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Agency decision

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GIBSON DUNN

January 16, 2026

VIA EMAIL

April J. Tabor

Secretary

Office of the Secretary

Federal Trade Commission

600 Pennsylvania Avenue NW

Washington, D.C. 20580

atabor@ftc.gov

Re:

FTC File No. 251-0061

Dear Madam Secretary:

Pursuant to 16 C.F.R. § 2.10, enclosed please find NewsGuard Technologies, Inc.’s Petition to

Quash the United States Federal Trade Commission’s Civil Investigative Demand dated May 20,

2025, in the above-referenced matter.

Sincerely,

GIBSON, DUNN & CRUTCHER LLP

/s/ Sophia A. Hansell

Sophia A. Hansell

Enclosures

CC via email service: Office of the Secretary (electronicfilings@ftc.gov)

Geoffrey Green (ggreen@ftc.gov)

Justin Epner (jepner@ftc.gov)

Theodore Zang (tzang@ftc.gov)

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BEFORE THE UNITED STATES

FEDERAL TRADE COMMISSION

In the Matter of

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The Civil Investigative Demand dated May

20, 2025, to NewsGuard Technologies, Inc.

FTC File No. 251-0061

PETITION TO QUASH CIVIL INVESTIGATIVE DEMAND

Pursuant to 16 C.F.R. § 2.10(a), Petitioner NewsGuard Technologies, Inc. (“NewsGuard”)

hereby respectfully requests that the United States Federal Trade Commission (“FTC” or

“Commission”) quash the Civil Investigative Demand to NewsGuard dated May 20, 2025 (the

“CID,” attached as Exhibit 1). The CID should be quashed in its entirety because it constitutes

unconstitutional retaliation against NewsGuard for its protected First Amendment activities and

because the CID’s unconstitutionally broad and intrusive demands impermissibly chill

NewsGuard’s speech and associational rights.

BACKGROUND AND PROCEDURAL HISTORY

NewsGuard was founded in 2018 with the mission of providing internet users the context

they need to make informed decisions about whether they can rely on online sources of news they

encounter every day. 1 It is a nonpartisan media organization that uses “apolitical journalistic

criteria” to rate the reliability of online news sources. Consortium for Indep. Journalism, Inc. v.

United States, 2025 WL 919504, at *18 n.11 (S.D.N.Y. Mar. 26, 2025). From the beginning,

NewsGuard’s guiding principle has been that no government entity should be in the business of

deciding what news people consume, but neither should those decisions be left to secret,

unaccountable Silicon Valley-generated algorithms or to partisan advocacy groups. Instead,

https://www.newsguardtech.com/press/announcing-newsguard/.

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people should be offered information based on transparent, apolitical criteria so that they have the

information to make their own decisions.

NewsGuard’s reliability ratings are used by advertisers to make informed decisions about

the websites on which to place their ads and by individual NewsGuard subscribers to evaluate the

accuracy of the information they encounter online. NewsGuard’s ratings are generated by a team

of journalistically trained analysts. Each rating is accompanied by a thorough analysis explaining

exactly how NewsGuard’s nine apolitical criteria were applied to determine each site’s score, with

the publisher’s comments included so that readers can see both sides of the story and decide for

themselves how much to trust a publication. The average programmatic advertising campaign

runs on 44,000 websites, see ANA, ANA Provides “First Look” at In-Depth Programmatic

Transparency Study, https://tinyurl.com/3fw6h7du, which is why agencies and brands value

information about the nature of these websites so that they can avoid websites they consider what

the industry terms “brand unsafe.” For example, NewsGuard reported that one year Warren Buffett

through his investment in Geico was unintentionally the largest advertiser on the Russian

government propaganda website Sputnik News. See L. Gordon Crovitz, Opinion, How Amazon,

Geico and Walmart Fund Propaganda, N.Y. Times (Jan. 21, 2020), https://tinyurl.com/5d555bd5.

Beyond its ratings of news outlets, NewsGuard has become a leading source of journalism about

information reliability—from informing citizens about Russian, Chinese, and Iranian

disinformation campaigns targeting Americans to exposing how violent Hamas propaganda videos

were promoted to American teens on platforms such as TikTok, Facebook, and X during the war

in Gaza.

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For years, NewsGuard has faced baseless criticism from websites that get low reliability

ratings, such as Newsmax, that it holds a bias against conservatives and “censors” conservative

speech. It has also faced false bias claims from some on the opposite side of the aisle, resulting,

in one case, in a defamation suit brought by the left-wing Consortium News website, which was

dismissed with prejudice by the U.S. District Court for the Southern District of New York. See

Consortium for Indep. Journalism, Inc., 2025 WL 919504, at *20.

The misconception related to bias against conservatives has manifested in congressional

investigations and hearings, and more recently a CID from the FTC, whose Chairman Andrew

Ferguson has long been a vocal critic of NewsGuard. Even before becoming Chairman of the FTC,

Chairman Ferguson promoted an ideologically motivated effort to censor and otherwise

discriminate against NewsGuard based on the content of its journalism. In November 2024, thenCommissioner Ferguson responded to a post on X about the closure of the U.S. Department of

State’s Global Engagement Center by referring to NewsGuard by name and declaring that

NewsGuard had supposedly “led collusive ad-boycotts—possibly in violation of our antitrust

laws—to censor the speech of conservative and independent media in the United States.” 2 The

following month, then-Commissioner Ferguson stated that the FTC “ought to conduct . . . an

investigation” into NewsGuard, incorrectly claiming that NewsGuard “seems to give a free pass

to . . . major left-leaning outlets.” 3 Although biased ratings would still be protected by the First

Amendment, then-Commissioner Ferguson’s statement was factually incorrect: Many major leftleaning outlets receive lower scores from NewsGuard than comparable right-leaning outlets. For

https://x.com/AFergusonFTC/status/1856152760850243905.

https://www.ftc.gov/system/files/ftc_gov/pdf/ferguson-goat-concurrence.pdf.

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example, Fox News scores higher than MSNBC, the conservative Washington Examiner outscores

the liberal Daily Beast, and the conservative Daily Caller outscores the liberal Daily Kos.

NewsGuard has also been the subject of criticism from Federal Communications

Commission Chairman Brendan Carr, who described NewsGuard as “Orwellian.” 4 In a November

2024 letter, then-Commissioner Carr alleged that NewsGuard was part of a “censorship cartel”

alongside major technology companies and that NewsGuard “leverag[es] its partnerships with

advertising agencies to effectively censor[] targeted outlets.” 5 Then-Commissioner Carr wrote

that the incoming Trump Administration would investigate and take action against NewsGuard,

prematurely and publicly declaring that the so-called “cartel” must be “completely dismantled.” 6

Following these statements, President Trump named Ferguson the Chairman of the FTC

and Carr the Chairman of the FCC.

True to their threats, the Trump Administration has targeted NewsGuard for oppressive and

unfounded regulatory action in retaliation for the company’s First Amendment activities. In

particular, on May 20, 2025, the FTC issued a sweeping CID—comprising 31 Specifications and

dozens more sub-Specifications—to NewsGuard demanding vast numbers of confidential, highly

sensitive documents, including “all documents relating to NewsGuard’s News Reliability Ratings

and any other rating[s]”—a request that effectively encompassed virtually all of the company’s

emails, reporters’ notes and drafts, texts, and other documents created since its founding in 2018—

as well as communications with, and the identities of, NewsGuard’s subscribers.

CID

Specifications 5, 8, and 26. Despite NewsGuard’s serious concerns about the CID’s intrusion into

https://www.fcc.gov/sites/default/files/DOC-407732A1.pdf.

Id.

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its First Amendment rights, NewsGuard has worked constructively with staff, in good faith, to

provide information responsive to staff’s priority Specifications while maintaining certain

objections to the scope and nature of the CID. As detailed in the attached statement under 16 C.F.R.

