⏰ WBD DEADLINE: TONIGHT 11:59 PM ET(~7 hrs) Paramount expected $32/share + $650M/qtr ticking fee + $2.5B termination. No formal bid yet as of 2:57 PM CT. Netflix has 4 days to match. Mar 20: Vote.
🦅 1789 CAPITAL $2B AUM: FWIW Jan 2026: 1,233% growth in one year ($150M → $2B). Trump Jr joined as partner. Portfolio: SpaceX, xAI, Neurolink, X, Polymarket, Juul, Happy Dad. Pattern: Presidential proximity = regulatory relief for portfolio companies.
🚨 REGULATORY ASYMMETRY: Paramount HSR CLEARED Feb 19-20. Netflix under DUAL DOJ PROBE. CID deadline Mar 23 = 3 days after shareholder vote. Political alignment → regulatory favor.
📉 NEWSMAX COLLAPSE:-97% from peak ($233 Apr 2025 → $5.62). Ruddy threatening lawsuit if FCC lifts cap. Pattern: Conservative media IPO hype → value destruction.
📺 NEXT:TONIGHT: WBD deadline. Wed 4pm: Sinclair Q4. Feb 26: WBD Q4. Mar 20: Vote. Mar 23: CID.
Filter by Type
💰 Money Flows ▼
💀 Anna died Feb 18/19
Lachlan: full control
James/Elisabeth: ~$1.1B each
FT Feb 2026: US Gov → Europe
Sarah Rogers (Under Sec)
• Reform UK (Farage)
• Hungary CFR (CPAC Hungary)
• AfD (Frohnmaier met Dec 13)
• Free Speech Union (UK)
Heritage "like-minded" list
Target: EU DSA, UK Online Safety
Building DSA bypass portal
Truth Social Funds ETF Consolidation
Yorkville America Equities
• MAGA ETF: $32M AUM
• YALL ETF: $101M AUM
= $183M combined
Close: Q2 2026
Trump-branded finance
Dark Money Civil War
Trump: Leo is "sleazebag"
• May 2025: First attack
• Feb 2026: Renewed (SCOTUS)
Leo funded NCLA lawsuit
NCLA challenged tariffs
$1.6B network fracturing
Conservative Media Rift
Shawn Ryan: Bondi "Shorty"
• MAGA podcasters break Trump
• Slam Pam Bondi over files
Fox runs cover for Bondi
Newsmax more aggressive
"Huge deal" - Wallace
OpenSecrets Feb 2026
Nexstar: $3.2M (10x normal)
Sinclair: $800K (4x normal)
Tegna: $550K (first ever)
Jeff Miller hired by Nexstar
Trump inaugural finance chair
Miller Strategies: $1.06M
→ Trump endorsement secured
Senate Commerce Feb 10, 2026
NEWSMAX CEO THREATENS LAWSUIT
if FCC lifts 39% ownership cap
Ruddy argument:
• Cap is STATUTORY (Congress-set)
• FCC lacks authority to eliminate
• "Blatant violation of congressional law"
Complained:
• Newsmax has 5x NewsNation viewers
• But squeezed on fees because Nexstar bundles
NAB vs Newsmax battle
Cruz sympathetic to Ruddy
NYT Dec 2025 / Guardian Jan 2025
2024 Cycle: $550M total spend
"Financial juggernaut" per NYT
AFP $20M Tax Campaign
Jan 27, 2025 launch
Supporting Trump TCJA extension
Funders: Koch Industries
DonorsTrust: $9.5M (2010-12)
Corporate: State Farm, J&J
Pattern: Anti-Trump on candidates
Pro-Trump on tax policy
SourceWatch Feb 2026
DonorsTrust: $16.88M
(2017-2023) — largest funder
Uihlein: $2.7M (2017-2021)
Searle: $400K+ (pre-closure)
Bradley: $150K · Spencer: $200K
Pattern: "Aggregator" funded by
dark money — not organic traffic
NOTUS/CMD Nov 2025 (2024 990)
America First Legal: $21.3M
↑ from $3.2M (2023) — +565%
Stephen Miller now Deputy CoS
America First Policy: $4.4M
↑ from $159K (2023) — +2,664%
Brooke Rollins now Ag Secretary
Pattern: Dark money → nonprofits
→ founders → Trump admin roles
Top 8 donors gave $162.4M anon
Feb 19, 2026
Fox Corp + News Corp
Matching $1,000 govt contribution
To "Trump Accounts"
Children's retirement program
Murdoch aligning w/ Trump policy
Corporate-political fusion signal
Liberal Media Restructuring
Comcast → Versant Jan 2, 2026
• MS NOW (fmr MSNBC)
• CNBC, USA, Syfy, Bravo, E!
