By Miguel Mike Medina
Photo Credit: AFP via Getty Images
Newsmax soars 723 percent in its stock market debut.
The cable channel began trading on Monday. The stock closed at 88.51 for the day.
Newsmax has grown as a network thanks to President Donald Trump’s election. The network provides content more for the right-leaning audience because it covers right-wing politicians.
Does Newsmax have a leading competitor in mind? Newsmax sees networks like Fox News as their competition. They want to beat their numbers and become more reliable than Fox News.
Cable news networks like CNN, Fox News, and MSNBC have dominated TV for years when it comes to politics. Newsmax has other thoughts. Between Dec 30, 2024, and March 20, this year, Newsmax had an average of 309,000 Primetime viewers and 211,000 daytime viewers.
Christopher Ruddy founded Newsmax in 1998. He started the company as a digital platform and channeled it into a TV network in 2014.
Newsmax decided to go public early this year and raised $75 million through sale, selling 7.5 million shares for $10 apiece.
Newsmax trades on the New York Stock Exchange under “NMAX” symbol.
Miguel Mike Medina is the publisher of The MMM Journal. He can be reached at medinamiguelmike@gmail.com and themmmjournal@gmail.com
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