Newsmax CEO places down Trump TV hypothesis, saying the valuation is greater than $ 200 million
Newsmax founder and CEO Christopher Ruddy tried Tuesday to quell speculation that the conservative television news channel and website would become a Trump network after President Donald Trump left the White House, telling CNBC that too much made of their personal relationship.
The Wall Street Journal reported Sunday that people close to Trump were considering ways to establish a rival for Fox News who dominates the conservative cable landscape. The Journal reported that a private equity firm affiliated with the Republican National Committee, Hicks Equity Partners, was discussing the possibility of acquiring and investing in Newsmax.
“The Hicks family [is] Very respected, but we didn’t have a deal with them, “Ruddy said on Squawk Box.” I think it was pretty clear in the Journal article that a lot of people are trying to see a connection with the president. I’ve been friends with him for a long time. The Hicks family have been friends with him for a long time, but I think they read a little too much into it. “
While Ruddy said Newsmax is not for sale, he told Variety this week that it would be open to giving Trump a weekly broadcast on the TV network, which is now available on all major cable systems in the US and for free services like Roku and YouTube Live. He said viewership increased before and after the elections.
The Journal reported that Hicks Equity Partners was looking to raise $ 200 million for its conservative media ambitions. The private equity firm is owned by the family office of Thomas Hicks, whose son Tommy Hicks Jr. is co-chair of the RNC.
According to Ruddy, Newsmax is valued at over $ 200 million. He added, “Over the years, a lot of people have turned to us about buying Newsmax and investing in Newsmax. These are often very informal discussions. They are not formal.”
Axios co-founder Mike Allen reported in his morning newsletter last week that Trump was considering starting a digital media company after his presidency to keep up with Fox News. While Trump has relied on the conservatively-friendly cable channel to reach out to voters, Allen said Trump is getting increasingly upset about the network, evidenced by a spate of recent tweets and retweets offering alternatives to Fox News like Newsmax.
Trump has refused to allow the November 3rd presidential election to Democrat Joe Biden, who was forecast to be the winner more than a week ago by NBC News and other media outlets.
The President publicly confirmed for the first time on Sunday that Biden had won the election. Trump’s comments, made in what appeared to be an impromptu post on Twitter, come as his election campaign continues to question court election results and his administration holds up formal transition processes.
However, in subsequent tweets, Trump wrote that he would not admit, falsely claiming that the election was rigged.