Ticker: VRST (Nasdaq)
Stock fell 13% on debut
Crooked Media deal Feb 28
Pod Save America → cable
FWIW Jan 2026 — EXPLOSIVE GROWTH
AUM: $2B+ (Dec 2025)
↑ 1,233% in one year
2024: $150M → 2025: $2B
PARTNERS:
• Donald Trump Jr. (joined late 2024)
• Omeed Malik (President)
• Rebekah Mercer (Co-founder)
• Chris Buskirk (CIO)
PORTFOLIO (Musk companies):
• SpaceX, xAI, Neurolink, X/Twitter
• Polymarket, Juul, Happy Dad
• Perplexity AI, BlinkRX, Substack
PATTERN:
Presidential proximity → portfolio
companies get regulatory relief
Mission: "Parallel conservative economy"
FT Sep 2024 — NOW ACTIVE
$1B to "crush liberal dominance"
in news and entertainment
SOURCE:
• Barre Seid's $1.6B to Marble Trust
• Tripp Lite sale → tax-free transfer
GRANTS VIA:
• Schwab Charitable: $153.8M
• Concord Fund: $55.5M
• DonorsTrust pipeline
TARGETS:
• "Woke" corporations
• Liberal media dominance
• ESG/DEI-pushing banks
⚠️ Trump feud: "sleazebag"
NYT Feb 18, 2026 — BREAKING
Meta's biggest election investment EVER
$65M to two super PACs
BIPARTISAN CAPTURE:
• Forge the Future (GOP) — Texas
• Making Our Tomorrow (Dem) — Illinois
STRATEGY:
• Elect AI-friendly state legislators
• Prevent state AI regulation
• Meta has 3 AI data centers in TX
Pattern: Tech giant → state capture
Led by GOP strategist Brian Baker
Chaotic Era Jan 2026
$260.2M to 18 outlets in 2024
501(c)(3) tax-deductible funding
TOP FUNDERS:
• DonorsTrust: $26M
• NCCF: $3.3M
• Bradley Foundation: $2M+
PINK-SLIME INCLUDED:
• Community News Foundation: $10M+
• Lincoln Media Foundation: $3.9M
• Informing America: $8M
Pattern: Tax-exempt → influence ops
CMD Nov 2025 Analysis (2024 990)
$195.3M distributed (+$43M YoY)
Net assets: $1.36B
TOP: America First Legal $21.3M
Miller's group = largest recipient
"Election integrity" + DEI litigation
OTHER MAJOR:
• SPN: $24.5M (umbrella + affiliates)
• Consumers' Research: $6.1M (Leo)
• Reason Foundation: $5M
• Informing America: $4.5M
300+ right-wing orgs funded
Feb 21, 2025 — Board Authorized
"America First Economy" acquisitions
Strategic fund with select investors
TAE FUSION $6B (Dec 2025):
• TMTG commits $300M cash
• 50MWe fusion plant planned 2026
• Co-CEO structure with Nunes
TRUTH.FI ETFs:
• Yorkville America Equities partner
• Trump-branded investment vehicles
Forbes Sep 2025 Analysis
$389M total under Charlie Kirk
TOP: Wayne Duddlesten Foundation $13.1M
Houston real estate developer's foundation
Foundation closing Dec 31, 2026
OTHER MAJOR DONORS:
