Newsmax wants to hit the public markets.
The cable and digital news company on Tuesday said it plans to go public later this month, in a press release saying it intends to raise up to $75 million, selling shares at $10 apiece. The company earlier this month said it raised $225 million in a sale of preferred shares to accredited investors.
“Our success with our Preferred raise shows the enormous support our company has as we made thousands of Americans part owners in Newsmax,” CEO Christopher Ruddy said Tuesday. The company said it intends to trade on the New York Stock Exchange (NYSE) under the ticker “NMAX.”
Most of Newsmax’s revenue comes from advertising, according to company disclosures. The company said in a regulatory filing that it saw nearly $80 million in revenue in the first six months of 2024—more than 60% of which was from ads—and about $135 million in sales in 2023.
Net losses topped $55 million in the first half of last year, wider than a year earlier.
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