenge in “Boy Kills World” are some of the new television, films, music and games headed to a device near you.

Also among the streaming offerings worth your time as selected by The Associated Press’ entertainment journalists: Alex Garland’s “Civil War” starring Kirsten Dunst, Natasha Rothwell’s heartfelt comedy for Hulu called “How to Die Alone” and Sylvester Stallone’s second season of “Tulsa King” debuts.

NEW MOVIES TO STREAM SEPT. 9-15

Alex Garland’s “Civil War” is finally making its debut on MAX on Friday. The film stars Kirsten Dunst as a veteran photojournalist covering a violent war that’s divided America; She reluctantly allows an aspiring photographer, played by Cailee Spaeny, to tag along as she, an editor (Stephen McKinley Henderson) and a reporter (Wagner Moura) make the dangerous journey to Washington, D.C., to interview the president (Nick Offerman), a blustery, rising despot who has given himself a third term, taken to attacking his citizens and shut himself off from the press. In my review, I called it a bellowing and haunting experience; Smart and thought-provoking with great performances. It’s well worth a watch.

— Joey King stars in Netflix’s adaptation of Scott Westerfeld’s “Uglies,” about a future society in which everyone is required to have beautifying cosmetic surgery at age 16. Streaming on Friday, McG directed the film, in which King’s character inadvertently finds herself in the midst of an uprising against the status quo. “Outer Banks” star Chase Stokes plays King’s best friend.

— Bill Skarsgård is out for revenge against the woman (Famke Janssen) who killed his family in “Boy Kills World,” coming to Hulu on Friday. Moritz Mohr directed the ultra-violent film, of which Variety critic Owen Gleiberman wrote: “It’s a depraved vision, yet I got caught up in its kick-ass revenge-horror pizzazz, its disreputable commitment to what it was doing.”

AP Film Writer Lindsey Bahr

NEW MUSIC TO STREAM SEPT. 9-15

— The year was 2006. Snow Patrol, the Northern Irish-Scottish alternative rock band, released an album, “Eyes Open,” producing the biggest hit of their career: “Chasing Cars.” A lot has happened in the time since — three, soon to be four quality full-length albums, to be exact. On Friday, the band will release “The Forest Is the Path,” their first new album in seven years. Anthemic pop-rock is the name of the game across songs of love and loss, like “All,”“The Beginning” and “This Is the Sound Of Your Voice.”

— For fans of raucous guitar music, Jordan Peele’s 2022 sci-fi thriller, “NOPE,” provided a surprising, if tiny, thrill. One of the leads, Emerald “Em” Haywood portrayed by Keke Palmer, rocks a Jesus Lizard shirt. (Also featured through the film: Rage Against the Machine, Wipers, Mr Bungle, Butthole Surfers and Earth band shirts.) The Austin noise rock band are a less than obvious pick, having been signed to the legendary Touch and Go Records and having stopped releasing new albums in 1998. That changes on Friday the 13th, when “Rack” arrives. And for those curious: The Jesus Lizard’s intensity never went away.

AP Music Writer Maria Sherman

NEW SHOWS TO STREAM SEPT. 9-15

— Hallmark launched a streaming service called Hallmark+ on Tuesday with two new original series, the scripted drama “The Chicken Sisters” and unscripted series “Celebrations with Lacey Chabert.” If you’re a Hallmark holiday movies fan, you know Chabert. She’s starred in more than 30 of their films and many are holiday themed. Off camera, Chabert has a passion for throwing parties and entertaining. In “Celebrations,” deserving people are surprised with a bash in their honor — planned with Chabert’s help. “The Chicken Sisters” stars Schuyler Fisk, Wendie Malick and Lea Thompson in a show about employees at rival chicken restaurants in a small town. The eight-episode series is based on a novel of the same name.

Natasha Rothwell of “Insecure” and “The White Lotus” fame created and stars in a new heartfelt comedy for Hulu called “How to Die Alone.” She plays Mel, a broke, go-along-to-get-along, single, airport employee who, after a near-death experience, makes the conscious decision to take risks and pursue her dreams. Rothwell has been working on the series for the past eight years and described it to The AP as “the most vulnerable piece of art I’ve ever put into the world.” Like Mel, Rothwell had to learn to bet on herself to make the show she wanted to make. “In the Venn diagram of me and Mel, there’s significant overlap,” said Rothwell. It premieres Friday on Hulu.

— Shailene Woodley, DeWanda Wise and Betty Gilpin star in a new drama for Starz called “Three Women,” about entrepreneur Sloane, homemaker Lina and student Maggie who are each stepping into their power and making life-changing decisions. They’re interviewed by a writer named Gia (Woodley.) The series is based on a 2019 best-selling book of the same name by Lisa Taddeo. “Three Women” premieres Friday on Starz.

— Sylvester Stallone’s second season of “Tulsa King” debuts Sunday on Paramount+. Stallone plays Dwight Manfredi, a mafia boss who was recently released from prison after serving 25 years. He’s sent to Tulsa to set up a new crime syndicate. The series is created by Taylor Sheridan of “Yellowstone” fame.

Alicia Rancilio

NEW VIDEO GAMES TO PLAY

— One thing about the title of Focus Entertainment’s Warhammer 40,000: Space Marine 2 — you know exactly what you’re in for. You are Demetrian Titus, a genetically enhanced brute sent into battle against the Tyranids, an insectoid species with an insatiable craving for human flesh. You have a rocket-powered suit of armor and an arsenal of ridiculous weapons like the “Chainsword,” the “Thunderhammer” and the “Melta Rifle,” so what could go wrong? Besides the squishy single-player mode, there are cooperative missions and six-vs.-six free-for-alls. You can suit up now on PlayStation 5, Xbox X/S or PC.

