The symbiotic relationship between Fox News and the First Family grew even closer this week when one of the network’s top stars joined the board of a “blank-check” firm led by presidential scion, Donald Trump Jr.
Bloomberg first reported this weekend that 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 Omeed Malik and features Trump Jr. as one of its directors.
The SPAC, known as Colombier Acquisition Corp. III, filed for an initial public offering Friday, and aims to raise $260 million by selling 26 million shares at $10 each. In general, SPACs are shell companies that raise funds to merge with private companies and take them public, all in an effort to avoid the regulatory scrutiny that comes with typical IPOs.
The IPO, however, didn’t provide many details about what the SPAC aimed to accomplish or what type of company it was looking to buy. Instead, it merely states that its leadership team would be “leveraging our network” to help “fund the next chapter of American Exceptionalism and help Make America Grow Again.”
A close ally of the Trumps, Malik is the chief executive of 1789 Capital, a MAGA investment firm he founded in 2022 alongside right-wing heiress, Rebekah Mercer, and entrepreneur, Chris Buskirk. Trump Jr. became a partner in 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 magnets.
Besides Trump Jr. and Ingraham, the SPAC’s list of a half-dozen directors includes Buskirk, former GOP Senate candidate Blake Masters, “SPAC king “ Chamath Palihapitiya and investor Candice Willoughby. Additionally, 1789 partner Paul Abrahimzadeh will serve as president. Roth Capital is underwriting the offering.
Earlier this year, Colombier merged with the firearms retail firm GrabAGun, which is backed by Trump Jr. Since hitting the market, however, GrabAGun’s 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 joining forces with the Trump family on a speculative Wall Street offering comes months after the president named her – alongside fellow pro-Trump Fox host Maria Bartiromo – to the board of trustees of the John F. Kennedy Center for the Performing Arts.
The ties between the Trumps and the conservative cable giant have only grown tighter 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 members and high-ranking officials in the Justice Department and FBI.
Besides Ingraham and Bartiromo, other current Fox News on-air personalities have been appointed to advisory roles while simultaneously hosting programs at the network. Mark Levin, who hosts a weekend Fox News show, was added to the “revamped” Homeland Security Advisory Council in April.
On the flip side, Fox News hired Lara Trump – the president’s daughter-in-law and former co-chair of the Republican National Committee – to anchor her own Saturday talk show. The network also recently gave ex-Trump press secretary Kayleigh McEnany – who has been with Fox since 2021 – her own solo weekend program.
