Television studies Fox News and Newsmax are seen in the FISVer forum the day before the Republican National Convention begins, in Milwaukee, Wisconsin, July 14, 2024.
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. It shot more than 700% in volatile negotiation on Monday.
Newsmax shares closed to $ 83.51 per day.
In September, Newsmax announced its plans for an initial public offer at the beginning of 2025. On Friday, the company said it 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 audience for the cousin schedule content on the right has grown with the emergence 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 that he saw the opportunity to join the mixture from 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 No. 4 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.
Even so, the Newsmax audience has not yet reached the amplitude of Fox News, according to Data Nielsen. Between December 30 and March 20, Newsmax had an average of 309,000 stellar schedule viewers and 211,000 daytime spectators. Fox News attracted an average of almost 3.1 million viewers during stellar schedule and approximately 2 million daytime spectators during the same period.
In general, Newsmax is located in the 20 main ones among the average hearing of the cable network both at the star 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, he resolved a dispute with DirecTV, which led to the provider of payment TV 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 a publication on the social media platform X on Tuesday, Ruddy said he received a Trump call and that the conversation played several issues, including the next OPI of the company. “I shared with Potus my new saying: 'A rising victory lifts all the boats!'” Ruddy wrote.
