Ten years after its launch on cable networks, conservative news channel Newsmax is heading to the stock market.
Newsmax Inc. has confidentially filed an initial public offering with the Securities and Exchange Commission, the company Announced this weekThe company hopes to raise $75 million and plans to trade on the New York Stock Exchange under the symbol NMAX.
Newsmax began as an online-only brand in 1998, founded by Christopher Ruddy. It made its television debut in 2014. It also broadcasts on YouTube.
Prior to the IPO, Newsmax plans to launch a private offering in which it hopes to raise at least $150 million (and up to $225 million) through a convertible preferred stock offering. Potential investors will need to make a minimum investment of $5,000.
Newsmax says it reaches 40 million people a month across TV, streaming and other platforms.
Newsmax’s IPO plans come as other conservative-focused companies are coming off their highs. Early Friday, shares of the Trump media and technology conglomerate were trading at $17.21, close to a 52-week low. The company is in a bad spot this year, down more than 1.5% from its Dec. 31 level. rumbleTwitter, the alternative to YouTube that is popular among conservatives, has fallen by about 20% in the past six months (though it is still up 24% so far this year).
Filing confidential files is not an unusual move. Companies often use this technique to keep sensitive information, such as financial information and executive salaries, secret for as long as possible.
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