Cable News Channel Newsmax Files Confidentially for US IPO, Reports Reuters

Newsmax Files for Initial Public Offering

Conservative U.S. cable news network Newsmax announced on Thursday that it has confidentially submitted a filing for an initial public offering (IPO) in the United States.

The anticipated interest rate cuts by the U.S. Federal Reserve, combined with a significant backlog of companies looking to go public, are expected to accelerate stock market listings through 2025.

Newsmax, which connects with over 40 million Americans via its television, streaming, online, and print platforms, aims to raise up to $75 million through the public offering, projected to occur later this year or in early 2025.

Founded in 1998 by Christopher Ruddy, Newsmax initially emerged as a digital brand and launched its cable news channel in 2014. In addition to its broadcast services, the network offers free streaming on platforms including YouTube and its own app.

According to an investor presentation, the company anticipates revenue of $180.5 million in 2024, up from $135.3 million in the previous year. Approximately two-thirds of Newsmax’s revenue derives from its broadcasting operations, while the remainder comes from digital initiatives.

Based in Boca Raton, Florida, Newsmax has initiated a private placement to secure capital ahead of its planned IPO. The company is looking to raise at least $150 million by offering convertible preferred stock, with the potential to collect up to $225 million. This private placement is available to investors for a limited time, requiring a minimum investment of $5,000.

Many companies opt for confidential IPO filings to protect sensitive information for as long as possible.

Newsmax expects to be listed on the New York Stock Exchange under the ticker symbol "NMAX." Digital Offering serves as the placement agent for both the private placement and the anticipated IPO.