Would you invest in a cable news network right now? Newsmax hopes so, as the company has posted a plan that could end up with it launching an IPO and becoming publicly traded.
“They did $4 million last year in business and they have a value today of over $7 billion, I think it is a testament that the marketplace is very strong for new media, conservative-leaning media,” Chris Ruddy Newsmax’s CEO said.
Ruddy continued, “Our plan here is that we would basically get a lot of stakeholders in Newsmax interested in promoting and growing the company, so it’s a good way of partnering with hundreds of thousands of investors across the country.”
Newsmax, like all cable TV networks, is facing a drop in ad revenue, and they need to find new revenue.
Last year, Newsmax ended the free stream that was the same as its cable networks. Now, to get the live feed of its main cable feed, you must pay. This move, at the time it was announced, was needed to keep its cable TV deals in place.
Now it’s looking at using what should be a strong 2024, thanks to an election year, to help launch an IPO that could bring in a significant amount of investment.
Update: According to Nielsen Newsmax, Primetime viewership was down in 2023 as Fox was up to 2 million views, making it one of the most watched cable networks out there.
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