§ 2.10(a)(2), over the past seven months, NewsGuard has met and conferred with staff on ten

occasions and has produced more than 40,000 pages of responsive documents as well as detailed

written responses to a number of staff’s inquiries. See Statement of Matthew C. Parrott (attached

as Exhibit 2). Nevertheless, staff has refused to provide assurance that NewsGuard has fully

complied with the CID. To the contrary, staff continues to insist on additional document

productions. Staff’s letter of January 15, 2026—which purports to be a “good-faith effort to reduce

NewsGuard’s burden”—is, in reality, a doubling down on its unconstitutional demands that ignores

NewsGuard’s meaningful compliance efforts and reiterates several of the CID’s most burdensome

requests, including for productions encompassing (1) the identities of NewsGuard’s customers, (2)

NewsGuard’s communications with its customers, (3) the identity of all entities to which

NewsGuard has ever assigned a News Reliability Rating, (4) the ratings assigned to those entities

over time, and (5) “documents sufficient to show the methodology by which NewsGuard

determines” reliability ratings, including “internal correspondence about the process of developing

the methodology”. Exhibit 3 at 1-2; see also id. at 1 (staff letter of January 15, 2026, requesting

“additional information” as to Specifications 8, 11, 12, 15, and 26 “before we can accept a

certification of compliance with the CID”). Staff’s January 15 letter makes clear that only total

capitulation by NewsGuard will assuage the FTC’s demands.

The FTC’s retaliatory campaign against NewsGuard has not stopped with the CID. On

September 26, 2025, the FTC entered into a Consent Order with Omnicom Group Inc.

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(“Omnicom”) and The Interpublic Group of Companies, Inc. (“IPG”) that prohibits their merged

company from using third-party services that evaluate “viewpoints as to the veracity of news

reporting” and “adherence to journalistic standards or ethics.” In re Omnicom Group Inc. ¶¶ 1.D,

2.A, No. C-4823 (Sept. 26, 2025). The Consent Order—revised and finalized after the submission

of a comment letter by the conservative news outlet Newsmax objecting to the proposed order on

the ground that it did not reach NewsGuard 7 —effectively prohibits Omnicom from using

NewsGuard’s services. Newsmax has a significantly lower reliability rating from NewsGuard than

many rival conservative websites, including Fox News, the Washington Examiner, and National

Review, that, unlike Newsmax, are on NewsGuard’s default “inclusion list” for advertisers.

Although NewsGuard has sought, for months, to cooperate with the FTC, it is now clear

that the FTC will only end its multifront campaign against NewsGuard when it has succeeded in

silencing NewsGuard entirely by driving the company out of business. NewsGuard therefore has

no choice but to move to quash the FTC’s onerous and unconstitutional CID. 8

ARGUMENT

The CID should be quashed because it “presents a straightforward First Amendment

violation.” Media Matters for Am. v. FTC, __ F. Supp. 3d __, 2025 WL 2378009, at *1 (D.D.C.

Aug. 15, 2025) (“Media Matters”). The unjustified and punitive CID represents unconstitutional

retaliation against NewsGuard based on its protected First Amendment activities. And, even

beyond the FTC’s unconstitutional campaign of retaliation against NewsGuard, the CID’s

overbroad demands and impermissible requests for sensitive subscriber information, customer

https://www.regulations.gov/comment/FTC-2025-0066-0008.

The petition to quash is timely because staff granted NewsGuard an extension of time until

January 16, 2026, to file its petition. See Exhibit 4.

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communications, and internal deliberative materials violate the First and Fourth Amendments’

restrictions on administrative subpoenas.

The FTC’s Retaliatory CID Unconstitutionally Chills NewsGuard’s First Amendment

Rights And Must Be Quashed.

The CID must be quashed because it is part of the FTC’s unconstitutional retaliation

campaign targeting NewsGuard’s protected First Amendment activities. To prevail on a First

Amendment retaliation claim, NewsGuard must show: “(1) [it] engaged in conduct protected

under the First Amendment; (2) the [FTC] took some retaliatory action sufficient to deter a person

of ordinary firmness in [NewsGuard’s] position from speaking again; and (3) a causal link between

the exercise of [NewsGuard’s] constitutional right and the adverse action taken [by the FTC].”

Media Matters, 2025 WL 2378009, at *15. As in the Media Matters case preliminarily enjoining

an equally unconstitutional CID, each of these factors is clearly met here.

A. NewsGuard Engages In Activities Protected Under The First Amendment.

NewsGuard’s activities—including its reliability ratings and its other journalistic

endeavors—rest at the core of the First Amendment.

NewsGuard provides its customers with transparent, nonpartisan, and apolitical reports

regarding the reliability of news and information websites. NewsGuard’s “report[s] on public

issues are quintessential First Amendment activities.” Media Matters for Am. v. Paxton, 138 F.4th

563, 584 (D.C. Cir. 2025); see N.Y. Times Co. v. Sullivan, 376 U.S. 254, 269 (1964) (“The general

proposition that freedom of expression upon public questions is secured by the First Amendment

has long been settled by our decisions.”).

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NewsGuard is also a prominent source of journalism about foreign governments’

disinformation campaigns and other issues of information reliability. 9 It is beyond question that

such “speech on public issues occupies the highest rung of the hierarchy of First Amendment

values, and is entitled to special protection.” Snyder v. Phelps, 562 U.S. 443, 452 (2011) (citation

omitted).

Without a doubt, NewsGuard is “engaged in conduct protected under the First Amendment.”

Paxton, 138 F.4th at 584.

B. The FTC Engaged In Retaliatory Action Sufficient To Deter A Person Of

Ordinary Firmness In NewsGuard’s Position From Speaking Again.

The FTC’s draconian CID—which has already imposed substantial compliance costs on

NewsGuard and exposed NewsGuard to the threat of an enforcement action for noncompliance—

is plainly sufficient to chill NewsGuard’s First Amendment expression by deterring it from

continuing to provide honest, nonpartisan, and apolitical assessments of news outlets and to report

on online sources of disinformation.

As a unanimous Supreme Court recently held, the government “cannot . . . use the power

of the State to punish or suppress disfavored expression.” Nat’l Rifle Ass’n of Am. v. Vullo, 602

U.S. 175, 188 (2024). But that is precisely what the FTC did when it issued its vindictive,

unwarranted, and needlessly burdensome CID to NewsGuard. The FTC’s CID “cross[es] the line”

established by the First Amendment because the investigation “come[s] with particularly adverse

consequences,” including the significant costs of reviewing NewsGuard’s internal documents to

See, e.g., https://www.newsweek.com/russia-ukraine-disinformation-newsguard-2034104;

https://www.newsguardtech.com/special-reports/violent-celebratory-hamas-videos-garnermillions-of-views-despite-bans-by-tech-platforms/.

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identify material responsive to the FTC’s 31 sweeping Specifications, the diversion of internal

resources away from NewsGuard’s core mission in order to respond to the CID, and the possibility

that the CID will result in the disclosure of NewsGuard’s customer lists, thereby deterring current

and prospective customers from doing business with NewsGuard. Media Matters, 2025 WL

2378009, at *18. It was precisely these types of burdens that led the court to find that the FTC’s

CID to Media Matters had an impermissible chilling effect. See id. (preliminarily enjoining a CID

that “has had plenty of knock-on effects,” including “driving additional costs,” causing “retention

challenges,” and resulting in Media Matters’ “remov[al] from coalition communications about

FTC actions”) (internal quotation marks omitted). Indeed, as in the Media Matters case, “[i]t is

hard to imagine any media company not being chilled by this sweeping and sensitive CID.” Id.

(emphasis in original).

Moreover, as in Media Matters, “the fact that the CID is enforceable in federal court . . .

bolsters the conclusion that someone of ordinary firmness would be deterred from speaking.” 2025

WL 2378009, at *16 (citing 15 U.S.C. § 49); see also Media Matters for Am. v. Paxton, 732 F.

