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The $50 million investment represents a significant minority stake in Newsmax, a privately held media company estimated to be worth between $100 million and $200 million

Though it was not mentioned by name, Heritage was described in the January federal indictment of Sen. Bob Menendez (D-N.J.) as having “ties to the Government of Qatar.” The indictment alleges that a Qatari government official associated with the investment firm provided Menendez’s family members with tickets to the Formula One race in Miami. The Post has previously reported that the unnamed firm in the indictment matches the description of Heritage. The firm is not accused of wrongdoing.

Other investments by Heritage Advisors in recent years include a Miami-based real estate developer, a professional soccer team in Indiana, and The News Movement, a media entity launched in 2020 to target a Gen Z audience and co-founded by William Lewis, who became publisher of The Post this year.

“We were not allowed to criticize Qatar,” one of these people said. “We were told very clearly from the top down, no touching this.” Ruddy verbally reprimanded a female host in 2018 for her on-air comments about Qatar, according to two other people who saw the exchange.

Ruddy’s relationship with Trump was a major selling point as his representatives attempted to secure a large investment from Qatar

Qatar launched an expensive and wide-ranging effort to convince the Trump administration of its value as a regional partner. It paid for a $1.8 billion expansion of Al Udeid Air Base, the largest U.S. military facility in the Middle East, and signed a $12 billion deal with U.S. defense contractor Boeing to buy F-15 fighter jets. Qatar’s emir visited Washington in April 2018 and July 2019, where he met with Trump and signed billions of dollars in business deals.

According to a report released on Jan. 4 by House Democrats, the Qatari government paid over $460,000 during Trump’s presidency to Trump World Tower in New York City for properties it owned, and in 2018 members of Qatar’s ruling family spent more than $280,000 at Washington, D.C.’s Trump International Hotel. In August 2018, a firm that had received significant financial backing from Qatar’s sovereign wealth fund also bailed out a company controlled by the family of Jared Kushner, Trump’s son-in-law and close adviser, on a troubled Manhattan real estate investment.

A person familiar with Qatar’s strategy at the time said that it wanted to cultivate a sympathetic conservative outlet in the United States and considered Fox News too close to Saudi Arabia, as a Saudi prince previously held a 6 percent stake in the outlet’s parent company. This person said they were told by a Qatari official that the emirate “wanted to push every lever they had to establish better relations in Washington.”

Heritage Advisors employees began preparations to transfer the Newsmax stake into the Cayman Islands corporate structure on Nov. 10, 2020, one week after Trump’s election loss.