• Foster Friess ($10K seed + ongoing)
• Ed Uihlein Family Foundation
• Bernard Marcus (Home Depot)
• DonorsTrust/Donors Capital Fund
Pattern: Fracking + real estate wealth → youth activism infrastructure
Feb 17, 2026 — Reuters
$351.7M investment (5.07M shares)
First newspaper since 2020 exit
NYT stock: +4% after-hours
Greg Abel now CEO (Jan 1)
Buffett: Only NYT, WSJ, maybe
WaPo have viable digital models
WaPo just laid off 1/3 staff
Feb 2026 — Staff Departures
Anderson Cooper leaving
Won't renew 60 Minutes contract
Cited "rightward direction"
15% staff cuts expected
Alicia Hastey viral resignation
Weiss canceled from journalism talk
Norah O'Donnell: "challenging"
Colbert show canceled
FAIR Feb 2026 Analysis
7 families control 25.5B of 45.6B visits
US NEWS TRAFFIC RANKINGS:
#1 Ochs-Sulzberger (NYT): 5.54B
#2 Murdoch (Fox/WSJ): 5.46B
#3 WBD (CNN): 4.0B
#4 Apollo (Yahoo): 2.7B
#5 Roberts (Comcast): 2.4B
#6 Microsoft (MSN): 2.1B
Media monopoly accelerating
IPO Mar 2025 — Ownership Revealed
Chris Ruddy: Founder/CEO
Thomas Peterffy: 18% (23M shares)
Interactive Brokers founder ($28B NW)
Via Conyers Investments LLC
Apr 2025: Stake worth $6B at peak
Feb 2026: ~$130M at $5.62/share
Qatari Sheikh: ~20M shares
Sultan bin Jassim Al-Thani
Stock: -97% from IPO peak
Scaife Foundation: Original seed $25K
NEWSMAX STOCK COLLAPSE
Ticker: NMAX (Nasdaq)
TIMELINE:
Mar 2025: IPO at $10/share
Apr 2025: $233 peak (+2,230%)
Market cap: ~$30B at peak
Feb 2026: $5.62/share
LOSS: -97% from peak
INVESTOR IMPACT:
Peterffy stake: $6B → $130M
Qatari sheikh: similar loss
Pattern: Conservative media
IPO mania → value destruction
Ruddy threatening FCC lawsuit
Trump 2025 Inaugural — Record
$245M raised (3x 2017 record)
104 corporations gave $1M+
TECH SECTOR: $44.6M
Crypto alone: $13.5M
TOP DONORS:
• Ripple Labs: $4.9M (#2 overall)
• Amazon, Meta: $1M each
• Google, Microsoft: $1M each
• OpenAI (Altman): $1M
SEC Ripple settlement: $125M→$50M
No contribution limits imposed
Pattern: Access purchasing
SERIES B — Sep 2025
$100M raised (Insight Partners lead)
Valuation: $850M
Total funding: $200M
FUNDING HISTORY:
• Farris Wilks: $4.7M seed (fracking)
• 2023 undisclosed round: >$1B val
• Sep 2025 Series B: $100M
INSIGHT PARTNERS (NYC)
$90B AUM growth equity
First major VC in conservative media
Fox Corp eyeing acquisition
Boreing stepped down Mar 2025
DAILY WIRE SEEKING BUYERS
Semafor May 2025: Milken Conference
Shapiro pitching investors
Valuation: >$1B
Fox Corp reportedly eyeing acq.
