Newsmax Files for Initial Public Offering

Newsmax Inc. has confidentially filed for an initial public offering (IPO) with the SEC, aiming to raise $75 million and seeking a listing on the NYSE under the ticker symbol 'NMAX.' The offering is part of a broader strategy that includes a private placement intended to raise between $150 million and $225 million, available to accredited investors. Founded in 1998, Newsmax has grown significantly, with revenues jumping to $135.3 million in 2023 from $41.8 million in 2019, and reaching over 40 million Americans monthly. The company operates the nation's fourth highest-rated cable news channel and aims to solidify its financial footing amid a challenging landscape for conservative media. CEO Christopher Ruddy emphasizes the brand's mission to deliver honest news and its expanding audience. The IPO is expected to take place later this year or early 2025.