Soros-Backed Investors Buy Hispanic FL Radio Stations
Headline Roundup June 15th, 2022
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."
Latina activists and entrepreneurs Jess Morales Rocketto and Stephanie Valencia have raised $80 million to launch a new Hispanic media company called the Latino Media Network.
Why it matters: It's one of the largest capital raises for a Latina-owned and operated startup in the U.S.
- "It's pretty audacious for people like us to be doing something this big," Morales Rocketto said in an interview. "Steph and I have been raising money for a long time, but this is orders of magnitude bigger than what we've ever done."
At a time when Latino representation in media is still lacking and the power of Latino outlets owned by Latinos barely even registers, it was exciting to hear in early June that two Latinas with ties to former President Barack Obama and former Secretary of State Hillary Clinton raised $80 million to form a new national network of radio stations. The Latino Media Network, as it's called, is acquiring 18 existing radio stations.
One such network is a popular conservative Miami station, which explains why my excitement was not shared by...
MSNBC rushed to the defense of a George-Soros-linked group that is set to takeover Miami’s iconic, Spanish-language conservative talk radio station Radio Mambi.
The formation of the Latino Media Network, a new network set to be made up of 18 Hispanic radio stations including Miami’s conservative Radio Mambi, was partially financed by Lakestar Finance, an investment group affiliated with Soros Fund Management. The stations, currently owned by Univision, would be controlled by Jess Morales Rocketto, a former Hillary for America and AFL-CIO employee, and Stephanie Valencia, a former Obama White House staffer, if...