MIAMI, FL – 18 radio stations across 10 U.S. cities have been purchased by a group of investors – with financial backing from billionaire George Soros – to form the newly-christened Latino Media Network (LMN), whose goal is to stop the spread of alleged “misinformation” in the face of waning Hispanic support for Democrats ahead of the 2022 November midterm elections.
The deal, worth a reported $60 million, was spearheaded by Stephanie Valencia – a former employee of President Barack Obama, who will be leading the LMN – as well as Jess Morales Rocketto,, who worked on the campaigns of Obama and Hillary Clinton.
Funds for the purchase – as well as an additional $80 million in operating capital – were secured by “leading Latino investors,” in addition to a George Soros-affiliated investment group known as Lakestar Finance. However, the network will not be able to officially launch until the sales of the 18 stations are approved by the Federal Communications Commission (FCC), which could potentially take until 2023.
The stated goal of LMN, according to Rocketto, is to combat what he referred to as “misinformation” that the previous operators of the stations are alleged to have spread amongst the Hispanic communities they have been serving.
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“We believe in the power and reach of radio and it remains a main source of media for a significant number of our community,” he said. “We hope to create relevant content for radio and other audio platforms with content that our community can trust and rely on.”
“Latinos are constantly trying to navigate the ocean of information,” Valencia added. “In some cases that is disinformation, in some cases that is very one-sided communication.”
Among the AM and FM stations purchased and incorporated into the LMN is Miami, Florida-based Radio Mambi, which currently has a conservative, anti-communist talk format; Democrats claim that the broadcaster has a long history of spreading falsehoods among Latino communities.
Other cities that are included in the new network include New York, Los Angeles, Chicago, Dallas, San Francisco, Houston and Las Vegas, with plans to eventually expand its reach further in the near future.
Many see the move as an attempt by Soros – who staunchly advocates for and financially supports left-leaning policies and political candidates – to help turn the tide of Hispanic support for Democrats, who have seen the community’s approval numbers slump recently.
According to a May 20 Quinnipiac poll, Hispanic support for President Joe Biden has currently cratered at only 26 percent. Meanwhile, a Wall Street Journal poll indicated that the Democratic Party as a whole only has 37 percent approval among Latinos, with economic issues being the driving force behind the loss of support.