Fox News star Laura Ingraham spent years railing against the purported corruption caused by the business interests of President Joe Biden’s son. But now she’s going into business with Donald Trump Jr., federal records show, a wildly and obviously unethical conflict of interest that no credible news outlet would tolerate.

Ingraham and Donald Trump Jr. are among the directors of “Colombier Acquisition Corp. III,” a special-purpose acquisition company which is seeking to raise $260 million in an initial public offering in order to acquire another company, according to a registration statement filed with the Securities and Exchange Commission on Friday and first reported by Bloomberg.

The firm’s CEO is Omeed Malik, co-founder and managing partner of the venture capital fund 1789 Capital, which invests in companies aligned with the MAGA movement and has “grown into a financial powerhouse” since November, when Trump was elected president and his son became a partner. Several other executives and directors for the SPAC are also 1789 Capital employees, the filing shows.

The SPAC’s prospectus positions the company as a way to benefit from “the market’s excitement to fund the next chapter of American Exceptionalism by investing in the Entrepreneurship, Innovation, and Growth (‘EIG’) economy, a set of era-defining business and investment opportunities that we believe will build the next period of American prosperity.”

It continues: “These opportunities are rooted in America-first cultural shifts after the 2024 U.S. election, a resurgence of merit-based investing in growth equity, a focus on market-based solutions for America, and a celebration of America’s most prominent founders. Opportunities in the EIG economy include but are not limited to companies that reindustrialize the American economy and enhance American prosperity and security.”

Ingraham’s bio in the document identifies her as “the host of ‘The Ingraham Angle,’ an hour-long cable news program, which launched in October 2017, on Fox News (weeknights),” a program which “features Ms. Ingraham’s analysis of politics, business, legal matters and the culture, along with her interviews with prominent individuals in those fields.”

The potential conflicts of interest created by Ingraham’s roles with the SPAC and Fox are legion:

• She stands to financially benefit from a business plan that is explicitly tied to the success of the MAGA movement.
• She stands to financially benefit from the sprawling business interests of the president’s son, which otherwise could have been fodder for critical reporting.
• She seems to have received the opportunity due to her loyalty to the MAGA cause, which creates the implication that failure to remain loyal would prevent future such opportunities.
• She is slated to chair the SPAC’s compensation committee, meaning she could directly control payments made to the son of a president she covers on her show.
• The SPAC’s prospectus cites its team’s “unique access to celebrities, technologists, tastemakers, investors, and entrepreneurs,” which “will assist in our target sourcing efforts,” as well as their “track record of building and boosting brands by partnering with influential figures with large followings”; applied to Ingraham, this language corrupts Fox’s booking process by suggesting a potential secondary rationale for appearances on her show.

Notably, Ingraham regularly claimed the business dealings of Hunter Biden in the years prior to his father’s presidential election implicated Joe Biden in rampant corruption. Hunter Biden’s name was mentioned during at least 164 episodes of Ingraham’s Fox show in the less than two years from January 3, 2023, when Republicans took control of the House of Representatives after promising to use their power to investigate those business interests, through Trump’s election on November 5, 2024, according to a Media Matters review of the Kinetiq video database.

Ingraham claimed during one such program, in June 2023, that Hunter Biden’s clients were “sophisticated players” who were “prepared to pay millions” because “they believed they would get certain benefits in return from the U.S. government.”

“Every single person in the White House press room knows how all this works,” she added. “The only defense that they have is that we can’t prove that Biden himself did lobbying or was directing Hunter’s business.” Ingraham concluded by bemoaning that “these foreign interests are now encouraged to believe that America is for sale” and arguing that “one pillar of the 2024 campaign for Republicans should be, the Bidens are getting richer while your family is getting poorer.

A few short years later and President Trump’s son is overseeing a business empire which includes not only the venture capital funding through 1789 Capital but also foreign real estate deals; massive crypto investments; and nebulous advisory roles with several companies. And Ingraham has looked at the various financial schemes involving the president’s family and decided to join him and cash in.

Again, no credible news outlet would allow a conflict of interest of this magnitude, roughly analogous to if Hunter and MSNBC star Rachel Maddow were to have gone into business together during the Biden administration. But don’t expect the Fox brass to step in: Once you’ve put the president’s daughter-in-law on the payroll and given her an hour a week to produce propaganda for the administration, you’ve acknowledged that you are in a different line of work.

Reprinted with permission from Media Matters