A new media group, Latino Media Network, aims to gather a group of prominent Latinos negotiating a $60 million deal to buy 18 radio stations in 10 U.S. cities. A long string of Latinos are investors in the purchase, which still requires Federal Communications Commission approval. Not all are Democrats.

The 18 stations are in Los Angeles, New York City, Miami, Houston, Chicago, Dallas, San Antonio, McAllen, Fresno and Las Vegas. The group said the stations are mostly broadcasting sports, entertainment and music programming.

According to NBC News publication, the AM and FM stations involved in the business are part of the Televisa Univision network. The group expects radio stations to reach a third of Latinos in the US, or about 20 million people.

“Latino Media Network is led and founded by Stephanie Valencia, a former Obama administration staffer who now heads Equis Research, a Latino polling and research firm, and Jess Morales Rocketto, also at Equis and a veteran of Barack Obama and Hillary Clinton campaigns”, as revealed by NBC.

“According to a news release from the group, $80 million in capital was raised to launch Latino Media Network. The group said it's one of the largest amounts of capital raised by a Latino-owned and operated startup. The money includes a loan from Lakestar Finance LLC, an investment firm associated with liberal billionaire George Soros”, still according to NBC News.

Among the investors of Latino Media Network are “former Univision anchor Maria Elena Salinas; actor and activist Eva Longoria; former Miami College president Eduardo Padrón; former Obama administration Cabinet member Maria Contreras Sweet, and former publisher and CEO of La Opinión Monica Lozano. It also includes American Conservative Union chair Al Cardenas, who has been a high-profile critic of former President Donald Trump”.

“Also among investors is Henry Muñoz III, founder of Latino Victory and Democrats activist; investor and businessman Luis Ubiñas; investor and entrepreneur Tom Castro; Juleyka Lantigua, founder and CEO of LWC Studios; Tom Chavez, high-tech entrepreneur; Christy Haubeggar, founder of Latina magazine and a vice president of Warner Media; and Alicia Bassuk, founder of Ubica Leadership”.

In the context of the negotiations Jess Rocketto stated that the Latino Media Network will seek to ensure reliable news and information to local and Latino communities. The spotlight surrounding the new venture comes amid growing concern about misinformation and fake news targeting Latinos, particularly Spanish speakers.

The announcement of the purchase by Latinos came after the launch of the first conservative Spanish-language satellite radio network, “Americano”.

“The network arrives during a crucial inflection point in U.S. politics, as more Hispanic voters show signs of drifting right and Democrats continue to sound the alarm about Spanish-language right-wing disinformation on social media and local radio, particularly in Miami, which is also Americano’s home base”, according to NBC.

The purchase agreement calls for a one-year transition agreement, expected to conclude in late 2023.