Supp. 3d 1, 28 (D.D.C. 2024) (“[P]ossible judicial intervention to enforce the CID[] make[s]

Plaintiffs’ claim of chilled expression objectively reasonable.”). Although NewsGuard is confident

in the strength of its First Amendment position, the mere possibility that the FTC will seek to

enforce the CID in federal court raises the specter of additional legal expenses and resource

diversions that NewsGuard can ill afford. Indeed, since the FTC issued the CID, the legal expense

NewsGuard has incurred to comply with the FTC’s relentless demands has exceeded 28% of the

revenue NewsGuard has derived from the advertising brand-safety services that are the subject of

the FTC’s retaliatory harassment, with no end in sight. Parrott Statement ¶ 28. Exposing

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NewsGuard to those litigation-related burdens is constitutionally impermissible because “the First

Amendment prohibits government officials from relying on the ‘threat of invoking legal sanctions

and other means of coercion . . . to achieve the suppression’ of disfavored speech.” Vullo, 602 U.S.

at 189 (quoting Bantam Books, Inc. v. Sullivan, 372 U.S. 58, 67 (1963)).

C. There Is A Causal Link Between NewsGuard’s First Amendment Activity And

The FTC’s Adverse Actions.

Finally, NewsGuard has established unconstitutional retaliation because there is an

undeniable “causal link” between the FTC’s CID and NewsGuard’s protected First Amendment

activity, which makes clear that the FTC’s “‘adverse action against [NewsGuard] would not have

been taken absent the retaliatory motive.’” Paxton, 732 F. Supp. 3d at 28 (quoting Nieves v. Bartlett,

587 U.S. 391 (2019)). Specifically, “given the comments by Chairman Ferguson” and other

administration officials about NewsGuard, “the timing of the CID,” and the further “evidence of

pretext” provided by the Omnicom Consent Order targeting NewsGuard, it is clear that “retaliatory

animus was the but-for cause of the FTC’s CID.” Media Matters, 2025 WL 2378009, at *2.

First, as the district court found in Media Matters, Chairman Ferguson has made repeated

comments that characterize similar investigations “in ideological terms” and that “indicate at a

minimum that Chairman Ferguson saw the FTC’s investigation as having a partisan bent.” 2025

WL 2378009, at *19. “[B]efore he was chosen as the FTC Chairman, [then-Commissioner]

Ferguson bolstered his candidacy by arguing that he had a ‘track record of standing up to . . . the

radical left’ and insisting that he would ‘[i]nvestigate . . . advertiser boycotts’” of the type that the

CID to NewsGuard purports to investigate. See id. (quoting FTC Commissioner Andrew N.

Ferguson for FTC Chairman, Punchbowl News, https://perma.cc/A56K-Q4YM) (alterations in

original). Additionally, the Media Matters district court highlighted a podcast appearance in

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November 2024 where then-Commissioner Ferguson stated that “‘progressives’ who are ‘fighting

“disinformation”’ were ‘not going to give up just because of the election,’ so ‘it’s really important

that the FTC take investigative steps in the new administration under President Trump.’” Id.

(quoting Andrew Ferguson, Bannon’s WarRoom, Show Clip Roundup 11/30/2-24 [AM], Bannon’s

War Room (Nov. 30, 2024), https://perma.cc/ASE8-RZNJ). This evidence lays bare that Chairman

Ferguson has been engaged in a long-running crusade against companies, such as NewsGuard, that

supply advertisers with the tools to make informed online placement decisions and that provide

members of the public with the tools to identify online misinformation.

Even more probative are Chairman Ferguson’s statements expressly singling out

NewsGuard as a potential target for FTC investigation. Chairman Ferguson has alleged that

NewsGuard “led collusive ad-boycotts—possibly in violation of our antitrust laws—to censor the

speech of conservative and independent media in the United States,” 10 and incorrectly claimed that

NewsGuard “seems to give a free pass to . . . major left-leaning outlets.” 11 Moreover, when the

Omnicom Consent Order was first proposed in June 2025, Chairman Ferguson released a statement

explicitly calling out NewsGuard as an organization that “ha[s] publicly sought to use the

chokepoint of the advertising industry to effect political or ideological goals” and alleging that

NewsGuard steers “advertising revenue with ‘an unavoidable partisan lens.’” 12

Chairman Ferguson is not the only Trump Administration official to air such false views

about NewsGuard: FCC Chairman Carr alleged that NewsGuard “leverag[es] its partnerships with

https://x.com/AFergusonFTC/status/1856152760850243905.

https://www.ftc.gov/system/files/ftc_gov/pdf/ferguson-goat-concurrence.pdf.

https://www.ftc.gov/system/files/ftc_gov/pdf/omnicom-ipg-ferguson-statement_0.pdf.

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advertising agencies to effectively censor[] targeted outlets.” 13 And both Chairman Ferguson and

Chairman Carr publicly declared that the Trump Administration should investigate NewsGuard.

See supra at 3-4. “These are precisely the sorts of comments that courts . . . have considered as

evidence of retaliatory intent.” Media Matters, 2025 WL 2378009, at *20; see also Paxton, 732 F.

Supp. 3d at 28 (finding that the Texas Attorney General’s “description of Media Matters as a

‘radical anti-free speech’ and ‘radical left-wing organization’ and his encouraging of other

Attorneys General to look into Media Matters’ reporting is evidence of retaliatory intent”).

Second, as the district court found as to Media Matters, “Chairman Ferguson wasted no

time after taking office to initiate this investigation,” further demonstrating the “but-for” causation

between the FTC’s retaliatory motive and the NewsGuard CID. Media Matters, 2025 WL 2378009,

at *20. In fact, the FTC’s investigation into NewsGuard has followed the exact same timeline that

the district court found troubling in Media Matters: “President-elect Trump announced on

December 10, 2024, that he had chosen Mr. Ferguson to be the Chairman of the FTC. He became

the Chairman in January 2025. And he announced an investigation into ‘tech [platform] censorship’

the very next month, in February 2025, and issued the CID to [NewsGuard] by May 2025.” Id.

(first alteration in original; citations omitted). As the district court held, “[t]his fast-moving

investigation—when combined with the above statements from Chairman Ferguson . . .—suggests

that he was chomping at the bit to ‘take investigative steps in the new administration under

President Trump’ to make [supposed] ‘progressives’ like [NewsGuard] ‘give up.’” Id. (quoting

Andrew Ferguson, Bannon’s WarRoom, Show Clip Roundup 11/30/2-24 [AM], Bannon’s War

Room (Nov. 30, 2024), https://perma.cc/ASE8-RZNJ).

To further underscore this point,

https://www.fcc.gov/sites/default/files/DOC-407732A1.pdf.

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“Chairman Ferguson only gained the reins to the FTC in January 2025. And counting from that

date, it becomes clear that he acted with expedition in issuing a CID to [NewsGuard]” four months

later. Id. (citation omitted; emphasis in original).

Third, “the scope of the CID suggests pretext on the part of the FTC, which is fatal” to any

counterarguments regarding causation the FTC may offer. Media Matters, 2025 WL 2378009, at

*21. The CID’s “demands . . . go well beyond the investigation’s purported scope,” which, as with

the Media Matters CID, is apparently an effort by the FTC to determine whether NewsGuard “has

information about the use of ‘brand suitable’ or ‘brand safe’ lists to ‘coordinate ad placement.’”

Id. For example, the CID asked NewsGuard to “[p]rovide each financial statement, budget, profit

and loss statement, cost center report, profitability report, and any other financial report regularly

prepared by or for NewsGuard on any periodic basis,” and, “[f]or each such statement, budget, or

report, [to] state how often it is prepared, and identify the employees responsible for its preparation.”

CID Specification 27. The CID also sought granular financial information broken down by

specific NewsGuard products and services. See CID Specification 28. 14 As these far-reaching

requests show, “the sweeping scope of the FTC’s CID [does not] square with the proffered reason”

behind the investigation. Media Matters, 2025 WL 2378009, at *21.

