NewsMV
← News·MarketsMarkets

Fox Corporation commits $1 million to Fostering the Future scholarship fund, IndyCar matches the pledge

A combined $2 million scholarship commitment targeting former foster youths is in focus Thursday, with Fox Corporation (FOX) and IndyCar each pledging $1 million through Melania Trump's Fostering the Future initiative.…

NM
NewsMV Markets Desk
3 min read
20 August 2026Markets desk
Share this dispatch

Key takeaways

  • Fox Corporation and IndyCar each pledged $1 million—$2 million total—through Melania Trump's Fostering the Future initiative to fund higher education scholarships at Indiana University and Purdue University for former foster youths.
  • Melania Trump announced the commitment in the Rose Garden alongside President Donald Trump, FOX Sports CEO Eric Shanks, IndyCar president Doug Boles and Penske Corporation chairman Roger Penske.
  • The scholarships are reserved for students with lived experience in foster care, a group in which fewer than 3% complete a college degree according to the initiative.
  • The Freedom 250 Grand Prix of Washington, D.C. opens Saturday on FS1 and FS2 and moves to the FOX broadcast network and FOX One on Sunday, with every car carrying Fostering the Future decals.
  • The Freedom 250 is the first auto race held on the National Mall, built around America's 250th birthday.

A combined $2 million scholarship commitment targeting former foster youths is in focus Thursday, with Fox Corporation (FOX) and IndyCar each pledging $1 million through Melania Trump's Fostering the Future initiative. The funds create higher education scholarships at Indiana University and Purdue University. The next milestone: Sunday's Freedom 250 Grand Prix of Washington, D.C., which airs on the FOX broadcast network and streams on FOX One.

Melania Trump made the announcement in the Rose Garden, joined by President Donald Trump, FOX Sports CEO Eric Shanks, IndyCar president Doug Boles and Penske Corporation chairman Roger Penske. Shanks and Boles each presented a check at the event. Indiana University president Dr. Pamela Whitten, Purdue University vice provost Cherise Hall and IndyCar Series drivers Scott Dixon, Alexander Rossi, Scott McLaughlin and Graham Rahal were also present.

"The greatest achievement America can make is not in technology, infrastructure or capital markets. It's our children," Melania Trump said at the Rose Garden event.

The scholarship structure

Fostering the Future was established by Melania Trump in 2021 to provide college access, housing support and transition resources for youth aging out of the foster care system. Fewer than 3% of former foster youths complete a college degree, according to the initiative. Thursday's $2 million commitment channels both pledges into scholarships at the two Indiana universities, reserved for students with lived experience in foster care.

Shanks, an Indiana native and Indiana University alumnus, said Fox Corporation is "extremely excited" to partner with the initiative and give recipients "the tools to build bright futures."

What to watch

The Freedom 250 Grand Prix of Washington, D.C. opens Saturday on FS1 and FS2. It is the first auto race held on the National Mall, built around America's 250th birthday. Sunday's race moves to the FOX broadcast network and FOX One. Every car on the grid carries Fostering the Future decals, making Sunday's flagship network slot the next scheduled moment of broadcast-scale visibility for Fox Corporation's $1 million commitment.

Categoryworld

Filed via foxnews.com

← Back to all dispatchesFront page →
Keep reading

More from the markets desk

Markets · Digital AssetsMarkets

CFTC ready to regulate crypto on its own terms if CLARITY fails, Selig says

A CFTC rulemaking track is now in focus. Chair Michael Selig said at a meeting of the Innovation Advisory Committee that he had directed agency staff to explore developer protections and other c

NM
NewsMV Markets Desk
3 min read
MarketsMarkets

Framework Laptop 13 BIOS version 3.20 is bricking Ryzen 7040 machines, replacement terms split by warranty status

Some 2023 Framework Laptop 13 units running AMD Ryzen 7040-series chips are inoperable after owners installed BIOS version 3.20 for Ryzen 7040-series mainboards, a July release still hosted on Framework's download page.…

NM
NewsMV Markets Desk
3 min read
Markets · OutlookMarkets

Walmart earnings drag retail and consumer staples ETFs lower

Retail and consumer staples exchange-traded funds came under significant pressure in the session after Walmart (WMT) reported an earnings decline. Both categories moved lower on the print.

NM
NewsMV Markets Desk
3 min read

Frequently asked

How much money was committed and by whom?

Fox Corporation and IndyCar each pledged $1 million, for a combined $2 million commitment through the Fostering the Future initiative.

What will the scholarship funds be used for?

The funds create higher education scholarships at Indiana University and Purdue University, reserved for students with lived experience in foster care.

What is Fostering the Future?

It is an initiative established by Melania Trump in 2021 to provide college access, housing support and transition resources for youth aging out of the foster care system.

When and where can viewers watch the Freedom 250 Grand Prix?

It opens Saturday on FS1 and FS2, then moves Sunday to the FOX broadcast network and FOX One, held on the National Mall in Washington, D.C.

Who attended the Rose Garden announcement?

Attendees included Melania Trump, President Donald Trump, FOX Sports CEO Eric Shanks, IndyCar president Doug Boles, Roger Penske, university leaders, and drivers Scott Dixon, Alexander Rossi, Scott McLaughlin and Graham Rahal.