Boreing out as CEO Mar 2025
$200M+ revenue, layoffs, restructuring
⛪ NRB vs TBN SPLIT
TBN: supports FCC cap elimination
NRB: opposes cap changes
Jan 21 coalition filing w/ NAB
📻 RELIGIOUS RADIO BUYERS
"Most likely buyers in 2026"
Inside Audio Marketing
Salem→EMF deal exemplifies
Funding: 0
Investment: 0
Ownership: 0
📺 Media Consolidation
📺 NEXSTAR-TEGNA $3.54B (Feb 18):
FCC Chair Carr: "I support that transaction"
265 stations → 54.5% U.S. reach
Blows past 39% ownership cap
Gomez (D): wants full commission vote
Ruddy: "prepared to litigate"
💵 LOBBYING (2025):
Nexstar: $3.2M to FCC | Sinclair: $800K
⚖️ FCC ACTIONS (Feb 20):
• Sinclair 4-station acq. APPROVED
Over DIRECTV objection
• The View under investigation
Talarico interview "equal time"
• "Patriotic programming" push
America 250 Task Force coordination
💀 ANNA MURDOCH-MANN DIES (Feb 18/19):
Rupert's 2nd wife, mother of Lachlan/James/Elisabeth. Age 81. $1.7B divorce (1999). Unifying force in succession.
⏰ DEADLINE TODAY — FEB 23 (SUNDAY):
Paramount best/final offer due END OF DAY DOJ cleared Paramount Feb 19 Netflix still under Sherman Act probe
Trump demands Netflix fire Susan Rice "or pay consequences"
🎬 HOLLYWOOD WAR:
• James Cameron → Sen. Lee letter
"Disastrous for theatrical business"
• Sarandos: "disinformation campaign"
Netflix rebuttal letter to Sen. Lee
• Mark Ruffalo questions Cameron
📊 Deal Status:
• Paramount cleared DOJ (Feb 19)
• DOJ SHERMAN ACT PROBE of Netflix
Monopsony over filmmakers
• Feb 26: WBD Q4 earnings call
• Mar 20: WBD shareholder vote
📺 CBS NEWS EXODUS (Feb 2026):
• Bari Weiss: Editor-in-Chief
Free Press founder → CBS. Ellison's pick.
• Anderson Cooper QUIT (20 yrs)
• John Dickerson QUIT (16 yrs)
• Maurice DuBois QUIT
• 11 of 40 Evening News staff: buyouts
• Colbert show ending May 2026
FCC approved merger 1 week after cancellation
• Dickerson on Colbert Feb 19
"Epic troll of MAGA bosses"
• Peter Attia hired (wellness)
Kept despite Epstein ties — "not woke"
🔋 TMTG-TAE $6B FUSION (Dec 2025):
• First publicly traded fusion co.
50-50 ownership | DJT stock
• 50MWe plant construction 2026
TAE CEO Michl Binderbauer leads
📻 Salem Media (Feb 2026):
• Cleared $159.4M debt (Jan 2025)
Sold Christian stations to EMF
• Harrison Weinhold → podcast growth
• Larry O'Connor → Townhall editor
Paramount WBD Backers ($108B):
• Kushner's Affinity Partners
• PIF (Saudi) — $2B Affinity seed
• QIA (Qatar)
• ADIA (Abu Dhabi)
• RedBird Capital
• Ellison Trust ($40B guarantee)
Netflix under pressure ($72-83B):
• Trump demanding Rice removal
• DOJ probe "filmmaker leverage"
• Starz → WBD Networks ($25B)
🇬🇧 UK Telegraph War (£500M):
• Lisa Nandy approved DMGT sale (Feb 21)
Culture Sec. cleared RedBird→DMGT security
DMGT (agreed bid):
Daily Mail owner. PIIN review continues
Efune Consortium (rival):
• Efune (NY Sun, lead)
• Axel Springer (Politico)
• Hosking (£100M, Brexit)
• D. Smith (Sinclair)
"No regulatory hurdles" — late challenge
• Nexstar + Tegna ($3.5B)
🕸️ Leo Dark Money
⚠️ Trump Fallout (May 2025):
"Sleazebag" attack on social media
Leo Network Orgs:
• Marble Freedom Trust ($1.6B)
• Federalist Society
• The 85 Fund
• Concord Fund (fmr. JCN)
• CRC Advisors (for-profit)
• Teneo Network
Key Funding:
• Barre Seid: $1.6B (2021)
• → DonorsTrust: $41M
💵 Major Financial Flows (Feb 2026)
🆕 Berkshire → NYT
$351.7M (5.07M shares, ~3%) Buffett's final media bet Feb 17 filing. Greg Abel transition.