Any conceivable doubt about the retaliatory nexus between the CID and NewsGuard’s

protected First Amendment activity is eliminated by the Omnicom Consent Order. It is well-settled

that the government “cannot coerce a private party to punish or suppress disfavored speech on [the

According to staff’s letter of January 15, 2026, NewsGuard “has satisfied its CID obligations”

as to Specifications 27 and 28. Exhibit 3 at 2. But NewsGuard’s compelled compliance with these

demands does nothing to cure their constitutional shortcomings, and they remain probative of the

FTC’s retaliatory motive.

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government’s] behalf.” Vullo, 602 U.S. at 190. But that is exactly what the FTC has done with

the Omnicom Consent Order, which, as a condition of permitting the Omnicom-IPG merger to

move forward, bars the merged entity from using services—such as NewsGuard’s—that evaluate

“viewpoints as to the veracity of news reporting” and “adherence to journalistic standards or ethics.”

In re Omnicom Group Inc. ¶¶ 1.D, 2.A, No. C-4823 (Sept. 26, 2025). The FTC’s use of its coercive

powers to prevent Omnicom from doing business with NewsGuard as a means of punishing

NewsGuard for its First Amendment activity is unconstitutional on its own terms, see Vullo, 602

U.S. at 190, and when viewed together with the FTC’s CID, leaves no doubt that the FTC has

embarked on an unconstitutional campaign of retaliation against NewsGuard.

In sum, the evidence of unconstitutional retaliation is at least as strong here as in Media

Matters, if not stronger. As the D.C. Circuit has recognized, “there can be no doubt that, as a

general proposition,” the issuance of subpoenas or CIDs “in order to harass [private parties] in

their journalistic information-gathering activities” “would constitute an abridgement of a

journalist’s First Amendment rights.” Reps. Comm. for Freedom of the Press v. AT&T, 593 F.2d

1030, 1064 (D.C. Cir. 1978). Because the FTC issued its CID to NewsGuard for precisely that

unconstitutional purpose, the CID must be quashed.

II.

The Overly Broad And Unnecessarily Intrusive CID Has An Unconstitutional

Chilling Effect On NewsGuard’s Speech And Associational Rights.

Even setting aside the FTC’s retaliatory animus, the CID must be quashed because its

expansive terms and requests for sensitive customer information impose unconstitutional burdens

on NewsGuard’s speech and associational rights.

The Fourth Amendment imposes substantial restrictions on the reach of administrative

subpoenas. See Okla. Press Publ’g Co. v. Walling, 327 U.S. 186, 208-11 (1946) (“The gist of the

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protection is in the requirement . . . that the disclosure sought shall not be unreasonable.”). In

addition, the First Amendment affords NewsGuard a privilege that protects it from having to

disclose information if doing so would chill its constitutional rights of free speech and free

association.

See Perry v. Schwarzenegger, 591 F.3d 1147, 1160 (9th Cir. 2009).

These

constitutional protections are interrelated; when an administrative subpoena seeks materials that

could fall under First Amendment protection, courts require that the Fourth Amendment’s

standards be met with “scrupulous exactitude.” Zurcher v. Stanford Daily, 436 U.S. 547, 564 (1978)

(citing Stanford v. Texas, 379 U.S. 476, 485 (1965)); see also In re Grand Jury Subpoena:

Subpoena Duces Tecum, 829 F.2d 1291, 1297 (4th Cir. 1987) (the Supreme Court “has made clear

that the context of the [F]irst [A]mendment intensifies the [F]ourth [A]mendment concerns that

may be present in a sweeping subpoena duces tecum”) (citing Branzburg v. Hayes, 408 U.S. 665,

708 (1972)).

Where, as here, an administrative subpoena “implicates [F]irst [A]mendment concerns . . .

the usual deference to the administration agency is not appropriate.” Fed. Election Comm’n v.

Larouche Campaign, 817 F.2d 233, 234 (2d Cir. 1987). Instead, “protection of constitutional

liberties of the target of the subpoena calls for a more exacting scrutiny of the justification offered

by the agency.” Id. As longstanding First Amendment case law “makes clear,” “before a state or

federal body can compel disclosure of information which would trespass upon [F]irst

[A]mendment freedoms, a ‘subordinating interest of the State’ must be proffered, and it must be

‘compelling.’” Fed. Election Comm’n v. Machinists Non-Partisan Pol. League, 655 F.2d 380, 389

(D.C. Cir. 1981) (quoting NAACP v. Alabama, 357 U.S. 449, 463 (1958)).

FEDERAL TRADE COMMISSION | OFFICE OF THE SECRETARY | FILED 01/16/2026 OSCAR NO. 614709 -PAGE Page 17 of 61 * PUBLIC *

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No such subordinating interest is present here.

The current administration’s own

statements demonstrate that it lacks any legitimate basis for intruding on NewsGuard’s First

Amendment freedoms and that it is instead targeting NewsGuard based on a misperceived leftwing bias in NewsGuard’s ratings and other journalistic activities. See supra at 3-4. But even if

such a bias were substantiated, it would still be a constitutionally insufficient justification for the

CID. As the Supreme Court has warned, “[i]t is particularly important that the exercise of the

power of compulsory process be carefully circumscribed when the investigative process tends to

impinge upon such highly sensitive areas as freedom of speech or press.” Sweezy v. State of N.H.

by Wyman, 354 U.S. 234, 245 (1957).

The FTC’s expansive CID to NewsGuard is the polar opposite of “carefully circumscribed.”

Indeed, Specification 8, even as modified by staff in their January 15 letter, is sufficiently broad to

sweep in all of NewsGuard’s communications with its customers subscribing to its reliability

ratings. See CID Specification 8 (“Provide all communications between NewsGuard and any

advertiser, advertising agency, or any person acting as an agent of an advertiser, including but not

limited to demand side platforms and supply side platforms, with whom NewsGuard had a

commercial relationship relating to NewsGuard News Reliability Ratings.”) (as modified by

Exhibit 3). The FTC’s requests regarding NewsGuard’s deliberative process and procedures for

formulating ratings are equally intrusive. See CID Specifications 11, 12, 15 (requesting the identity

of all entities to which NewsGuard has ever assigned a News Reliability Rating, the ratings

assigned to those entities over time, and “documents sufficient to show the methodology by which

NewsGuard determines” reliability ratings, including “internal correspondence about the process

of developing the methodology”)) (as modified by Exhibit 3). As the district court found in

FEDERAL TRADE COMMISSION | OFFICE OF THE SECRETARY | FILED 01/16/2026 OSCAR NO. 614709 -PAGE Page 18 of 61 * PUBLIC *

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preliminarily enjoining the Media Matters CID, “[a] reporter of ordinary firmness would be wary

of speaking again if she had to reveal the materials requested by this fishing expedition of a CID.”

Media Matters, 2025 WL 2378009, at *16; see also Dow Chem. Co. v. Allen, 672 F.2d 1262, 1276

(7th Cir. 1982) (affirming decision not to enforce administrative subpoenas where “enforcement

of the subpoenas carries the potential for chilling the exercise of First Amendment rights” because

disclosure of the information sought “might well be both unnerving and discouraging”).

The CID also targets information protected by NewsGuard’s First Amendment

associational rights through its requests for information identifying NewsGuard’s customers. See

CID Specification 8 (“Provide all communications between NewsGuard and any advertiser,

advertising agency, or any person acting as an agent of an advertiser . . . with whom NewsGuard

had a commercial relationship relating to NewsGuard News Reliability Ratings”) (as modified by

Exhibit 3); CID Specification 26 (“Submit one or more Data Sets sufficient to show, for each

customer (other than natural persons) of NewsGuard News Reliability Ratings . . . [t]he name of

the customer”) (as modified by Exhibit 3). As courts have repeatedly emphasized when evaluating

administrative subpoenas, “‘[i]mplicit in the right to engage in activities protected by the First

Amendment [is] a corresponding right to associate with others in pursuit of a wide variety of

political, social, economic, educational, religious, and cultural ends.’” Brock v. Loc. 375, Plumbers

Int’l Union of Am., AFL-CIO, 860 F.2d 346, 349 (9th Cir. 1988) (quoting Roberts v. United States

Jaycees, 468 U.S. 609, 622 (1984)). Accordingly, “before requiring that organizations reveal

sensitive information about their members and supporters,” the government must satisfy “exacting

scrutiny.” Ams. for Prosperity Found. v. Bonta, 594 U.S. 595, 609 (2021).

