Bell Rung, Gauntlet Thrown: Newsmax Takes on Fox with $30B Market Cap

Conservative media outlet Newsmax took center stage last week as CEO Christopher Ruddy rang the opening bell at the New York Stock Exchange, marking a major milestone for the news company. 

In a feature last week, Britain’s Financial Times described Newsmax as a “credible” player with significant potential for growth and “one of the most interesting entrepreneurial bets of the Trump era.” 

Newsmax reached an impressive market capitalization of nearly $30 billion during its opening week on the exchange, indicating strong investor interest. 

Financial Times warned not to “discount the network’s influence in right-wing circles” or the “opportunity to build a meaningful business over time.” 

Despite the general decline in viewership of traditional cable television, the Financial Times stated, “Billionaire founder Christopher Ruddy is simply wagering that even a dying industry can support a new entrant, if it produces content people want.” 

With over 40 million regular American viewers and recognition by the Reuters Institute as one of the top 12 U.S. news brands last year, Newsmax is proving to be a formidable competitor in a crowded market. 

The Financial Times said Newsmax’s shows “stack up well against Fox News,” but that the company has barely begun monetizing its subscribers.  

“Expect Newsmax to begin charging distributors a sum that is more in line with its own ratings and that of the peers it is already challenging in viewership figures,” the Times wrote, citing the company’s ability to grow its cable licensing fees in the next few years. 

The report also highlighted Newsmax’s upcoming streaming platform, which is currently in the works. Newsmax will capitalize on the lucrative digital market by offering a subscription tier costing $4.99 per month. 

In a June 2024 interview with The Daily Signal, Ruddy explained “the biggest reason” for bringing Newsmax to the stock exchange: “We thought, wouldn’t it be great to have tens of thousands, hundreds of thousands, of co-owners [and] partners with Newsmax that are fighting for us [and] have a stake in our success?” 

Ruddy started Newsmax in 1998 after working as a journalist for the New York Post and Pittsburgh Tribune-Review. He has since shaped the company into one of the top news platforms in the U.S. and a rising force reshaping the landscape of conservative media. 

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