Newsmax, a conservative news outlet, debuted on the NYSE with a highly successful initial public offering, raising $75 million. Trading under the ticker 'NMAX', the stock skyrocketed over 500% shortly after launching. Despite competition from established networks like Fox News, Newsmax has seen increased viewership, especially ahead of the presidential election, indicating potential for future growth. CEO Christopher Ruddy expressed confidence that while traditional cable media is declining, Newsmax's focus on live events positions it well in the evolving market of streaming and digital media.
"I think [legacy media] is dying. Even though we're on a legacy platform with cable, we also have an incredible opportunity to transition to streaming and digital."
"The stock began trading on the New York Stock Exchange (NYSE) under the ticker 'NMAX' this morning, and as of midday Monday, Newsmax stock was up by 532%."
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