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.
"It's so out in the open now that we're completely unbothered by somebody having a platform on an illegal offshore sports book website, and we just say, "Ah, no big deal." That's a sports media job."