Signage from the conservative television network Newsmax is displayed on a television booth during the National Rifle Association (NRA) annual meeting at the George R. Brown Convention Center, in Houston, Texas, May 28, 2022.
Patrick T. Fallon | Afp | Getty Images
Right-wing media outlet Newsmax received an investment of around $50 million from a Qatari royal between 2019 and 2020, the Washington Post reported, citing documents viewed by the newspaper and confirmations from representatives of Newsmax and the company royal investment.
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. At the time, Qatar was under an economic and diplomatic blockade from a coalition of neighboring Arab states, led by the United Arab Emirates and Saudi Arabia. These countries have accused Qatar of supporting terrorism, which Doha has categorically denied.
According to a Post article published Tuesday, Newsmax was looking for investors to compete with Fox News. The newspaper cites sources employed at the time by Newsmax who said they were asked to soften media coverage of Qatar – a claim the outlet rejects.
A representative for the outlet told CNBC in a statement: “In 2019, Newsmax received a minority investment from a UK-based fund along with a Qatari investor who also invested in a company associated with the current publisher of the Washington Post. Newsmax’s coverage of Qatar has always been balanced, including publishing numerous reports online and on television that are highly critical of its activities.
It adds: “The Washington Post ignored the fact that we have provided extensive negative coverage about Qatar for many years,” and included a long list of TV clips and articles to support its claims.
In response to CNBC’s request for comment, Heritage Advisors pointed to a comment from its law firm Schillings, cited by the Post, saying that Sheikh Sultan purchased the stake because he “sees potential for the investment be profitable” and had not acted on his behalf. of the Qatari state.
The Qatari king “transferred his stake to a Cayman Islands-based corporate structure,” the Post reported, adding that the $50 million investment represented a “significant minority stake.”
Newsmax has been criticized for what critics say is promoting misinformation or outright lies, particularly former President Donald Trump’s claim that the 2020 election was rigged. This led to the media outlet 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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