El Mundo is probably the best and most community oriented newspapers in town. It seems like they have the largest following and are everywhere. Their text and advertising is all in spanish; however it is a vital resource for the spanish-speaking population of Austin. El Mundo provides excellen coverage on local, state, and worldwide news; along w/ an important focus on community involvement. They often sponsor local events that affect the community. If you're interested in reaching the spanish speaking population, then this is probably you're best media outlet at this time.
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