Conservative cable news channel Newsmax extends gains
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Reuters |
While some embraced Newsmax's anti-mainstream media pitch, others were wary of the speed and magnitude of its rally, especially as it remains unprofitable.
The New York Times |
Despite its lofty valuation, Newsmax has struggled to turn a profit during the run-up to its stock market debut.
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Newsmax's shares closed with a more-than-eight-fold gain at $83.51 on Monday, partly buoyed by retail interest.
The prompting for this column was the invitation to be present on the floor of the New York Stock Exchange on Thursday as Newsmax, the conservative cable TV network created by longtime journalist Christopher Ruddy,
Class B shares of the right-leaning media outlet Newsmax (NYSE: NMAX) have blasted more than 1,123% higher since its initial public offering on March 31. Today, there is no sign of slowing, and this comes right after the much-anticipated artificial intelligence data center company CoreWeave just disappointed with its IPO.
Newsmax is now more valuable than Fox Corp. as shares of the right-wing media company skyrocketed again on Tuesday, a market shift that nearly tripled the company’s market cap after a massive debut yesterday.
Newsmax Inc. ("Newsmax" or the "Company") today announced the successful completion of its initial public offering under Regulation A+, raising the maximum allowed of $75 million through the sale of 7.
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A little-known investment bank called Digital Offering was behind Newsmax's public stock offering. An exec explains how the firm won the deal.
The conservative news outlet’s blockbuster public listing on Monday catapulted its founder and CEO, Chris Ruddy, into the billionaire ranks.
Hoping to replicate, if not challenge, Fox Corporation, Newsmax went public this week. The Trump-friendly cable TV network raised $75mn. On Tuesday, its shares surged from its listing price of $10 to $233, implying a market capitalisation of $30bn.