Streaming service to focus on live TV, including news, religious and family-friendly content
Trump’s Truth Social lays out plan to roll out live TV streaming service.
Shares of Trump Media and Technology Group Corp. bounced Tuesday, after the social-media platform Truth Social laid out its plan to launch a new live TV streaming network.
The stock gained 8.94% in morning trading, after sinking 18.4% on Monday after disclosing a share offering, to close at a three-month. It had plummeted 59.8% since it closed a postmerger high of $66.22 on March 27.
On Tuesday, the Trump Media said it has completed the research and development phase for the launching of its content-delivery network (CDN).
"With our streaming content, we aim to provide a permanent home for high-quality news and entertainment that face discrimination by other channels and content delivery services," said Chief Executive Devin Nunes. "There is a lot of great content that simply can't find an audience for unjust reasons, and we want to let these creators know they'll soon have a guaranteed platform where they won't be canceled."
The company didn't give a time for the launch of the CDN, but said it will be rolled out in three phases.
The CDN will first become available on the Truth Social app. Second, the company will release stand-alone Truth Social "over-the-top" streaming apps. And finally, it will release Truth Social streaming apps for TV.
The company said the content will include live TV news networks, religious channels, family-friendly films and documentaries. It will also include content that has been "canceled," or is being "suppressed" on other platforms.
Despite the postmerger selloff, the stock has still run up 52.1% year to date, while the S&P 500 index SPX has gained 6.1%.