Newsmax Announces Plan To Take Network Public

Axios reports:

Conservative TV network Newsmax said it’s planning to go public and launched a $225 million private placement. In an investor presentation, Newsmax quoted former President Donald Trump saying, “You like Newsmax, I like it too. Newsmax has been really good, people are watching it, it’s terrific.”

The company said it plans to go public later this year or in 2025 either on the NYSE or Nasdaq with an offering of up to $75 million. Newsmax disclosed details of the $225 million private placement in a regulatory filing on Monday.

Newsmax launched as a digital property 25 years ago and expanded into cable in 2014. It faces two large defamation lawsuits from voting tech companies Dominion Voting Systems and Smartmatic over coverage of the 2020 election.

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Investopedia: “A private placement is a sale of stock shares or bonds to pre-selected investors and institutions rather than publicly on the open market. It is an alternative to an initial public offering (IPO) for a company seeking to raise capital for expansion.”