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Ten years after its launch on cable networks, the conservative news channel Newsmax has its eyes on the stock market.<\/p>\n
Newsmax<\/a> has confidentially filed for an initial public offering with the Securities and Exchange Commission, the company announced this week<\/a>. It\u2019s hoping to raise $75 million and is planning on trading on the New York Stock Exchange under the symbol NMAX.<\/p>\n Newsmax began as an online-only brand in 1998, founded by Christopher Ruddy<\/a>. It made its television debut in 2014. It also streams on YouTube<\/a>.<\/p>\n Before the IPO, Newsmax is launching a private placement offering as it hopes to raise at least $150 million (and up to $225 million) by offering convertible preferred stock. Prospective investors will need to make a minimum investment of $5,000.<\/p>\n Newsmax says it reached 40 million people per month via its television, streaming, and other platforms.<\/p>\n Newsmax\u2019s plans for an IPO come as other conservative-focused organizations are well off their highs. Trump Media & Technology Group, early Friday, was trading at $17.21, near its 52-week low. The company is in the red<\/a> for the year, down more than 1.5% from where it stood on Dec. 31. And shares of Rumble<\/a>, the YouTube alternative that\u2019s popular with Conservatives, have fallen nearly 20% in the past six months (though are still up 24% year to date).<\/p>\n The confidential filing is not an unusual step. Companies often use that technique to keep sensitive information, such as financial information and executive salaries, private for as long as possible.<\/p>\n<\/div>\nRecommended reading:<\/strong>
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