A few species have evolved multiple sex chromosome systems with more than two Xs or Ys. These involve sex chromosome-autosome translocations (sometimes called fusions as very small heterochromatic arms may be deleted), creating neo-sex chromosome systems. Among vertebrates, frogs (Anura) have the highest known number of such translocation systems. This study within the genus Leptodactylus, investigated the two species L. pentadactylus (LPE) and L. paraensis (LPA), in which large ring multivalents are seen in male meiosis, indicating translocations involving the sex chromosomes. Four other species studied do not have such rings, but they share characteristics making rearrangements less likely to be eliminated. To start understanding the formation of multivalents, we used genomic and cytogenetic methods to investigate repetitive DNA sequences, including satellite DNAs, rDNAs, and telomeric sequences, and conducted comparative genomic hybridization (CGH). The LPE genome includes a large number of satDNA families, and in situ mapping of several satDNAs individually identified eight of the ten chromosomes in its multivalent. In LPA, morphological similarities indicate that several chromosomes are shared by the multivalents of both species, and a candidate ancestral sex chromosome pair could be identified. In situ mapping in LPE suggests recent satDNA accumulation in the subtelomeric regions, which differ from those in the outgroup species, contrary to the expectation that the translocations create sex-linkage in the pericentromeric regions.