— Likewise, Wild Bastards isn’t exactly the kind of title that’s going to attract fans of, say, Animal Crossing. It’s another sci-fi shooter, but the protagonists are a gang of 13 varmints — aliens and androids included — who are on the run from the law. Each outlaw has a distinctive set of weapons and special powers: Sarge, for example, is a robot with horse genes, while Billy the Squid is … well, you get the idea. Australian studio Blue Manchu developed the 2019 cult hit Void Bastards, and this Wild-West-in-space spinoff has the same snarky humor and vibrant, neon-drenched cartoon look. Saddle up on PlayStation 5, Xbox X/S, Nintendo Switch or PC.

Lou Kesten

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Trump could cash out his DJT stock within weeks. Here’s what happens if he sells

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Former President Donald Trump is on the brink of a significant financial decision that could have far-reaching implications for both his personal wealth and the future of his fledgling social media company, Trump Media & Technology Group (TMTG). As the lockup period on his shares in TMTG, which owns Truth Social, nears its end, Trump could soon be free to sell his substantial stake in the company. However, the potential payday, which makes up a large portion of his net worth, comes with considerable risks for Trump and his supporters.

Trump’s stake in TMTG comprises nearly 59% of the company, amounting to 114,750,000 shares. As of now, this holding is valued at approximately $2.6 billion. These shares are currently under a lockup agreement, a common feature of initial public offerings (IPOs), designed to prevent company insiders from immediately selling their shares and potentially destabilizing the stock. The lockup, which began after TMTG’s merger with a special purpose acquisition company (SPAC), is set to expire on September 25, though it could end earlier if certain conditions are met.

Should Trump decide to sell his shares after the lockup expires, the market could respond in unpredictable ways. The sale of a substantial number of shares by a major stakeholder like Trump could flood the market, potentially driving down the stock price. Daniel Bradley, a finance professor at the University of South Florida, suggests that the market might react negatively to such a large sale, particularly if there aren’t enough buyers to absorb the supply. This could lead to a sharp decline in the stock’s value, impacting both Trump’s personal wealth and the company’s market standing.

Moreover, Trump’s involvement in Truth Social has been a key driver of investor interest. The platform, marketed as a free speech alternative to mainstream social media, has attracted a loyal user base largely due to Trump’s presence. If Trump were to sell his stake, it might signal a lack of confidence in the company, potentially shaking investor confidence and further depressing the stock price.

Trump’s decision is also influenced by his ongoing legal battles, which have already cost him over $100 million in legal fees. Selling his shares could provide a significant financial boost, helping him cover these mounting expenses. However, this move could also have political ramifications, especially as he continues his bid for the Republican nomination in the 2024 presidential race.

Trump Media’s success is closely tied to Trump’s political fortunes. The company’s stock has shown volatility in response to developments in the presidential race, with Trump’s chances of winning having a direct impact on the stock’s value. If Trump sells his stake, it could be interpreted as a lack of confidence in his own political future, potentially undermining both his campaign and the company’s prospects.

Truth Social, the flagship product of TMTG, has faced challenges in generating traffic and advertising revenue, especially compared to established social media giants like X (formerly Twitter) and Facebook. Despite this, the company’s valuation has remained high, fueled by investor speculation on Trump’s political future. If Trump remains in the race and manages to secure the presidency, the value of his shares could increase. Conversely, any missteps on the campaign trail could have the opposite effect, further destabilizing the stock.

As the lockup period comes to an end, Trump faces a critical decision that could shape the future of both his personal finances and Truth Social. Whether he chooses to hold onto his shares or cash out, the outcome will likely have significant consequences for the company, its investors, and Trump’s political aspirations.

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Arizona man accused of social media threats to Trump is arrested

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Cochise County, AZ — Law enforcement officials in Arizona have apprehended Ronald Lee Syvrud, a 66-year-old resident of Cochise County, after a manhunt was launched following alleged death threats he made against former President Donald Trump. The threats reportedly surfaced in social media posts over the past two weeks, as Trump visited the US-Mexico border in Cochise County on Thursday.

Syvrud, who hails from Benson, Arizona, located about 50 miles southeast of Tucson, was captured by the Cochise County Sheriff’s Office on Thursday afternoon. The Sheriff’s Office confirmed his arrest, stating, “This subject has been taken into custody without incident.”

In addition to the alleged threats against Trump, Syvrud is wanted for multiple offences, including failure to register as a sex offender. He also faces several warrants in both Wisconsin and Arizona, including charges for driving under the influence and a felony hit-and-run.

The timing of the arrest coincided with Trump’s visit to Cochise County, where he toured the US-Mexico border. During his visit, Trump addressed the ongoing border issues and criticized his political rival, Democratic presidential nominee Kamala Harris, for what he described as lax immigration policies. When asked by reporters about the ongoing manhunt for Syvrud, Trump responded, “No, I have not heard that, but I am not that surprised and the reason is because I want to do things that are very bad for the bad guys.”

This incident marks the latest in a series of threats against political figures during the current election cycle. Just earlier this month, a 66-year-old Virginia man was arrested on suspicion of making death threats against Vice President Kamala Harris and other public officials.

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