Scoop: Tucker Carlson buys out investors in his media company
Why it matters: The deal gives the pair complete independence and total control of the company they co-founded in 2023.
"It's hard to claim you're independent when other people own your company, so we decided not to take investments or loans of any kind," Carlson told Axios in a statement, confirming the deal.
"Our business is owned by the people who work there. You can disagree with our opinions but you can't say we're paid to have them, and we're proud of that."
Catch up quick: Carlson and Patel raised roughly $15 million for TCN from a group of investors in late 2023 after Carlson parted ways with Fox News.
The pair have a long history, having co-founded the Daily Caller together in 2010. Patel currently serves as co-founder and CEO of TCN.
The bulk of the cash raised for TCN came from 1789 Capital, which was founded by banker Omeed Malik to invest in "anti-ESG" companies.
State of play: 1789 Capital's investment is structured as a SAFE (simple agreement for future equity), Axios reported.
The SAFE structure allowed Carlson to convert his investors' cash into equity if he later chose to raise more money at a set valuation.
Yes, but: When TCN became profitable more quickly than expected, they became less inclined to raise another round. And with no plans to sell the company, a buyout offered liquidity for existing investors.
Because of TCN's profitability, investors saw a positive return on their investment, according to one source familiar with the transaction.
Between the lines: The success of product investments outside of TCN also gave Carlson and Patel the confidence to buy back their company.
Carlson and Patel launched a nicotine pouch product called ALP last year as a joint venture with Turning Point Brands, a publicly traded smoking accessories company. TPB's share price has skyrocketed by nearly 30% since ALP's launch announcement in November, reaching an all-time high last month.
Before launching ALP, Carlson was a supporter of ZYN nicotine pouches, produced by tobacco giant Philip Morris International. He created a rival product after criticizing PMI over political donations made by the company's employees.
What they're saying:"We have had a great start at TCN. We have also started other ventures, including our ALP nicotine pouch brand which has really taken off," Patel said in a statement to Axios.
"This strong start gave us no need for outside capital and gave us the ability to buy out all of our investors and achieve absolute independence. We are grateful to our investors for backing us at our start and happy to have provided them a strong return on their investments."
What's next: TCN's business is primarily driven by consumer subscriptions, as well as some advertising.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Hill
25 minutes ago
- The Hill
California's climate alarmism has put America at risk
Gov. Gavin Newsom (D) once fancied himself climate warrior-in-chief. California's governor, the would-be heir to the White House, spent the better part of his tenure demonizing the oil and gas industry, waging regulatory war on refineries, and touting apocalyptic 'just transitions' away from reliable energy. Through an array of coordinated cases, Newsom has been using climate lawfare as a way to impose his extreme energy agenda on California. In classic Sacramento fashion, he courted applause from the global climate elite while treating America's energy providers as a public nuisance and their workers as collateral damage. Now, reality has come a-knockin' — and it's bringing $5-per-gallon (and climbing) gas with it. After years of escalating hostility, capped by cascading lawsuits and piles of red tape, refineries in Southern and Northern California are shutting their doors. Phillips 66 and Valero, giants forced out not by market forces but by legislative sabotage, are just the latest casualties. The aftermath has resulted in soaring prices, dwindling supplies and a panicked political about-face, as Newsom 'reconsiders' his position to stave off voter revolt and economic pain that even blue-state consumers can't stomach. This is what happens when a government, seduced by climate catastrophism and far-left activism, trades affordable energy for Paris Accord virtue-signaling and lawsuit-driven policy. Lawfare, overregulation and the never-ending escalation of climate mandates haven't ushered in a green utopia. They have instead delivered higher prices, manufactured scarcity and a growing national security nightmare. It's not just a California problem; it's an America problem. The Newsom model: regulate to the point of collapse, sue the producers out of existence and import more oil from regimes that laugh at net zero and Environmental, Social and Governance or ESG. As the U.S. cedes energy leadership to China, the world's largest coal consumer and rare earths monopolist, we're helping Beijing tighten its grip on our supply chains for batteries, solar panels, and critical minerals. For every new regulatory stranglehold, China gets richer and the U.S. gets weaker. In short, Newsom's policies are a blueprint for how America loses the 21st century. Overregulation hammered California oil production, then shut down its refining capacity, all while the state's legal assault on energy companies, cozy with dark money activist lawyers, pursued judgment dollars for pet climate projects. The result was predictable: Golden State gas prices now dwarf the national average, and high-paying energy jobs have evaporated. Worse still, the pain inflicted on consumers and workers has done nothing to alter the climate or shift the global energy consumption, because it was never going to. Meanwhile, California families pay the price for policy-driven energy scarcity. The state's painful ' energy island ' status means Californians can't simply import their way out of shortages. Every extra dollar squeezed at the pump, every pink slip for an energy worker, is the real cost of this ideological crusade. If consumers believe the sacrifices Newsom demands of them serve some higher environmental good, they are being misled. America's oil, natural gas and coal industries are the most efficient and responsibly developed in the world, not because of bureaucratic mandates, but because of relentless private-sector innovation. Offshoring energy production to regimes with no regard for human rights or environmental protection doesn't help the planet — rather, it empowers our adversaries and weakens American security. Worse still, the cost of these policies falls squarely on working Americans. The cost of energy drives the price of every good and service, from food to housing to health care. Newsom must realize that California's climate lawfare crusade could run the U.S. economy into the ground. If he wants to lead America, he would first need to lead the charge in slamming shut the revolving door of regulatory lawfare, ending the war on affordable energy, and reasserting American energy independence. But a zebra doesn't change its stripes. The lesson of California is clear: Policies that undermine our energy producers, punish consumers and make us dependent on adversaries are not just bad economics, they're bad for the country. For California's sake, and the country's, it's time to put energy affordability and reliability back at the center of our national priorities.
