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Why Was Newsmax, the Right-Wing Channel, Suddenly Worth More Than U.S. Steel?

The New York Times · Benjamin Mullin · last updated
Newsmax, the right-wing cable news channel, has been on a roller coaster since its shares started trading on the public markets on Monday. The stock rocketed to a high of $279 on the New York Stock Exchange this week, a price that briefly valued the company at more than $20 billion.
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The traditional journalism business model has long since collapsed, and news organizations have shrunk or disappeared entirely. While a number of promising experiments are under way, the public has not shown a willingness to buy what news organizations are selling.

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