FEDERAL TRADE COMMISSION | OFFICE OF THE SECRETARY | FILED 01/16/2026 OSCAR NO. 614709 -PAGE Page 19 of 61 * PUBLIC *

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The FTC cannot possibly meet the demanding constitutional requirements for compelling

disclosure of NewsGuard’s customer lists. NewsGuard is a journalistic organization with a First

Amendment right to associate with its customers to engage in the free exchange of ideas protected

by the Constitution. See NAACP, 357 U.S. at 460 (“It is beyond debate that freedom to engage in

association for the advancement of beliefs and ideas is an inseparable aspect of the ‘liberty’ assured

by the Due Process Clause of the Fourteenth Amendment, which embraces freedom of speech.”).

Because “compulsory disclosure of organizational ties can constitute a significant encroachment

on freedom of association,” Familias Unidas v. Briscoe, 619 F.2d 391, 399 (5th Cir. 1980), it can

only be justified if it is narrowly tailored to further a sufficiently important government interest,

Ams. for Prosperity, 594 U.S. at 609-10. The FTC’s open-ended demand for customer identities

untethered to any legitimate investigatory interest is the antithesis of a constitutionally tailored

information request.

RESERVATION OF RIGHTS

By submitting this Petition to Quash, NewsGuard does not intend to—and does not—waive

any rights to make additional arguments against the Commission’s investigation of NewsGuard,

the CID, or both, including under the U.S. Constitution, the FTC Act, or any other statute or rule.

CONCLUSION

For all these reasons, the public interest does not support enforcement of the CID issued to

NewsGuard because “enforcement of an unconstitutional [action] is always contrary to the public

interest.” Karem v. Trump, 960 F.3d 656, 668 (D.C. Cir. 2020) (internal quotation marks omitted).

The FTC should therefore quash the CID in its entirety.

FEDERAL TRADE COMMISSION | OFFICE OF THE SECRETARY | FILED 01/16/2026 OSCAR NO. 614709 -PAGE Page 20 of 61 * PUBLIC *

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By:

/s/ Theodore J. Boutrous Jr.

Theodore J. Boutrous Jr.

GIBSON, DUNN & CRUTCHER LLP

333 South Grand Avenue

Los Angeles, CA 90071

Tel: (213) 229-7000

TBoutrous@gibsondunn.com

Amir C. Tayrani

Sophia A. Hansell

GIBSON, DUNN & CRUTCHER LLP

1700 M Street, N.W.

Washington, D.C. 20036

Tel: (202) 955-8500

ATayrani@gibsondunn.com

SHansell@gibsondunn.com

Matthew C. Parrott

GIBSON, DUNN & CRUTCHER LLP

3161 Michelson Drive Suite 1200

Irvine, CA 92612

Tel: (949) 451-3823

MParrott@gibsondunn.com

Counsel for Petitioner NewsGuard

Technologies, Inc.

January 16, 2026

FEDERAL TRADE COMMISSION | OFFICE OF THE SECRETARY | FILED 01/16/2026 OSCAR NO. 614709 -PAGE Page 21 of 61 * PUBLIC *

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CERTIFICATE OF SERVICE

I hereby certify that, on January 16, 2026, the foregoing Petition to Quash Civil

Investigative Demand was served by electronic mail on the following:

Office of the Secretary

Federal Trade Commission

600 Pennsylvania Avenue, N.W.

Washington D.C. 20580

electronicfilings@ftc.gov

April Tabor, Secretary of the Commission

600 Pennsylvania Ave. NW

Washington D.C. 20580

atabor@ftc.gov

Geoffrey Green

600 Pennsylvania Ave. NW

Washington D.C. 20580

ggreen@ftc.gov

Justin Epner

600 Pennsylvania Ave. NW

Washington D.C. 20580

jepner@ftc.gov

Theodore Zang

600 Pennsylvania Ave. NW

Washington D.C. 20580

tzang@ftc.gov

By:

/s/ Theodore J. Boutrous Jr.

Theodore J. Boutrous Jr.

GIBSON, DUNN & CRUTCHER LLP

333 South Grand Avenue

Los Angeles, CA 90071

Tel: (213) 229-7000

Counsel for Petitioner NewsGuard

Technologies, Inc.

FEDERAL TRADE COMMISSION | OFFICE OF THE SECRETARY | FILED 01/16/2026 OSCAR NO. 614709 -PAGE Page 22 of 61 * PUBLIC *

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EXHIBIT 1

L TRADE COMMISSION I OFFICE OF THE SECRETARY 1 FILED 01/16/2026 OSCAR NO. 614709 -PAGE Page 23 of 61 • PUBLIC•

United states of America

Federal Trade Commission

PUBLIC

Civil Investigative Demand

E] 1a. MATTER NUMBER

1. TO

NewsGuard Technologies, Inc.

25 W. 52nd Street, 15th Floor

New York, NY 10019

FTC File No. 251 -0061

This demand is issued pursuant to Section 20 of the Federal Trade Commission Act, 15 U.S.C. § 57b-1, in the course

of an investigation to determine whether there is, has been, or may be a violation of any laws administered by the

Federal Trade Commission by conduct, activities or proposed action as described in Item 3.

2. ACTION REQUIRED

D You are required to appear and testify.

LOCATION OF HEARING

YOUR APPEARANCE WILL BE BEFORE

No appearance required.

DATE AND TIME OF HEARING OR DEPOSITION

1v1 You are required to produce all documents described in the attached schedule that are in your possession, custody, or control, and to make them

~ available at your address indicated above for inspection and copying or reproduction at the date and time specified below.

!vi You are required to answer the interrogatories or provide the written report described on the attached schedule. Answer each interrogatory or report

~ separately and fully in writing. Submit your answers or report to the Records Custodian named in Item 4 on or before the date specified below.

□ You are required to produce the tangible things described on the attached schedule.

Produce such things to the Records Custodian named in Item 4

on or before the date specified below.

DATE AND TIME THE DOCUMENTS, ANSWERS TO INTERROGATORIES, REPORTS, AND/OR TANGIBLE THINGS MUST BE AVAILABLE

30 days from the Issued date below - June 19, 2025 by 5:00 pm ET

3. SUBJECT OF INVESTIGATION

See attached.

4. RECORDS CUSTODIAN/DEPUTY RECORDS CUSTODIAN

5. COMMISSION COUNSEL

Helder Agostinho, Deputy Assistant Director

Justin Epner, Attorney

DATE ISSUED

COMMISSIONER'S SIGNATURE

5/20/2025

INSTRUCTIONS AND NOTICES

YOUR RIGHTS TO REGu'C.ATORY ENFORCEMENT FAIRNESS

The delivery of this demand to you by any method prescribed by the Commission's

Rules of Practice is legal service and may subject you to a penalty imposed by law for

failure to comply. The production of documents or the submission of answers and report

in response to this demand must be made under a sworn certificate, in the form printed

on the second page of this demand, by the person to whom this demand is directed or, if

not a natural person, by a person or persons having knowledge of the facts and

circumstances of such production or responsible for answering each interrogatory or

report question. This demand does not require approval by 0MB under the Paperwor1<

Reduction Act of 1980.

The FTC has a longstanding commitment to a fair regulatory enforcement environmenL

If you are a small business (under Small Business Administration standards), you have

a right to contact the Small Business Administration's National Ombudsman at 1-888REGFAIR (1-888-734-3247) or www.sba.gov/ombudsman regarding the fairness of the

compliance and enforcement activities of the agency. You should understand, however,

that the National Ombudsman cannot change, stop, or delay a federal agency

enforcement action.