Fox News
an hour ago
- Fox News
Fox News ‘Antisemitism Exposed' Newsletter: Trump goes all in on crushing Hamas
Fox News' "Antisemitism Exposed" newsletter brings you stories on the rising anti-Jewish prejudice across the U.S. and the world. IN TODAY'S NEWSLETTER: - Trump says Hamas must be 'destroyed' in order to bring hostages home- Trump administration to vet legal immigrant applicants for 'anti-Americanism' and antisemitism- Gal Gadot knows exactly why "Snow White" was a box-office bomb TOP STORY: President Donald Trump said the remaining Israeli hostages will only be returned once Hamas is "confronted and destroyed," as the Gaza-based terrorist group cited alleged progress in ongoing ceasefire talks. The U.S. and Israel pulled their negotiators from Qatar last month, saying Hamas demonstrated a "lack of desire to reach a ceasefire in Gaza" and were likely not negotiating in good faith. Said Trump: "We will only see the return of the remaining hostages when Hamas is confronted and destroyed!!!" VIDEO: Thousands of anti-Israel demonstrators flooded midtown Manhattan last week afternoon, calling for a "global intifada," a slogan many view as an incitement to violence against Jewish communities. The Stand with Gaza protesters, carrying signs seeking to "end all aid to Israel," clanged cowbells while chanting "free, free Palestine" and "Palestine will live forever." WATCH HERE: WHO IS COMING TO AMERICA?: Federal officials are now being instructed to vet immigrants looking to legally live and work in the U.S. for "anti-American," terrorist, or antisemitic views under new guidance. The updated policy, part of President Donald Trump's broader immigration clampdown, gives U.S. Citizenship and Immigration Services (USCIS) officers broad discretion to treat such views as "overwhelmingly negative factors" when deciding whether to approve green cards, visas or citizenship. SMART GAL: Actress Gal Gadot knows why the live-action Snow White remake floundered at the box office. It had everything to do with Ostober 7, according to the actress, Read what she told Israel's Channel Keshet 12 program "The A Talks." DEM DECORUM: The moderate House Democrat who defeated "Squad" member Cori Bush had a town hall marred by pro-Palestinian activists Tuesday. Rep. Wesley Bell, D-Mo., repeatedly pleaded with protesters to allow him to speak while defending his position on Israel and Hamas. "Stop talking. This is not your town hall. You can leave," said Bell, who was booed when he said Oct. 7 was an "invasion." of Israel. GUEST EDITORIAL: Scott Feltman, executive vice president of the One Israel Fund, writes in praise of Leo Terrell, the Trump administration's senior counsel to the assistant attorney general for civil rights. Terrell, writes Feltman, "rallies everyday Americans to reject the lies and to stand proudly with Israel and the Jewish people." QUOTE OF THE WEEK: "America's benefits should not be given to those who despise the country and promote anti-American ideologies." - U.S. Citizenship and Immigration Services spokesperson Matthew Tragesser on new vetting rules for prospective legal immigrants. - Looking for more on this topic? Find more antisemitism coverage from Fox News here. - Did someone forward you this email? Subscribe to additional newsletters from Fox News here. - Want live updates? Get the Fox News app here
Politico
an hour ago
- Politico
If you suddenly got added to Jaime Harrison's Substack, you're not alone
The way he built his Substack list, however, has attracted negative attention online, with several X users expressing outrage that they were added to his Substack without their permission or even knowledge. One user wrote, 'The horrors of giving my email to Democrats never cease. Why tf did I get auto-subscribed to Jaime Harrison's Substack,' while another wrote, 'Just found out I was automatically subscribed to Jaime Harrison's Substack without my knowledge or consent.' The spokesperson for Substack, granted anonymity to speak freely, declined to comment on Harrison's case but said the company's guidelines 'require that any mailing list a publisher imports be made up of people who have explicitly opted in to receive emails from that publication' and that lists purchased or collected without consent (which frequently happens on campaigns) are not permitted. The spokesperson bolded the phrase 'explicitly opted in.' The spokesperson said Substack runs basic checks for issues including invalid addresses but that it doesn't have a way to verify how emails were collected. Harrison said in a brief phone interview that he 'assumed' his team had followed Substack's rules but added, 'For me, knowing email stuff and all that other stuff, I don't follow this stuff.' In a follow-up text message, he said he had abided by all Substack policies and that his team 'worked directly with Substack to upload our list, which was collected from my Senate campaign and other personal activities.' A spokesperson for Harrison declined to give POLITICO the name of the Substack representative they dealt with and said such interactions were done only over the phone. Several other Democratic politicians with Substacks have chosen different ways to build up their newsletter lists. A person familiar with Pete Buttigieg's Substack, granted anonymity to discuss the matter, said the former transportation secretary is only using organic ways to grow his Substack, which has around 600,000 followers, and that his team doesn't pull any lists over. A spokesperson for Sen. Chris Murphy (D-Conn.) said he's also grown his Substack organically and didn't think it was necessary to pull subscribers from his campaign email list. The person said the video interviews the senator has done with anti-Trump influencers Jim Acosta and Jennifer Rubin, as well as journalist Anand Giridharadas, have been very helpful in adding new subscribers, now totaling more than 65,000.
