After several months of a preferred private offering, Newsmax has surpassed its initial targets and has closed that offering in preparations of an IPO.
Initially, the company set a target of $150 million in the private round of fundraising. However, after more than 8,000 private investors participated in the private offering, the company saw its proceeds exceed $225 million before agent fees and other expenses.
“This achievement reflects the strong results Newsmax has demonstrated and testifies to the trust and support the Company maintains with investors, viewers, and friends,” Newsmax CEO Christopher Ruddy said.
“We’d also like to thank Digital Offering LLC, for their expertise, hard work, and their positive commitment to supporting us throughout this process. We are excited to be one step closer to our upcoming IPO which will provide us a tremendous opportunity for growth. A public offering will allow tens of thousands of Americans to directly partner with us and join our news revolution. We look forward to delivering long-term value to all of our shareholders.”
After it closed its round of private funding last week, Newsmax has filed the necessary materials with the SEC. It now awaits approval to begin trading on the New York Stock Exchange later this year. Its symbol will be NMAX when it does begin trading.
The news of the company surpassing its goals comes as Newsmax sees double-digit growth in its total day, daytime, primetime, and weekend ratings, according to data from Nielsen.
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