Right-wing news outlet Newsmax received an investment of roughly $50 million from a Qatari royal between 2019 and 2020, the Washington Post reported, citing documents seen by the paper and confirmations from representatives of both Newsmax and the royal investment firm.
Former Qatari government official Sheikh Sultan bin Jassim Al Thani invested in Newsmax through Heritage Advisors, a London-based investment fund that he owned, according to the report.
According to the Post's reporting on Tuesday, Newsmax was looking for investors to compete with the likes of Fox News.
In a statement cited by The Hill, a Newsmax spokesperson said: "In 2019 Newsmax received a minority investment from a UK-based fund with a Qatari investor that also invested in a company associated with the current Washington Post publisher.
The Qatari royal "transferred his stake to a Cayman Islands-based corporate structure," the Post reported, adding that the $50 million investment represented a "significant minority stake."
Persons:
George R, Newsmax, Sultan bin Jassim Al Thani, Donald Trump's
Organizations:
National Rifle Association, Brown Convention, Washington Post, Former Qatari, Heritage Advisors, United Arab, Doha stringently, Fox News, CNBC, Qatari, Dominion Voting Systems
Locations:
Houston , Texas, Newsmax, London, Qatar, United Arab Emirates, Saudi Arabia, Qatari, Cayman Islands