The FTC strictly forbids retaliatory acts by its employees, and you will not be penalized

for expressing a concern about these activities.

PETITION TO LIMIT OR QUASH

TRAVEL EXPENSES

The Commission's Rules of Practice require that any petition to limit or quash this

demand be filed within 20 days after service, or, if the return date Is less than 20 days

after service, prior to the return date, The original and twelve copies of the petition must

be filed with the Secretary of the Federal Trade Commission, and one copy should be

sent to the Commission Counsel named In Item 5.

Use the enclosed travel voucher to claim compensation to which you are entitled as a

witness for the Commission. The completed travel voucher and this demand should be

presented to Commission Counsel for payment, If you are permanently or temporarily

living somewhere other than the address on this demand and it would require excessive

travel for you to appear, you must get prior approval from Commission Counsel.

A copy of the Commission's Rules of Practice is available online at http•/Jbit ly/

FTCSRuleso(PracUce Paper copies are available upon requesL

FTC Form 144 (rev 01/2024)

FEDERAL TRADE COMMISSION | OFFICE OF THE SECRETARY | FILED 01/16/2026 OSCAR NO. 614709 -PAGE Page 24 of 61 * PUBLIC *

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FEDERAL TRADE COMMISSION | OFFICE OF THE SECRETARY | FILED 01/16/2026 OSCAR NO. 614709 -PAGE Page 25 of 61 * PUBLIC *

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FEDERAL TRADE COMMISSION | OFFICE OF THE SECRETARY | FILED 01/16/2026 OSCAR NO. 614709 -PAGE Page 27 of 61 * PUBLIC *

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FEDERAL TRADE COMMISSION | OFFICE OF THE SECRETARY | FILED 01/16/2026 OSCAR NO. 614709 -PAGE Page 28 of 61 * PUBLIC *

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FEDERAL TRADE COMMISSION | OFFICE OF THE SECRETARY | FILED 01/16/2026 OSCAR NO. 614709 -PAGE Page 29 of 61 * PUBLIC *

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FEDERAL TRADE COMMISSION | OFFICE OF THE SECRETARY | FILED 01/16/2026 OSCAR NO. 614709 -PAGE Page 41 of 61 * PUBLIC *

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FEDERAL TRADE COMMISSION | OFFICE OF THE SECRETARY | FILED 01/16/2026 OSCAR NO. 614709 -PAGE Page 42 of 61 * PUBLIC *

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FEDERAL TRADE COMMISSION | OFFICE OF THE SECRETARY | FILED 01/16/2026 OSCAR NO. 614709 -PAGE Page 43 of 61 * PUBLIC *

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FEDERAL TRADE COMMISSION | OFFICE OF THE SECRETARY | FILED 01/16/2026 OSCAR NO. 614709 -PAGE Page 44 of 61 * PUBLIC *

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EXHIBIT 2

FEDERAL TRADE COMMISSION | OFFICE OF THE SECRETARY | FILED 01/16/2026 OSCAR NO. 614709 -PAGE Page 46 of 61 * PUBLIC *

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BEFORE THE UNITED STATES

FEDERAL TRADE COMMISSION

In the Matter of

PUBLIC

The Civil Investigative Demand dated May

20, 2025, to NewsGuard Technologies, Inc.

FTC File No. 251-0061

STATEMENT OF COUNSEL PURSUANT TO 16 C.F.R. § 2.10(a)(2) IN SUPPORT OF

PETITION TO QUASH CIVIL INVESTIGATIVE DEMAND

Counsel for Petitioner NewsGuard Technologies, Inc. (“NewsGuard”) respectfully

submits this Statement of Counsel pursuant to 16 C.F.R. § 2.10(a)(2) in support of the Petition to

Quash the Civil Investigative Demand (“CID”) filed by NewsGuard on January 16, 2026 in this

matter.

Chronology of Cooperation

On May 20, 2025, the FTC issued a Civil Investigative Demand (“CID”) to

NewsGuard containing 31 Specifications.

On May 28, 2025, NewsGuard’s counsel Sophia A. Hansell and Matthew C. Parrott

and FTC staff attorneys Justin Epner and Theodore Zang (“Staff”) held a meet-and-confer to

discuss the CID. 1 NewsGuard described its objections to the CID, including that the CID would

chill NewsGuard’s First Amendment rights and that, as written, it would impose unreasonable

burdens on NewsGuard. NewsGuard explained that it would attempt to respond to the CID in

good faith in an effort to rectify any misperceptions about NewsGuard’s business and conduct, but

that if Staff could not reasonably address NewsGuard’s objections, NewsGuard may need to move

to quash the CID. NewsGuard and Staff agreed to discuss ways in which NewsGuard could

Unless otherwise mentioned, a combination of those attorneys participated in each meet-andconfer conference referenced in this Statement of Counsel.

FEDERAL TRADE COMMISSION | OFFICE OF THE SECRETARY | FILED 01/16/2026 OSCAR NO. 614709 -PAGE Page 47 of 61 * PUBLIC *

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reasonably respond to the CID while balancing NewsGuard’s objections. And Staff assured

NewsGuard that it would extend the deadline to move to quash the CID as long as NewsGuard

made progress complying with the CID. During that conversation, Staff identified Specifications

9, 13, and 23 as its highest priority specifications.

On June 3, 2025, NewsGuard made its first production of documents responsive to

the CID. This production contained 11,039 pages of documents and included NewsGuard’s

Articles of Incorporation in response to Specification 1 and, in response to Specification 10, a

complete reproduction of all documents and correspondence previously produced to the United

States House of Representatives.

On June 4, 2025, NewsGuard and Staff held a meet-and-confer addressing the

scope and priorities of the remaining Specifications in the CID. During that conversation,

NewsGuard provided an update on Staff’s high-priority Specifications by informing Staff that

NewsGuard was compiling documents responsive to Specification 9 and developing a

modification proposal for responding to Specification 13. NewsGuard further informed Staff that

it had no documents responsive to Specification 23 in its possession.

On June 12, 2025, NewsGuard sent a letter to Staff providing contextual

information relevant to several Specifications and describing NewsGuard’s mission, methodology,

and products. In particular, the letter described NewsGuard’s apolitical, criterion-based ratings

methodology, the distinction between its Misinformation Fingerprints and site ratings, and the

transparency and accountability features of its process (e.g., contacting publishers for comment,

publishing “Nutrition Labels,” and disclosing rating criteria and staff authorship). The letter also

explained that NewsGuard rates a diverse collection of news outlets across the perceived political

spectrum. In addition, the letter included sample materials for Staff’s review.

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On June 18, 2025, NewsGuard and Staff held a meet-and-confer during which

NewsGuard answered Staff’s questions regarding NewsGuard’s previous submissions.

On June 27, 2025, NewsGuard sent a letter to Staff responding to various open

questions from the June 18 meet-and-confer, as well as providing additional context relevant to

several of the Specifications.

On July 10, 2025, NewsGuard and Staff held a meet-and-confer to discuss

NewsGuard’s June 27, 2025 letter. Also at that time, Staff asked NewsGuard to prioritize

Specification 12.

10.

On July 17, 2025, NewsGuard made a second production of documents. The

production contained 28,905 pages of documents responsive to Specification 9.

11.

Also on July 17, NewsGuard sent a letter seeking modification of Specifications

11, 12, and 13. This letter explained that, as written, those Specifications were unreasonably broad

and burdensome, effectively calling for nearly all of NewsGuard’s work product and journalistic

materials. NewsGuard proposed a sampling methodology spanning approximately 40 publishers

across categories and across the perceived political spectrum, with historical data from 2020

forward.

12.

