Two Latinas funded by George Soros are trying to make history by acquiring 18 radio stations, one of which is Radio Mambí
Officially founded on June 3 by two Latina social entrepreneurs, the Latino Media Network (LMN) is a new media content producer and distributor with an eye on the Hispanic market. Thanks to George Soros it is rolling out $60 million for the TelevisaUnivision radio stations, which are spread across several major locations, including Miami, Chicago, San Antonio, Fresco, Dallas, Houston, McAllen-Brownsville, Los Angeles, Las Vegas, and New York.
Who is George Soros funding with his investment?
The Latinas behind the Latino Media Network
Latina entrepreneurs Stephanie Valencia and Jess Morales Rocketto secured $80 million from a broad mix of investors. This raise is one of the greatest financial rounds for a Latina-founded and operated firm in the US. With its debut, the business also announced a $60 million all-cash purchase of 18 radio stations in eight of the top ten Latino markets from TelevisaUnivision.
The Latino Media Network company is funded with George Soros money through an investment firm known as the Lakestar Finance LLC. It has also gained the support of several prominent business leaders, media personalities, and public figures as advisors and directors. Actress Eva Longoria, journalist Mara Elena Salinas, and Christy Haubegger, creator of Latina magazine and present WarnerMedia executive, are among the Latinas on their list.
Valencia participated in the Obama admin, and Morales Rocketto was on Clinton's and Obama's presidential campaigns; conservatives are concerned that their radio network will become a Democratic Party megaphone for Latinos. Many feel this move by George Soros is one of desperation. Marco Rubio and DeSantis have both expressed their concern with the potential move.
Radio Mambí, a very well known radio station in Miami which focuses on themes like the freedom of Cuba and Donald Trump, is among the stations LMN is acquiring. For years, the station has been a favorite of the Latino right, despite accusations that it pushes right-wing and occasionally racist rhetoric. Conservatives fear that the station may become a favorite of the Latino left now that it is owned by the Democratic-leaning duo funded by George Soros known as the Latino Media Network.
GOP pushback and local Cuban-American betrayal
The transaction is being reviewed by the FCC and still has to be approved. Since the news came out Governor Ron DeSantis has been proactive and purchased two ads on Radio Mambí warning of “Soros and his minions … coming with their ideological agenda.”
On June 9 a letter went out to the Federal Communications Commision Chairwoman from the Florida GOP Senators known as Marco Rubio and Rick Scott, who joined Mario Díaz-Balart (R-Fla.). The letter asks the FCC to “thouroughly scrutinize the proposed sale of 18 Spanish-language radio stations to the so-called Latino Media Network (LMN), including Radio Mambí 710 AM in Miami, Florida”. They refer to this move as “Far from benign, the proposed sale is the latest in a series of moves by elite progressives desperate to claw back support from Hispanic voters”. If the move is approved by the FCC then the LMN wil hve access to 33% of the Hispanics in the U.S. to be precise, according to the loyal listeners they will not be deceived.
The Mayor of Hialeah Estaban Bovo has focused on the “sellers” TelevisaUnivision calling it a betrayal by local Cuba-Americans that are taking part in this purchase.
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