ByThe National Pulse
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.