From CNBC: 2025-04-01 16:11:00

Shares of conservative cable channel Newsmax soared nearly 180%, reaching a market capitalization of nearly $30 billion after its debut on the New York Stock Exchange, surpassing legacy media companies like Warner Bros. Discovery and Fox Corp. Founder and CEO Christopher Ruddy’s stake was worth over $9 billion, making him a billionaire.

Newsmax, launched in 2014, has become the fourth most-watched cable news channel after Fox News, MSNBC, and CNN, gaining traction during President Donald Trump’s second term. It transitioned from a digital media outlet to a cable channel to grab market share from Fox News. Despite its rise, viewership still falls short of Fox News.

Newsmax’s success in the industry comes as consumers flee cable bundles for streaming options, causing a decline in the traditional cable TV model. Founder Christopher Ruddy expressed disdain for the cable bundle, noting that consumers are forced to pay for channels they may not want in order to access popular networks like ESPN. Newsmax has also started receiving fees from pay TV distributors in recent years.

Investor Thomas Peterffy, the second-largest shareholder in Newsmax, saw his investment of $50 million in 2019 grow to over $5 billion as of Tuesday. Newsmax’s rise reflects continued financial support for “MAGA” initiatives, with room for multiple voices on the right. The channel’s success highlights the changing landscape of media consumption and the need for diverse voices.



Read more at CNBC: Newsmax stock rises after IPO