On July 18 and 31, 2025, NewsGuard and Staff held meet-and-confers to discuss

NewsGuard’s July 17 letter. Staff asked questions about the proposed sampling methodology, and

NewsGuard described its First Amendment concerns with producing more data, including the

identity of clients.

13.

On August 4, 2025, following a telephone conversation with NewsGuard, Staff sent

NewsGuard an email claiming that NewsGuard had produced information responsive only to

FEDERAL TRADE COMMISSION | OFFICE OF THE SECRETARY | FILED 01/16/2026 OSCAR NO. 614709 -PAGE Page 49 of 61 * PUBLIC *

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Specifications 1, 9, and 10. Staff also requested that NewsGuard henceforth treat Specifications 8

and 21 as priorities.

14.

On August 15, 2025, NewsGuard sent Staff a letter explaining that the information

contained in NewsGuard’s prior productions and letters substantially complied with at least 16 of

the Specifications. The letter also enumerated NewsGuard’s continuing objections to the CID.

15.

On August 21, 2025, NewsGuard and Staff held a meet-and-confer to discuss

NewsGuard’s August 15 letter. During that call, Staff acknowledged that NewsGuard had

responded to more than three of the CID’s Specifications.

Staff also requested that for

Specification 9, NewsGuard produce communications with six additional entities not previously

identified in Specification 9.

16.

On September 8, 2025, NewsGuard and Staff held a meet-and-confer to discuss

Staff’s additional request related to Specification 9.

NewsGuard and Staff also discussed

NewsGuard’s modification request related to Specifications 11 through 13 and a potential

compromise related to disclosing NewsGuard’s customers.

17.

On September 11, 2025, NewsGuard made its third production with nine pages of

documents collected in response to Specifications 19 through 21.

18.

On November 17, 2025—shortly after the Federal Government reopened after a 43-

day shutdown—NewsGuard and Staff held a meet-and-confer to discuss the status of

NewsGuard’s CID compliance. At that time, NewsGuard informed Staff that NewsGuard was

prepared to make a further production with data related to Specifications 11 through 13 as well as

anonymized customer information.

NewsGuard also informed Staff that, in the spirit of

cooperation, it was collecting and reviewing documents related to Staff’s expanded Specification 9

request.

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19.

The next day, on November 18, 2025, NewsGuard made its fourth production with

an additional 40 pages of documents and a spreadsheet containing a large sampling of

NewsGuard’s news ratings data spanning multiple years.

20.

On December 3, 2025, NewsGuard sent a letter to Staff providing additional

information and data responsive to questions posed by Staff during the November 17 meet-andconfer regarding the programmatic advertising ecosystem and NewsGuard’s business.

21.

On December 8, 2025, NewsGuard made its fifth production of documents, which

contained 1,187 pages of communications between NewsGuard and the Specification 9 entities

identified by Staff on August 21.

22.

On January 13, 2026, NewsGuard and Staff held a meet-and-confer. NewsGuard

reiterated its objections to the CID, asked Staff for assurances that Staff would not request

additional information or materials from NewsGuard, and stated that it was prepared to move to

quash the CID as an ongoing unconstitutional retaliation against NewsGuard for its protected First

Amendment activities and because the CID’s unconstitutionally broad and intrusive demands

impermissibly chill NewsGuard’s speech and associational rights. Staff did not provide those

assurances and, instead, asked for additional information related to NewsGuard’s December 3

letter.

23.

On January 15, 2026, NewsGuard sent an email to Staff responding to the questions

posed by Staff during the January 13 meet-and-confer. Later that day, Staff sent NewsGuard a

letter purporting to “clarif[y]” NewsGuard’s “obligations under the” CID and offering various

modifications. However, the proposed modifications abandoned the sampling approach the parties

had been discussing for Specifications 11 and 12, and instead demanded all of NewsGuard’s

reliability ratings. Staff also continued to request the identities of and communications with

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NewsGuard’s customers, as well as documents reflecting NewsGuard’s journalistic

methodologies.

24.

On January 16, 2026, NewsGuard sent Staff an email explaining that the proposed

modifications did not resolve NewsGuard’s constitutional objections to the CID and that

NewsGuard would petition to quash the CID based on NewsGuard’s continuing objections.

25.

Over the course of these months, Staff extended NewsGuard’s deadline to move to

quash the CID several times. Staff provided the latest extension on November 26, 2025, thereby

extending the petition to limit or quash deadline relating to the CID to January 16, 2026.

Summary of CID Compliance

26.

Having engaged in a good-faith effort to comply with the CID and cooperate with

the FTC’s investigation, to date, NewsGuard has made productions totaling 41,180 pages of

documents, submitted numerous substantive letters answering Staff’s questions, provided other

information sought by the CID and Staff in emails and during phone calls, and engaged in at least

ten substantive meet-and-confers regarding NewsGuard’s objections and compliance with the

CID. As a result of NewsGuard’s good-faith effort, in the letter from Staff dated January 15, 2026,

Staff confirmed that NewsGuard “has satisfied its CID obligations, except for” Specifications 8,

11, 12, 15, and 26.

27.

NewsGuard has engaged with Staff on every one of the 31 Specifications in the

CID and has substantially complied with most of them, as explained below.

a. Specification 1 – Requesting Articles of Incorporation. NewsGuard provided

the requested information.

b. Specification 2 – Requesting NewsGuard’s office location.

provided the requested information.

NewsGuard

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c. Specification 3 – Requesting organizational charts. NewsGuard informed Staff

that it does not maintain historical organizational charts and that the current,

complete list of NewsGuard employees appears on NewsGuard’s public

website to which NewsGuard directed Staff. NewsGuard has responded to all

follow-up questions from Staff regarding its historical staffing.

d. Specification 4 – Requesting descriptions of NewsGuard’s products and

services. NewsGuard described its products and services in correspondence,

including letters dated June 12, 2025 and June 27, 2025.

e. Specification 5 – Requesting all documents relating to NewsGuard’s news

reliability ratings and any other ratings. NewsGuard explained to Staff that this

Specification essentially requests every piece of work product ever generated

by NewsGuard and NewsGuard’s journalistic materials, including reporting

and gathering of information from sources. NewsGuard has continuously

maintained that this Specification violates its First Amendment rights.

f. Specifications 6, 7, 17, and 18 – Requesting communications regarding

particular reliability ratings. NewsGuard explained to Staff that any feedback

from publishers on the ratings NewsGuard assigns to them is published on

publishers’ rating pages, and NewsGuard offered to provide a sample of such

rating pages beyond what was included in the documents produced in the first

production. NewsGuard also informed Staff that it does not keep a centralized

record of communications from third parties about a particular publisher’s

rating, and that searching for and producing all such communications would be

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unreasonably burdensome. NewsGuard informed Staff that examples of such

communications were included in its document productions.

g. Specifications 8 and 26 – Requesting identification of and all communications

with NewsGuard’s customers. NewsGuard informed Staff that it objects to

providing information about its customers because doing so would be a

violation of its First Amendment rights. NewsGuard has refused to comply

with the demand that it disclose customer information, including the names of

its subscribers. In an effort to protect its First Amendment rights relating to

NewsGuard subscribers, NewsGuard was willing only to provide sample

anonymized contracts and anonymized descriptions of customers, but has

consistently remained unwilling to comply with the demand that it disclose its

subscribers.

h. Specification 9 – Requesting documents related to enumerated third parties.

NewsGuard produced approximately 30,000 pages of communications

responsive to this request.

i. Specification 10 – Requesting all documents produced to the United States

Congress. NewsGuard produced all requested documents.

j. Specifications 11 through 13 – Requesting documents and data relating to

NewsGuard’s ratings.

After multiple conversations with Staff seeking to

narrow these Specifications to information that would be most useful to Staff,

NewsGuard produced a sampling of multiple years’ worth of ratings data.

k. Specifications 14 and 15 – Requesting documents related to NewsGuard’s

rating methodology.

NewsGuard responded to these Specifications in its

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substantive letters.

