Signage from the conservative television network Newsmax is displayed at a television stand at 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 portal Newsmax received an investment of about $50 million from a Qatari royal between 2019 and 2020, the Washington Post reported, citing documents obtained by the newspaper and confirmations from representatives of Newsmax and the royal investment firm.
According to the report, former Qatari government official Sheikh Sultan bin Jassim Al Thani invested in Newsmax through Heritage Advisors, a London-based investment fund he owned. At the time, Qatar was under an economic and diplomatic blockade by a coalition of neighboring Arab states led by the United Arab Emirates and Saudi Arabia. These states accused Qatar of supporting terrorism, which Doha strongly rejected.
According to a report in the Post on Tuesday, Newsmax was looking for investors to compete with companies like Fox News. The newspaper quoted Newsmax sources at the time as saying they had been asked to tone down coverage of Qatar – a claim the outlet denies.
A representative for the network told CNBC in a statement: “In 2019, Newsmax received a minority investment from a UK-based fund with a Qatari investor who also invested in a company linked to the current publisher of The Washington Post. Newsmax’s coverage of Qatar has always been balanced, including publishing numerous online and TV reports that are quite critical of its activities.”
It added: “The Washington Post ignored the fact that we have provided extensive negative coverage of Qatar for many years,” adding a long list of TV clips and articles to support its claim.
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In response to CNBC’s request for comment, Heritage Advisors referred to a comment from its law firm Schillings, which was quoted by the Post as saying that Sheikh Sultan bought the stake because he “saw the potential that the investment could be profitable.” “and did not act on behalf of the Qatari state.
The Qatari royal family “transferred its stake to a corporate structure based in the Cayman Islands,” the Post reported, adding that the $50 million investment represented a “significant minority stake.”
Newsmax has come under fire because critics say it promotes misinformation or outright falsehoods, particularly former President Donald Trump’s claim that the 2020 election was rigged. This led to the company being sued by Dominion Voting Systems, which is seeking more than $1 billion in damages for defamation.
Read the full report here.
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2024-03-27 14:29:44
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