Newsmax Moves Closer to IPO | Global News Avenue

Newsmax hopes to enter the public market.

The cable news company said Tuesday it plans to make a public offering later this month and said in a press release it intends to raise up to $75 million to sell for $10 a share. The company said earlier this month that it had raised $225 million in preferred shares from recognized investors.

“Our preferred pay raise has been successful, which shows that our company has received enormous support from thousands of Americans in Newsmax,” CEO Christopher Ruddy said on Tuesday, saying the company intends to trade. New York Stock Exchange (NYSE) Under the stock “nmax”.

According to the company’s disclosure, most of Newsmax’s revenue comes from advertising. In a regulatory filing, the company said revenues of nearly $80 million in the first six months of 2024, more than 60% of which came from advertising, compared with approximately $135 million in 2023.

In the first half of last year, the net loss was above $55 million, an increasing loss from a year ago.