An entity associated with the Soros Management Fund is leading the investment into a newly founded Hispanic media company as Hispanic approval among Democrats continues to fall.
Former Obama administration staffer Stephanie Valencia and Jess Morales Rocketto, a former staffer of the Obama and Clinton campaigns, raised $80 million to launch the Latino Media Network, NBC News reported. In a $60 million cash deal, Latinos and prominent Democrats agreed to purchase 18 radio stations throughout 10 cities from TelevisaUnivision.
The two founders work at Equis Research, a Latino polling and research firm, according to NBC News.
Lakestar Finance, the entity associated with the Soros Management Fund, is leading the investment along with several Hispanic media figures and entrepreneurs are currently joining in to fund the new company, Axios reported. Radio entrepreneur and investor Tom Castro bought and sold over 50 stations and serves on the boards of Nelson and Cumulus Media. Al Cardenas, a former chair of the Florida Republican Party and American Conservative Union, also serves as an advisor.
Latino Media Network is led and founded by Stephanie Valencia, a former Obama staffer who now heads Equis Research, a Latino polling and research firm, and Jess Morales Rocketto, also at Equis and a veteran of Obama and Hillary Clinton campaigns.https://t.co/qT8q0LJY4B
— Democratic Coalition (@TheDemCoalition) June 4, 2022
The deal is the largest single acquisition of radio stations by a Latino-based company, according to Axios.
“It’s pretty audacious for people like us to be doing something this big,” Rocketto said, according to Axios. “Steph and I have been raising money for a long time, but this is orders of magnitude bigger than what we’ve ever done.” (RELATED: Biden’s Support Among Hispanic Voters Collapses, Spelling ‘Nightmare Scenario’ For Democrats)
Valencia said the company will expand to nearly one-third of the Hispanic population in the country, according to the outlet. The station will be accessed in Los Angeles, New York, Miami, Houston, Dallas, Chicago, San Antonio, McAllen, Fresno and Las Vegas.
The channel will be primarily Spanish-speaking and include some bilingual shows, the outlet reported. It mostly consists of music and sports broadcasting, and includes talk shows in the mornings.
Democrats have lost a significant portion of their support among Hispanic, though they have historically held a firm grip on the demographic. A May 20 Quinnipiac poll found that President Joe Biden has 26% approval from Hispanic voters. Thirty-two percent of white and 63% of black respondents approved of the president. The poll surveyed 1,586 U.S. adults nationwide from May 12th– 16th with a margin of error of +/- 2.5 percentage points.
A Wall Street Journal poll found in December that Democrats and Republicans both had 37% support from Hispanic voters. The poll found that economic issues have driven the demographic to depart the party. The poll surveyed 1,500 registered voters, including 165 Hispanic voters. The margin of error for the Hispanic sample clocked in at +/- 7.6%.