Media content start-up Latino Media Network (LMN) raised $80 million to launch and secure a $60 million cash deal with TelevisaUnivision to purchase 18 radio stations in the top Latino markets.
Forbes stated that LMN’s debt financing came from Lakestar Finance LLC, an investment entity affiliated with Soros Fund Management LLC.
The recent wave of Hispanic voters shifting their support to Republican candidates has leftist activists concerned about the future of elections. While the FCC still needs to approve the purchase of the stations – this process may take a year – Democratic politicians are already celebrating the win.
In a tweet last month, Rep. Darren Soto (D-Fla.) called the purchase of the stations a “MAJOR victory against right wing Spanish radio disinformation efforts this week.”
Meanwhile, Rep. Mayra Flores (R-Texas) addressed the Soros-affiliated purchase of the stations during an interview on “The Truth with Lisa Boothe” podcast, stating, “He’s trying to erase our values. He wants the Hispanic community to forget about God and family values; that’s what the far left wants us to do.”
LMN co-founders Stephanie Valencia and Jess Morales Rocketto have an extensive political background and no prior radio experience. However, the founders consider the battle against “disinformation” among the Hispanic community to be a top priority.
Before starting LMN, Ms. Valencia had a distinguished political career as an adviser and aide to former President Obama and a press secretary for several Democratic leaders in the Senate and House.
Jess Morales Rocketto worked as the political director for the National Domestic Workers Alliance and is an alumna of Hillary for America and Obama for America.
Two of the 18 radio stations are in Miami, including the Cuban conservative station WAQI, as known as Radio Mamb?. The other 16 stations are located in prominent Latino markets, including New York, Houston, Chicago, Las Vegas, Los Angeles, Fresno, Dallas, San Antonio, and McAllen.
While LMN intended to keep the current talent and radio hosts, several have since announced their immediate resignation from Radio Mamb?. Hosts Nelson Rubio, Lourdes Ubieta, and Dania Alexandrino publicly announced their departure and move to the conservative station Americano Media.
Nelson Rubio stated during a press conference, “I was not going to lend myself to receive any money from Soros or anyone.”