Headline RoundupJune 15th, 2022

Soros-Backed Investors Buy Hispanic FL Radio Stations

Summary from the AllSides News Team

A George Soros-backed financial group has purchased several Spanish-speaking radio stations in the Florida area, a move that some critics believe could undermine editorial independence.

The group was founded by Latina entrepreneurs Stephanie Valencia and Jess Morales Rocketto, who both have ties to former President Barack Obama and Hillary Clinton. They raised $80 million to establish The Latino Media Network, which has now acquired 18 existing Hispanic radio stations across 10 markets. One notable station in the deal is Radio Mambí — a pro-Trump commercial radio station based in Miami that progressive critics have often accused of spreading "right-wing and sometimes racist disinformation." While actor Eva Longoria and dozens of other notable Hispanics have invested in the cause, conservative voices are concerned that the leading investment entity is affiliated with Soros Fund Management. Soros is a philanthropist who is known to grant funds to Democratic and progressive causes. Valencia clarified last week that Soros is "merely one of the investors" in the merger who "has no influence on the editorial line of any of our stations."

MSNBC (Left bias) and other left-rated voices noted "the problem of disinformation with Latino voters" and emphasized how this merger could be "exactly the kind of disruption the market needs." Media Matters (Left bias) criticized conservative media outlets for using "thinly-veiled antisemitic attacks" against Soros’ philanthropic efforts. Right-rated voices were more likely to conclude that the media acquisition will likely "influence and, thus, curb Cubans’ enthusiasm" for conservative politicians such as Ron DeSantis and Trump. Fox News (Right bias) directly criticized the aforementioned MSNBC op-ed for undermining the notion that this move is "a power grab by the left."


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