The logo of the Newsmax conservative television broadcast network hangs in the broadcast television booth during the National Rifle Association (NRA) annual meeting at the George R. Brown Convention Center in Houston, Texas, on May 28, 2022.
Patrick T. Fallon AFP | Getty Images
Right-wing news outlet Newsmax received approximately $50 million in investment from the Qatari royal family between 2019 and 2020. According to the Washington Post, It cited documents seen by the newspaper and confirmations from representatives of Newsmax and Royal Investments.
Former Qatari government official Sheikh Sultan bin Jassim Al Thani reportedly invested in Newsmax through Heritage Advisors, a London-based investment fund he owns. At the time, Qatar was under an economic and diplomatic blockade by the League of Arab Neighbors, led by the United Arab Emirates and Saudi Arabia. These countries accuse Qatar of supporting terrorism, which Doha strongly denies.
Newsmax is looking for investors to compete with the likes of Fox News, The Washington Post reported Tuesday. The newspaper quoted sources employed by Newsmax at the time as saying they were urged to soften news coverage of Qatar – a claim the outlet denies.
quoted in a statement hill, A Newsmax spokesperson said: “In 2019, Newsmax received minority investments from a British fund and a Qatari investor who also invested in companies linked to the current publisher of The Washington Post. Newsmax’s investment in Qatar ‘s coverage has been balanced, including many reports published online and television coverage quite critical of its activities.”
CNBC has contacted Newsmax and Heritage Advisors for comment.
The Qatari royal “transferred his shares to a Cayman Islands-based corporate structure,” The Washington Post reported, adding that the $50 million investment represented a “significant minority stake.”
Newsmax has been criticized for promoting what critics say is misinformation or outright lies, particularly former President Donald Trump’s claims that the 2020 election was rigged. This resulted in the media being sued by Dominion Voting Systems, The company is seeking more than $1 billion in defamation damages.
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