Hispanic Multimedia Firm Voy On The Block7/15/2008 5:19 AM Eastern
Voy LLC, the multimedia company launched in 2003 by StarMedia’s founder and entrepreneur Fernando Espuelas, is up for sale, the company’s CEO and founder confirmed.
Espuelas said he is considering “several offers” that were presented a few weeks ago by media companies and private equity firms. He did not identify the suitors or how much they are offering.
“I came to a point where I thought it was interesting to consider these options,” Espuelas told Hispanic TV Update. “The process is currently in due diligence.”
From its inception, Voy was pitched as a bilingual hub for music, TV, books and a cable network targeting Hispanics 18 to 34. But the company, which launched with $5 million in start-up capital, underwent several tweaks and transformations, before settling on a new focus.
“It’s the Internet, stupid,” said Espuelas about his decision to shed the books, film and TV properties. The company also failed to raise additional capital to finance expansion and compete in an increasingly crowded space.
Voy employs about 17 people and its main Web site, voymusic.com, reported 2.2 million unique visitors in June, up from 1.4 million in January of this year, according to Espuelas. The site, offering Web radio and other music content, trades off a paid-advertising model.
Espuelas, 41, says he is committed to seeing Voy’s sale and transition through, although he is already embarking upon and planning new initiatives.
“I am an entrepreneur," he said. "I’m not done [launching ventures] yet.”