Newsmax, a cable news network, began trading on the New York Stock Exchange on Monday. The stock opened at $14 per share after being priced at $10. It soared over 700% during the day, closing at $83.51. The company raised $75 million by selling 7.5 million shares of Class B common stock at $10 each. Newsmax ranks as the fourth largest cable news channel in the U.S., behind Fox News, MSNBC, and CNN. From December 30 to March 20, Newsmax averaged 309,000 primetime viewers and 211,000 daytime viewers. In comparison, Fox News had nearly 3.1 million primetime viewers and about 2 million daytime viewers during the same period. Newsmax is among the top 20 cable networks in both prime time and daytime viewership.
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