🇬🇧 Telegraph Consortium Bid
£500M (~$673M) rival to DMGT • Efune (NY Sun) = lead • Axel Springer backing Politico owner enters UK market
Ellison → WBD Hostile Bid
$40B personal guarantee $108B total offer ($30→$31/share) ✓ Paramount cleared DOJ Feb 19 Feb 23 deadline = TODAY
⚖️ DOJ SHERMAN ACT PROBE
Netflix monopsony investigation Clayton + Sherman Act (rare) Probing power over filmmakers
Gulf SWF Backing
PIF (Saudi), QIA, ADIA No board seats (CFIUS)
📺 NEWSMAX PUBLIC (NYSE: NMAX)
$5.59/share (Feb 19) Renewed Higbie + Kelly Only public conservative cable
🦊 MURDOCH SETTLEMENT (Sep 2025)
Lachlan = full control Fox Corp + News Corp Elisabeth/James/Prudence settled Feb 2026: Matching Trump 530A accounts
🔋 TMTG-TAE FUSION ($6B Dec 2025)
First public fusion company 50-50 ownership | DJT stock CEO: Michl Binderbauer 50MWe plant construction 2026
📻 Salem Media Restructure
Cleared $159.4M debt Sold Christian stations → EMF Feb 2026: Harrison Weinhold hired
💰 Koch Network 2026 (NEW)
AFP Action — $28.9M (2025)
$6.5M from Stand Together $107M spent in 2024 (3x 2020) 647 races, 20M doors knocked
Club for Growth — $15.8M
$10M from Jeffrey Yass 6th largest federal donor 2024
2026 Senate Endorsements:
✓ Mike Rogers (MI) $500K ads ✓ John Sununu (NH) ✓ Michael Whatley (NC) All three = Trump endorsed
LIBRE Action (Latino arm)
First 2026 endorsements Feb 20
⚖️ Regulatory Landscape
⏰ DEADLINE TODAY (Feb 23 — SUNDAY):
Paramount best/final due TODAY Expected $31/share (up from $30) Netflix has 4-day match window per Sarandos (Variety Feb 21)
DonorsTrust: $26M to conservative media • PragerU, Federalist, Daily Caller Bradley Foundation: $2M+ NCCF: $3.3M National Christian Charitable Foundation
🔴 Pink-Slime Networks:
Community News Foundation: $10M → Metric Media fake local news network Lincoln Media Foundation: $3.9M → Lincoln Club OC donor org → Shady FB pages in battleground states Informing America: $8M → John Solomon's hidden network
🗳️ NY-12 PROXY WAR: Alex Bores (NY Assemblyman) running for Congress Think Big: $1.1M attacking (pro-deregulation) Public First: $450K defending (pro-regulation)
Leading the Future PAC — $125M+
Pro-deregulation. AI-friendly candidates. • Greg + Anna Brockman (OpenAI) • Marc Andreessen + Ben Horowitz (a16z) • Joe Lonsdale (Palantir co-founder) • Ron Conway (SV Angel) • Perplexity AI Think Big = LTF's Democratic arm
Meta AI PACs — $65M
Bipartisan state-level push. • Two PACs: AI-friendly Dems + GOP • Starting in TX and IL Evan Goldberg (Oracle) top donor
Public First Action — $20M
Pro-regulation. Counter to OpenAI. • Anthropic ($20M pledge) $450K for Alex Bores defense
$210M+ total committed. First corporate AI policy war in electoral politics. NY-12 is the test case.