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The symbiotic relationship between Fox News and the First Family grew even closer this week when one of the network’s top stars joined its board. “blank cheque” The company, led by presidential scion Donald Trump Jr.
bloomberg First reported this weekend Fox News host Laura Ingraham is one of the board members of a special purpose acquisition company (SPAC) that is backed by conservative venture capitalist Omed Malik and features Trump Jr. as one of its directors.
The SPAC, known as Colombier Acquisition Corp. III, Filed for initial public offering on Friday, And the target is to raise $260 million by selling 26 million shares at $10 each. In general, SPACs are shell companies that raise money to merge with private companies and take them public, all in an effort to avoid the regulatory scrutiny that comes with the typical IPO.
However, the IPO did not provide many details about what the SPAC aims to achieve or what type of company it is looking to buy. Instead, it says only that its leadership team will “leverage our networks” to “fund the next chapter of American exceptionalism and help get America moving again.”
Malik, a close Trump ally, is the chief executive of 1789 Capital, a MAGA investment firm he founded in 2022 with right-wing heiress, Rebekah Mercer, and entrepreneur, Chris Buskirk. Trump Jr. became a partner at 1789 Capital in November, and Malik was a significant donor to Donald Trump’s 2024 presidential campaign.
1789 Capital made its first investment in former Fox News star Tucker Carlson’s media venture in 2023, and has since branched out into online firearms retailers, cryptocurrency prediction markets, and rare earth magnates.
In addition to Trump Jr. and Ingraham, the list of SPAC’s half-dozen directors includes Buskirk, former GOP Senate candidate Blake Masters, “SPAC King” Chamath Palihapitiya and investor Candice Willoughby. Additionally, 1789 partner Paul Ebrahimzadeh will serve as president. Roth Capital is underwriting the offering.
Earlier this year, Colombia Merged With firearms retail firm GrabAGun, which is backed by Trump Jr. Since hitting the market, GrabAGun shares have dropped nearly two-thirds of their value.
Fox News did not immediately respond to a request for comment about Ingraham’s involvement in the business venture.
Ingraham is joining forces with the Trump family on a speculative Wall Street offering, months after the president nominated her — along with pro-Trump Fox host Maria Bartiromo — to the board of trustees John F. Kennedy Center for the Performing Arts.
The relationship between Trump and the conservative cable giant has grown stronger since the president returned to the White House in January. at least Two dozen former Fox News employees have joined the Trump administration, including As cabinet member And high ranking official In Justice Department And FBI.
In addition to Ingraham and Bartiromo, other current on-air personalities of Fox News have been appointed to advisory roles while hosting programs on the network. Mark Levin, who hosts a weekend Fox News show, was added To the “reconstructed” Homeland Security Advisory Council in April.
Fox News, on the other hand, hired Lara Trump – the president’s daughter-in-law and former co-chair of the Republican National Committee – to anchor his own saturday talk showThe network also recently hired ex-Trump press secretary Kayleigh McEnany — who has been with Fox since 2021 — his own solo weekend show,