Christopher Ruddy came to prominence through his reporting work on the death of Vince Foster and other alleged Clinton administration scandals for the New York Post and the Scaife-owned Pittsburgh Tribune-Review. In 1997, Mr. Ruddy authored the book "The Strange Death of Vincent Foster." Also in 1997, Ruddy and Pat Matrisciana, producer of the anti-Clinton videotape "The Clinton Chronicles," worked together on a videotape titled "The 60 Minutes Deception," a counterattack on the TV show and its correspondent Mike Wallace for debunking Ruddy's views on Foster's death. Accuracy in Media help to pay for the video's production costs. Matrisciana and Ruddy held a joint bank account that at one point contained roughly $3 million, according to Joe Conason and Gene Lyons in their book "The Hunting of the President." Not long after the "60 Minutes" video was released, Ruddy started NewsMax.
NewsMax, headquartered in West Palm Beach, Fla., but incorporated in Nevada, operates under the parent company NewsMax Media Inc. The business model of NewsMax is based on "an integrated approach between online and offline publishing and direct sales." NewsMax's corporate shell was formerly known as Sequoia Digital Corp. NewsMax calls itself a "major news portal," as well as "one of America’s leading sources of balanced news coverage." It claims its print magazine has a paid readership of 240,000, but it told the Securities and Exchange Commission in a prospectus for a proposed public stock offering filed in March 2002 that the paid circulation was 59,395. Ruddy said at the end of 2000 total investment in the company was "less than $10 million," and the company became profitable in November 2000, though the SEC filing details that NewsMax has lost nearly $11 million from its founding in 1998 through the end of 2001 and had yet to turn a profit. NewsMax withdrew the proposed IPO in 2003. Ruddy is the largest shareholder of NewsMax Media; Richard Mellon Scaife is the third-largest shareholder.
NewsMax Media, which Ruddy called "a mix between an online content site and a direct marketer," which has approximately 50 employees, raised $15 million from unnamed private investors in 2003; that same year, it expected to reach $8 million in sales revenue and was part of a group that purchased the West Palm Beach building where its headquarters are located for $8.55 million. NewsMax has a book-publishing joint venture agreement with the Prima Forum imprint of Random House.
Ruddy, according to his NewsMax biography, is a media fellow at the Hoover Institution on War, Revolution and Peace. He holds a bachelor's degree in history from St. John's University in New York and a master's degree in public policy from the London School of Economics.
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