TRUMP ASKS WHY FOX CORP IS SPENDING SO MUCH MONEY DONATING TO “THE WORST OF THE WORST,” NAMING HAKEEM JEFFRIES, JAMIE RASKIN, TED LIEU, PETE AGUILAR AND VARIOUS DEMOCRATIC PARTY AND CAUCUS COMMITTEES, AND SAYS FOX RATINGS ARE COLLAPSING “NOT BECAUSE OF ME, BUT BECAUSE THEY ARE AGAINST ME,” ADDING “THIS HAPPENED ONCE BEFORE, AND FOX ALMOST COLLAPSED. IT’S HAPPENING AGAIN” - TRUTH SOCIAL

Former President Donald Trump publicly questioned why Fox Corporation is spending heavily on donations to Democratic figures and committees, naming House Minority Leader Hakeem Jeffries, Jamie Raskin, Ted Lieu, and Pete Aguilar, and suggesting Fox's ratings are at stake. The headline is a political and media-relations story rather than a direct earnings, regulatory, or pricing event, so the primary transmission channel is reputational risk and investor sentiment toward Fox Corporation (FOXA, FOX) rather than macro factors. Fox's equity could see modest pressure if traders price in potential friction with a politically influential audience base, since the network's advertising revenue and subscriber engagement depend heavily on viewer loyalty among its core conservative demographic. Broader media peers such as Paramount Global and Warner Bros. Discovery would have limited direct exposure, while any signal of political retaliation affecting licensing, merger approvals, or regulatory scrutiny would be the more material channel to watch. Traders should monitor Fox's next quarterly advertising commentary and any formal statement from the company responding to the criticism

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