Gallagher, who has been with the network since 2001, will continue to host The Mike Gallagher Show for Salem Radio Network through the duration of the deal.
Newsmax is offering a private investor offering for eligible investors in an effort to raise $225 million before beginning the process of going public.
“Our mission — to entertain the world — is ambitious, and delivering on it requires us to be disciplined about where we prioritize our people and resources.”