In a story exclusive to The Deal, Mary Kathleen Flynn reports on the ambitions and humbled expectations of Latin American media mogul Fernando Espuelas, whose Voy LLC was intended to become a media empire and production company but has settled for being a social network and Internet radio site for Latin music fans.
For Espuelas, it's the second time his lofty goals have been replaced by more pedestrian aims. He was the founder of Latin ISP StarMedia Network Inc. during the dot-com years, and watched its $3.8 billion valuation crumble to a few million as the boomtime ended.
Intended to capitalize on the U.S.'s growing Spanish-speaking demographic, Voy was formed as a cable TV and film production company. Today, it looks more like a niche social network, with 2007 revenues of only $500,000. The company failed to strike a venture capital funding deal, and is instead contemplating a handful of very modest inbound M&A offers. -- Paul Bonanos
For more, read The Deal's story about Voy LLC here.
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