Documents in its productions also provided further

explanation of NewsGuard’s ratings and methodologies.

l. Specifications 16, and 19 through 21 – Requesting analysis of the effect of

NewsGuard’s reliability ratings. NewsGuard pointed Staff to public statements

it has made relevant to these Specifications and provided further explanation in

its letters and in documents produced.

m. Specification 22 – Requesting all documents related to the purpose of

NewsGuard’s ratings. NewsGuard provided detailed narrative descriptions of

the mission and purpose of its ratings. And NewsGuard produced marketing

materials explaining its mission and purpose.

n. Specification 23 – Requesting all documents related to NewsGuard’s use of AI

technology. NewsGuard explained to Staff that it has no documents in its

possession responsive to this Specification because it does not use AI to

generate ratings.

o. Specification 24 – Requesting documents related to NewsGuard’s development

of technology with third parties.

NewsGuard explained to Staff that

NewsGuard has not engaged any technology development company to develop

any unique technology to further its purpose. Accordingly, no documents exist

responsive to this Specification.

p. Specification 25 – Requesting all studies related to social media or digital

advertising. NewsGuard explained to Staff that it regularly publishes reports

on topics of public interest, including on its website and in its Reality Check

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newsletter. These reports cover a wide range of topics in the news. NewsGuard

provided Staff URLs to all such reports, which are publicly available.

q. Specifications 27 and 28 – Requesting NewsGuard’s financial information.

While objecting to these requests as overbroad, in the spirit of cooperation,

NewsGuard produced its P&L statement.

r. Specification 29 – Requesting information related to data sets produced in

response to the CID. NewsGuard provided detailed information about the data

sets it has produced.

s. Specification 30 – Requesting information regarding NewsGuard’s document

preservation efforts.

NewsGuard confirmed for Staff that shortly after

receiving the CID, it issued a document retention notice to ensure that

potentially relevant materials are preserved and otherwise implemented

appropriate document preservation measures on centralized systems.

t. Specification 31 – Requesting information on the source of information

provided in response to the CID.

NewsGuard informed Staff that the

Specification responses in its substantive letters were drafted by or with the

assistance of legal counsel at Gibson Dunn, at the direction of NewsGuard

leadership, including its General Counsel. Because communications about the

drafting of these letters are protected by privileges, NewsGuard did not disclose

the substance of the communications.

28.

Since the FTC issued the CID, the legal expense NewsGuard has incurred to

comply with the CID and Staff’s requests has exceeded 28% of the revenue NewsGuard has

derived from the advertising brand-safety services it offers clients.

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I declare under penalty of perjury that the foregoing is true and correct.

Executed on January 16, 2026, in Irvine, California.

/s/ Matthew C. Parrott

Matthew C. Parrott

GIBSON, DUNN & CRUTCHER LLP

3161 Michelson Drive Suite 1200

Irvine, CA 92612

Tel: (949) 451-3823

MParrott@gibsondunn.com

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EXHIBIT 3

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UNITED STATES OF AMERICA

Federal Trade Commission

WASHINGTON, D.C. 20580

January 15, 2026

VIA EMAIL

NewsGuard Technologies, Inc.

c/o Sophia A. Hansell, Esq.

Gibson Dunn & Crutcher LLP

1700 M Street, NW

Washington, DC 20036

SHansell@gibsondunn.com

Re:

FTC File No. 251-0061

Dear Ms. Hansell:

This letter responds to your request for clarification in our January 13, 2025

teleconference as to NewsGuard Technologies, Inc.’s (“NewsGuard”) obligations under the May

20, 2025 Civil Investigative Demand (“CID”) issued by the Commission. As staff have said

consistently during multiple meet-and-confer teleconferences with NewsGuard, 1 this

investigation seeks information regarding potential anticompetitive behavior by companies

operating in the online digital advertising ecosystem, including whether certain companies may

have colluded to deny advertising revenue to American political commentary publishers. While

we appreciate the materials NewsGuard has produced to date, we require a discrete set of

additional information before we can accept a certification of compliance with the CID.

Therefore, consistent with staff’s good-faith effort to reduce NewsGuard’s burden

consistent with the Commission’s need for information, this letter modifies the CID pursuant to

FTC Rule 2.7(l) as follows:

Specification 8. Modified to limit the Specification to communications between

NewsGuard and any advertiser, advertising agency, or any person acting as an agent of an

advertiser, including but not limited to demand side platforms and supply side platforms,

with whom NewsGuard had a commercial relationship relating to NewsGuard News

Reliability Ratings.

Specification 11. Modified to limit the Specification to entities to whom NewsGuard has

assigned a News Reliability Rating.

May 28, 2025, June 4, 2025, June 18, 2025, July 10, 2025, July 18, 2025, July 31, 2025, August 21, 2025,

September 8, 2025, November 17, 2025, and January 13, 2026.

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Sophia Hansell, Esq.

Page 2

Specification 12. Specification 12 remains outstanding.

Specification 15. Modified to limit the Specification to documents sufficient to show the

methodology by which NewsGuard determines NewsGuard’s News Reliability Ratings,

including internal correspondence about the process of developing the methodology.

Specification 26. Modified to limit the Specification to Data Sets sufficient to show, for

each customer (other than natural persons) of NewsGuard News Reliability Ratings: the

name of the customer; any unique identifier(s) used to identify the customer across

NewsGuard’s databases or data sets; and any categorization of the customer type,

including but not limited to whether the customer is educational, not-for-profit,

governmental, and/or a business.

As to the Specifications not specifically addressed in this modification letter, based on its

prior productions NewsGuard has satisfied its CID obligations, except for Specification 12, for

which NewsGuard owes a response.

As you are aware, the modifications granted in this letter are substantial. In letters dated

June 27, July 17, and August 15, 2025, as well as in meet-and-confer teleconferences, you

objected to the CID as unduly burdensome. While we disagree, these modifications should serve

to address any burden concerns that NewsGuard may have.

If you have any questions concerning the CID or this letter, please contact Justin Epner at

(202) 326-2942 or jepner@ftc.gov. As you know, modifications may only be made in writing and

by a Commission representative.

cc:

Justin Epner

Ted Zang

Attorneys, Bureau of Competition

/s/ Patricia Galvan

Patricia Galvan

Assistant Director

Technology Enforcement Division

Bureau of Competition

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EXHIBIT 4

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UNITED STATES OF AMERICA

Federal Trade Commission

WASHINGTON, D.C. 20580

November 26, 2025

VIA EMAIL

NewsGuard Technologies, Inc.

c/o Sophia A. Hansell, Esq.

Gibson Dunn & Crutcher LLP

1700 M Street, NW

Washington, DC 20036

SHansell@gibsondunn.com

Re:

FTC File No. 251-0061

Dear Ms. Hansell:

In connection with the May 20, 2025 Civil Investigative Demand issued by the

Commission to NewsGuard Technologies, Inc. (“NewsGuard”) (“the CID”), you requested an

extension of the return date. The current deadline is December 2, 2025. In light of NewsGuard’s

ongoing engagement, including its recent production of documents responsive to CID

Specifications 8, 11-13, and 29, and commitment to produce additional documents responsive to

Specification 9, as well as with the expectation of, e.g., continued efforts to meet-and-confer

regarding data responsive to Specifications 11-13, and taking into account the upcoming

holidays, this letter extends the return date pursuant to FTC Rule 2.7(l), 16 C.F.R. § 2.7(l), to

January 16, 2026. Pursuant to Federal Trade Commission Rule 2.10(a)(5), this letter extends the

petition to limit or quash deadline relating to the CID to January 16, 2026.

Sincerely,

/s/ Justin Epner

Justin Epner

Attorney, Bureau of Competition

APPROVED:

/s/ Patricia Galvan

Patricia Galvan

Assistant Director

Technology Enforcement Division

Bureau of Competition

This is a copy of a public record, reproduced as it was published. It is not legal advice, and it may not be the version a court would rely on. Check the official source before you cite it.