Conservative TV news outlet Newsmax made its highly anticipated debut on the New York Stock Exchange, with shares skyrocketing over 700% on Monday. The company raised $75 million through the sale of 7.5 million class B common shares at a price of $10 per share.
Newsmax’s founder and CEO Christopher Ruddy expressed confidence in the network’s ability to compete in the “center right market” dominated by Fox News. Despite falling behind Fox in ratings, Newsmax has grown its audience since President Trump’s election and is now ranked among the top cable news channels.
The company’s IPO marks a rare occurrence for a pure-play TV network in the US, as consumers increasingly shift to streaming services. However, Ruddy downplayed concerns about Newsmax’s pro-Trump leanings, stating that the network aims to provide an independent news mission while asking tough questions of politicians.
Newsmax’s stock closed at $83.51 on Monday, with Ruddy attributing his positive outlook to President Trump’s support for the company’s IPO. The move is seen as a significant development in the cable news landscape, which has undergone a shift towards streaming services and competition for viewers’ attention.
Source: https://www.cnbc.com/2025/03/31/newsmax-stock-starts-trading-on-nyse.html