Newsmax, the conservative cable news network founded by Christopher Ruddy, made a significant move on Thursday by officially listing on the New York Stock Exchange under the ticker symbol NMAX. This event marks a notable milestone for the network, which has gained popularity and influence in conservative media, especially after the 2016 election of Donald Trump.
On its first day of trading, Newsmax saw its stock price soar by over 700 percent. The shares opened at $14, following a successful initial public offering (IPO) that raised about $75 million. By the end of the trading day, the stock closed at approximately $83.51, giving the company a valuation of around $13 billion.
Founded in 1998, Newsmax began as a digital platform and expanded into cable news over a decade ago. The network has thrived by providing conservative viewpoints and news coverage that many feel is missing from mainstream media. It also offers free streaming options through its app and on platforms like YouTube.
The rise of Newsmax is part of a broader trend in conservative media, which has seen a surge in popularity over the years. This trend includes the success of other conservative outlets like Rumble and Trump Media & Technology Group, especially as the country approaches the 2024 presidential election.
The success of Newsmax can be traced back to earlier figures in conservative media, such as William F. Buckley Jr., who founded National Review in 1955, and Rush Limbaugh, who popularized conservative talk radio in the late 1980s. These pioneers helped create a space for conservative voices in journalism, leading to the diverse media landscape we see today.
As the media landscape continues to evolve, Newsmax’s IPO success highlights the growing demand for conservative news and opinions. With its focus on delivering straightforward news, the network aims to meet the needs of its audience, just as earlier conservative media outlets have done over the decades.
This recent achievement for Newsmax is not just a win for the company but also a reflection of the changing dynamics in American media, where conservative perspectives are increasingly gaining traction.