New Latino media startup launches with historic $80M raise

Latina activists and entrepreneurs Jess Morales Rocketto and Stephanie Valencia have raised $80 million to launch a new Hispanic media company called the Latino Media Network.

Why it matters: It's one of the largest capital raises for a Latina-owned and operated startup in the U.S.

• "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."

Driving the news: With the capital, the duo has acquired 18 Hispanic radio stations across 10 markets from TelevisaUnivision.

• The deal, valued at $60 million, is one of the largest single acquisitions of radio stations by a Latino-owned and operated company.