Soros-backed investors buy dozens of Spanish language U.S. radio stations to combat “misinformation” among Hispanic communities

RIO DE JANEIRO, BRAZIL – A group of Hispanic investors with backing from leftist billionaire George Soros have purchased 18 radio stations across 10 cities. The deal was worth roughly US$60 million.

The group was founded by former Obama staffer Stephanie Valencia and campaign veteran Jess Morales Rocketto, who worked for both former President Barack Obama and Hillary Clinton.

Read also: Check out our coverage on curated alternative narratives

Acquired stations will now form the Latino Media Network (LMN) and will be led by Valencia. LMN stated it has secured financing from “leading Latino investors” as well as Lakestar Finance, an investment group associated with George Soros.

Now, after securing more than US$80 million in funding, the project is set to launch.

“We believe in the power and reach of radio and it remains a main source of media for a significant number of our community,” Rocketto told NBC News. “We hope to create relevant content for radio and other audio platforms with content that our community can trust and rely on.”

One of the stations included in the deal is Radio Mambi, a conservative talk radio station in Miami, Florida, that Democrats have long accused of spreading “misinformation” among Hispanic communities, according to The Washington Examiner. Radio Mambi has long been known as a staunch anti-communist network, particularly among Cuban exiles.

The newly Soros-acquired AM and FM radio stations are located in 10 of the country’s largest Latino markets, including Miami, New York, Los Angeles, Chicago, Dallas, San Francisco, Houston and Las Vegas.

Valencia said the company will expand to nearly one-third of the Hispanic population in the country, according to the outlet

“Latinos are constantly trying to navigate the ocean of information. In some cases that is disinformation, in some cases that is very one-sided communication,” Stephanie Valencia said in a statement.

The sales must still meet Federal Communications Commission (FCC) approval before LMN can fully operate the stations. That process could last well into 2023, Florida’s WLRN reported.

The deal is the largest single acquisition of radio stations by a Latino-based company, according to Axios.

DEMOCRATS LOSING SUPPORT AMONG HISPANICS

Democrats have lost a significant portion of their support among Hispanics, though they have historically held a firm grip on the demographic. A May 20 Quinnipiac poll found that President Joe Biden has 26% approval from Hispanic voters.

Thirty-two percent of white and 63% of black respondents approved of the president. The poll surveyed 1,586 U.S. adults nationwide from May 12th– 16th with a margin of error of +/- 2.5 percentage points.

A Wall Street Journal poll found in December that Democrats and Republicans both had 37% support from Hispanic voters. The poll found that economic issues have driven the demographic to depart the party.

The poll surveyed 1,500 registered voters, including 165 Hispanic voters. The margin of error for the Hispanic sample clocked in at +/- 7.6%.