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The Fox News and television studios of NEWSMAX are observed at the Fiserv forum the day before the Republican National Convention, Miluoky, Wisconsin, July 14, 2024.
Joe Redl | Getty Images | Gets the image
NEWSMAX On Monday, he spoke on the public on the New York Stock Exchange when the network of conservative cable news grew after the presidential election, Donald Trump and other right-wing politicians.
The network began to trade under the NMAX symbol late on Monday, opening $ 14 per share after pricing for $ 10 per share. By noon, it took off more than 500%.
In September NEWSMAX announced His plans for the initial public donation in the early 2025. On Friday Company Company – Note It has raised $ 75 million by selling $ 7.5 million shares for a $ 10 rally per share.
IPO PURE-PLAY TV in the US is rare, and Dealogic data showing that in recent decades has not been comparable to Newsmax. IPO NEWSMAX comes at a time when traditional cable television has suffered when consumers flee a bundle in favor of broadcasting. Now news and live sports NAB are the largest audience and most advertising revenue.
The debut also comes as viewers for the right-wing Prime time, in the last election rose with Trump’s rise and other politicians.
Christopher Redy, founder and CEO of the company, said on Monday at Squawk Box CNBC that he has seen the opportunity to join the mixture since Fox CorpFox News did not have a competitor at the “correct center”.
“I think there was a demand for great competition against Fox,” Rudy said on Monday. Steering wheel founded Newsmax in 1998 as a digital offer before it became a cable television network in 2014.
While the cable news landscape is dominated by Fox News, CNN and MSNBC, Newsmax has grown its audience in recent years and is offered through most major paid television suppliers.
Ruddy said on Monday that Newsmax is a “news channel in the United States, immediately for CNN.” Nielsen confirmed on Monday that Newsmax ratings were fourth for Fox News, MSNBC and CNN.
Overall, NEWSMAX takes attention in the top -20 among the medium -sized cable network both in Prime and the day, Nielsen said on Monday.
“I think this is a pretty big achievement for a 10-year new cable company,” Squawk Box said on Monday.
As its popularity grew, Newsmax has agreed to obtain licensed cable television suppliers. In the early days, Newsmax relied on advertising profits. In 2023 this decided DireCTV dispute – which led to the fact that it was dropped from the paid television provider for short time – after pushed to receive fees.
As the company became public, Ruddy lowered its commitment to Trump Newsmax-something last year reached a $ 40 million settlement through the false statements of the network that the voting campaign helped to enforce the 2020 presidential election in favor of former President Joe Biden.
“We believe we are conservative with independent news and ask tough questions of Trump administration,” Squawk Box said on Monday.
In A pillar On the Social Media X platform, Rudy said on Tuesday that he had called Trump and that the conversation touched upon various topics, including the upcoming IPO company. “I shared my new saying with Potus: ‘Ascending Trump lifts all the boats! “,” Rudy wrote.
