Populist supporters have a complex relationship with journalism (e.g., embracing elites’ negative rhetoric, yet consuming news profusely). This study explores this relationship. The notion of folk theories informs an inductive analysis of thirty-three in-depth interviews conducted in 2021 with right-wing and left-wing populist supporters in the United States and Spain to understand how they (RQ1) make sense of their news consumption habits and (RQ2) navigate the current high-choice media environment to stay informed. Findings reveal three interconnected folk theories that populist supporters drew from in explaining their news consumption: (1) “everything is biased,” (2) “it’s a way of seeing what other people think,” and (3) “it’s a pleasurable source of information.” Findings additionally support an important role of emotion underlying these folk theories, which helped participants reconcile their negative views of journalism with the pleasure they derived from meeting ingrained normative democratic ideals.