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Television Fox News and Newsmax studies are seen in the FISVer forum the day before the Republican National Convention (RNC) on July 14, 2024 in Milwaukee, Wisconsin. The RNC will take place in Milwaukee from July 15 to 18.
Joe Raedle | Getty Images News | Getty images
Newspaper It was made public in the New York Stock Exchange on Monday, since the conservative hearing of the cable news network has grown after the election of President Donald Trump and other right -wing politicians.
The network began to quote under the “NMAX” symbol on Monday morning on Monday morning, opening at $ 14 per share after setting the price of $ 10 per share. More than 500% was raised for noon in volatile trade.
In September, Newsmax announced His plans for an initial public offer in early 2025. On Friday, the company saying He raised $ 75 million through the sale of 7.5 million common class B shares at a price of $ 10 per share.
An IPO of pure play TV network in the United States is a rarity, with Dealogic data that shows that there has been no comparable to Newsmax in recent decades. Newsmax OPI comes at a time when traditional cable television has suffered as consumers flee the package in favor of the transmission. Now, live news and sports get the largest public and most advertising income dollars.
The debut also occurs when the public for the stellar schedule content on the right has grown to the back of Trump and other politicians who lean to the right in the recent elections.
Christopher Ruddy, founder and CEO of the company, said Monday in “Squawk Box” of CNBC. He saw the opportunity to join the mixture since Fox Corp.’s Fox News did not have a competitor in the “Center’s correct market.”
“I think there was a demand for more competition against Fox,” Ruddy said Monday. Ruddy founded Newsmax in 1998 as a digital offer before it became a cable television network in 2014.
Although the cable news panorama is dominated by Fox News, CNN and MSNBC, Newsmax has grown its audience in recent years and is offered through most of the main payment television providers.
Ruddy said on Monday that Newsmax is the “cable news channel number four in the United States, just behind CNN.” Nielsen confirmed on Monday that Newsmax qualifications have been “consistently” in fourth place behind Fox News, MSNBC and CNN.
In general, Newsmax is located in the 20 main ones between the average hearing of the cable network during the stellar schedule and during the day, Nielsen said on Monday.
“I think it’s a great achievement for a new 10 -year -old cable company,” Ruddy said Monday at “Squawk Box.”
As its popularity has increased, Newsmax has negotiated to receive license rates from cable television suppliers. In his early days, Newsmax was based on advertising income. In 2023, resolved A dispute with DirecTV, which led to the payment provider for a short period, after pressing to receive rates.
As the company became public, Ruddy minimized Newsmax Pro-Trump inclinations, which reached a $ 40 million agreement last year with Smartmatic about the false statements of the network that the voting machines company helped handle the 2020 presidential elections in favor of former President Joe Biden.
“We believe we are conservatives with an independent news mission and ask difficult questions about the Trump administration,” Ruddy said Monday at “Squawk Box.”
In mail On the social media platform X last week, Ruddy said he received a Trump call and the conversation played several issues, including the next OPI of the company. “I shared with Potus my new saying: ‘A rising victory lifts all ships!'”
