A new media network targeting Hispanics in the United States launched after raising $80 million from investors led by a George Soros-linked firm.
The new media operation – the Latino Media Network – acquired 18 Hispanic radio stations across 10 markets from TelevisaUnivision in a deal ultimately valued at $60 million.
“Those 10 markets are some of the most dense markets in the country,” founder Stephanie Valencia said, referring to markets like Los Angeles, New York, Miami, Houston, Chicago, Dallas, San Antonio, McAllen, Fresno and Las Vegas. “They basically give us access to one-third of the Hispanic population in this country.”
The initiative to tap into to Latinos – which represent the fastest-growing demographic in the U.S. – comes amidst the group’s drastic drop in support for President Joe Biden and subsequent right-wing shift.
Lakestar Finance, as reported by Axios, is leading the new media venture’s investment, which has deep ties to progressive mega-donor and social justice financier George Soros. The firm lists its headquarters as the New York-based Soros Fund Management, a hedge fund founded in 1970 and later converted to a family office.
The fund was used a vehicle to funnel over $10 million to Hillary Clinton’s 2016 presidential campaign through super PACs.
The network’s leadership appear to have the same political affiliations as Soros, as co-founder Stephanie Valencia formerly served as a special assistant to President Barack Obama and the White House’s principal deputy director of public engagement.
Co-founder Jess Morales Rocketto is also an alumna of Hillary for America, the AFL-CIO, Obama for America, and the Democratic National Committee.
In an apparent effort to brand the network as nonpartisan, Al Cardenas, the former chair of the Florida Republican Party and American Conservative Union, was added as an advisor. Cardenas, however, is staunchly anti-Trump and married to CNN contributor Ana Navarro.
“You are a despicable divider; the worse social poison to afflict our country in decades,” Cardenas tweeted in reference to Trump in a post that he later deleted.
The new network and its unearthed ties to Soros follows the far-left financier using his billions to fund a myriad of social and political causes in the U.S., often through “dark money” operations to obscure his involvement.
A recent poll revealed Hispanic Americans are leaving the left in droves. President Biden now has a 60 percent disapproval rating amongst Hispanics.