Univision has parted ways with its radio portfolio, as it shifts its focus to video media following its merger with media giant Televisa. It has agreed to a $60 million all-cash deal to sell 18 radio stations in 10 cities to the Latino Media Network. The Latino Media Network (LMN) was founded by social entrepreneurs Stephanie Valencia and Jess Morales Rocketto, with backing from various investors.

The deal will include 10 AM stations and eight FM stations in the largest US markets, among them Los Angeles, New York, Miami, Houston, Chicago, Dallas, San Antonio, McAllen, Fresno, and Las Vegas. That will include eight of the ten largest Latino markets.

The Stations included are:

Los Angeles – KTNQ-AM 1020

New York – WADO-AM 1280

Miami – WAQI-AM 710; WQBA-AM 1140

Houston – KLAT-AM 1010

Chicago – WRTO-AM 1200

Dallas – KFLC-AM 1270; KFZO-FM 99.1

San Antonio – KXTN-AM 1350

McAllen – KGBT-AM 1530; KGBT-FM 98.5; KBTQ-FM 96.1

Fresno – KOND-FM 107.5; KRDA-FM 92.1; KLLE-FM 107.9

Las Vegas – KLSQ-AM 870; KISF-FM 103.5; KRGT-FM 99.3

Latino Media Network promises it will be “a media company serving the Latino community, owned by Latinos for Latinos” with a mission “to help Latinos make sense of the world and their place in it by inspiring, informing and celebrating Hispanics through an audio focused multimedia network.”

LMN Founder Jess Morales Rocketto said, “Our company, and these stations, are for our community. 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. Latino Media Network is going to ensure that the Latino community continues to be served with the news and information that local communities deserve.”

Funding for the deal came from leading Latino investors, with debt-financing courtesy of Lakestar Finance, an investment entity associated with Soros Fund Management LLC.