When it comes to building his media empire, Newsmax founder Christopher Ruddy must be following the old adage “if at first you don’t succeed, try, try again,” because despite putting in a failing bid for ownership of Newsweek, he’s still making big moves to expand his company.
Newsmax, a conservative monthly print magazine and website, has already done the unthinkable by actually turning a profit over the past few years while the rest of the media world has been hemorrhaging money. And now, Ruddy plans to take some of that revenue – $2 million, according to the New York Post – and use it to expand the Newsmax editorial staff.
Changes in the company will mostly occur in the New York and Washington, DC offices. In New York, Ruddy plans to add 20 or so editorial employees over the next year and a half, while around six will be added to the DC branch. One new employee has already been hired, however: Matt Belvedere, the former head of the video group for US News & World Report, was just put in charge of the Newsmax video news department in Washington, DC.
With profits for Newsmax expected to reach $50 million this year, it looks like Ruddy didn’t need Newsweek after all.
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