Conservative Ecosystem Network — Junto Intelligence

⚡ Real-Time Analysis — v6.05

📺 VERSANT SPINOFF: Comcast completed cable spinoff Jan 2, 2026. MS NOW (fmr MSNBC) + CNBC now under Versant Media Group. Crooked Media deal Feb 28.

🔥 TRUMP-LEO FEUD: Trump calls Leo "sleazebag" (Feb 2026) after SCOTUS strikes tariffs. Dark money fracturing.

📺 MAGA vs FOX: Shawn Ryan breaks from Trump, slams Bondi. Fox runs cover. Newsmax aggressive.

💀 SEARLE CLOSED: Searle Freedom Trust shut down 2025. Major libertarian funder gone (Reason's top donor).

Filter by Type

Political Funders Institutions Media Media Figures Intellectuals Platforms Operators

💀 Anna died Feb 18/19

Lachlan: full control

James/Elisabeth: ~$1.1B each

State Dept → Europe Pipeline

Heritage "like-minded" list

• Western Arc (Paris)

• Free Speech Union (UK)

Sarah Rogers (State) leading

America 250 funding grants

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

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

Funding: 0

Investment: 0

Ownership: 0

📺 Media Consolidation

🕸️ Leo Dark Money

💵 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)

⚖️ NETFLIX MONOPSONY PROBE:

Sherman Act + Clayton Act
DOJ probing filmmaker leverage
Civil subpoenas to indie studios

Nexstar-Tegna ($3.54B):

✓ Trump endorsed Feb 7

✓ FCC Chair Carr backs

⚠ Anna Gomez: wants full
FCC panel vote

Would reach 54.5% US TV HH

🏛️ 2025 Lobbying (OpenSecrets):

Nexstar: $3.2M (10x previous)
Sinclair: $800K
Tegna: $550K (first year)
→ Miller Strategies: $1M+
Jeff Miller = Trump inaugural chair

State AG Wildcards:

• Letitia James (NY)

• Rob Bonta (CA)

• Austin Knudsen (MT-R)
Can block ANY merger

Paramount Strategy:

Makan Delrahim advising
Fast-track filing (15-day window)

🌍 Transatlantic MAGA Funding

Sarah Rogers (State Dept)

Under Sec for Public Diplomacy
Coordinating European think tank funding

Heritage "Like-Minded" List:

• Western Arc (Paris)
MAGA-inspired, founded Dec 2025
• CFR Hungary
Hosts CPAC Hungary, Orbán arm
• Danube Institute
• MCC (Budapest)

Critics: "slush fund for far-right"

🇺🇸 America 250 Compliance (NEW)

FCC Chairman Carr (Feb 21)

Calling for "patriotic, pro-America programming" celebrating "from founding through Trump Administration today."

Broadcast Compliance:

✓ Nexstar — "My American Story"
200+ stations, 116 markets
✓ Sinclair — Committed
National + local stations

Pattern: FCC regulatory leverage = programming compliance. Nexstar-Tegna approval contingent on "pro-America" content?

🎯 2028 Positioning

CONFIRMED: Ruddy-Cruz Alliance
National Pulse: "major donor"

Feb 17: Ruddy "has been a major donor to Cruz, who is believed to be gearing up for 2028."
Both camps publicly deny

FCC Fight Connection:

• Cruz chairing 39% cap hearing
• Ruddy testifying against Nexstar
• Threatens lawsuit if cap lifted
Policy + 2028 = aligned interests

Vance Tension:

Presumed 2028 frontrunner.
Ruddy-Cruz alliance = factional split?

🎯 SACR Network — TX-32

NEW: Jace Yarbrough

"Nazi-ish" policies (Feb 3 forum)
✓ Trump endorsed
Air Force reservist, TX-32 Congress

Donor Network:

• Peter Thiel
• Nate Fischer (New Founding)
SACR founding president
• Andrew Beck
Claremont VP, SACR member
• Beck & Stone employees

SACR = Society for American
Civic Renewal

Secretive far-right org. Male-only.
Vance connections documented.

🗳️ TX Senate Dark Money (NEW)

$50M+ dark money flooding

DEM PRIMARY:

Talarico $11.2M ads
→ Lone Star Rising: $6.1M
($3.75M from another PAC)
Crockett $2.7M ads
Claims racist ad skin darkening

GOP PRIMARY:

Cornyn allies: $54M+ TV
Conservative Majority Fund
attacking Hunt (dark nonprofit)
Paxton vs Cornyn seat

Most expensive TX Senate primary in history.

📻 Dormant IP Opportunities

Rush Limbaugh Archive

10,000+ hrs of content
30M weekly listeners at peak
600 stations, 30 years

Current Status:

KARHL LLC (estate)
Kathryn Limbaugh controls
Digitizing archives 2025-26

Undermonetized since Feb 2021

Potential acquirers: Daily Wire,
Blaze, Salem, Newsmax, Rumble

💰 Conservative Nonprofit Media Funding (2024)

$260.2M to 18 right-wing media nonprofits

Top Dark Money Conduits:

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

Pattern: Tax-deductible c3 money → partisan media infrastructure → voter influence. Beyond FEC reach.

🤖 AI Super PAC War — 2026 Midterms

🗳️ 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.

Ideology Clusters

MAGA

Establishment

Libertarian

Postliberal

Tech-Right

Funders (center)

Crossover

Node Types

Political

Funder

Institution

Media

Intellectual

Edges

Funding

Investment

Ownership

Tension

⚔️ Conservative Ecosystem Network — Junto Intelligence