Newsmax, Inc. NMAX saw its shares rise on Friday after the conservative news organization inked a multi-year deal to launch its cable channel on Hulu + Live TV.
The addition marks a pivotal milestone for the network, as Newsmax now holds carriage agreements with every leading pay-TV operator in the country.
Newsmax expects the rollout to expand its reach to roughly 60 million U.S. households beginning in July.
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The platform expansion is expected to amplify its influence among conservative audiences, particularly those increasingly turning to streaming platforms for news content.
The network began trading publicly on March 31, debuting on the New York Stock Exchange at a 40% premium to its $10 IPO price.
In a striking start, its shares soared by over 2,200% within just two days. Despite a recent dip of more than 32% over the past month, investor enthusiasm around the brand’s growth story remains evident.
Newsmax stated that it will notify shareholders, viewers, and the public once the Hulu + Live TV channel goes live later this summer.
Price Action: NMAX shares are trading higher by 2.1% to $24.09 at last check Friday.
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