May 2, 2023
Latino Media Network, the Hispanic media company that launched last year with $80 million in funding, is bringing Sylvia Banderas Coffinet, formerly general manager at Vox Media, on as its CEO to begin its commercial business push.
Why it matters: The company used most of the cash it raised to acquire 18 Hispanic radio stations from TelevisaUnivision. Now that the deal has received regulatory approval, it will use its remaining funds to turn operational control of the stations to its management team, led by Banderas Coffinet, and revamp them.
The big picture: LMN has limited control of the stations it acquired until they are officially turned over throughout 2023.
Details: Under Banderas Coffinet's leadership, LMN will take control of the revenue, sales and hiring strategy of each station or station group.
Be smart: The launch of LMN by Morales Rocketto and co-founder Stephanie Valencia last year drew concerns from conservatives, particularly in Miami, that their ownership would stifle some of Miami's flagship conservative programs.
What's next: As a part of that commercial effort, LMN will continue to focus heavily on retaining exclusive rights to Hispanic sports, in addition to building out more original programming.